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:	Advanced Series Trust (f/k/a American Skandia Trust)
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-367-7521
Date of fiscal year end:	12/31/2007
Date of reporting period:	6/30/2007

Item 1 – Reports to Stockholders

		ADVANCED SERIES TRUST Financial Statements For the Semiannual Period Ended June 30, 2007
	Make Life Easier with eDelivery You can stop receiving printed reports and start reviewing them online by using eDelivery. To enroll, go to www.prudential.com/edelivery For more details, see inside front cover.	Please note that inside is a Prospectus Supplement dated August 15th, 2007. This document is separate from and not a part of the semiannual report.
	IFS-A106169 Ed. 8/2007

	This report must be preceded or accompanied by the current prospectuses for the Advanced Series Trust (“Trust”) portfolios and the applicable variable life or annuity contract. The prospectuses contain information on the investment objectives, risks, and charges and expenses and should be read carefully.
	This report is one of several that provide financial information about certain investment choices available on variable life insurance and variable annuity contracts. Based on the variable contract you own or the portfolios you invested in, you may receive additional reports that provide financial information on those investment choices. Please refer to your variable life insurance of variable annuity contract prospectus to determine which portfolios are available to you.
	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 and owners of variable life insurance contracts should call 800-778-2255 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 June 30 is available on the website of the Commission at www.sec.gov and on the Trust’s website.
	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 Fund’s website at www.PrudentialAnnuities.com or by 888-778-2888.
	The Trust’s Statement of Additional Information contains information about the Trust’s Trustees and is available without charge upon request by calling (800) 752-6342.

ADVANCED SERIES TRUST

Supplement dated August 15, 2007 to the Prospectus
dated May 1, 2007

This supplement sets forth certain changes to the Prospectus of Advanced Series Trust (the Fund) dated May 1, 2007 with respect to the indicated Portfolios of the Fund. The Portfolios discussed in this supplement may not be available under your variable contract. For more information about the Portfolios available under your contract, please refer to your contract prospectus. The following should be read in conjunction with the Fund’s Prospectus and should be retained for future reference.

Fees and Expenses of the Portfolios

The section of the Prospectus entitled “Fees And Expenses Of The Portfolios” is hereby revised by deleting footnote (3) to the table titled “Annual Portfolio Operating Expenses” and substituting new footnote (3) as set forth below:

(3) Effective as of July 1, 2007, Prudential Investments LLC and AST Investment Services, Inc. have voluntarily agreed to waive a portion of their management fee and/or limit expenses (expressed as a percentage of average daily net assets) for certain Portfolios of the Fund, as set forth in the table below. These arrangements, which are set forth as follows, may be discontinued or otherwise modified at any time.

Portfolio	Fee Waiver and/or Expense Limitation
AST AllianceBernstein Managed Index 500	Voluntarily limit Portfolio expenses to 0.80%
AST American Century Strategic Allocation	Voluntarily limit Portfolio expenses to 1.25%
AST Cohen & Steers Realty	Voluntarily limit Portfolio expenses to 1.45%
AST DeAM Small-Cap Value	Voluntarily limit Portfolio expenses to 1.14%
AST Goldman Sachs Concentrated Growth	Voluntarily limit Portfolio expenses to 0.86%
AST Goldman Sachs Mid-Cap Growth	Voluntarily limit Portfolio expenses to 1.12%
AST High Yield	Voluntarily limit Portfolio expenses to 0.88%
AST International Growth	Voluntarily limit Portfolio expenses to 1.75%
AST International Value	Voluntarily limit Portfolio expenses to 1.50%
AST JPMorgan International Equity	Voluntarily limit Portfolio expenses to 1.01%
AST Large-Cap Value	Voluntarily limit Portfolio expenses to 1.20%
AST Lord Abbett Bond Debenture	Voluntarily limit Portfolio expenses to 0.88%
AST Marsico Capital Growth	Voluntarily limit Portfolio expenses to 1.35%
AST MFS Global Equity	Voluntarily limit Portfolio expenses to 1.18%
AST MFS Growth	Voluntarily limit Portfolio expenses to 1.35%
AST Mid-Cap Value	Voluntarily limit Portfolio expenses to 1.45%
AST Money Market	Voluntarily limit Portfolio expenses to 0.56%
AST Neuberger Berman Mid-Cap Growth	Voluntarily limit Portfolio expenses to 1.25%
AST Neuberger Berman Mid-Cap Value	Voluntarily limit Portfolio expenses to 1.25%
AST PIMCO Limited Maturity Bond	Voluntarily limit Portfolio expenses to 1.05%
AST PIMCO Total Return Bond	Contractually limit Portfolio expenses to 1.05%
AST T. Rowe Price Asset Allocation	Voluntarily limit Portfolio expenses to 1.25%
AST T. Rowe Price Natural Resources	Voluntarily limit Portfolio expenses to 1.35%

Subadvisory Arrangements: American Century Strategic Allocation Portfolio

American Century Investment Management, Inc. (American Century) serves as the subadviser to the AST American Century Strategic Allocation Portfolio. American Century has entered into a sub-subadvisory agreement with American Century Global Investment Management, Inc. (American Century Global), pursuant to which American Century has contracted with American Century Global for the purpose of providing investment advisory services to the Portfolio with respect to the international portion of the Portfolio. In order to reflect the addition of American Century Global as a sub-subadviser to the Portfolio, the indicated sections of the Prospectus are revised as follows:

The chart entitled “Investment Subadvisers” appearing in the section of the Prospectus entitled “How the Fund is Managed—Investment Subadvisers” is revised by adding American Century Global Investment Management, Inc. as an investment subadviser to the AST American Century Strategic Allocation Portfolio.

The description of American Century appearing in the section of the Prospectus entitled “How the Fund is Managed—Investment Subadvisers” is revised by deleting the existing description and substituting the following new description:

American Century Investment Management, Inc. (American Century) has been providing investment advisory services to investment companies and institutional clients since 1958. As of December 31, 2006, American Century and its affiliates managed assets totaling approximately $103.2 billion. American Century Global Investment Management (American Century Global), an affiliate of American Century, also provides investment advisory services.

The discussion of portfolio managers for the American Century Strategic Allocation Portfolio appearing in the section of the Prospectus entitled “How the Fund is Managed— Portfolio Managers” is revised by deleting the fourth paragraph and replacing it with the following:

Responsibility for research, security selection and portfolio construction for specified portions of the AST American Century Strategic Allocation Portfolio will be allocated among portfolio teams from American Century and American Century Global that represent various investment disciplines.

AST First Trust Balanced Target Portfolio

AST First Trust Capital Appreciation Target Portfolio

The first full paragraph on page 32 of the Prospectus appearing in the section entitled “Asset Allocation Portfolios: Investment Objectives & Principal Strategies of the Portfolios–AST First Trust Capital Appreciation Portfolio and AST First Trust Balanced Target Portfolio” is hereby deleted in its entirety and replaced with the following:

Initially, each Portfolio will invest in securities determined by the model based on its six respective investment strategies. On or about the annual security selection date (March 1), each Portfolio will establish both the percentage allocations among the six investment strategies and the percentage allocation of each security’s position within each of the five investment strategies that invest primarily in equity securities (each, an “Equity Strategy” and collectively, the “Equity Strategies”). First Trust reserves the right to over-weight, under-weight, or exclude certain companies from the holdings of either Portfolio. A more complete description of the investment strategy of each Portfolio is included in this Prospectus under “More Detailed Information About How the Portfolios Invest.”

The first full paragrapgh on page 127 of the Prospectus appearing in the section of the Prospectus entitled “MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST–Investment Objectives & Policies– AST First Trust Capital Appreciation Portfolio and AST First Trust Balanced Target Portfolio” is hereby deleted in its entirety and replaced with the following:

General. Each Portfolio allocates its assets across six uniquely specialized investment strategies. Initially, each Portfolio will invest in the securities determined by the model based on its six respective investment strategies. On or about the annual security selection date (March 1), each Portfolio will establish both percentage allocations among the six investment strategies and the percentage allocation of each security’s position within each Equity Strategy. First Trust reserves the right to over-weight, under-weight, or exclude certain companies from the holdings of either Portfolio. The percentage allocations among the six investment strategies at each annual security selection date are approximately as follows:

The sub-section of the Prospectus entitled “MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST– Investment Objectives & Policies—AST First Trust Capital Appreciation Portfolio and AST First Trust Balanced Target Portfolio— Investment Strategies for the Portfolios—Dow Jones Income” is hereby deleted in its entirety and replaced with the following:

In selecting securities for this strategy, First Trust follows an investment strategy that invests in securities identified by applying certain screens to the Dow Jones Corporate Bond Index. This strategy emphasizes high credit quality, liquidity, diversification, issuer fundamentals, and duration management.

• Step 1: Begin with the universe of bonds that comprise the Dow Jones Corporate Bond Index on or about the applicable security selection date. The Dow Jones Corporate Bond Index identifies bonds with an investment-grade credit rating of no less than Baa3 as rated by Moody’s Investors Service (or rated of similar quality by another rating agency).

• Step 2: For liquidity, eliminate each bond that does not have at least $350 million principal amount in outstanding issuance.

• Step 3: Eliminate bonds based on proprietary factors including issuer fundamentals and diversification.

• Step 4: Bonds satisfying the above 3 steps are weighted across multiple sectors and maturity bands of the Dow Jones Corporate Bond Index.

• Step 5: Bonds are then selected based on availability and relative value compared to similar quality bonds within the investment grade universe. Due to poor liquidity or lack of availability, like-bonds that are not components of the Dow Jones Corporate Bond Index may be selected within the investment grade universe that have similar characteristics as the bonds identified through steps 1-4.

In the event a bond identified by the process described above is exempted from the Dow Jones Corporate Bond Index, First Trust may continue its investment in such bond or may identify an alternative bond from the Dow Jones Corporate Bond Index.

Each holding is monitored and evaluated for potential credit downgrades/upgrades and issue-specific business fundamentals, and the portfolio is monitored for interest rate sensitivity through optimal duration management.

AST Small-Cap Value Portfolio

The first paragraph of the discussion appearing in the section of the prospectus entitled “Risk/Return Summary” on page 13 of the prospectus is deleted and replaced with the following new paragraph:

The Portfolio will invest, under normal circumstances, at least 80% of the value of its assets in small capitalization companies. Small capitalization companies are generally defined as stocks of companies with market capitalizations that are within the market capitalization range of the Russell 2000 Value Index. As of January 31, 2007, the market capitalization range of the Russell 2000 Value Index was $82 million to $3.4 billion.

AST Neuberger Berman Mid-Cap Growth Portfolio

The second paragraph of the discussion appearing in the section of the prospectus entitled “More Detailed Information on How the Portfolios Invest” on page 103 of the prospectus is hereby revised by deleting in its entirety the first sentence of the paragraph.

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TABLE OF CONTENTS

ADVANCED SERIES TRUST

n	LETTER TO CONTRACT HOLDERS
n	PORTFOLIO COMPOSITION
n	FEES AND EXPENSES TABLE
n	FINANCIAL REPORT
	A1 Schedule of Investments and Financial Statements
	B1 Notes to Financial Statements
	C1 Financial Highlights
n	APPROVAL OF ADVISORY AGREEMENTS

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July 31, 2007

Dear Contract Holder:

At Prudential, we are committed to helping you achieve and sustain financial success. We hope that the semi-annual report for Advanced Series Trust serves as an informative and valuable resource for you.

We also would like to remind you about the benefits of diversifying the investments within your portfolio. Diversification helps you manage downside risk as it ensures that you are not overly invested in any particular asset class. In addition, it helps position your investments when asset classes rotate in and out of favor. Not only is diversifying your portfolio the best way of balancing risk and return, it also can help align your long-term goals with your tolerance for risk. The result is a portfolio that may help you weather market fluctuations and more closely meet your long-term needs.

Contact your financial professional to take the first step in creating a diversified investment plan. A carefully chosen and broad mix of assets—reviewed periodically over time—can help you stay focused on meeting your long-term objectives.

Thank you for selecting our products. Your financial security is our first priority, and we value the opportunity to help you grow and protect your wealth.

Sincerely,

David R. Odenath, Jr.

President,

Advanced Series Trust

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Advanced Series Trust Presentation of Portfolio Holdings as of June 30, 2007 (Unaudited)

AST Advanced Strategies
Five Largest Holdings                                                   (% of Net Assets)
FNMA, 6.0%, 07/12/37	3.7	%
FNMA, 5.5%, 07/13/36	3.4	%
iShares Russell 1000 Growth Index Fund	3.2	%
U.S. Treasury Inflationary Index Bonds, 2.375%, 04/15/11	2.0	%
iShares Russell 1000 Value Index Fund	1.6	%

AST AllianceBernstein Growth & Income
Five Largest Holdings                                                   (% of Net Assets)
American International Group, Inc.	4.4	%
Procter & Gamble Co.	4.0	%
JPMorgan Chase & Co.	3.5	%
Emerson Electric Co.	3.4	%
Sun Microsystems, Inc.	3.3	%

AST American Century Strategic Allocation
Five Largest Holdings                                                   (% of Net Assets)
FNMA, 6.0%, TBA	2.4	%
U.S. Treasury Notes, 4.50%, 04/30/12	2.3	%
CDX High Yield, 7.625%, 06/29/12	2.2	%
U.S. Treasury Notes, 4.875%, 06/30/12	2.0	%
Exxon Mobil Corp.	1.5	%

AST Cohen & Steers Realty
Five Largest Holdings                                                   (% of Net Assets)
Simon Property Group, Inc., REIT	6.9	%
Public Storage, Inc., REIT	6.4	%
Boston Properties, Inc., REIT	5.9	%
Equity Residential Properties Trust, REIT	5.7	%
ProLogis	5.5	%

AST DeAM Small-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
EMCOR Group, Inc.	1.7	%
Magellan Health Services, Inc.	1.6	%
CF Industries Holdings, Inc.	1.6	%
Corus Bankshares, Inc.	1.4	%
Apria Healthcare Group, Inc.	1.4	%

AST First Trust Capital Appreciation Target
Five Largest Holdings                                                   (% of Net Assets)
Research in Motion Ltd.	3.5	%
Potash Corp. of Saskatchewan, Inc.	2.1	%
Precision Castparts Corp.	1.8	%
Citic Pacific Ltd.	1.8	%
CNOOC Ltd.	1.7	%

AST Goldman Sachs Small-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
El Paso Electric Co.	1.7	%
Tenneco Automotive, Inc.	1.4	%
Signature Bank	1.3	%
Wabash National Corp.	1.3	%
Minerals Technologies, Inc.	1.3	%

AST International Value
Five Largest Holdings                                                   (% of Net Assets)
BASF AG	2.1	%
Teva Pharmaceutical Industries Ltd., ADR	2.1	%
Lloyds TSB Group PLC	1.7	%
E.ON AG	1.7	%
Toyota Motor Corp.	1.7	%

AST Aggressive Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
AST Marsico Capital Growth Portfolio	21.3	%
AST AllianceBernstein Growth & Income Portfolio	15.7	%
AST Large-Cap Value Portfolio	15.6	%
AST T. Rowe Price Large-Cap Growth Portfolio	14.2	%
AST International Value Portfolio	12.1	%

AST AllianceBernstein Managed Index 500
Five Largest Holdings                                                   (% of Net Assets)
Exxon Mobil Corp.	4.4	%
General Electric Co.	3.9	%
Citigroup, Inc.	2.8	%
Bank of America Corp.	2.5	%
Procter & Gamble Co.	2.4	%

AST Balanced Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
AST PIMCO Total Return Bond Portfolio	22.4	%
AST Marsico Capital Growth Portfolio	14.1	%
AST AllianceBernstein Growth & Income Portfolio	10.5	%
AST Large-Cap Value Portfolio	10.4	%
AST T. Rowe Price Large-Cap Growth Portfolio	9.4	%

AST Conservative Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
AST PIMCO Total Return Bond Portfolio	33.0	%
AST Marsico Capital Growth Portfolio	13.2	%
AST AllianceBernstein Growth & Income Portfolio	9.7	%
AST Large-Cap Value Portfolio	9.7	%
AST T. Rowe Price Large-Cap Growth Portfolio	8.8	%

AST Federated Aggressive Growth
Five Largest Holdings                                                   (% of Net Assets)
Central European Media Enterprises Ltd.	1.8	%
Dick’s Sporting Goods, Inc.	1.6	%
Advance Auto Parts, Inc.	1.6	%
Landstar System, Inc.	1.4	%
CSR PLC	1.2	%

AST Goldman Sachs Concentrated Growth
Five Largest Holdings                                                   (% of Net Assets)
McGraw-Hill Cos., Inc.	4.6	%
Suncor Energy, Inc.	4.5	%
Freddie Mac	4.3	%
Google, Inc.	4.3	%
Research in Motion Ltd.	4.2	%

AST High Yield
Five Largest Issues                                                   (% of Net Assets)
CDX HY, 7.625%, 06/29/12	3.7	%
HCA, Inc., Sec’d. Notes, 9.25%, 11/15/16	1.5	%
CCO Holdings LLC/CCO Holdings Capital Corp., 8.75%, 11/15/13	1.4	%
Ford Motor Credit Co. LLC, 7.8%, 06/01/12	1.4	%
General Motors Acceptance Corp., Notes, 7.0%, 02/01/12	1.4	%

AST JP Morgan International Equity
Five Largest Holdings                                                   (% of Net Assets)
Total SA	4.0	%
HSBC Holdings PLC	2.9	%
Eni SpA	2.9	%
Vodafone Group PLC	2.4	%
UBS AG (virt - X)	2.2	%

AST AllianceBernstein Core Value
Five Largest Holdings                                                   (% of Net Assets)
Exxon Mobil Corp.	5.8	%
Citigroup, Inc.	4.0	%
General Electric Co.	3.6	%
Bank of America Corp.	3.4	%
ChevronTexaco Corp.	3.2	%

AST American Century Income & Growth
Five Largest Holdings                                                   (% of Net Assets)
Exxon Mobil Corp.	5.1	%
Citigroup, Inc.	3.6	%
Bank of America Corp.	3.2	%
ChevronTexaco Corp.	2.8	%
International Business Machines Corp.	2.8	%

AST Capital Growth Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
AST Marsico Capital Growth Portfolio	18.4	%
AST AllianceBernstein Growth & Income Portfolio	13.6	%
AST Large-Cap Value Portfolio	13.6	%
AST T. Rowe Price Large-Cap Growth Portfolio	12.4	%
AST PIMCO Total Return Bond Portfolio	11.5	%

AST DeAM Large-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
Exxon Mobil Corp.	5.0	%
JPMorgan Chase & Co.	3.6	%
Bank of America Corp.	3.3	%
ChevronTexaco Corp.	3.3	%
Wells Fargo & Co.	3.0	%

AST First Trust Balanced Target
Five Largest Holdings                                                   (% of Net Assets)
Pfizer, Inc.	1.9	%
Potash Corp. of Saskatchewan, Inc.	1.6	%
Research in Motion Ltd.	1.5	%
Precision Castparts Corp.	1.4	%
Citic Pacific Ltd.	1.3	%

AST Goldman Sachs Mid-Cap Growth
Five Largest Holdings                                                   (% of Net Assets)
Fortune Brands, Inc.	2.5	%
Thermo Fisher Scientic, Inc.	2.4	%
Activision, Inc.	2.2	%
WW Grainger, Inc.	2.2	%
CheckFree Corp.	2.2	%

AST International Growth
Five Largest Holdings                                                   (% of Net Assets)
Tesco PLC	2.9	%
ABB Ltd.	2.3	%
Reckitt Benckiser PLC	2.2	%
Macquarie Bank Ltd.	2.2	%
Capitaland Ltd.	2.0	%

AST Large-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
Bank of America Corp.	3.0	%
Altria Group, Inc.	3.0	%
ConocoPhillips	2.8	%
General Electric Co.	2.7	%
ChevronTexaco Corp.	2.2	%

Advanced Series Trust Presentation of Portfolio Holdings as of June 30, 2007 (Unaudited)

AST Lord Abbett Bond Debenture
Five Largest Holdings                                                   (% of Net Assets)
FNMA, 6.0%, 03/01/36	1.6	%
FNMA, 6.5%, 02/01/36	1.1	%
FNMA, 6.5%, 05/01/35	1.0	%
FNMA, 6.5%, 02/01/37	0.9	%
Host Marriott LP, Gtd. Notes, 7.0%, 08/15/12	0.9	%

AST MFS Growth
Five Largest Holdings                                                   (% of Net Assets)
Google, Inc.	3.4	%
Intel Corp.	2.7	%
Oracle Corp.	2.4	%
Genzyme Corp.	2.3	%
General Electric Co.	2.3	%

AST Neuberger Berman Mid-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
Freeport-McMoRan Copper & Gold, Inc.	2.4	%
Constellation Brands, Inc. (Class A Stock)	2.2	%
Joy Global, Inc.	2.0	%
Constellation Brands, Inc.	2.0	%
ConAgra Foods, Inc.	2.0	%

AST PIMCO Total Return Bond
Five Largest Issues                                                   (% of Net Assets)
FNMA, 6.0%, TBA	4.8	%
FNMA, 5.0%, TBA	3.4	%
Freddie Mac, 5.47%, 10/15/20	1.9	%
FNMA, 5.0%, 03/01/36	1.5	%
Freddie Mac, 5.47%, 08/15/19	1.4	%

AST Small-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
Platinum Underwriters Holdings Ltd.	0.7	%
Deluxe Corp.	0.6	%
Tupperware Corp.	0.6	%
Odyssey Re Holdings Corp.	0.5	%
Westar Energy, Inc.	0.5	%

AST T. Rowe Price Large-Cap Growth
Five Largest Holdings                                                   (% of Net Assets)
American Tower Corp.	4.4	%
General Electric Co.	4.2	%
Microsoft Corp.	3.8	%
Google, Inc.	3.0	%
State Street Corp.	2.9	%

AST Marsico Capital Growth
Five Largest Holdings                                                   (% of Net Assets)
UnitedHealth Group, Inc.	6.5	%
Comcast Corp.	3.5	%
Goldman Sachs Group, Inc.	3.3	%
McDonald’s Corp.	3.2	%
Schlumberger Ltd.	3.2	%

AST Mid-Cap Value
Five Largest Holdings                                                   (% of Net Assets)
Darden Restaurants, Inc.	2.9	%
Beckman Coulter, Inc.	2.7	%
Cummins, Inc.	2.2	%
Safeco Corp.	2.1	%
Flextronics International Ltd.	2.1	%

AST Neuberger Berman Small-Cap Growth
Five Largest Holdings                                                   (% of Net Assets)
CAE, Inc.	4.5	%
BE Aerospace, Inc.	4.0	%
Orient-Express Hotels Ltd.	4.0	%
Gaylord Entertainment Co.	3.2	%
Jones Lang LaSalle, Inc.	2.7	%

AST Preservation Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
AST PIMCO Total Return Bond Portfolio	50.1	%
AST Marsico Capital Growth Portfolio	8.9	%
AST AllianceBernstein Growth & Income Portfolio	6.6	%
AST Large-Cap Value Portfolio	6.6	%
AST T. Rowe Price Large-Cap Growth Portfolio	5.9	%

AST T. Rowe Price Asset Allocation
Five Largest Holdings                                                   (% of Net Assets)
U.S. Treasury Notes, 4.0% 11/15/12	2.3	%
U.S. Treasury Notes, 4.25% 11/30/07	1.7	%
Exxon Mobil Corp.	1.5	%
U.S. Treasury Notes, 5.0% 08/15/11	1.2	%
General Electric Co.	1.2	%

AST T. Rowe Price Natural Resources
Five Largest Holdings                                                   (% of Net Assets)
Schlumberger Ltd.	3.7	%
Cameron International Corp.	3.1	%
Exxon Mobil Corp.	3.0	%
Royal Dutch Shell PLC, ADR	2.9	%
Diamond Offshore Drilling, Inc.	2.5	%

AST MFS Global Equity
Five Largest Holdings                                                   (% of Net Assets)
Nestle SA	3.3	%
Johnson & Johnson	2.6	%
Roche Holding AG	2.4	%
American Express Co.	2.2	%
Bank of New York Mellon Corp. (The)	2.1	%

AST Neuberger Berman Mid-Cap Growth
Five Largest Holdings                                                   (% of Net Assets)
NII Holdings, Inc.	2.8	%
Leap Wireless International, Inc.	2.3	%
CB Richard Ellis Group, Inc.	2.1	%
Precision Castparts Corp.	2.0	%
Cognizant Technology Solutions Corp.	1.9	%

AST PIMCO Limited Maturity Bond
Five Largest Holdings                                                   (% of Net Assets)
Bundesobligation, Bonds, 4.50%, 08/17/07	6.4	%
FNMA, 5.5%, 07/15/34	2.3	%
FNMA, 4.25%, 07/30/09	1.8	%
FHLMC, 4.24%, 07/30/09	1.5	%
Freddie Mac, 4.48%, 09/19/08	1.4	%

AST Small-Cap Growth
Five Largest Holdings                                                   (% of Net Assets)
Bucyrus International, Inc.	3.0	%
Tetra Technologies, Inc.	2.4	%
Terra Industries, Inc.	2.2	%
Waste Connections, Inc.	2.0	%
Universal Electronics, Inc.	2.0	%

AST T. Rowe Price Global Bond
Five Largest Issues                                                   (% of Net Assets)
French Treasury Notes, 3.75%, 01/12/12	4.0	%
Bundesrepub. Deutschland, Bonds, 4.50%, 01/04/13	3.0	%
Finland Government Bonds, 5.0%, 07/04/07	2.9	%
U.S. Treasury Notes, 4.0%, 11/15/12	2.5	%
United Kingdom Treasury Bonds, 4.25%, 06/07/32	1.9	%

AST UBS Dynamic Alpha
Five Largest Holdings                                                   (% of Net Assets)
iShares MSCI Emerging Markets Index Fund	3.8	%
Citigroup, Inc.	1.2	%
Morgan Stanley	1.1	%
Microsoft Corp.	1.0	%
Wells Fargo & Co.	0.9	%

For a complete listing of holdings, refer to the Schedule of Investments section of this report.
Holdings reflect only long-term investments. Holdings/Issues/Industries/Sectors are subject to change.

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, 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 January 1, 2007 through June 30, 2007.

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 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.

  Advanced Series Trust Portfolios Beginning Account
Value
January 1, 2007 Ending Account
Value
June 30, 2007 Annualized
Expense Ratio
Based on the
Six-Month Period Expenses Paid
During the Six-
Month Period*

AST Advanced Strategies	Actual	$1,000.00	$1,051.90	0.99%	$5.04
	Hypothetical	$1,000.00	$1,019.89	0.99%	$4.96

AST Aggressive Asset Allocation	Actual	$1,000.00	$1,073.40	0.66%	$3.39
	Hypothetical	$1,000.00	$1,021.52	0.66%	$3.31

AST AllianceBerstein Core Value	Actual	$1,000.00	$1,056.60	0.87%	$4.44
	Hypothetical	$1,000.00	$1,020.48	0.87%	$4.36

AST AllianceBerstein Growth & Income	Actual	$1,000.00	$1,059.20	0.84%	$4.29
	Hypothetical	$1,000.00	$1,020.63	0.84%	$4.21

AST AllianceBerstein Managed Index 500	Actual	$1,000.00	$1,066.00	0.72%	$3.69
	Hypothetical	$1,000.00	$1,021.22	0.72%	$3.61

AST American Century Income & Growth	Actual	$1,000.00	$1,077.70	0.87%	$4.48
	Hypothetical	$1,000.00	$1,020.48	0.87%	$4.36

AST American Century Strategic Allocation	Actual	$1,000.00	$1,051.30	1.01%	$5.14
	Hypothetical	$1,000.00	$1,019.79	1.01%	$5.06

  Advanced Series Trust Portfolios Beginning Account
Value
January 1, 2007 Ending Account
Value
June 30, 2007 Annualized
Expense Ratio
Based on the
Six-Month Period Expenses Paid
During the Six-
Month Period*

AST Balanced Asset Allocation	Actual	$1,000.00	$1,053.50	0.61%	$3.11
	Hypothetical	$1,000.00	$1,021.77	0.61%	$3.06

AST Capital Growth Asset Allocation	Actual	$1,000.00	$1,065.00	0.62%	$3.17
	Hypothetical	$1,000.00	$1,021.72	0.62%	$3.11

AST Cohen & Steers Realty	Actual	$1,000.00	$   928.10	1.12%	$5.35
	Hypothetical	$1,000.00	$1,019.24	1.12%	$5.61

AST Conservative Asset Allocation	Actual	$1,000.00	$1,046.90	0.60%	$3.05
	Hypothetical	$1,000.00	$1,021.82	0.60%	$3.01

AST DeAM Large-Cap Value	Actual	$1,000.00	$1,066.40	0.96%	$4.92
	Hypothetical	$1,000.00	$1,020.03	0.96%	$4.81

AST DeAM Small-Cap Value	Actual	$1,000.00	$1,021.60	1.14%	$5.71
	Hypothetical	$1,000.00	$1,019.14	1.14%	$5.71

AST Federated Aggressive Growth	Actual	$1,000.00	$1,121.00	1.05%	$5.52
	Hypothetical	$1,000.00	$1,019.59	1.05%	$5.26

AST First Trust Balanced Target	Actual	$1,000.00	$1,062.50	0.96%	$4.91
	Hypothetical	$1,000.00	$1,020.03	0.96%	$4.81

AST First Trust Capital Appreciation Target	Actual	$1,000.00	$1,079.10	0.95%	$4.90
	Hypothetical	$1,000.00	$1,020.08	0.95%	$4.76

AST Goldman Sachs Concentrated Growth	Actual	$1,000.00	$1,103.10	0.86%	$4.48
	Hypothetical	$1,000.00	$1,020.53	0.86%	$4.31

AST Goldman Sachs Mid-Cap Growth	Actual	$1,000.00	$1,152.80	1.12%	$5.98
	Hypothetical	$1,000.00	$1,019.24	1.12%	$5.61

AST Goldman Sachs Small-Cap Value	Actual	$1,000.00	$1,058.90	1.10%	$5.62
	Hypothetical	$1,000.00	$1,019.34	1.10%	$5.51

AST High Yield	Actual	$1,000.00	$1,016.70	0.87%	$4.35
	Hypothetical	$1,000.00	$1,020.48	0.87%	$4.36

AST International Growth	Actual	$1,000.00	$1,089.40	1.13%	$5.85
	Hypothetical	$1,000.00	$1,019.19	1.13%	$5.66

AST International Value	Actual	$1,000.00	$1,138.50	1.10%	$5.83
	Hypothetical	$1,000.00	$1,019.34	1.10%	$5.51

AST JP Morgan International Equity	Actual	$1,000.00	$1,092.30	1.00%	$5.19
	Hypothetical	$1,000.00	$1,019.84	1.00%	$5.01

AST Large-Cap Value	Actual	$1,000.00	$1,053.60	0.84%	$4.28
	Hypothetical	$1,000.00	$1,020.63	0.84%	$4.21

  Advanced Series Trust Portfolios Beginning Account
Value
January 1, 2007 Ending Account
Value
June 30, 2007 Annualized
Expense Ratio
Based on the
Six-Month Period Expenses Paid
During the Six-
Month Period*

AST Lord Abbett Bond-Debenture	Actual	$1,000.00	$1,040.30	0.89%	$4.50
	Hypothetical	$1,000.00	$1,020.38	0.89%	$4.46

AST Marsico Capital Growth	Actual	$1,000.00	$1,062.10	0.99%	$5.06
	Hypothetical	$1,000.00	$1,019.89	0.99%	$4.96

AST MFS Global Equity	Actual	$1,000.00	$1,074.70	1.19%	$6.12
	Hypothetical	$1,000.00	$1,018.89	1.19%	$5.96

AST MFS Growth	Actual	$1,000.00	$1,080.70	1.01%	$5.21
	Hypothetical	$1,000.00	$1,019.79	1.01%	$5.06

AST Mid-Cap Value	Actual	$1,000.00	$1,090.10	1.10%	$5.70
	Hypothetical	$1,000.00	$1,019.34	1.10%	$5.51

AST Money Market	Actual	$1,000.00	$1,024.20	0.56%	$2.81
	Hypothetical	$1,000.00	$1,022.02	0.56%	$2.81

AST Neuberger Berman Mid-Cap Growth	Actual	$1,000.00	$1,161.20	1.01%	$5.41
	Hypothetical	$1,000.00	$1,019.79	1.01%	$5.06

AST Neuberger Berman Mid-Cap Value	Actual	$1,000.00	$1,093.40	0.99%	$5.14
	Hypothetical	$1,000.00	$1,019.89	0.99%	$4.96

AST Neuberger Berman Small-Cap Growth	Actual	$1,000.00	$1,084.20	1.09%	$5.63
	Hypothetical	$1,000.00	$1,019.39	1.09%	$5.46

AST PIMCO Limited Maturity Bond	Actual	$1,000.00	$1,014.30	0.75%	$3.75
	Hypothetical	$1,000.00	$1,021.08	0.75%	$3.76

AST PIMCO Total Return Bond	Actual	$1,000.00	$1,002.60	0.74%	$3.67
	Hypothetical	$1,000.00	$1,021.12	0.74%	$3.71

AST Preservation Asset Allocation	Actual	$1,000.00	$1,032.30	0.60%	$3.02
	Hypothetical	$1,000.00	$1,021.82	0.60%	$3.01

AST Small-Cap Growth	Actual	$1,000.00	$1,138.10	1.05%	$5.57
	Hypothetical	$1,000.00	$1,019.59	1.05%	$5.26

AST Small-Cap Value	Actual	$1,000.00	$1,067.70	1.00%	$5.13
	Hypothetical	$1,000.00	$1,019.84	1.00%	$5.01

AST T. Rowe Price Asset Allocation	Actual	$1,000.00	$1,053.90	0.97%	$4.94
	Hypothetical	$1,000.00	$1,019.98	0.97%	$4.86

AST T. Rowe Price Global Bond	Actual	$1,000.00	$1,010.40	0.93%	$4.64
	Hypothetical	$1,000.00	$1,020.18	0.93%	$4.66

AST T. Rowe Price Large-Cap Growth	Actual	$1,000.00	$1,074.60	0.97%	$4.99
	Hypothetical	$1,000.00	$1,019.98	0.97%	$4.86

  Advanced Series Trust Portfolios Beginning Account
Value
January 1, 2007 Ending Account
Value
June 30, 2007 Annualized
Expense Ratio
Based on the
Six-Month Period Expenses Paid
During the Six-
Month Period*

AST T. Rowe Price Natural Resources	Actual	$1,000.00	$1,221.60	1.01%	$5.56
	Hypothetical	$1,000.00	$1,019.79	1.01%	$5.06

AST UBS Dynamic Alpha	Actual	$1,000.00	$1,046.30	0.81%	$4.11
	Hypothetical	$1,000.00	$1,020.78	0.81%	$4.06

* Portfolio expenses (net of fee waivers or subsidies, if any) 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 181 days in the six-month period ended June 30, 2007, and divided by the 365 days in the Portfolio’s fiscal year ending December 31, 2007 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.

AST ADVANCED STRATEGIES PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 105.3%		Value
COMMON STOCKS — 61.9%	Shares	(Note 2)
Advertising — 0.1%
Focus Media Holding Ltd., ADR (China)*(a)	17,900	$	903,950
Aerospace & Defense — 1.6%
Boeing Co. (The)	52,290		5,028,206
General Dynamics Corp.	32,466		2,539,491
Lockheed Martin Corp.	52,417		4,934,012
Raytheon Co.	29,500		1,589,755
Rolls Royce Group PLC (Class B Stock) (United Kingdom)	12,804,960		28,491
Rolls-Royce Group PLC (United Kingdom)*	297,500		3,203,333
Thales SA (France)	9,600		586,628
			17,909,916
Agricultural Chemicals
Yara International ASA (Norway)	17,700		530,753
Agriculture — 0.1%
Chaoda Modern Agriculture (Hong Kong)	718,000		554,624
Agriculture/Heavy Equipment — 0.1%
Altria Group, Inc.	14,200		995,988
Airlines — 0.5%
Air New Zealand Ltd. (New Zealand)	375,900		765,020
Cathay Pacific Air (Hong Kong)	146,100		363,606
Qantas Airways Ltd. (Australia)	373,100		1,771,365
Singapore Airlines Ltd. (Singapore)	119,500		1,467,646
Southwest Airlines Co.(a)	114,200		1,702,722
			6,070,359
Auto Components
Rieter Holdings AG (Switzerland)	200		104,546
Auto/Trucks Parts & Equipment — 0.1%
Calsonic Kansei Corp. (Japan)	55,000		226,477
Compagnie Generale des Establissements Michelin (Class B Stock) (France)	6,400		894,362
Nifco, Inc. (Japan)	20,600		450,900
			1,571,739
Automobile Manufacturers — 1.6%
Daimler-Chrysler AG (Germany)	43,900		4,061,277
Fuji Heavy Industries Ltd. (Japan)	212,700		1,019,232
General Motors Corp.(a)	29,400		1,111,320
Hino Motors Ltd. (Japan)	123,000		736,252
Honda Motor Co. Ltd. (Japan)	42,900		1,567,919
Nissan Motor Co. Ltd. (Japan)	167,400		1,796,024
Peugeot SA (France)	15,200		1,224,523
Renault SA (France)	5,600		898,179
Toyota Motor Corp. (Japan)	8,400		532,142
Toyota Motor Corp., ADR (Japan)	24,967		3,142,846
Valeo SA (France)	12,700		681,425
Volkswagen AG (Germany)	5,500		877,946
			17,649,085
Automotive Parts — 0.2%
GKN PLC (United Kingdom)	139,700		1,112,077
Pirelli & C SpA (Italy)*	420,200		499,782
Yokohama Rubber Co. Ltd. (The) (Japan)	91,000		685,872
			2,297,731
Banking — 0.6%
EFG International (Switzerland)	19,900		915,023
HBOS PLC (United Kingdom)	285,300		5,611,656
			6,526,679
Banks — 0.4%
Bank of America Corp.	66,400		3,246,296
Bank Rakyat Indonesia (Indonesia)	1,109,000		705,783
			3,952,079
Beverages — 0.6%
Anheuser-Busch Cos., Inc.	44,800		2,336,768
Asahi Breweries Ltd. (Japan)	15,800		245,229
Heinekin NV, ADR (Netherlands)	46,925		1,378,079
InBev NV (Belgium)	31,400		2,487,059
			6,447,135
Biotechnology — 0.5%
Genentech, Inc.*	65,574		4,961,329
Genzyme Corp.*	15,500		998,200
			5,959,529
Broadcasting — 0.2%
Liberty Media Holding Corp. – Capital (Class A Stock)*	11,900		1,400,392
Liberty Media Holding Corp. – Interactive (Class A Stock)*	55,500		1,239,315
			2,639,707
Building Materials — 0.2%
Central Glass Co. Ltd. (Japan)	62,000		346,948
Geberit AG (Switzerland)	4,100		698,588
Lafarge SA (France)	3,000		546,759
Sanwa Shutter Corp. (Japan)	114,000		661,084
			2,253,379
Building Products — 0.1%
Crane Group Ltd. (Australia)	51,000		729,424
Business Services
K.K. DaVinci Advisors (Japan)*	330		289,462
Capital Markets — 0.9%
Credit Suisse Group (Switzerland)	32,500		2,307,210
Daiwa Securities Group, Inc. (Japan)	19,000		202,615
Deutsche Bank AG (Germany)	13,700		1,994,051
Goldman Sachs Group, Inc. (The)	22,565		4,890,964
Nomura Holdings, Inc. (Japan)	25,600		499,005
Tokai Tokyo Securities Co. Ltd. (Japan)	65,000		372,183
			10,266,028

SEE NOTES TO FINANCIAL STATEMENTS.

A1

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Chemicals — 1.3%
Air Products & Chemicals, Inc.	9,443	$	758,934
Arkema (France)*	17		1,111
Asahi Kasei Corp. (Japan)	65,000		427,614
BASF AG (Germany)	17,400		2,285,389
Ciba Specialty Chemicals AG (Switzerland)	8,900		578,281
Denki Kagaku Kogyo Kabushiki Kiasha (Japan)	108,000		486,822
Dow Chemical Co. (The)	10,600		468,732
DuPont, (E.I.) de Nemours & Co.	35,600		1,809,904
Mitsubishi Chemical Holdings Corp. (Japan)	69,000		634,380
Praxair, Inc.	57,124		4,112,357
Shin-Etsu Chemical Co. Ltd. (Japan)	20,900		1,495,464
Syngenta AG (Switzerland)*	3,100		604,347
Tessenderlo Chemie NV (Belgium)	10,200		622,420
			14,285,755
Clothing & Apparel
Benetton Group SpA (Italy)	2,700		46,932
Honeys Co. Ltd. (Japan)	7,870		317,676
			364,608
Commercial Banks — 2.4%
ABN AMRO Holding NV (Netherlands)	13,000		596,080
Alliance & Leicester PLC (United Kingdom)	29,600		654,416
Allied Irish Banks PLC (Ireland)	45,500		1,242,920
Banco Bilbao Vizcaya Argentaria SA (Spain)	82,200		2,010,193
Banco Popolare di Verona e Novara Scrl (Italy)	19,500		560,674
Banco Santander Central Hispano SA (Spain)	109,100		2,005,475
Barclays PLC (United Kingdom)	118,500		1,648,680
BNP Paribas (France)	16,400		1,948,051
Commonwealth Bank of Australia (Australia)	13,200		618,302
Credit Agricole SA (France)	17,400		706,058
Danske Bank (Denmark)	17,700		723,792
Fukuoka Financial Group, Inc. (Japan)*	269,000		1,778,404
HSBC Holdings PLC (United Kingdom)	26,100		477,904
Industrial & Commercial Bank of China Ltd. ASA (Hong Kong)	169,000		359,216
Industrial & Commercial Bank of China Ltd. (Class H Stock) (Hong Kong)	3,848,000		2,135,809
Intesa Sanpaolo SpA (Italy)	90,500		674,744
Julius Baer Holding AG (Switzerland)	17,800		1,273,586
Lloyds TSB Group PLC (United Kingdom)	112,700		1,252,813
Mellon Financial Corp.	44,600		1,962,400
Nordea Bank AB (Sweden)	59,100		923,077
Royal Bank of Scotland Group PLC (United Kingdom)	120,000		1,518,418
Societe Generale (France)	1,900		352,029
Suruga Bank Ltd. (Japan)	68,000		857,697
Unione di Banche Italiane ScpA (Italy)	10,600		269,428
Verwalt Ungs & Privat-Bank AG (Switzerland)	1,500		391,731
			26,941,897
Commercial Services — 0.7%
Boston Scientific Corp.*	44,500		682,630
Capita Group PLC (The) (United Kingdom)	120,300		1,746,376
Moody’s Corp.	16,970		1,055,534
Randstad Holding NV (Netherlands)	18,600		1,472,167
SGS SA (Switzerland)	896		1,059,489
Waste Management, Inc.	51,000		1,991,550
			8,007,746
Computer Services & Software — 1.4%
Apple, Inc.*	40,604		4,955,312
Dell, Inc.*	44,200		1,261,910
Hitachi Information Systems Ltd. (Japan)	15,600		348,427
Iliad SA (France)	8,000		805,823
Infosys Technologies Ltd., ADR (India)	49,000		2,468,620
International Business Machines Corp.	24,000		2,526,000
Microsoft Corp.	98,900		2,914,583
NEC Fielding Ltd. (Japan)	20,600		261,170
Serco Group PLC (United Kingdom)	87,300		786,979
			16,328,824
Conglomerates — 0.1%
Citic Pacific Ltd. (Hong Kong)	188,000		943,703
Construction — 0.1%
China Communications Construction Co. Ltd. (China)	543,000		972,222
Interserve PLC (United Kingdom)	7,900		75,165
Taylor Woodrow PLC (United Kingdom)	30,000		215,975
			1,263,362
Consumer Finance — 0.1%
American Express Co.	22,200		1,358,196
Consumer Products & Services — 1.1%
Avon Products, Inc.	43,500		1,598,625
Electrolux AB (Class B Stock) (Sweden)	51,600		1,221,725
Fisher & Paykel Appliances Holdings Ltd. (New Zealand)	9,200		24,681

SEE NOTES TO FINANCIAL STATEMENTS.

A2

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Consumer Products & Services (cont’d.)
Husqvarna AB (Class A Stock) (Sweden)	630	$	8,895
Indesit Co. SpA (Italy)	35,100		817,779
L’Oreal SA (France)	24,400		2,884,097
Newell Rubbermaid, Inc.	52,000		1,530,360
Pacific Brands Ltd. (Australia)	314,600		920,179
Reckitt Benckiser PLC (United Kingdom)	68,300		3,739,122
			12,745,463
Containers & Packaging — 0.1%
Amcor Ltd. (Australia)	104,300		660,541
Distribution/Wholesale — 0.1%
Marubeni Corp. (Japan)	105,000		865,584
Sumitomo Corp. (Japan)	21,000		383,756
			1,249,340
Diversified — 0.1%
Anglo American PLC (United Kingdom)	9,900		581,247
Diversified Financial Services — 1.7%
Allco Finance Group Ltd. (Australia)	59,841		539,803
Citigroup, Inc.	48,500		2,487,565
Fannie Mae	20,300		1,326,199
Fortis (Belgium)	11,700		495,891
ING Groep NV (Netherlands)	32,000		1,408,442
JPMorgan Chase & Co.	85,500		4,142,475
Lehman Brothers Holdings, Inc.	65,749		4,899,615
Merrill Lynch & Co., Inc.	20,100		1,679,958
U.S. Bancorp	67,000		2,207,650
UBS AG (Switzerland)	5,300		316,963
			19,504,561
Diversified Machinery
Volvo, AB (Class B Stock) (Sweden)	24,100		479,167
Diversified Manufacturing — 0.7%
3M Co.	18,600		1,614,294
FKI PLC (United Kingdom)	96,800		243,882
Mitsubishi Corp. (Japan)	38,700		1,015,236
Siemens AG, 144A (Germany)	31,800		4,576,143
Tomkins PLC (United Kingdom)	36,100		187,520
			7,637,075
Diversified Metals — 0.1%
Zinifex Ltd. (Australia)	61,400		979,676
Diversified Operations — 0.1%
Davis Service Group PLC (United Kingdom)	47,300		588,794
Mitsui & Co. Ltd. (Japan)	54,000		1,076,711
			1,665,505
Diversified Telecommunication Services — 0.9%
AT&T, Inc.	195,824		8,126,696
Telestra Corp. Ltd. (Australia)	129,300		503,160
Verizon Communications, Inc.	41,200		1,696,204
			10,326,060
Electric — 0.1%
Hongkong Electric Holdings (Hong Kong)	169,500		855,174
Tokyo Electric Power Co., Inc. (The) (Japan)	14,100		453,490
			1,308,664
Electric Products
SMK Corp. (Japan)	16,000		106,688
Electric Utilities — 0.2%
Entergy Corp.	20,200		2,168,470
Electronic Components — 0.8%
Alpine Electronics, Inc. (Japan)	12,900		197,913
Eizo Nanao Corp. (Japan)	25,600		835,833
Fanuc Ltd. (Japan)	21,900		2,262,481
Hitachi Ltd. (Japan)	16,000		113,706
Hon Hai Precision Industry Co. Ltd., GDR (Taiwan)	116,700		2,016,844
Kansai Electric Power Co., Inc. (The) (Japan)	21,000		497,178
NGK Insulators Ltd. (Japan)	78,000		1,919,513
THOMSON (France)	41,400		791,747
			8,635,215
Electronic Equipment & Instruments — 0.1%
Alps Electric Co. Ltd. (Japan)	75,600		756,460
Bekaert SA (Belgium)	2,500		366,647
Toshiba Corp. (Japan)	49,000		427,817
			1,550,924
Electronics — 0.3%
Schneider Electric SA (France)	21,900		3,068,371
Energy-Other
Q-Cells AG (Germany)*	5,900		508,944
Engineering/Construction
WorleyParsons Ltd. (Australia)	15,400		443,909
Engineering/R&D Services — 0.4%
ABB Ltd. (Switzerland)	179,200		4,040,562
Entertainment & Leisure — 0.8%
Disney (Walt) Co. (The)	36,500		1,246,110
Las Vegas Sands, Inc.*(a)	51,081		3,902,077
MGM Mirage*	38,241		3,154,118
Sankyo Co. Ltd. (Japan)	12,800		539,549
			8,841,854
Equipment Services — 0.1%
BlueScope Steel Ltd. (Australia)	81,700		716,205

SEE NOTES TO FINANCIAL STATEMENTS.

A3

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Exchange Traded Funds — 9.6%
Energy Select Sector SPDR Index Fund(a)	40,425	$	2,788,921
Health Care Select Sector SPDR Fund(a)	142,570		5,034,147
Industrial Select Sector Fund(a)	43,550		1,700,192
iShares MSCI Brazil Index Fund(a)	41,500		2,548,930
iShares MSCI Canada Index Fund(a)	37,500		1,119,750
iShares MSCI EAFE Index Fund(a)	210,375		16,991,989
iShares MSCI Emerging Markets Index Fund(a)	40,380		5,316,027
iShares MSCI Germany Index Fund(a)	188,210		6,229,751
iShares MSCI Japan Index Fund	39,650		575,322
iShares Russell 1000 Growth Index Fund	610,450		36,144,744
iShares Russell 1000 Value Index Fund	203,925		17,688,454
iShares S&P Global 100 Index Fund	125,600		10,088,192
iShares S&P Global Energy Sector Index Fund(a)	21,635		2,800,434
			109,026,853
Farming & Agriculture — 0.5%
AWB Ltd. (Australia)	149,600		546,643
Kuala Lumpur Kepong BHD (Malaysia)	131,300		490,592
Monsanto Co.	73,431		4,959,530
			5,996,765
Finance – Consumer Loans
Cattles PLC (United Kingdom)	23,300		182,481
Promise Co. Ltd. (Japan)	7,700		237,645
			420,126
Financial – Bank & Trust — 1.4%
Anglo Irish Bank Corp. PLC (Ireland)	75,000		1,539,260
China Merchants Bank Co. Ltd. (Hong Kong)	615,600		1,873,757
Fifth Third Bancorp	42,500		1,690,225
State Street Corp.	24,600		1,682,640
Svenska Handelsbanken AB (Class A Stock) (Sweden)	44,600		1,255,337
UBS AG (Switzerland)	63,553		3,813,815
Wells Fargo & Co.	116,738		4,105,675
			15,960,709
Financial Services — 1.9%
Alpha Bank AE (Greece)	7,000		219,451
Ameriprise Financial, Inc.	24,100		1,532,037
Bumiputra – Commerce Holdings BHD (Malaysia)	196,600		666,248
Eurazeo (France)	8,497		1,227,841
H&R Block, Inc.	63,100		1,474,647
Macquarie Bank Ltd. (Australia)	44,800		3,228,432
Man Group PLC (United Kingdom)	150,100		1,825,805
MasterCard, Inc. (Class A Stock)	40,417		6,703,968
National Bank of Greece, ADR (Greece)	128,900		1,477,194
ORIX Corp. (Japan)	12,600		3,320,771
			21,676,394
Foods — 2.0%
Campbell Soup Co.	16,100		624,841
Casino Guichard Perrachon SA (France)	3,500		353,907
Coca-Cola Co. (The)	44,600		2,333,026
CSM (Netherlands)	19,500		689,827
Dairy Crest Group PLC (United Kingdom)	13,100		178,229
East Asiatic Co. Ltd. A/S (Denmark)	11,600		637,964
General Mills, Inc.	21,200		1,238,504
Greggs PLC (United Kingdom)	5,400		528,689
Kraft Foods, Inc. (Class A Stock)	65,199		2,298,265
McDonald’s Corp.	113,437		5,758,062
Nestle SA (Switzerland)	6,150		2,336,837
Q.P. Corp. (Japan)	11,400		109,625
Suedzucker AG (Germany)	23,600		524,268
Tate & Lyle PLC (United Kingdom)	2,300		26,101
Wal-Mart Stores, Inc.	37,300		1,794,503
Woolworths Ltd. (Australia)	127,400		2,916,271
			22,348,919
Forest Products & Paper — 0.1%
Stora Enso Oyj (Class R Stock) (Finland)	50,500		950,176
Gas Distribution
Centrica PLC (United Kingdom)	34,700		269,594
Healthcare Providers & Services — 0.9%
Burlington Northern Santa Fe Corp.	31,948		2,720,053
UnitedHealth Group, Inc.	137,609		7,037,324
			9,757,377
Household Products/Wares
Husqvarna AB (Class B Stock) (Sweden)	1,400		19,818
Industrial Conglomerates — 0.7%
General Electric Co.	124,800		4,777,344
Tyco International Ltd.*	95,200		3,216,808
			7,994,152
Instruments – Controls
Rotork PLC (United Kingdom)	28,300		517,033

SEE NOTES TO FINANCIAL STATEMENTS.

A4

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Insurance — 2.1%
Aegon N.V. (Netherlands)	43,700	$	860,104
American International Group, Inc.	34,200		2,395,026
Aviva PLC (United Kingdom)	8,300		123,211
AXA SA (France)	60,400		2,596,334
Baloise Holding AG (Switzerland)	6,100		601,671
Beazley Group PLC (United Kingdom)	208,800		613,149
Brit Insurance Holdings PLC (United Kingdom)	106,200		729,592
CNP Assurances (France)	1,500		191,669
Fondiaria SAI SpA (Italy)	26,900		1,300,508
Genworth Financial, Inc. (Class A Stock)	47,000		1,616,800
Hartford Financial Services Group, Inc.	14,300		1,408,693
Hiscox Ltd. (United Kingdom)	85,200		486,408
Irish Life & Permanent PLC (Ireland)	25,000		631,129
Legal & General PLC (United Kingdom)	216,700		650,113
Lincoln National Corp.	16,200		1,149,390
Marsh & McLennan Cos., Inc.	93,900		2,899,632
Muenchener Rueckversicherungs AG (Germany)	4,800		883,456
QBE Insurance Group Ltd. (Australia)	68,900		1,822,504
Royal & Sun Alliance Insurance Group PLC (United Kingdom)	259,400		754,659
Swiss Reinsurance (Switzerland)	20,000		1,824,002
Zurich Financial Services AG (Switzerland)	2,300		711,000
			24,249,050
Internet — 0.5%
Google, Inc. (Class A Stock)*	10,665		5,581,848
Investment Firms — 0.2%
Morgan Stanley	24,200		2,029,896
Iron/Steel
Ssab Svenskt Stal AB, Series B (Sweden)	8,700		329,672
Leisure Equipment — 0.2%
Nintendo Co. Ltd. (Japan)	7,400		2,710,579
Machinery & Equipment — 0.1%
Georg Fischer AG (Switzerland)*	700		528,267
Heidelberger Druckmaschinen AG (Germany)	14,900		722,788
			1,251,055
Machinery – Construction & Mining — 0.2%
Komatsu Ltd. (Japan)	65,300		1,898,672
Media — 1.8%
CBS Corp. (Class B Stock)	21,300		709,716
Comcast Corp. (Class A Stock)*	279,503		7,859,624
Dow Jones & Co., Inc.	22,000		1,263,900
Jupiter Telecommunications Co. Ltd. (Japan)*	1,062		879,789
Naspers Ltd. (Class N Stock) (South Africa)	27,800		714,248
New York Times Co. (The) (Class A Stock)(a)	43,100		1,094,740
News Corp. (Class A Stock)	61,879		1,312,454
Rogers Communications, Inc. (Class B Stock) (Canada)	51,900		2,212,906
Time Warner, Inc.	115,100		2,421,704
Trinity Mirror PLC (United Kingdom)	69,000		732,981
Viacom, Inc. (Class B Stock)*	23,500		978,305
			20,180,367
Medical Supplies & Equipment — 0.5%
Cie Generale d’Optique Essilor International SA (France)	12,400		1,476,912
Johnson & Johnson	35,100		2,162,862
Nipro Corp. (Japan)	36,000		741,198
Nobel Biocare Holding AG (Switzerland)	2,420		789,963
Shandong Weigao Group Medical Polymer Co. Ltd. (Class H Stock) (Hong Kong)	10,700		24,084
			5,195,019
Metals & Mining — 1.1%
Aluminium of Greece S.A.I.C. (Greece)	18,400		351,939
Cia Vale Do Rio Doce (Brazil)	61,200		2,726,460
Freeport-McMoRan Copper & Gold, Inc.	40,618		3,363,983
Nucor Corp.	6,500		381,225
Rautaruukki Oyj (Finland)	9,900		632,427
ThyssenKrupp AG (Germany)	27,800		1,655,793
Vedanta Resources PLC (United Kingdom)	48,700		1,569,786
Xstrata PLC (United Kingdom)	34,800		2,071,748
			12,753,361
Multimedia — 0.1%
Vivendi (France)	16,700		718,396
Office Equipment — 0.1%
OCE NV (Netherlands)	43,200		842,557
Ricoh Co. Ltd. (Japan)	23,000		532,386
			1,374,943
Oil & Gas — 2.0%
Baker Hughes, Inc.	61,747		5,194,775
Cameron International Corp.*	23,122		1,652,530
Eni SpA (Italy)	43,500		1,577,197
Exxon Mobil Corp.	47,100		3,950,748
Motor Oil Hellas Corinth Refineries SA (Greece)	2,600		68,121
Murphy Oil Corp.	30,500		1,812,920

SEE NOTES TO FINANCIAL STATEMENTS.

A5

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Oil & Gas (cont’d.)
NiSource, Inc.	49,200	$	1,018,932
Norsk Hydro ASA (Norway)	16,000		613,686
Total SA (France)	25,200		2,043,171
Total SA, ADR (France)	51,400		4,162,372
			22,094,452
Oil, Gas & Consumable Fuels — 3.4%
Acergy SA (United Kingdom)	32,200		724,909
Anadarko Petroleum Corp.	31,629		1,644,392
Apache Corp.	5,041		411,295
BG Group PLC (United Kingdom)	224,410		3,678,656
BP PLC (United Kingdom)	199,900		2,405,260
ChevronTexaco Corp.	47,900		4,035,096
Cosmo Oil Co. Ltd. (Japan)	224,000		1,237,117
Devon Energy Corp.	9,523		745,556
Marathon Oil Corp.	11,816		708,487
Nippon Oil Corp. (Japan)	174,000		1,619,525
Petroleo Brasileiro SA, ADR (Brazil)	9,700		1,034,796
Repsol YPF SA (Spain)	53,100		2,102,152
Royal Dutch Shell PLC (Class B Stock) (United Kingdom)	109,100		4,547,944
Royal Dutch Shell PLC, ADR (United Kingdom)	20,600		1,672,720
Saipem SpA (Italy)	85,100		2,903,649
Schlumberger Ltd.	94,705		8,044,243
Snam Rete Gas SpA (Italy)	74,000		437,569
			37,953,366
Paper & Forest Products — 0.4%
Bowater, Inc.	23,500		586,325
DS Smith PLC (United Kingdom)	101,000		467,189
International Paper Co.(a)	58,500		2,284,425
Nine Dragons Paper Holdings Ltd. (Hong Kong)	115,000		267,969
Nippon Unipac Group, Inc. (Japan)	200		665,990
Oji Paper Co. Ltd. (Japan)	22,000		107,029
Rengo Co. Ltd. (Japan)	6,000		29,628
			4,408,555
Pharmaceuticals — 1.7%
Altana AG (Germany)	5,100		123,185
Astellas Pharma, Inc. (Japan)	12,800		557,222
AstraZeneca PLC (United Kingdom)	42,400		2,272,253
Bristol-Myers Squibb Co.	26,900		848,964
GlaxoSmithKline PLC (United Kingdom)	39,500		1,028,975
Merck & Co., Inc.	58,200		2,898,360
Pfizer, Inc.	88,200		2,255,274
Roche Holding AG (Switzerland)	12,800		2,267,988
Sanofi-Aventis (France)	12,600		1,017,920
Santen Pharmaceutical Co. Ltd. (Japan)	3,200		77,970
Schering-Plough Corp.	138,381		4,212,318
Tanabe Seiyaku Co. Ltd. (Japan)	100		1,192
Wyeth	31,400		1,800,476
			19,362,097
Pipelines — 0.1%
Spectra Energy Corp.	30,100		781,396
Printing
Toppan Printing Co. Ltd. (Japan)	31,000		333,604
Real Estate — 1.1%
Aeon Mall Co. Ltd. (Japan)	32,300		994,250
Brookfield Asset Management, Inc. (Class A Stock) (Canada)	47,250		1,890,000
CapitaLand Ltd. (Singapore)	651,000		3,444,782
CB Richard Ellis Group, Inc.*	26,358		962,067
Hopson Development Holdings Ltd. (Hong Kong)	37,800		106,112
Li & Fung Ltd. (Hong Kong)	469,000		1,688,453
PIK Group, GDR (Russia)*(a)	27,000		675,000
ProLogis, REIT	24,704		1,405,657
Raiffeisen International Bank Holding AG (Austria)	6,600		1,042,464
			12,208,785
Retail & Merchandising — 1.5%
Centros Comerciales Sudamericanos SA, ADR (Chile)*	13,400		833,764
CVS Caremark Corp.	52,846		1,926,237
DSG International PLC (United Kingdom)	126,900		402,220
Esprit Holdings Ltd. (Hong Kong)	132,700		1,683,528
Home Depot, Inc. (The)	63,300		2,490,855
Inditex SA (Spain)	35,700		2,101,271
Plenus Co. Ltd. (Japan)	35,600		649,112
RadioShack Corp.(a)	14,100		467,274
Rallye SA (France)	7,700		520,000
Shoppers Drug Mart Corp. (Canada)	29,200		1,352,479
Valora Holding AG (Switzerland)	600		156,566
Wal-Mart de Mexico SAB de CV (Mexico)	524,410		1,990,171
Yum! Brands, Inc.	71,048		2,324,690
			16,898,167
Rubber/Plastic Products
Kureha Corp. (Japan)	77,000		382,108
Semiconductors & Semiconductor Equipment — 0.7%
Intel Corp.	265,465		6,307,448
Taiwan Semiconductor Manufacturing Co. Ltd.	109,200		1,213,420
			7,520,868
Specialty Retail — 0.2%
Lowe’s Cos., Inc.	63,519		1,949,398

SEE NOTES TO FINANCIAL STATEMENTS.

A6

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Steel Producers/Products — 0.2%
Nippon Steel Corp. (Japan)	89,000	$	627,428
Smorgon Steel Group Ltd. (Australia)	320,400		727,984
Voestalpine AG (Austria)	6,000		504,363
			1,859,775
Telecommunications — 2.9%
America Movil SAB de CV, Series L (Mexico)	865,400		2,672,258
America Movil SAB de CV, Series L, ADR (Mexico)	52,147		3,229,464
BT Group PLC (United Kingdom)	317,500		2,113,136
Carphone Warehouse Group (United Kingdom)	96,400		633,646
China Mobile Ltd. (Hong Kong)	291,000		3,124,290
Cisco Systems, Inc.*	138,628		3,860,790
Deutsche Telekom AG (Germany)	17,100		316,094
Mobileone Ltd. (Singapore)	153,900		221,186
MTN Group (South Africa)	92,500		1,257,343
Nippon Telegraph & Telephone Corp. (Japan)	300		1,332,792
Nokia Oyj (Finland)	19,300		542,046
NTT Docomo, Inc. (Japan)	1,000		1,583,756
PT Telekomunikasi (Indonesia)	962,500		1,049,322
Qwest Communications International, Inc.*	103,300		1,002,010
Royal KPN NV (Netherlands)	76,800		1,274,173
Swisscom AG (Switzerland)	2,600		888,890
Telefonica SA (Spain)	24,500		545,225
Tesco PLC (United Kingdom)	439,100		3,673,818
Uniden Corp. (Japan)	18,000		131,866
Vodafone Group PLC (United Kingdom)	998,500		3,345,785
			32,797,890
Thrifts & Mortgage Finance — 0.1%
Bradford & Bingley PLC (United Kingdom)	69,600		548,082
Transportation — 1.2%
FedEx Corp.	36,957		4,101,118
Kuehne & Nagel International AG (Switzerland)	14,100		1,298,652
Neptune Orient Lines Ltd. (Singapore)	58,000		200,817
Toll Holdings Ltd. (Australia)	100,400		1,233,380
Union Pacific Corp.	54,053		6,224,203
			13,058,170
Utilities — 0.4%
Duke Energy Corp.	56,900		1,041,270
Energias de Portugal SA (Portugal)	78,800		435,735
Hokkaido Electric Power Co., Inc. (Japan)	15,400		334,579
Illinois Tool Works, Inc.	35,200		1,907,488
Kyushu Electric Power Co., Inc. (Japan)	14,100		369,892
			4,088,964
Water — 0.2%
Veolia Environment (France)	35,112		2,757,731
Wireless Telecommunication Services — 0.2%
Alltel Corp.	13,500		911,925
Sprint Nextel Corp.	87,800		1,818,338
			2,730,263
TOTAL COMMON STOCKS
(cost $636,695,134)			699,309,090

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 17.3%
Federal Home Loan Mortgage Corp.
4.682%(c)	03/01/35	$	402	395,387
4.81%(c)	06/01/35		544	529,036
4.98%(c)	04/01/35		412	403,808
Federal National Mortgage Assoc.
4.50%	04/01/13-05/01/22		2,288	2,205,415
5.00%	02/01/36-06/01/37		11,863	11,135,905
5.09%(c)	06/01/35		532	528,774
5.50%	10/01/36-06/01/37		24,458	23,590,685
5.50%	TBA		40,400	38,960,750
5.50%	TBA		2,000	1,927,656
5.50%	TBA		37,000	35,681,875
6.00%	03/01/36		922	912,579
6.00%	03/01/36-01/01/37		19,411	19,212,366
6.00%	TBA		42,100	41,639,510
6.00%	TBA		5,000	4,945,310
6.227%(c)	11/01/42-07/01/44		1,774	1,799,892
4.795%(c)	11/01/35		298	296,258
Government National Mortgage Assoc.
6.00%	04/15/36-07/15/36		2,341	2,328,786
5.00%	03/15/36-06/15/37		10,000	9,458,189
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $197,337,400)				195,952,181
U.S. TREASURY OBLIGATIONS — 10.7%
U.S. Treasury Inflationary Index Bonds, (TIPS)
0.875%	04/15/10		3,200	3,315,581
1.625%	01/15/15		2,000	2,012,323
1.875%	07/15/13-07/15/15		9,500	9,689,036
2.00%	04/15/12-01/15/26		21,700	21,722,985
2.375%	04/15/11-01/15/27		42,866	43,900,711
2.50%	07/15/16		12,300	12,447,675
3.00%	07/15/12		700	820,262
3.625%	04/15/28		3,500	5,181,596
3.875%	01/15/09-04/15/29		8,000	11,430,886
				110,521,055

SEE NOTES TO FINANCIAL STATEMENTS.

A7

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity			Amount		Value
Rate	Date			(000)#		(Note 2)
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Notes
4.25%	01/15/11		$	2,000	$	1,957,812
4.50%	11/15/15			100		96,453
4.375%	01/31/08			300		299,016
4.75%	02/28/09-05/15/14			6,200		6,160,867
						8,514,148
U.S. Treasury Strips
4.78%	05/15/14			2,250		1,600,540
TOTAL U.S. TREASURY OBLIGATIONS
(cost $120,487,556)						120,635,743
		Moody’s
		Ratings
CORPORATE BONDS — 7.3%
Advertising — 0.1%
Codelco, Inc., Unsec’d. Notes (United Kingdom)
6.15%	10/24/36	NR		750		735,750
Omnicom Group, Inc., Gtd. Notes
5.90%	04/15/16	Baa1		200		197,557
Petronas Capital Ltd., Gtd. Notes (Malaysia)
7.875%	05/22/22	NR		500		588,010
						1,521,317
Aerospace
Goodrich Corp., Notes
6.29%	07/01/16	Baa2		100		102,131
Airlines
Southwest Airlines Co., Unsub. Notes
6.50%	03/01/12	Baa1		100		102,483
Automobiles
DaimlerChrysler NA Holding Corp., Gtd. Notes
5.84%(c)	09/10/07	Baa1		400		400,317
Automotive Parts
Autozone, Inc., Notes
6.50%	07/15/08	Baa2		100		100,951
Banks — 0.6%
American Express Bank FSB, Notes
5.34%(c)	06/12/09	Aa3		500		499,936
Bank of America NA, Notes
5.36%(c)	06/12/09	Aaa		500		499,938
Sr. Notes
5.36%(c)	12/18/08	Aaa		1,250		1,250,287
Banque Centrale de Tunisie, Unsub. Notes (Tunisia)
7.375%	04/25/12	Baa2		100		106,680
BNP Paribas, Sub. Notes, 144A (France)
5.186%(c)	06/29/49	Aa3		200		186,483
HBOS PLC, Sub. Notes
5.92%(c)	09/29/49	A1		700		656,506
HSBC Holdings PLC, Sub. Notes (United Kingdom)
6.50%	05/02/36	Aa3		600		616,603
Korea Development Bank, Notes (Korea)
4.25%	11/13/07	Aa3		231		229,590
Rabobank Capital Funding Trust, Gtd. Notes, 144A
5.254%(c)	12/29/49	Aa2		200		187,262
Realkredit Danmark AS, Mortgage (Denmark)
5.00%(c)	10/01/38	Aaa		DKK    4,289		735,952
UFJ Finance Aruba AEC, Bank Gtd. Notes (Aruba)
8.75%	11/29/49	Aa3		400		415,280
VTB Capital SA for Vneshtorgbank, Sr. Notes
5.955%(c)	08/01/08	A2		300		300,300
Wells Fargo Capital X, Bank Gtd. Notes
5.95%	12/15/86	Aa2		100		93,276
Westpac Banking Corp., Sr. Unsec’d. Notes
5.28%(c)	06/06/08	Aa1		700		700,108
						6,478,201
Biotechnology — 0.2%
Amgen, Inc., Sr. Unsec’d. Notes, 144A
5.44%(c)	11/28/08	A2		2,800		2,800,524
Construction — 0.4%
C8 Capital SPV Ltd., Notes(g)
6.64%(c)	12/29/49	BBB-(d)		2,000		1,970,100
Notes, 144A
6.64%(c)	12/29/49	BBB-(d)		1,900		1,866,028
DR Horton, Inc., Sr. Unsub. Notes
6.00%	04/15/11	Baa3		100		97,479
						3,933,607

SEE NOTES TO FINANCIAL STATEMENTS.

A8

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
CORPORATE BONDS (Continued)
Consumer Products & Services
FedEx Corp., Gtd. Notes
5.436%(c)	08/08/07	Baa2	$	200	$	200,037
Newell Rubbermaid, Inc., Notes
4.00%	05/01/10	Baa2		100		95,945
						295,982
Containers & Packaging
Sealed Air Corp., Notes, 144A
5.625%	07/15/13	Baa3		100		98,507
Diversified Financial Services — 1.3%
American Honda Finance Corp., Notes, MTN, 144A
5.375%(c)	01/23/08	Aa3		900		900,493
Bae Systems Holdings, Inc., Gtd. Notes, 144A
6.40%	12/15/11	Baa2		100		102,868
Bear Stearns Cos., Inc. (The), Notes, MTN
5.30%(c)	01/09/08	A1		900		899,760
El Paso Performance-Linked Trust, Notes, 144A
7.75%	07/15/11	Ba3		200		206,000
Ford Motor Credit Co. LLC, Notes
7.80%	06/01/12	B1		100		97,553
Sr. Notes
7.25%	10/25/11	B1		500		481,216
Sr. Unsec’d. Notes
8.11%(c)	01/13/12	B1		400		398,985
GATX Financial Corp., Sr. Notes
5.125%	04/15/10	Baa1		100		98,731
General Electric Capital Corp., Notes, MTN
5.39%(c)	03/16/09	Aaa		500		500,074
Sr. Notes, MTN
5.455%(c)	10/21/10	Aaa		300		300,361
Sr. Unsec’d. Notes, MTN
5.355%(c)	10/24/08	Aaa		900		900,366
5.385%(c)	10/26/09	Aaa		100		100,020
GMAC LLC, Sr. Unsub. Notes
6.00%(c)	12/15/11	Ba1		100		95,070
Unsub. Notes, MTN
6.50%(c)	09/23/08	Ba1		300		300,003
6.61%(c)	05/15/09	Ba1		1700		1,699,928
Kaupthing Bank, Sr. Notes, 144A (Iceland)
5.75%	10/04/11	Aa3		100		99,655
Majapahit Holding BV, Gtd. Notes (Netherlands)
7.25%	10/17/11	B1		1,850		1,890,848
ORIX Corp., Unsub. Notes (Japan)
5.48%	11/22/11	Baa1		100		98,581
SB Treasury Co. LLC, Bonds, 144A
9.40%(c)	12/29/49	A1		300		310,406
SLM Corp., Notes, MTN
3.625%	03/17/08	A2		1,900		1,866,351
5.565%(c)	07/25/08	A2		200		198,614
Sr. Notes, MTN
5.575%(c)	07/25/07	A2		900		899,644
Sr. Notes, 144A
5.33%(c)	04/18/08	A2		400		397,600
SMFG Preferred Capital, Sub. Notes, 144A
6.078%(c)	01/29/49	A2		200		192,402
TNK BP Finance SA, Gtd. Notes (Luxembourg)
7.50%	07/18/16	Baa2		1,750		1,804,250
						14,839,779
Diversified Operations — 0.1%
EnCana Holdings Finance Corp., Gtd. Notes (Canada)
5.80%	05/01/14	Baa2		100		99,518
Siemens Financieringsmaatschappij NV, Gtd. Notes, 144A (Netherlands)
5.41%(c)	08/14/09	Aa3		300		299,911
TNB Capital Ltd., Gtd. Notes (Malaysia)
5.25%	05/05/15	Baa1		200		192,011
						591,440
Electric — 0.2%
Consumers Energy Co., First Mortgage
5.00%	02/15/12	Baa1		200		194,381
Edison Mission Energy, Sr. Notes, 144A
7.00%	05/15/17	B1		200		188,500
Enersis SA, Bonds (Chile)
7.375%	01/15/14	Baa3		1,000		1,059,797
FirstEnergy Corp., Unsub. Notes
6.45%	11/15/11	Baa3		100		102,541
TXU Energy Co. LLC, Sr. Unsec’d. Notes, 144A
5.86%(c)	09/16/08	Baa2		300		300,116
						1,845,335
Energy – Diversified Energy
PESG Energy Holdings LLC, Sr. Notes
8.625%	02/15/08	Ba3		41		41,541

SEE NOTES TO FINANCIAL STATEMENTS.

A9

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
CORPORATE BONDS (Continued)
Environmental Services
Browning-Ferries Industries, Inc., Sr. Notes
6.375%	01/15/08	B1	$	200	$	200,000
Financial – Bank & Trust — 0.9%
Export-Import Bank of Korea, (South Korea) Notes
5.45%(c)	06/01/09	Aa3		500		499,987
Notes, 144A
5.58%(c)	10/04/11	Aa3		250		250,044
Sr. Unsub. Notes
4.25%	11/27/07	Aa3		78		77,601
Glitnir Banki HF, Bonds, 144A (Iceland)
5.829%(c)	01/18/12	Aa3		200		201,057
Goldman Sachs Group, Inc., Notes, MTN
5.45%(c)	12/22/08	Aa3		200		200,199
HSBC Capital Funding LP, Bank Gtd. Notes, 144A
9.547%(c)	12/29/49	A1		700		772,979
Intesa Bank Overseas Ltd., Bank Gtd. Notes (Cayman Islands)
6.21%(c)	01/02/08	Aa3		900		906,201
Mizuho Financial Group Cayman Ltd., Bank Gtd. Notes (Cayman Islands)
8.375%	12/29/49	Aa3		700		730,926
Royal Bank of Scotland NY, Notes
5.26%(c)	09/14/07	Aaa		300		300,018
Royal Bank of Scotland PLC (The), Sub. Notes, MTN (United Kingdom)
5.75%(c)	07/06/12	Aa1		400		400,007
RSHB Capital SA for OJSC Russian Agriculture Bank, Bonds (Luxembourg)
7.175%	05/16/13	A3		3,000		3,092,370
Santander US, Bank Gtd. Notes, 144A (Spain)
5.42%(c)	11/20/09	Aa1		200		200,032
StateStreet Capital Trust IV, Gtd. Notes
6.355%(c)	06/15/37	A1		300		300,885
Unicredit Luxembourg Finance SA, Sr. Notes, 144A (Luxembourg)
5.405%(c)	10/24/08	A1		1,300		1,300,365
US Bank NA, Sr. Unsec’d. Notes
5.29%(c)	11/30/07	Aa1		900		899,902
						10,132,573
Financial Services — 0.7%
Bank of America Corp., Sr. Notes
5.62%(c)	10/14/16	Aa1		500		501,773
Citigroup Funding, Inc., Notes, MTN
5.32%(c)	04/23/09	Aa1		500		499,976
Citigroup, Inc., Notes
5.40%	12/26/08	Aa1		100		100,049
General Motors Acceptance Corp. LLC, Unsub. Notes, MTN
6.51%(c)	09/23/08	Ba1		500		500,005
Goldman Sachs Group, Inc. (The), Bonds
5.40%(c)	12/23/08	Aa3		300		300,004
5.406%(c)	12/23/08	Aa3		500		500,006
HBOS Treasury Services PLC, Bank Gtd. Notes, MTN, 144A (United Kingdom)
5.32%(c)	07/17/08	Aa1		800		800,448
HSBC Finance Corp., Sr. Notes
5.36%(c)	05/21/08	Aa3		100		100,048
5.415%(c)	10/21/09	Aa3		100		100,009
International Lease Finance Corp., Notes, MTN
5.698%(c)	04/20/09	A1		100		100,479
JPMorgan Chase & Co., Notes, MTN
5.44%(c)	06/25/10	Aa2		400		400,224
Sr. Unsec’d. Notes, MTN
5.41%(c)	06/26/09	Aa2		500		500,470
JPMorgan Chase Capital XX, Jr. Sub. Notes
6.55%	09/29/36	Aa3		100		96,305
JPMorgan Chase Capital XXII, Gtd. Notes
6.45%	02/02/37	Aa3		200		190,083
Landsbanki Islands, Notes, 144A
6.10%	08/25/11	NR		100		101,264
Lehman Brothers Holdings, Inc., Notes, MTN
5.41%(c)	12/23/08	A1		900		900,643
Merrill Lynch & Co., Inc., Notes, MTN
5.395%(c)	10/23/08	Aa3		200		200,232
Sr. Unsec’d. Notes, MTN
5.44%(c)	12/04/09	Aa3		400		399,988
Morgan Stanley, Notes, MTN
5.84%(c)	10/15/15	Aa3		100		100,098
Sr. Notes, MTN
5.485%(c)	01/18/08	Aa3		1,000		1,000,682
						7,392,786
Foods
Kraft Foods, Inc., Sr. Unsec’d. Notes
6.25%	06/01/12	Baa1		100		101,635
Sara Lee Corp., Sr. Unsec’d. Notes
6.25%	09/15/11	Baa1		100		101,745

SEE NOTES TO FINANCIAL STATEMENTS.

A10

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
CORPORATE BONDS (Continued)
Foods (cont’d.)
Tate & Lyle International Finance PLC,
	Gtd. Notes, 144A (United Kingdom)
	6.125%		06/15/11		Baa2		$	100		$	100,847
											304,227
Gaming
Mandalay Resort Group,
	Sr. Unsec’d. Notes
	6.50%		07/31/09		Ba2			300			300,000
	10.25%		08/01/07		B1			100			100,250
											400,250
Healthcare-Products
Boston Scientific Corp.,
	Sr. Unsec’d. Notes
	6.00%		06/15/11		Baa3			100			99,557
Hospitals/Hospital Management
Fresenius Medical Care Capital Trust II,
	Gtd. Notes
	7.875%		02/01/08		B1			300			301,500
Insurance
American International Group, Inc.,
	Jr. Sub. Notes
	4.875%(c)		03/15/67		Aa3		EUR	100			128,171
	Sr. Notes, 144A
	5.365%(c)		06/23/08		Aa2			200			200,037
											328,208
Lodging
Royal Caribbean Cruises Ltd.,
	Sr. Notes (Liberia)
	8.00%		05/15/10		Ba1			200			209,656
Media — 0.1%
Time Warner, Inc.,
	Gtd. Notes
	5.59%(c)		11/13/09		Baa2			1,100			1,101,057
Medical Supplies & Equipment
Merck & Co., Inc.,
	Notes
	4.75%		03/01/15		Aa3			200			188,166
Metals & Mining — 0.3%
Alcan Inc.,
	Debs. (Canada)
	6.45%		03/15/11		Baa1			100			102,167
BHP Billiton Finance Ltd.,
	Gtd. Notes (Australia)
	5.125%		03/29/12		A1			300			293,937
Freeport-McMoRan Copper & Gold, Inc.,
	Sr. Unsec’d. Notes
	8.546%(c)		04/01/15		Ba3			200			209,500
Vale Overseas Ltd.,
	Gtd. Notes
	6.25%		01/23/17		Baa3			1,000			991,820
	6.25%		01/23/17		Baa3			400			396,746
	8.25%		01/17/34		Baa3			750			877,276
											2,871,446
Office Equipment
Xerox Corp.,
	Gtd. Notes
	9.75%		01/15/09		Baa3			100			105,783
Oil, Gas & Consumable Fuels — 0.8%
Chesapeake Energy Corp.,
	Gtd. Notes
	2.50%(c)		05/15/37		Ba2			400			408,000
El Paso Corp.,
	Notes, MTN
	6.95%		12/15/07		Ba3			100			100,550
Gaz Capital (Gazprom),
	Sr. Notes
	5.875%		06/01/15		A3		EUR	1,500			2,043,947
Pemex Project Funding Master Trust,
	Gtd. Notes
	7.375%		12/15/14		Baa1			3,000			3,260,535
Ras Laffan Liquefied Natural Gas Co. Ltd.,
	Bonds, 144A(g)
	5.298%		09/30/20		Aa3			2,800			2,603,720
Sonat, Inc.,
	Notes
	6.75%		10/01/07		Ba3			100			100,257
Transocean, Inc.,
	Unsec’d. Notes
	5.56%(c)		09/05/08		Baa1			300			300,196
											8,817,205
Personnel Services
Service Corp. International,
	Sr. Unsec’d. Notes
	6.50%		03/15/08		B1			300			299,923
Petroleum Exploration & Production — 0.9%
Gazprom Partcipation,
	Notes (Germany)
	9.625%		03/01/13		NR		EUR	4,800			5,549,760
Pemex Project Funding Master Trust,
	Gtd. Notes
	5.75%		12/15/15		Baa1			1,300			1,275,300
Tengizchevroil Financial Co. LLP,
	Notes, 144A (Kazakhstan)(g)
	6.124%		11/15/14		NR			2,750			2,695,275
											9,520,335

SEE NOTES TO FINANCIAL STATEMENTS.

A11

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
CORPORATE BONDS (Continued)
Pharmaceuticals
Cardinal Health, Inc.,
	Bonds, 144A
	5.63%(c)		10/02/09		Baa2		$	300		$	300,179
Pipelines
Roseton/Danskammer,
	Pass-Through Certificates
	7.27%		11/08/10		Ba3			200			202,250
Real Estate Investment Trusts
Nationwide Health Properties,
	Unsec’d. Notes
	6.50%		07/15/11		Baa3			200			203,238
Vornado Realty LP,
	Sr. Unsec’d. Notes
	5.60%		02/15/11		Baa2			100			99,351
											302,589
Retail
Home Depot, Inc.,
	Sr. Unsec’d. Notes
	5.485%(c)		12/16/09		Aa3			200			199,689
Retail & Merchandising — 0.1%
CVS Caremark Corp.,
	Sr. Unsec’d. Notes
	5.75%		08/15/11		Baa2			100			99,993
JC Penney Corp., Inc.,
	Notes
	7.375%		08/15/08		Baa3			200			202,838
Wal-Mart Stores, Inc.,
	Sr. Notes
	5.26%(c)		06/16/08		Aa2			200			199,927
											502,758
Telecommunications — 0.5%
America Movil SAB de CV, (Mexico)
	Gtd. Notes
	5.50%		03/01/14		A3			2,350			2,296,780
	Gtd. Notes, 144A
	5.46%(c)		06/27/08		A3			500			499,455
BellSouth Corp.,
	Bonds
	5.20%		09/15/14		A2			100			95,963
	Notes
	4.24%		04/26/21		A2			400			396,419
	Notes, 144A
	4.24%		04/26/21		A2			1,200			1,189,256
	Sr. Unsec’d. Notes
	5.46%(c)		08/15/08		A2			200			200,152
Embarq Corp.,
	Sr. Unsec’d. Notes
	6.738%		06/01/13		Baa3			100			101,908
Intelsat Ltd.,
	Sr. Unsec’d. Notes (Bermuda)
	5.25%		11/01/08		Caa1			200			197,000
Rogers Wireless, Inc.,
	Gtd. Notes (Canada)
	7.25%		12/15/12		Baa3			100			105,586
											5,082,519
Tobacco — 0.1%
Reynolds American, Inc.,
	Notes
	6.06%(c)		06/15/11		Ba1			500			500,000
Transportation
CSX Corp.,
	Notes
	6.30%		03/15/12		Baa3			100			101,936
Ryder System, Inc.,
	Notes, MTN
	5.85%		11/01/16		Baa1			100			96,627
											198,563
Utilities
Exelon Corp.,
	Sr. Notes
	6.75%		05/01/11		Baa2			100			103,032
Utilities – Electric
CMS Energy Corp.,
	Sr. Notes
	7.50%		01/15/09		Ba1			200			205,592
TOTAL CORPORATE BONDS
	(cost $83,669,280)										83,021,958
ASSET-BACKED SECURITIES — 3.3%
Aames Mortgage Investment Trust,
	Series 2006-1, Class A1
	5.38%(c)		04/25/36		Aaa			47			47,196
ACE Securities Corp.,
	Series 2006-ASP4, Class A2A
	5.37%(c)		08/25/36		Aaa			122			122,119
	Series 2006-CW1, Class A2A
	5.37%(c)		07/25/36		Aaa			51			50,713
	Series 2006-FM2, Class A2A
	5.37%(c)		08/25/36		Aaa			219			219,162
	Series 2006-HE1, Class A2A
	5.40%(c)		02/25/36		Aaa			55			55,171
	Series 2006-HE2, Class A2A
	5.38%(c)		05/25/36		Aaa			57			56,690
	Series 2006-HE4, Class A2A
	5.38%(c)		10/25/36		Aaa			149			149,246
	Series 2007-ASP2, Class A2A
	5.41%(c)		06/25/37		Aaa			488			488,460
Argent Securities, Inc.,
	Series 2006-M2, Class A2A
	5.37%(c)		09/25/36		Aaa			180			180,311
	Series 2006-M3, Class A2A
	5.37%(c)		10/25/36		Aaa			205			205,158
	5.37%(c)		10/25/36		Aaa			137			136,772
	Series 2006-W5, Class A2A
	5.36%(c)		06/25/36		Aaa			213			213,135

SEE NOTES TO FINANCIAL STATEMENTS.

A12

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
ASSET-BACKED SECURITIES (Continued)
Asset Backed Funding Certificates,
	Series 2004-OPT5, Class A1
	5.67%(c)		06/25/34 (d)		AAA(d)		$	174		$	174,757
	Series 2006-HE1, Class A2A
	5.38%(c)		01/25/37		Aaa			377			376,822
	Series 2006-OPT1, Class A3A
	5.36%(c)		09/25/36		Aaa			189			188,575
	Series 2006-OPT2, Class A3A
	5.38%(c)		10/25/36		Aaa			118			117,938
Asset Backed Securities Corp. Home Equity,
	Series 2004-HE6, Class A1
	5.595%(c)		09/25/34		Aaa			29			29,098
	Series 2006-HE7, Class A2
	5.37%(c)		11/25/36		Aaa			171			171,124
Bear Stearns Asset Backed Securities, Inc.,
	Series 2006-AQ1, Class 2A1
	5.40%(c)		09/25/36		Aaa			165			164,467
	Series 2006-HE9, Class 1A1
	5.37%(c)		09/25/36		Aaa			231			231,006
Carrington Mortgage Loan Trust,
	Series 2006-NC5, Class A1
	5.37%(c)		12/25/36		Aaa			408			407,555
Centex Home Equity,
	Series 2006-A, Class AV1
	5.37%(c)		06/25/36		Aaa			61			60,712
Chase Credit Card Master Trust,
	Series 2002-7, Class A
	5.44%(c)		02/15/10		Aaa			300			300,124
Chase Credit Card Master Trust,
	Series 2002-3, Class A
	5.49%(c)		09/15/11		Aaa			500			501,534
	Series 2003-3, Class A
	5.43%(c)		10/15/10		Aaa			800			800,988
Chase Issuance Trust,
	Series 2005-A1, Class A1
	5.33%(c)		12/15/10		Aaa			300			300,070
Chase Manhattan Auto Owner Trust,
	Series 2006-B, Class A2
	5.28%		10/15/09		Aaa			471			470,686
Citibank Credit Card Issuance Trust,
	Series 2001-A1, Class A1
	5.526%(c)		02/07/10		Aaa			500			500,469
	Series 2003-A1, Class A1
	5.456%(c)		01/15/10		Aaa			500			500,344
	Series 2003-A11, Class A11
	5.406%(c)		10/15/09		Aaa			200			200,038
Citigroup Mortgage Loan Trust, Inc.,
	Series 2006-WFH3, Class A1
	5.37%(c)		10/27/36		Aaa			130			129,633
	Series 2006-WFH3, Class A2
	5.42%(c)		10/27/36		Aaa			200			199,972
	Series 2006-WFH4, Class A1
	5.37%(c)		11/25/36		Aaa			187			186,671
	Series 2007-AM3, Class A2A
	5.43%(c)		03/25/37		Aaa			479			479,240
Countrywide Asset-Backed Certificates,
	Series 2006-11, Class 3AV1
	5.38%(c)		09/25/46		Aaa			142			141,716
	Series 2006-13, Class 3AV1
	5.37%(c)		01/25/37		Aaa			98			97,670
	Series 2006-15, Class A1
	5.43%(c)		10/25/46		Aaa			206			206,237
	Series 2006-17, Class 2A1
	5.37%(c)		03/25/47		Aaa			128			127,645
	Series 2006-21, Class 2A1
	5.37%(c)		05/25/37		Aaa			253			252,577
	Series 2006-23, Class 2A1
	5.37%(c)		05/25/37		Aaa			166			165,904
	Series 2006-24, Class 2A1
	5.37%(c)		05/25/37		Aaa			432			432,272
	Series 2006-25, Class 2A1
	5.39%(c)		06/25/37		Aaa			1,214			1,213,847
Countrywide Home Loan Mortgage Pass-Through Trust,
	Series 2005-3 1A3, Class 1A3
	5.56%(c)		04/25/35		Aaa			18			18,480
Credit Based Asset Servicing & Securitization LLC,
	Series 2006-CB9, Class A1
	5.38%(c)		11/25/36		Aaa			409			409,434
First Franklin Mortgage Loan Asset Backed Certificates,
	Series 2006-FF15, Class A3
	5.37%(c)		11/25/36		Aaa			573			573,068
	Series 2006-FF16, Class 2A1
	5.37%(c)		12/25/36		Aaa			214			214,298
	Series 2006-FF18, Class A2A
	5.39%(c)		12/25/37		Aaa			309			309,044
First NLC Trust,
	Series 2007-1, Class A1
	5.39%(c)		08/25/37		Aaa			500			500,000
First USA Credit Card Master Trust,
	Series 1998-6, Class A
	5.48%(c)		04/18/11		Aaa			500			501,004
Ford Credit Auto Owner Trust,
	Series 2006-A, Class A2B
	5.33%(c)		09/15/08		Aaa			10			10,168
Fremont Home Loan Trust,
	Series 2005-E, Class 2A2
	5.49%(c)		01/25/36		Aaa			194			193,906
	Series 2006-3, Class 2A1
	5.39%(c)		02/25/37		Aaa			105			105,445
GS Auto Loan Trust ,
	Series 2007-1, Class A1
	5.363%		07/15/08		P-1			500			500,000
GSAMP Trust,
	Series 2006-HE7, Class A2A
	5.36%(c)		10/25/46		Aaa			433			433,056
	Series 2006-NC1, Class A1
	5.39%(c)		02/25/36		Aaa			30			29,613
HFC Home Equity Loan Asset Backed Certificates,
	Series 2006-4, Class A1V
	5.39%(c)		03/20/36		Aaa			317			316,594

SEE NOTES TO FINANCIAL STATEMENTS.

A13

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
ASSET-BACKED SECURITIES (Continued)
Honda Auto Receivables Owner Trust,
	Series 2006-2, Class A2
	5.42%		12/22/08		Aaa		$	198		$	197,643
	Series 2006-3, Class A1
	5.342%		11/15/07		P-1			38			37,907
HSI Asset Securitization Corp. Trust,
	Series 2006-HE2, Class 2A1
	5.37%(c)		12/25/36		Aaa			759			758,802
	Series 2007-OPT1, Class 2A1
	5.37%(c)		12/25/36		Aaa			412			411,946
Hyundai Auto Receivables Trust,
	Series 2006-B, Class A1
	5.348%		11/15/07		Aaa			24			23,749
Indymac Residential Asset Backed Trust,
	Series 2006-D, Class 2A1
	5.37%(c)		11/25/36		Aaa			126			126,296
	Series 2006-E, Class 2A1
	5.38%(c)		04/25/37		Aaa			395			394,552
	Series 2007-B, Class 2A1
	5.40%		07/25/37		Aaa			500			499,844
JPMorgan Mortgage Acquisition Corp.,
	Series 2005-0PT1, Class A3
	5.53%(c)		06/25/35		Aaa			90			90,274
	Series 2006-CH1, Class A2
	5.37%(c)		07/25/36		Aaa			181			181,321
	Series 2006-CH2, Class AV2
	5.37%(c)		10/25/36		Aaa			164			163,246
	Series 2006-CW2, Class AV2
	5.36%(c)		08/25/36		Aaa			88			88,355
	Series 2006-HE3, Class A2
	5.39%(c)		11/25/36		Aaa			195			194,788
	Series 2006-WMC, Class A2
	5.37%(c)		08/25/36		Aaa			122			121,547
	Series 2006-WMC1, Class A2
	5.39%(c)		03/25/36		Aaa			325			325,243
	Series 2006-WMC3, Class A3
	5.43%(c)		08/25/36		Aaa			200			199,976
Lehman XS Trust,
	Series 2006-11, Class 1A1
	5.40%(c)		06/25/46		Aaa			97			96,662
	Series 2006-16N, Class A1A
	5.40%(c)		11/25/46		Aaa			310			309,479
Long Beach Mortgage Loan Trust,
	Series 2004-4, Class 1A1
	5.60%(c)		10/25/34		Aaa			49			49,073
	Series 2006-6, Class 2A1
	5.36%(c)		07/25/36		Aaa			105			105,285
	Series 2006-10, Class 2A1
	5.36%(c)		11/25/36		Aaa			232			231,604
Master Asset Backed Securities Trust,
	Series 2005-NC2, Class A1
	5.43%(c)		11/25/35		Aaa			74			74,449
	Series 2006-AM3, Class A1
	5.38%(c)		10/27/36		Aaa			103			103,462
	Series 2006-HE5, Class A1
	5.38%(c)		11/25/36		Aaa			407			407,114
MBNA Master Credit Card Note Trust,
	Series 2003-A3, Class A3
	5.44%(c)		08/16/10		Aaa			300			300,298
MBNA Master Credit Card Trust,
	Series 1998-E, Class A
	5.501%(c)		09/15/10		Aaa			300			300,383
Merrill Lynch First Franklin Mortgage Loan Trust,
	Series 2007-4, Class 2A1
	5.381%(c)		07/25/37		Aaa			500			500,000
Merrill Lynch Mortgage Investors Trust,
	Series 2005-HE3, Class A2A
	5.43%(c)		07/25/36(d)		AAA(d)			507			507,219
	Series 2006-MLN1, Class A2A
	5.39%(c)		07/25/37		Aaa			157			156,365
	Series 2006-RM3, Class A2A
	5.35%(c)		06/25/37		Aaa			160			160,219
	Series 2006-RM4, Class A2A
	5.40%(c)		09/25/37		Aaa			163			162,947
	Series 2006-RM5, Class A2A
	5.38%(c)		10/25/37		Aaa			498			497,937
Morgan Stanley ABS Capital I,
	Series 2006-HE4, Class A1
	5.36%(c)		06/25/36		Aaa			128			128,350
	Series 2006-HE7, Class A2A
	5.37%(c)		09/25/36		Aaa			352			351,781
	Series 2006-NC2, Class A2B
	5.44%(c)		02/25/36		Aaa			400			400,103
	Series 2006-NC5, Class A2A
	5.36%(c)		10/25/36		Aaa			221			220,820
	Series 2006-NC5, Class A2B
	5.43%(c)		10/25/36		Aaa			300			299,905
	Series 2007-HE6, Class A1
	5.38%(c)		05/25/37		Aaa			486			486,030
	Series 2007-NC3, Class A2A
	5.38%(c)		05/25/37		Aaa			492			491,568
Morgan Stanley Home Equity Loans,
	Series 2006-2, Class A2
	5.43%(c)		02/25/36		Aaa			300			300,036
Nationstar Home Equity Loan Trust,
	Series 2007-C, Class 2AV1
	5.38%(c)		06/25/37		Aaa			500			500,000
Nelnet Student Loan Trust,
	Series 2005-1, Class A2
	5.37%(c)		01/26/15		Aaa			235			235,513
	Series 2006-2, Class A1
	5.32%(c)		10/27/14		Aaa			108			107,800
	Series 2006-3, Class A1
	5.34%(c)		09/25/12		Aaa			392			392,083
New Century Home Equity Loan Trust,
	Series 2005-D, Class A2B
	5.49%(c)		02/25/36		Aaa			400			399,260
NewCastle Mortgage Securities Trust,
	Series 2006-1, Class A1
	5.39%(c)		03/25/36		Aaa			32			32,479
Nissan Auto Receivables Owner Trust,
	Series 2006-B, Class A2
	5.18%		08/15/08		Aaa			34			34,016

SEE NOTES TO FINANCIAL STATEMENTS.

A14

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
ASSET-BACKED SECURITIES (Continued)
Option One Mortgage Loan Trust,
	Series 2006-2, Class 2A1
	5.37%(c)		07/25/36		Aaa		$	126		$	126,353
	Series 2006-3, Class 2A1
	5.36%(c)		02/25/37		Aaa			213			212,995
Residential Asset Mortgage Products,
	Series 2006-RS6, Class A1
	5.39%(c)		11/25/36		Aaa			58			58,015
	Series 2006-RZ4, Class A1A
	5.40%(c)		10/25/36		Aaa			153			152,516
	Series 2006-RZ5, Class A1A
	5.42%(c)		08/25/46		Aaa			269			269,294
Residential Asset Securities Corp.,
	Series 2006-EMX8, Class A1A
	5.40%(c)		10/25/36		Aaa			143			142,934
	Series 2006-EMX9, Class 1A1
	5.39%(c)		11/25/36		Aaa			456			455,882
	Series 2006-KS6, Class A1
	5.36%(c)		08/25/36		Aaa			114			113,560
	Series 2006-KS7, Class A1
	5.37%(c)		09/25/36		Aaa			175			174,737
	Series 2006-KS9, Class AI1
	5.39%(c)		11/25/36		Aaa			537			536,611
Saxon Asset Securities Trust,
	Series 2006-3, Class A1
	5.38%(c)		11/25/36		Aaa			131			130,487
SBI Heloc Trust,
	Series 2006-1, Class 1A2A, 144A
	5.49%(c)		08/25/36		Aaa			146			146,008
Securitized Asset Backed Receivables LLC Trust,
	Series 2006-NC3, Class A2A
	5.37%(c)		09/25/36		Aaa			206			205,564
	Series 2006-WM4, Class A2A
	5.40%(c)		11/25/36		Aaa			346			346,281
	Series 2007-HE1, Class A2A
	5.38%(c)		12/25/36		Aaa			891			890,747
SLC Student Loan Trust,
	Series 2007-1, Class A1
	5.312%(c)		02/15/15		Aaa			500			499,922
SLM Student Loan Trust,
	Series 2006-9, Class A2
	5.355%(c)		04/25/17		Aaa			500			500,000
	Series 2007-2, Class A1
	5.335%(c)		04/25/14		Aaa			1,027			1,026,899
Sound View Home Equity Loan Trust,
	Series 2005-OPT1, Class 2A3
	5.55%(c)		06/25/35		Aaa			54			53,936
	Series 2006-3, Class A1, 144A
	5.36%(c)		11/25/36		Aaa			118			118,253
	Series 2006-EQ1, Class A1
	5.37%(c)		10/25/36		Aaa			119			118,781
	Series 2006-EQ2, Class A1
	5.40%(c)		01/25/37		Aaa			289			288,677
	Series 2006-NLC1, Class A1
	5.38%(c)		11/25/36		Aaa			462			461,846
	Series 2006-OPT3, Class 2A1
	5.38%(c)		06/25/36		Aaa			103			103,499
	Series 2006-WF1, Class A1A, 144A
	5.42%(c)		10/25/36		Aaa			159			159,064
Specialty Underwritiing & Residential Finances,
	Series 2006-BC5, Class A2B
	5.365%(c)		11/25/37		Aaa			209			208,822
Structured Asset Investment Loan Trust,
	Series 2005-11, Class A4
	5.41%(c)		01/25/36		Aaa			125			125,140
	Series 2006-4, Class A3
	5.37%(c)		07/25/36		Aaa			169			169,262
Structured Asset Securities Corp.,
	Series 2005-WF4, Class A2
	5.40%(c)		11/25/35		Aaa			117			117,255
	Series 2006-BC3, Class A2
	5.37%(c)		10/25/36		Aaa			148			147,790
	Series 2006-BC3, Class A2, 144A
	5.37%(c)		10/25/36		Aaa			222			221,685
Washington Mutual Asset-Backed Certificates,
	Series 2006-HE5, Class 2A1
	5.38%(c)		10/25/36		Aaa			422			420,526
Wells Fargo Home Equity Trust,
	Series 2005-2, Class AI1A, 144A
	5.55%(c)		10/25/35		Aaa			164			163,893
	Series 2005-3, Class AII2, 144A
	5.56%(c)		11/25/35		Aaa			200			200,271
	Series 2005-4, Class AII1, 144A
	5.44%(c)		12/25/35		Aaa			77			77,112
	Series 2006-3, Class A1
	5.37%(c)		01/25/37		Aaa			412			411,671
TOTAL ASSET-BACKED SECURITIES
	(cost $36,875,170)										36,881,951
FOREIGN GOVERNMENT BONDS — 2.6%
Bundesrepublik Deutschland (Germany)
	4.25%		07/04/14		Aaa		EUR	800			1,062,570
	5.50%		01/04/31		Aaa		EUR	2,850			4,268,886
	5.625%		01/04/28		Aaa		EUR	1,160			1,749,915
France Government Bond (France)
	4.00%		10/25/14		Aaa		EUR	1,000			1,305,231
Mexico Government International Bond (Mexico)
	8.00%		09/24/22		Baa1			400			479,200
Netherlands Government Bond (Netherlands)
	3.75%		07/15/14		Aaa		EUR	200			257,500
Republic of Argentina (Argentina)
	5.475%(c)		08/03/12		B3			148			108,188
Republic of Brazil (Brazil)
	10.25%		01/10/28		Ba2		BRL	500			288,621
	12.50%		01/05/22		Ba2		BRL	1,500			997,278
Republic of Colombia (Colombia)
	7.375%		01/27/17-09/18/37		Ba2			1,775			1,962,450
Republic of Indonesia (Indonesia)
	6.75%		03/10/14		NR			750			767,328
	6.875%		03/09/17		B1			700			727,369
Republic of Panama (Panama)
	7.125%		01/29/26		Ba1			900			958,500
Republic of Peru (Peru)
	7.35%		07/21/25		Ba3			500			556,500

SEE NOTES TO FINANCIAL STATEMENTS.

A15

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
FOREIGN GOVERNMENT BONDS (Continued)
Republic of Venezuela (Venezuela)
	6.00%		12/09/20		B2		$	700		$	566,300
Russian Government International Bond (Russia)
	7.50%		03/31/30		Baa2			1,542			1,703,107
Spanish Government Bond (Spain)
	4.75%		07/30/14		Aaa		EUR	1,000			1,368,546
	5.75%		07/30/32		Aaa		EUR	160			247,017
Ukraine Government Bond (Ukraine)
	7.65%		06/11/13		B1			800			846,640
United Kingdom Gilt (United Kingdom)
	2.50%		05/20/09		Aaa		GBP	100			516,318
	5.75%		12/07/09		Aaa		GBP	2,000			4,011,607
United Kingdom Treasury (United Kingdom)
	4.25%		03/07/11		Aaa		GBP	200			381,363
	4.75%		06/07/10		Aaa		GBP	1,900			3,707,728
TOTAL FOREIGN GOVERNMENT BONDS
	(cost $28,606,111)										28,838,162
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%
American Home Mortgage Investment Trust,
	Series 2005-2, Class 5A2
	5.47%(c)		09/25/35		Aaa			407			406,626
Arkle Master Issuer PLC,
	Series 2006-1A, Class 1A, 144A
	5.30%(c)		11/19/07		Aaa			300			299,907
Bear Stearns Adjustable Rate Mortgage Trust,
	Series 2005-9, Class A1
	4.625%(c)		10/25/35		Aaa			166			163,383
Bear Stearns Alt-A Trust,
	Series 2006-6, Class 32A1
	5.818%		11/25/36		Aaa			251			250,990
	Series 2006-8, Class 3A1
	5.48%(c)		02/25/34		Aaa			310			309,991
Chevy Chase Mortgage Funding Corp.,
	Series 2007-2A, Class A1, 144A
	5.45%(c)		05/25/48		Aaa			500			500,469
Commercial Mortgage Pass-Through Certificates,
	Series 1999-1, Class A2
	6.455%		05/15/32		Aaa			94			94,344
Countrywide Alternative Loan Trust,
	Series 2006-OA12, Class A1A
	5.40%(c)		09/20/46		Aaa			103			102,664
	Series 2006-OA14, Class 2A1
	5.51%(c)		11/25/46		Aaa			156			156,347
	Series 2006-OA16, Class A1A
	5.39%(c)		10/25/46		Aaa			96			96,162
	Series 2006-OA19, Class A1
	5.50%(c)		02/20/47		Aaa			630			628,312
	Series 2006-OA22, Class A1
	5.48%(c)		02/25/47		Aaa			442			440,479
Countrywide Home Loan Mortgage Pass-Through Trust,
	Series 2004-12, Class 12A1
	4.711%(c)		08/25/34		Aaa			127			125,667
Credit Suisse Mortgage Capital Certificate,
	Series 2006-C5, Class A3
	5.311%(c)		12/15/39		Aaa			400			383,479
Deutsche ALT-A Securities, Inc.,
	Series 2006 AB4, Class A1B1
	5.42%(c)		10/25/36		Aaa			120			119,823
	Series 2006-AR6, Class A1
	5.40%(c)		02/25/37		Aaa			150			150,018
	Series 2007-1, Class 1A1
	5.41%(c)		08/25/37		Aaa			500			500,000
Fannie Mae,
	Series 2002-74, Class PC
	5.00%		03/25/15		Aaa			146			145,356
	Series 2005-47, Class PC
	5.50%		09/25/24		Aaa			1,212			1,208,983
	Series 2005-54, Class ZM
	4.50%		06/25/35		Aaa			110			83,044
	Series 2006-16, Class FC
	5.62%(c)		03/25/36		Aaa			278			278,868
FHLMC Structured Pass-Through Securities,
	Series T-61, Class 1A1
	6.427%(c)		07/25/44		Aaa			35			34,778
Freddie Mac,
	Series 1565, Class G
	6.00%		08/15/08		Aaa			137			136,888
	Series 2504, Class J
	5.50%		05/15/16		Aaa			510			509,808
	Series 2608, Class FJ
	5.72%(c)		03/15/17		Aaa			160			160,602
	Series 2631, Class PC
	4.50%		03/15/16		Aaa			800			782,878
	Series 2638, Class FA
	5.72%(c)		11/15/16		Aaa			135			135,795
	Series 2904, Class CM
	5.00%		01/15/18		Aaa			165			163,100
	Series 2906, Class GZ
	5.00%		09/15/34		Aaa			453			386,461
	Series 2962, Class YC
	4.50%		09/15/14		Aaa			449			444,386
	Series 2987, Class HD
	4.50%		07/15/18		Aaa			544			529,114
	Series 3059, Class CA
	5.00%		03/15/25		Aaa			76			75,549
	Series 3117, Class PN
	5.00%		11/15/21		Aaa			73			72,992
	Series 3174, Class FM
	5.56%(c)		05/15/36		Aaa			195			195,021
	Series 3253, Class A
	5.00%		08/15/20		Aaa			184			180,193
	Series 3266, Class C
	5.00%		02/15/20		Aaa			459			451,500
	Series 3335, Class AF
	5.47%(c)		10/15/20		Aaa			1,000			999,846
	Series 3335, Class BF
	5.47%(c)		07/15/19		Aaa			1,000			999,924
	Series 3346, Class FA
	5.55%		07/15/37		Aaa			2,000			1,999,531
	Series R006, Class ZA
	6.00%		04/15/36		Aaa			429			402,983

SEE NOTES TO FINANCIAL STATEMENTS.

A16

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount			Value
Rate		Date		Ratings		(000)#			(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Greenpoint Mortgage Funding Trust,
	Series 2006-AR6, Class A1A
	5.40%(c)		10/25/46		Aaa		$	261		$	260,642
GS Mortgage Securities Corp. II,
	Series 1998-C1, Class A2
	6.62%		10/18/30		AAA(d)			70			70,905
	Series 2006-Fl8A, Class A1, 144A
	5.42%(c)		06/06/20		Aaa			112			111,655
	Series 2007-EOP, Class A1, 144A
	5.41%(c)		03/06/20		Aaa			500			500,000
Harborview Mortgage Loan Trust,
	Series 2005-2, Class 2A1A
	5.54%(c)		05/19/35		Aaa			107			107,035
	Series 2006-12, Class 2A2A
	5.51%(c)		01/19/38		Aaa			265			264,889
	Series 2006-122, Class A1A1
	5.41%(c)		01/19/38		Aaa			408			408,225
HSI Asset Securitization Corp. Trust,
	Series 2007-WF1, Class 2A
	5.39%(c)		05/25/37		Aaa			500			500,000
Impac Secured Assets Corp.,
	Series 2006-4, Class A2A
	5.40%(c)		01/25/37		Aaa			212			212,341
Indymac Index Mortgage Loan Trust,
	Series 2006-AR14, Class 1A1A
	5.41%(c)		11/25/46		Aaa			233			233,176
	Series 2006-AR35, Class 2A2
	5.42%(c)		01/25/37		Aaa			134			134,322
JLOC Ltd., (Japan)
	Series 36, Class A1
	0.935%		02/16/16		Aaa		JPY	40,000			323,100
	Series 37, Class A1, 144A(g)
	Zero		01/15/15		Aaa		JPY	60,000			487,310
JPMorgan Mortgage Trust,
	Series 2004-S1, Class 1A3
	4.50%		08/25/19		Aaa			239			234,505
Lehman Brothers Floating Rate Commercial Mortgage,
	Series 2006-LLFA, Class A1, 144A
	5.40%(c)		09/15/21		Aaa			44			44,044
Master Adjustable Rate Mortgages Trust,
	Series 2007-3, Class 22A1
	5.43%(c)		05/25/47		Aaa			385			384,627
Merrill Lynch Mortgage Trust,
	Series 2004-BPC1, Class A1
	3.585%		10/12/41		AAA(d)			52			50,577
Residential Accredit Loans, Inc.,
	Series 2005-Q01, Class A1
	5.62%(c)		08/25/35		Aaa			210			210,569
	Series 2006-QO7, Class 3A1
	5.42%(c)		09/25/46		Aaa			158			158,079
Securitized Asset Backed Receivables,
	Series 2007-BR5, Class A2A
	5.44%		05/25/37		NR			500			500,000
Structured Asset Mortgage Investments, Inc.,
	Series 2005-AR7, Class 1A2
	5.39%(c)		08/25/36		Aaa			214			213,927
Structured Asset Securities Corp.,
	Series 2006-11, Class A1
	5.329%		10/25/35		AAA(d)			295			294,460
	Series 2006-NC1, Class A6
	5.37%(c)		05/25/36		Aaa			167			167,020
	Series 2006-OPT1, Class A3
	5.43%(c)		04/25/36		Aaa			500			499,998
TBW Mortgage Backed Pass-Through Certificates,
	Series 2006-4, Class A1B
	5.42%(c)		09/25/36		Aaa			184			184,648
Thornburg Mortgage Securities Trust,
	Series 2006-2, Class A1C
	5.44%(c)		04/25/36		Aaa			300			299,487
	Series 2006-5, Class A1
	5.44%(c)		08/25/36		Aaa			247			246,964
	Series 2006-6, Class A1
	5.43%(c)		12/25/36		Aaa			170			170,229
Washington Mutual Mortgage Pass-Through Certificates,
	Series 2002-AR17, Class 1A
	6.229%(c)		11/25/42		Aaa			9			9,194
	Series 2005-AR6, Class 2AB1
	5.51%(c)		04/25/45		Aaa			9			9,331
	Series 2006-AR13, Class 2A
	5.724%(c)		10/25/46		Aaa			458			459,417
	Series 2006-AR15, Class 2A
	6.029%(c)		08/25/46		Aaa			1,014			1,016,617
	6.529%(c)		11/25/46		Aaa			285			286,034
	Series 2006-AR19, Class 1A1A(c)
	5.759%(c)		01/25/47		Aaa			442			442,125
	Series 2006-AR5, Class A12A(c)
	6.009%(c)		06/25/46		Aaa			216			217,239
	Series 2006-AR9, Class 1AB1(c)
	5.40%(c)		08/25/46		Aaa			117			116,832
Washington Mutual MSC Mortgage Pass-
	Through Certificates,
	Series 2003-AR1, Class 2A
	5.407%(c)		02/25/33		Aaa			149			148,211
Wells Fargo Mortgage Backed Securities Trust,
	Series 2004-S, Class A1
	3.539%		09/25/34		Aaa			304			295,444
	Series 2005-AR10, Class 2A12
	4.11%(c)		06/25/35		AAA(d)			72			71,320
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(cost $25,475,954)										25,450,759
TOTAL LONG-TERM INVESTMENTS
	(cost $1,129,146,605)										1,190,089,844

SEE NOTES TO FINANCIAL STATEMENTS.

A17

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Value
		Shares	(Note 2)
SHORT-TERM INVESTMENTS — 21.4%
AFFILIATED MONEY MARKET MUTUAL FUND — 10.7%
	Dryden Core Investment Fund – Taxable Money Market Series (cost $121,546,206; includes $45,237,668 of cash collateral for securities on loan)(b)(w) (Note 4)	121,546,206	$	121,546,206

						Principal
Interest		Maturity		Moody’s		Amount
Rate		Date		Ratings		(000)#
COMMERCIAL PAPER(n) — 10.1%
Anz National Bank(h) (cost $2,298,331;
	purchased 04/05/07)
	5.225%		07/06/07		A1+		$	2,300	2,298,663
Bank of America Corp.
	0.801%		07/07/08		A1+		JPY	20,000	162,422
	5.20%		07/18/07		A1+			300	299,298
	5.20%		07/24/07		A1+			900	897,107
Bank of Ireland(h) (cost $2,551,506;
	purchased 05/08/07)
	5.165%		11/08/07		A1+			2,600	2,550,957
Barclays US Funding
	5.235%		07/11/07		A1+			800	798,954
	5.235%		08/21/07		A1+			1,400	1,389,811
	5.24%		08/07/07		A1+			200	198,952
	5.24%		08/29/07		A1+			100	99,155
	5.245%		09/04/07		A1+			100	99,068
	5.245%		09/07/07		A1+			7,800	7,723,933
Caisse National(h) (cost $2,584,891;
	purchased 05/10/07)
	5.23%		08/10/07		A1+			2,600	2,585,241
CBA (De) Finance
	5.23%		07/06/07		A1+			100	99,942
	5.26%		09/17/07		A1+			2,700	2,669,739
Danske Corp.(h) (cost $9,705,701;
	purchased 05/09/07-05/31/07)
	5.205%		09/11/07		A1+			300	296,900
	5.235%		09/05/07		A1+			9,500	9,410,119
Dexia Delaware LLC
	5.225%		08/08/07		A1+			11,000	10,940,748
DNB Nor Bank ASA
	5.225%		07/02/07		A1			1,200	1,200,000
Federal Home Loan Bank
	4.80%		07/02/07		A1+			6,000	5,999,200
FNMA
	4.95%		07/02/07		A1			400	399,945
Fortis Funding LLC(h) (cost $3,189,509;
	purchased 06/21/07-06/26/07)
	5.275%		07/23/07		A1+			2,800	2,790,974
	5.275%		07/26/07		A1+			400	398,535
General Electric Capital Corp.
	5.17%		11/06/07		A1+			1,600	1,570,451
	5.20%		07/30/07		A1+			700	697,152
HBOS Treasury Service
	5.225%		07/03/07		A1+			100	99,985
	5.225%		08/02/07		A1+			300	298,646
	5.23%		08/13/07		A1+			100	99,389
	5.245%		09/17/07		A1+			2,000	1,977,584
	5.25%		09/21/07		A1+			100	98,821
Natixis(h) (cost $2,890,437; purchased 04/18/07-05/21/07)
	5.23%		07/23/07		A1+			2,400	2,392,678
	5.24%		07/27/07		A1+			500	498,184
Rabobank USA Financial Corp.
	5.33%		07/02/07		A1+			3,300	3,299,511
San Paolo IMI US Finance Corp.
	5.225%		08/01/07		A1+			500	497,804
Skandinaviska Enskilda Banken(h)
	(cost $496,315; purchased 04/23/07)
	5.203%		08/21/07		A1			500	496,340
Societe Generale NA
	5.195%		08/07/07		A1+			1,200	1,193,712
	5.21%		09/04/07		A1+			4,700	4,656,217
	5.21%		09/10/07		A1+			100	98,981
	5.21%		11/05/07		A1+			200	196,335
	5.225%		10/09/07		A1+			500	492,795
	5.245%		09/19/07		A1+			600	593,101
	5.245%		09/20/07		A1+			500	494,178
	5.25%		10/01/07		A1+			3,800	3,749,667
Stadshypotex Del(h) (cost $2,579,981;
	purchased 05/22/07)
	5.23%		08/23/07		A1+			2,600	2,580,317
Swedbank National Housing Finance
	5.225%		08/03/07		A1			1,700	1,692,036
	5.225%		08/08/07		A1			100	99,458
	5.24%		08/03/07		A1			1,200	1,194,379
	5.255%		09/13/07(h)		A1			2,900	2,869,186
	(cost $2,868,674; purchased 06/18/07)
Total Fina Elf Capital(h) (cost $7,398,902;
	purchased 06/29/07)
	5.34%		07/02/07		A1+			7,400	7,398,902
UBS Finance (De) LLC
	5.225%		07/19/07		A1+			4,200	4,189,625
	5.235%		09/04/07		A1+			7,000	6,934,791
	5.35%		07/02/07		A1+			2,600	2,599,614
Unicredito Italy Bank(h) (cost $2,455,014;
	purchased 05/23/07-05/24/07)
	5.185%		11/27/07		A1			600	587,048
	5.20%		10/26/07		A1			1,900	1,867,736
Westpac Banking Corp.(h) (cost $5,132,457;
	purchased 04/02/07-05/09/07)
	5.165%		11/05/07		A1+			3,200	3,141,357
	5.195%		08/02/07		A1+			2,000	1,990,974
TOTAL COMMERCIAL PAPER
	(cost $113,949,793)								113,956,617

SEE NOTES TO FINANCIAL STATEMENTS.

A18

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

	Contracts/
	Notional
	Amount		Value
	(000)#		(Note 2)
OUTSTANDING OPTIONS PURCHASED* — 0.2%
Call Options(g) — 0.1%
5 Year U.S. Treasury Note Futures,
expiring 08/24/2007, Strike Price $108.50	$	4,700	$	734
expiring 08/24/2007, Strike Price $108.00		1,000		156
expiring 08/24/2007, Strike Price $106.50		1,300		406
10 Year U.S. Treasury Note Futures,
expiring 08/24/2007, Strike Price $109.00		1,900		891
expiring 08/24/2007, Strike Price $112.00		27,000		4,219
20 Year U.S. Treasury Bond Futures,
expiring 08/24/2007, Strike Price $118.00		11,600		1,813
Currency Option, on EUR vs JPY,
expiring 05/20/2010, @ Cross Currency FX Rate 148.30	EUR	1,000		77,044
expiring 06/03/2010, @ Cross Currency FX Rate 148.40	EUR	2,200		167,993
Currency Option, on EUR vs USD,
expiring 05/21/2008 @ FX Rate 1.36	EUR	1,100		33,187
expiring 05/21/2008 @ FX Rate 1.36	EUR	4,400		148,124
expiring 06/26/2008 @ FX Rate 1.35	EUR	500		13,608
expiring 05/19/2010 @ FX Rate 1.37	EUR	800		43,063
expiring 05/21/2010 @ FX Rate 1.38	EUR	1,200		60,322
expiring 06/03/2010 @ FX Rate 1.37	EUR	1,700		88,356
expiring 06/03/2010 @ FX Rate 1.38	EUR	1,800		91,105
Currency Option, on USD vs JPY,
expiring 12/05/2007, @ FX Rate 116.00		800		36,311
expiring 01/18/2008, @ FX Rate 120.00		800		16,435
expiring 06/23/2008, @ FX Rate 118.15		2,700		69,447
expiring 06/03/2010, @ FX Rate 107.85		1,285		66,507
expiring 03/17/2010, @ FX Rate 103.80		1,300		101,254
expiring 03/17/2010, @ FX Rate 104.00		1,400		107,223
Eurodollar Futures,
expiring 09/14/2007, @ FX Rate 95.25		1,000		100
Eurodollar Futures
expiring 03/17/2008, @ FX Rate 95.00		13,000		43,125
expiring 03/17/2008, @ FX Rate 95.25		29,000		5,256
expiring 12/17/2007, @ FX Rate 95.25		35,000		1,750
expiring 06/16/2008, @ FX Rate 95.25		27,000		8,438
FNCL,
expiring 09/06/2007, Strike Price $102.14		8,200		74
expiring 09/06/2007, Strike Price $103.00		10,800		432
Swap 3 Month LIBOR,
expiring 08/08/2007 @ 4.70%		11,000		—
expiring 08/08/2007 @ 4.80%		2,000		21
expiring 08/10/2007 @ 4.90%		10,800		3
expiring 09/14/2007 @ 5.20%	GBP	7,000		7
expiring 09/17/2007 @ 5.04%		900		452
expiring 12/20/2007 @ 5.00%		3,000		3,687
expiring 02/01/2008 @ 4.75%		8,000		2,370
expiring 02/01/2008 @ 5.00%		6,700		10,747
expiring 03/14/2008 @ 5.30%	GBP	4,000		1,553
expiring 03/31/2008 @ 4.75%		37,200		45,938
expiring 03/31/2008 @ 4.75%		16,300		20,129
expiring 09/26/2008 @ 4.75%		6,700		13,181
expiring 09/26/2008 @ 4.75%		8,100		15,935
expiring 09/26/2008 @ 4.75%		14,300		28,133
expiring 09/26/2008 @ 4.75%		8,600		16,919
expiring 12/15/2008 @ 4.75%		6,600		14,980
expiring 12/15/2008 @ 5.00%		17,000		57,529
expiring 12/15/2008 @ 5.55%		17,100		125,998
				1,544,955
Put Options — 0.1%
Currency Option, on EUR vs JPY,
expiring 05/20/2010, @ Cross Currency FX Rate 148.30	EUR	1,000		52,842
Currency Option, on EUR vs USD,
expiring 05/21/2008 @ FX Rate 1.36	EUR	1,100		31,085
expiring 05/21/2008 @ FX Rate 1.36	EUR	4,400		110,177
expiring 06/26/2008 @ FX Rate 1.35	EUR	500		9,439
expiring 05/19/2010 @ FX Rate 1.37	EUR	800		33,818
expiring 06/07/2010 @ FX Rate 1.37	EUR	1,700		75,618

SEE NOTES TO FINANCIAL STATEMENTS.

A19

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Contracts/
		Notional
		Amount				Value
		(000)#				(Note 2)
OUTSTANDING OPTIONS PURCHASED* (Continued)
Put Options (cont’d.)
Currency Option, on EUR vs USD,
	expiring 05/21/2010 @ FX Rate 1.38		EUR	1,200	$	54,878
	expiring 06/03/2010 @ FX Rate 1.38		EUR	1,800		82,351
Currency Option, on USD vs JPY,
	expiring 03/17/2010, @ FX Rate 103.80		$	1,300		33,660
	expiring 03/17/2010, @ FX Rate 104.00			1,400		36,753
Euro-Bobl,
	expiring 08/24/2007, Strike Price $103.25		EUR	8,200		555
Euro-Bund,
	expiring 08/24/2007, Strike Price $106.00		EUR	19,200		5,197
	expiring 08/24/2007, Strike Price $107.00		EUR	1,200		480
Eurodollar Futures,
	expiring 09/06/2007, Strike Price $68.00			5,100		—
	expiring 09/17/2007, Strike Price $90.75			13,000		81
	expiring 09/17/2007, Strike Price $91.50			35,000		219
	expiring 09/19/2007, Strike Price $77.00			14,500		—
	expiring 09/24/2007, Strike Price $78.00			11,000		—
	expiring 12/17/2007, Strike Price $91.75			156,000		975
	expiring 12/17/2007, Strike Price $92.25			9,000		56
	expiring 03/17/2008, Strike Price $91.75			70,000		437
	expiring 03/17/2008, Strike Price $92.00			60,000		375
	expiring 03/17/2008, Strike Price $92.25			36,000		225
	expiring 03/17/2008, Strike Price $92.50			117,000		731
	expiring 03/17/2008, Strike Price $93.00			1,400		88
	expiring 06/16/2008, Strike Price $92.50			70,000		437
	expiring 06/23/2008, Strike Price $118.15			2,700		73,705
	expiring 06/03/2010, Strike Price $148.40			2,200		118,226
	expiring 06/03/2010, Strike Price $107.85			2,850		48,200
FNCL,
	expiring 07/05/2007, Strike Price $88.50			5,000		—
	expiring 07/10/2007, Strike Price $72.53			8,000		—
	expiring 08/07/2007, Strike Price $88.50			8,500		136
	expiring 09/06/2007, Strike Price $85.20			8,000		568
	expiring 09/06/2007, Strike Price $88.00			13,500		432
	expiring 09/06/2007, Strike Price $89.50			7,900		498
	expiring 09/06/2007, Strike Price $90.00			29,000		2,407
	expiring 09/06/2007, Strike Price $92.16			39,100		2,659
Swap 3 Month LIBOR,
	expiring 08/13/2007 @ 2.08%		JPY	160,000		7,881
	expiring 08/13/2007 @ 2.12%		JPY	280,000		9,744
U.S. Treasury Note Futures,
	expiring 08/24/2007, Strike Price $105.00			3,200		15,000
UK 3 Month LIBOR,
	expiring 12/19/2007, Strike Price $93.25		GBP	4,000		201
	expiring 03/19/2008, Strike Price $93.13		GBP	28,500		4,292
	expiring 06/18/2008, Strike Price $92.75		GBP	28,000		4,217
	expiring 03/19/2008, Strike Price $93.00		GBP	101,000		7,606
						826,249
TOTAL OUTSTANDING OPTIONS PURCHASED
	(cost $2,931,994)					2,371,204

				Principal
Interest		Maturity		Amount
Rate		Date		(000)#
U.S. TREASURY OBLIGATIONS(k)(n) — 0.2%
U.S. Treasury Bills
	4.645%		09/13/07		$	1,845	1,828,004
	4.668%		08/30/07			40	39,701
	4.745%		08/30/07			65	64,515
	4.815%		07/19/07			300	299,347
TOTAL U.S. TREASURY OBLIGATIONS
	(cost $2,230,826)						2,231,567

SEE NOTES TO FINANCIAL STATEMENTS.

A20

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Contracts/
			Notional
Interest	Maturity		Amount		Value
Rate	Date		(000)#		(Note 2)
CERTIFICATES OF DEPOSIT — 0.1%
Countrywide Bank NA
5.35%(c)	08/16/07		$	200	$	200,000
HSBC Bank USA
5.405%(c)	07/28/08			500		500,772
Skandinavia Enskilda Bank
5.27%(c)	10/03/07			300		300,007
TOTAL CERTIFICATES OF DEPOSIT
(cost $1,000,357)						1,000,779
BANK NOTES — 0.1%
Rosneft Bridge Term(g)
6.00%	09/16/07
(Cost $699,370)				700		700,983
TOTAL SHORT-TERM INVESTMENTS
(cost $242,358,546)						241,807,356
TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN AND SECURITIES SOLD SHORT — 126.7%
(cost $1,371,505,151; Note 6)						1,431,897,200
SECURITIES SOLD SHORT — (2.9)%
Short Sales
Chesapeake Energy Corp.
1.01%	06/20/12			100		(101,078	)
Federal National Mortgage Assoc.
5.00%	TBA			21,500		(20,142,812	)
Government National Mortgage
5.00%	TBA			1,000		(945,625	)
Interest Rate Swap on Japanese
6 month LIBOR
1.00%	03/18/09	JPY		300,000		(2,443,442	)
U.S. Treasury Notes
4.625%	11/15/16			2,700		(2,616,681	)
4.625%	02/15/17			6,700		(6,488,535	)
TOTAL SECURITIES SOLD SHORT
(proceeds $32,938,634)						(32,738,173	)
OUTSTANDING OPTIONS WRITTEN* — (0.1)%
Call Options — (0.1)%
10 Year U.S. Treasury Note Futures,
expiring 08/24/2007, Strike
Price $106.50				3,700		(15,031	)
Currency Option, on USD vs BRL,
expiring 07/27/2007 @ FX Rate
2.02				1,200		(1,075	)
Currency Option, on USD vs JPY,
expiring 06/23/2008, Strike
117.90				2,700		(7,043	)
Eurodollar Futures,
expiring 08/24/2007, Strike
Price $107.00				3,700		(9,828	)
expiring 12/15/2008 @ 5.75%				5,700		(123,481	)

Swap 3 Month LIBOR,
expiring 08/08/2007 @ 4.85%		1,800		(33	)
expiring 08/08/2007 @ 4.90%		1,800		(56	)
expiring 08/08/2007 @ 4.90%		1,000		(58	)
expiring 09/14/2007 @ 4.85%	GBP	2,000		(1	)
expiring 12/20/2007 @ 5.15%		1,300		(4,240	)
expiring 02/01/2008 @ 4.90%		7,400		(15,786	)
expiring 02/01/2008 @ 4.90%		1,800		(3,784	)
expiring 02/03/2008 @ 5.10%		2,900		(10,377	)
expiring 03/14/2008 @ 4.85%	GBP	1,000		(826	)
expiring 03/31/2008 @ 4.90%		15,300		(46,755	)
expiring 03/31/2008 @ 4.95%		7,100		(24,281	)
expiring 09/26/2008 @ 4.95%		6,200		(31,229	)
expiring 09/26/2008 @ 4.95%		3,500		(17,629	)
expiring 09/26/2008 @ 4.95%		2,900		(14,607	)
expiring 09/26/2008 @ 4.95%		3,600		(18,133	)
expiring 12/15/2008 @ 5.00%		2,300		(16,345	)
expiring 12/15/2008 @ 5.20%		5,700		(55,948	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $109.00		3,300		(8,250	)
				(424,796	)
Put Options
Currency Option, on USD vs JPY,
expiring 06/23/2008, @ FXRate
117.90		2,700		(6,925	)
TOTAL OUTSTANDING OPTIONS WRITTEN
(premium received $1,022,345)				(431,721	)
TOTAL INVESTMENTS, NET OF OUTSTANDING
OPTIONS WRITTEN AND SECURITIES SOLD SHORT(o) — 123.7%
(cost $1,337,544,172; Note 6)				1,398,727,306
Liabilities in excess of other assets(x) — (23.7)%				(268,382,115	)
NET ASSETS — 100.0%			$	1,130,345,191

SEE NOTES TO FINANCIAL STATEMENTS.

A21

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions:
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 Depositary Receipt
EAFE	Europe, Australasia, Far East
FHLMC	Federal Home Loan Mortgage Corp.
FNCL	Fannie Mae Conventional Loan
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
MTN	Medium Term Note
MSCI	Morgan Stanley Capital International
NR	Not Rated by Moody’s or Standard & Poor’s
PIK	Payment-in-kind
REIT	Real Estate Investment Trust
ScpA	Societa Consortile per Azioni (Italian consortium joint-stock company)
SPDR	Standard & Poor’s Depository Receipts
TBA	To Be Announced
TIPS	Treasury Inflation Protected Securities
USD	United States Dollar-denominated
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan
DKK	Denmark Krone
EUR	Euro
GBP	British Pound
IND	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
NOK	Norwegian Krone
PLZ	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $44,100,522; cash collateral of $45,237,668 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(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 $44,151,718. The aggregate market value of $44,154,111 is approximately 3.91% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rates shown are the effective yields at purchase date.
(o)	As of June 30, 2007, 149 securities representing $169,849,296 and 15.03% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized (depreciation) on futures contracts, foreign currency contracts, interest rate, credit default and total return swap agreements and forward volatility options as follows:

SEE NOTES TO FINANCIAL STATEMENTS.

A22

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Future contracts open at June 30, 2007:
							Unrealized
Number of		Expiration	Value at		Value at		Appreciation
Contracts	Type	Date	Trade Date		June 30, 2007		(Depreciation)
Long Positions:
5	90 Day Euro Dollar	Sep 07	$	1,188,250	$	1,183,375	$	(4,875	)
73	90 Day Euro Dollar	Dec 07		17,285,776		17,285,488		(288	)
495	90 Day Euro Dollar	Mar 08		117,432,125		117,302,625		(129,500	)
421	90 Day Euro Dollar	Jun 08		100,145,713		99,803,313		(342,400	)
169	90 Day Euro Dollar	Sep 08		39,994,561		40,059,337		64,776
63	90 Day Euro Dollar	Dec 08		14,900,350		14,927,850		27,500
16	90 Day Euro Dollar	Mar 09		3,783,800		3,789,600		5,800
18	90 Day Euro Dollar	Jun 09		4,254,750		4,261,050		6,300
122	90 Day Euro EURIBOR	Sep 08		39,342,924		39,336,063		(6,861	)
1	90 Day Euro EURIBOR	Dec 08		322,833		322,461		(372	)
1	90 Day Euro EURIBOR	Mar 09		322,849		322,528		(321	)
1	90 Day Euro EURIBOR	Jun 09		322,816		322,528		(288	)
106	90 Day EuroYen	Dec 07		21,330,924		21,306,538		(24,386	)
42	90 Day Sterling	Mar 08		9,963,428		9,877,355		(86,073	)
166	90 Day Sterling	Jun 08		39,287,195		39,030,734		(256,461	)
129	90 Day Sterling	Dec 08		30,613,349		30,334,351		(278,998	)
243	5 Year Euro-Bobl	Sep 07		34,992,732		34,885,308		(107,424	)
250	10 Year Euro-Bund	Sep 07		37,531,392		37,473,777		(57,615	)
24	10 Year Japanese Bond	Sep 07		25,733,766		25,731,898		(1,868	)
								(1,193,354	)
Short Positions:
135	5 Year U.S. Treasury Notes	Sep 07		14,091,897		14,050,546		41,351
324	10 Year U.S. Treasury Notes	Sep 07		34,120,547		34,247,812		(127,265	)
125	30 Year U.S. Treasury Bonds	Sep 07		21,253,265		21,226,750		26,515
43	10 Year U.K Gilt	Sep 07		8,960,420		8,956,966		3,454
								(55,945	)
							$	(1,249,299	)

Forward foreign currency exchange contracts outstanding at June 30, 2007:
			Notional					Unrealized
			Amount	Value at Settlement		Current		Appreciation
Purchase Contracts			(000)	Date Payable		Value		(Depreciation)
Australian Dollar,
	Expiring 07/03/07	AUD	325	$	274,707	$	275,233	$	526
	Expiring 07/05/07	AUD	1,533		1,278,232		1,299,475		21,243
	Expiring 07/12/07	AUD	645		542,170		546,555		4,385
	Expiring 07/19/07	AUD	351		295,547		297,579		2,032
	Expiring 07/26/07	AUD	800		676,800		678,242		1,442
Brazilian Real,
	Expiring 07/03/07	BRL	2,363		1,195,000		1,225,045		30,045
	Expiring 10/02/07	BRL	5,731		2,805,000		2,935,657		130,657
	Expiring 03/04/08	BRL	2,994		1,505,957		1,509,582		3,625

SEE NOTES TO FINANCIAL STATEMENTS.

A23

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2007 (continued):
			Notional						Unrealized
			Amount	Value at Settlement			Current		Appreciation
Purchase Contracts			(000)	Date Payable			Value		(Depreciation)
Chinese Yuan,
	Expiring 08/15/07	CNY	4,019		$	520,873	$	531,094	$	10,221
	Expiring 08/16/07	CNY	5,666			734,000		748,936		14,936
	Expiring 09/06/07	CNY	3,204			416,000		424,734		8,734
	Expiring 11/21/07	CNY	3,954			529,000		529,244		244
	Expiring 11/26/07	CNY	7,837			1,046,000		1,049,699		3,699
	Expiring 01/10/08	CNY	16,415			2,210,113		2,211,538		1,425
	Expiring 03/05/08	CNY	10,126			1,379,000		1,373,855		(5,145	)
	Expiring 03/07/08	CNY	16,575			2,266,000		2,249,362		(16,638	)
	Expiring 03/02/09	CNY	6,767			957,500		966,229		8,729
Euros,
	Expiring 07/03/07	EUR	1,015			1,365,515		1,374,254		8,739
	Expiring 07/26/07	EUR	2,200			2,964,093		2,977,600		13,507
India Rupee,
	Expiring 10/03/07	IND	61,277			1,489,894		1,495,895		6,001
Japanese Yen,
	Expiring 07/24/07	JPY	438,492			3,624,739		3,573,325		(51,414	)
Korean Won,
	Expiring 07/30/07	KRW	316,461			342,273		342,999		726
	Expiring 08/27/07	KRW	628,278			677,000		681,378		4,378
	Expiring 09/21/07	KRW	217,458			234,999		235,963		964
	Expiring 09/27/07	KRW	1,199,672			1,299,190		1,301,939		2,749
Malaysian Ringgit,
	Expiring 09/05/07	MYR	2,601			755,000		755,971		971
	Expiring 05/12/08	MYR	6,429			1,943,200		1,891,171		(52,029	)
Mexican Peso,
	Expiring 09/28/07	MXN	2,202			203,000		202,758		(242	)
	Expiring 03/13/08	MXN	18,171			1,615,166		1,654,370		39,204
New Zealand Dollar,
	Expiring 07/03/07	NZD	305			234,293		234,932		639
	Expiring 07/12/07	NZD	1,096			818,032		844,818		26,786
Norwegian Krone,
	Expiring 09/06/07	NOK	510			85,118		86,590		1,472
Polish Zloty,
	Expiring 09/28/07	PLZ	713			252,000		256,503		4,503
Pound Sterling,
	Expiring 07/03/07	GBP	351			703,029		704,864		1,835
Russian Ruble,
	Expiring 08/15/07	RUB	38,613			1,500,000		1,504,570		4,570
	Expiring 09/19/07	RUB	14,879			568,000		580,167		12,167
	Expiring 12/10/07	RUB	13,380			520,000		521,973		1,973
	Expiring 01/11/08	RUB	80,570			3,097,000		3,143,435		46,435
Singapore Dollar,
	Expiring 07/03/07	SGD	361			235,000		235,865		865
	Expiring 07/18/07	SGD	79			52,301		51,693		(608	)
	Expiring 08/07/07	SGD	26			17,000		17,081		81
	Expiring 10/03/07	SGD	360			235,422		236,635		1,213
Sweden Krona,
	Expiring 07/03/07	SEK	8,657			1,261,605		1,265,745		4,140
Swiss Franc,
	Expiring 09/06/07	CHF	662			544,856		544,847		(9	)
					$	45,269,624	$	45,569,400	$	299,776

SEE NOTES TO FINANCIAL STATEMENTS.

A24

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2007 (continued):
			Notional						Unrealized
			Amount	Value at Settlement			Current		Appreciation
Sale Contracts			(000)	Date Payable			Value		(Depreciation)
Brazilian Real,
	Expiring 07/03/07	BRL	2,363		$	1,238,528	$	1,225,045	$	13,483
	Expiring 10/02/07	BRL	586			300,000		300,029		(29	)
Denmark Krone,
	Expiring 09/06/07	DKK	4,178			758,850		761,410		(2,560	)
Euros,
	Expiring 07/26/07	EUR	16,350			21,941,551		22,145,081		(203,530	)
Japanese Yen,
	Expiring 07/24/07	JPY	33,247			271,715		270,934		781
Mexican Peso,
	Expiring 03/13/07	MXN	13,645			1,219,000		1,242,320		(23,320	)
New Zealand Dollar,
	Expiring 07/12/07	NZD	2,357			1,770,442		1,817,349		(46,907	)
	Expiring 07/19/07	NZD	1,392			1,047,264		1,072,703		(25,439	)
	Expiring 07/26/07	NZD	2,073			1,582,734		1,598,214		(15,480	)
Pound Sterling,
	Expiring 08/09/07	GBP	3,023			6,035,284		6,067,586		(32,302	)
Singapore Dollar,
	Expiring 07/03/07	SGD	361			234,747		235,864		(1,117	)
Swiss Franc,
	Expiring 09/06/07	CHF	92			75,720		75,719		1
					$	36,475,835	$	36,812,254	$	(336,419	)

Interest rate swap agreements outstanding at June 30, 2007:
									Unrealized
	Termination		Notional		Fixed			Floating	Appreciation
Counterparty	Date		Amount		Rate			Rate	(Depreciation)
Bank of America N.A.(1)	06/18/09		$	15,900,000		5.00	%	3 Month LIBOR	$	(76,980	)
Bank of America N.A.(1)	12/19/09			3,500,000		5.00	%	3 Month LIBOR		3,679
Deutsche Bank AG(1)	06/18/09			22,300,000		5.00	%	3 Month LIBOR		(108,622	)
Deutsche Bank AG(1)	12/19/17			4,700,000		5.00	%	3 Month LIBOR		35,694
Deutsche Bank AG(1)	12/19/37			700,000		5.00	%	3 Month LIBOR		8,712
Deutsche Bank AG(1)	12/19/37			900,000		5.00	%	3 Month LIBOR		11,201
Deutsche Bank AG(1)	12/19/37			2,200,000		5.00	%	3 Month LIBOR		27,380
Deutsche Bank AG(2)(g)	12/19/17			200,000		5.00	%	3 Month LIBOR		(1,525	)
Deutsche Bank AG(2)(g)	12/19/17			400,000		5.00	%	3 Month LIBOR		(3,831	)
Lehman Brothers, Inc.(1)	12/19/12			4,500,000		5.00	%	3 Month LIBOR		5,456
Morgan Stanley Capital Services, Inc.(1)	06/20/09			8,300,000		5.00	%	3 Month LIBOR		(61,359	)
Morgan Stanley Capital Services, Inc.(1)	12/19/37			1,600,000		5.00	%	3 Month LIBOR		26,305
Morgan Stanley Capital Services, Inc.(1)	12/19/37			400,000		5.00	%	3 Month LIBOR		6,576
Morgan Stanley Capital Services, Inc.(2)(g)	12/19/17			7,300,000		5.00	%	3 Month LIBOR		(47,716	)
Royal Bank of Scotland PLC(1)	12/19/12			3,800,000		5.00	%	3 Month LIBOR		13,585
Royal Bank of Scotland PLC(2)(g)	06/20/14			1,800,000		5.00	%	3 Month LIBOR		25,292
Royal Bank of Scotland PLC(2)(g)	12/19/20			15,400,000		5.00	%	3 Month LIBOR		(114,070	)
Royal Bank of Scotland PLC(2)(g)	12/19/20			1,500,000		5.00	%	3 Month LIBOR		(14,583	)
UBS AG(1)(g)	06/18/09			4,600,000		5.00	%	3 Month LIBOR		(7,245	)
UBS AG(1)(g)	06/18/09			2,000,000		5.00	%	3 Month LIBOR		(2,310	)
UBS AG(2)(g)	12/19/17			300,000		5.00	%	3 Month LIBOR		(2,223	)
Deutsche Bank AG(3)	12/07/07			700,000		0.29	%	CMS 10y - 2y		3,982
Citigroup, Inc.(1)	01/15/09	AUD		2,700,000		6.50	%	3 month Australian Bank Bill rate		(7,082	)
Deutsche Bank AG(1)	01/15/09	AUD		6,890,000		6.50	%	3 month Australian Bank Bill rate		(16,326	)

SEE NOTES TO FINANCIAL STATEMENTS.

A25

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007 (continued):
										Unrealized
	Termination			Notional		Fixed			Floating	Appreciation
Counterparty	Date			Amount		Rate			Rate	(Depreciation)
Citigroup, Inc.(1)		01/15/10	AUD		300,000		6.50	%	6 month Australian Bank Bill rate	$	(2,120	)
Deutsche Bank AG(1)		01/15/10	AUD		1,800,000		6.50	%	6 month Australian Bank Bill rate		(12,359	)
Deutsche Bank AG(1)		06/15/10	AUD		5,800,000		7.00	%	6 month Australian Bank Bill rate		(5,917	)
Goldman Sachs Capital Markets, L.P.(1)		01/02/12	BRL		6,100,000		10.15	%	Brazilian interbank lending rate		(32,961	)
Morgan Stanley Capital Services, Inc.(1)(g)		01/02/12	BRL		5,400,000		10.12	%	Brazilian interbank lending rate		(42,456	)
Citigroup, Inc.(2)(g)		06/15/15	CAD		300,000		5.00	%	3 month Canadian Bank floating rate		11,837
Deutsche Bank AG(2)(g)		06/20/17	CAD		3,400,000		5.00	%	3 month Canadian Bank floating rate		(19,202	)
Royal Bank of Scotland PLC(2)(g)		06/20/17	CAD		1,000,000		5.00	%	3 month Canadian Bank floating rate		(5,435	)
Deutsche Bank AG(1)		03/19/38	EUR		3,900,000		5.00	%	6 month Euribor		(81,237	)
Deutsche Bank AG(2)(g)		12/15/11	EUR		8,900,000		4.00	%	6 month Euribor		583,291
Deutsche Bank AG(2)(g)		12/15/11	EUR		3,400,000		4.00	%	6 month Euribor		232,368
Deutsche Bank AG(2)(g)		12/15/14	EUR		1,500,000		4.00	%	6 month Euribor		106,882
Goldman Sachs Capital Markets, L.P.(1)		06/21/36	EUR		300,000		4.00	%	6 month Euribor		(21,432	)
Goldman Sachs Capital Markets, L.P.(1)(g)		06/15/17	EUR		200,000		4.00	%	6 month Euribor		(12,881	)
Goldman Sachs Capital Markets, L.P.(2)		12/15/11	EUR		11,700,000		5.00	%	6 month Euribor		249,869
Goldman Sachs Capital Markets, L.P.(2)		09/19/12	EUR		2,100,000		5.00	%	6 month Euribor		(9,620	)
Goldman Sachs Capital Markets, L.P.(2)		03/19/38	EUR		1,100,000		5.00	%	6 month Euribor		(20,274	)
Goldman Sachs Capital Markets, L.P.(2)(g)		12/15/14	EUR		7,100,000		4.00	%	6 month Euribor		449,535
Lehman Brothers, Inc.(1)(g)		06/18/34	EUR		1,600,000		6.00	%	6 month Euribor		(166,862	)
Lehman Brothers, Inc.(2)(g)		12/15/11	EUR		900,000		4.00	%	6 month Euribor		68,809
Lehman Brothers, Inc.(2)(g)		12/15/14	EUR		1,400,000		4.00	%	6 month Euribor		94,806
Merrill Lynch & Co.(1)		06/18/34	EUR		200,000		6.00	%	6 month Euribor		(12,360	)
Morgan Stanley Capital Services, Inc.(1)		06/18/34	EUR		3,300,000		4.50	%	6 month Euribor		(75,069	)
Morgan Stanley Capital Services, Inc.(1)(g)		06/18/34	EUR		3,300,000		6.00	%	6 month Euribor		(271,573	)
Morgan Stanley Capital Services, Inc.(2)(g)		06/15/17	EUR		500,000		4.00	%	6 month Euribor		33,536
Morgan Stanley Capital Services, Inc.(2)(g)		12/15/11	EUR		300,000		4.00	%	6 month Euribor		19,300
Morgan Stanley Capital Services, Inc.(2)(g)		12/15/14	EUR		700,000		4.00	%	6 month Euribor		53,772
Barclays Bank PLC(1)(g)		04/30/12	EUR		500,000		1.98	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(5,323	)
BNP Paribas(1)		12/15/11	EUR		1,000,000		1.99	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(4,217	)
Goldman Sachs Capital Markets, L.P.(1)		06/15/12	EUR		1,100,000		2.08	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(4,233	)
Goldman Sachs Capital Markets, L.P.(1)		03/15/12	EUR		200,000		2.00	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(1,158	)
Goldman Sachs Capital Markets, L.P.(1)		12/15/11	EUR		8,400,000		1.98	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(25,912	)
JPMorgan Chase Bank(1)		10/15/11	EUR		100,000		2.03	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		517
JPMorgan Chase Bank(1)		10/15/16	EUR		100,000		2.35	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		576
JPMorgan Chase Bank(1)		07/14/11	EUR		700,000		2.26	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		14,513
Royal Bank of Scotland PLC(1)		03/28/12	EUR		500,000		1.96	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		(4,742	)

SEE NOTES TO FINANCIAL STATEMENTS.

A26

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007 (continued):
										Unrealized
	Termination			Notional		Fixed			Floating	Appreciation
Counterparty	Date			Amount		Rate			Rate	(Depreciation)
UBS AG(1)		10/15/16	EUR		100,000		2.35	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index	$	382
UBS AG(1)		10/15/16	EUR		100,000		2.28	%	FRC - Excluding Tobacco -
									Non-Revised Consumer Price Index		320
Barclays Bank PLC(1)		09/15/10	GBP		1,600,000		5.00	%	6 Month LIBOR		(72,239	)
Barclays Bank PLC(1)		09/15/10	GBP		400,000		5.00	%	6 Month LIBOR		(12,780	)
Barclays Bank PLC(2)		12/15/35	GBP		200,000		4.00	%	6 Month LIBOR		16,391
Barclays Bank PLC(2)(g)		12/15/35	GBP		2,800,000		4.00	%	6 Month LIBOR		66,301
Credit Suisse International(1)(g)		09/15/10	GBP		1,000,000		5.00	%	6 Month LIBOR		(45,744	)
Credit Suisse International(2)(g)		12/15/35	GBP		400,000		4.00	%	6 Month LIBOR		31,971
Deutsche Bank AG(1)		09/15/10	GBP		5,800,000		5.00	%	6 Month LIBOR		(285,924	)
Deutsche Bank AG(2)(g)		12/15/35	GBP		400,000		4.00	%	6 Month LIBOR		32,245
Goldman Sachs Capital Markets, L.P.(1)		09/20/12	GBP		7,600,000		6.00	%	6 Month LIBOR		(24,557	)
Goldman Sachs Capital Markets, L.P.(1)(g)		09/15/10	GBP		200,000		5.00	%	6 Month LIBOR		(11,929	)
Goldman Sachs Capital Markets, L.P.(2)(g)		06/15/09	GBP		1,000,000		5.00	%	6 Month LIBOR		39,545
Goldman Sachs Capital Markets, L.P.(2)(g)		09/15/15	GBP		100,000		5.00	%	6 Month LIBOR		8,963
HSBC Bank USA, N.A.(1)		09/15/10	GBP		500,000		5.00	%	6 Month LIBOR		(32,415	)
HSBC Bank USA, N.A.(1)		06/15/09	GBP		1,500,000		5.00	%	6 Month LIBOR		(37,653	)
HSBC Bank USA, N.A.(2)(g)		06/15/09	GBP		400,000		5.00	%	6 Month LIBOR		16,610
HSBC Bank USA, N.A.(2)(g)		12/15/35	GBP		500,000		4.00	%	6 Month LIBOR		54,160
HSBC Bank USA, N.A.(2)(g)		12/15/35	GBP		700,000		4.00	%	6 Month LIBOR		81,882
Morgan Stanley Capital Services, Inc.(1)		09/15/10	GBP		1,800,000		5.00	%	6 Month LIBOR		(118,322	)
Morgan Stanley Capital Services, Inc.(2)(g)		12/15/35	GBP		300,000		4.00	%	6 Month LIBOR		31,480
Royal Bank of Scotland PLC(1)(g)		09/15/15	GBP		300,000		5.00	%	6 Month LIBOR		(38,872	)
Royal Bank of Scotland PLC(1)		09/15/10	GBP		300,000		5.00	%	6 Month LIBOR		(13,282	)
Royal Bank of Scotland PLC(1)(g)		12/15/36	GBP		200,000		5.50	%	6 Month LIBOR		10,073
Royal Bank of Scotland PLC(1)		09/15/10	GBP		800,000		5.00	%	6 Month LIBOR		(37,957	)
Royal Bank of Scotland PLC(2)		06/19/09	GBP		3,400,000		6.00	%	6 Month LIBOR		(13,095	)
Royal Bank of Scotland PLC(2)(g)		09/14/09	GBP		2,800,000		5.32	%	6 Month LIBOR		103,387
UBS AG(1)		12/20/08	GBP		8,000,000		5.00	%	6 Month LIBOR		(126,573	)
Barclays Bank PLC(1)		06/20/36	JPY		10,000,000		2.50	%	6 Month LIBOR		(2,412	)
Barclays Bank PLC(2)(g)		12/20/16	JPY		90,000,000		2.00	%	6 Month LIBOR		(7,162	)
Deutsche Bank AG(1)		03/18/09	JPY		2,600,000,000		1.00	%	6 Month LIBOR		(29,814	)
Deutsche Bank AG(1)		12/15/35	JPY		560,000,000		2.50	%	6 Month LIBOR		4,436
Deutsche Bank AG(1)		06/20/27	JPY		110,000,000		3.00	%	6 Month LIBOR		(7,086	)
Deutsche Bank AG(2)(g)		03/20/11	JPY		1,300,000,000		1.50	%	6 Month LIBOR		50,744
Deutsche Bank AG(2)(g)		12/20/16	JPY		790,000,000		2.00	%	6 Month LIBOR		(56,239	)
Goldman Sachs Capital Markets, L.P.(1)		03/18/09	JPY		900,000,000		1.00	%	6 Month LIBOR		(16,768	)
Goldman Sachs Capital Markets, L.P.(1)(g)		06/20/12	JPY		100,000,000		1.50	%	6 Month LIBOR		(8,674	)
Goldman Sachs Capital Markets, L.P.(2)(g)		03/20/11	JPY		400,000,000		1.50	%	6 Month LIBOR		20,311
Goldman Sachs Capital Markets, L.P.(2)(g)		12/20/16	JPY		980,000,000		2.00	%	6 Month LIBOR		(59,284	)
Morgan Stanley Capital Services, Inc.(1)		03/18/09	JPY		990,000,000		1.00	%	6 Month LIBOR		(19,572	)
Morgan Stanley Capital Services, Inc.(1)		03/18/09	JPY		300,000,000		1.00	%	6 Month LIBOR		(29,746	)
Morgan Stanley Capital Services, Inc.(2)(g)		03/20/11	JPY		500,000,000		1.50	%	6 Month LIBOR		26,604
Morgan Stanley Capital Services, Inc.(2)		06/20/27	JPY		200,000,000		3.00	%	6 Month LIBOR		(17,304	)

SEE NOTES TO FINANCIAL STATEMENTS.

A27

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007 (continued):
										Unrealized
	Termination			Notional		Fixed			Floating	Appreciation
Counterparty	Date			Amount		Rate			Rate	(Depreciation)
UBS AG(1)		03/18/09	JPY		3,930,000,000		1.00	%	6 Month LIBOR	$	(67,797	)
UBS AG(1)		06/20/27	JPY		40,000,000		3.00	%	6 Month LIBOR		(2,344	)
UBS AG(1)(g)		09/18/08	JPY		410,000,000		1.00	%	6 Month LIBOR		3,673
UBS AG(1)(g)		06/20/36	JPY		210,000,000		2.50	%	6 Month LIBOR		(50,578	)
UBS AG(2)		12/20/13	JPY		2,000,000		2.00	%	6 Month LIBOR		11,602
UBS AG(2)		12/20/16	JPY		630,000,000		2.00	%	6 Month LIBOR		(19,386	)
UBS AG(2)(g)		03/20/11	JPY		700,000,000		1.50	%	6 Month LIBOR		38,661
Citigroup, Inc.(1)(g)		11/04/16	MXN		11,900,000		8.17	%	28 day Mexican interbank rate		(8,694	)
Citigroup, Inc.(1)(g)		11/04/16	MXN		11,600,000		8.17	%	28 day Mexican interbank rate		(5,824	)
Goldman Sachs Capital Markets, L.P.(1)		11/04/16	MXN		1,700,000		8.17	%	28 day Mexican interbank rate		1,643
Merrill Lynch & Co.(1)(g)		11/04/16	MXN		6,000,000		8.17	%	28 day Mexican interbank rate		2,680
Morgan Stanley Capital Services, Inc.(1)		11/04/16	MXN		2,100,000		8.17	%	28 day Mexican interbank rate		913
										$	161,209

(1)	Portfolio pays the floating rate and receives the fixed rate.
(2)	Portfolio pays the fixed rate and receives the floating rate.
(3)	Portfolio pays the fixed rate and receives the difference between the floating rate and the strike price.

Credit default swap agreements outstanding at June 30, 2007:
									Unrealized
	Termination		Notional		Fixed			Underlying	Appreciation
Counterparty	Date		Amount		Rate			Bond	(Depreciation)
Lehman Brothers, Inc.(1)(g)		03/20/08	$	1,000,000		0.06	%	AIG, 5.6%, due 10/18/16	$	52
Lehman Brothers, Inc.(2)(g)		03/20/11		100,000		0.14	%	Alcan, Inc., 6.45%, due 03/15/11		183
Barclays Bank PLC(2)(g)		06/20/12		100,000		0.10	%	American Electric Power, 5.25%,
								due 06/01/15		483
UBS AG(1)		06/20/08		400,000		0.07	%	American International Group, Inc.,
								4.25%, due 05/15/13		62
Royal Bank of Scotland PLC(2)(g)		06/20/17		300,000		0.64	%	Autozone, Inc., 5.875%, 10/15/12		608
Royal Bank of Scotland PLC(2)(g)		06/20/17		200,000		0.64	%	Autozone, Inc., 5.875%, 10/15/12		229
Royal Bank of Scotland PLC(2)		06/20/17		500,000		0.67	%	Autozone, Inc., 5.875%, due 10/15/12		(367	)
Citigroup, Inc.(2)		09/20/08		100,000		0.16	%	Autozone, Inc., 6.5%, 07/15/08		(102	)
UBS AG(2)(g)		12/20/11		100,000		0.14	%	BAE Holdings, Inc., 6.4%, due 12/15/11		288
Citigroup, Inc.(2)(g)		12/20/16		500,000		0.17	%	Bank of America, 5.62%, due 10/14/16		857
Deutsche Bank AG(1)		06/20/08		200,000		0.16	%	Bear Stearns Co., Inc., 5.3%, due 10/30/15		(96	)
Lehman Brothers, Inc.(2)		09/20/14		100,000		0.33	%	Bellsouth Corp., 5.2%, 09/15/14		(398	)
Bank of America N.A.(2)		03/20/12		300,000		0.14	%	BHP Billiton Finance, 5.125%, due 03/29/12		(46	)
Morgan Stanley Capital Services, Inc.(2)(g)		06/20/11		100,000		0.51	%	Boston Scientific Corp., 6%, due 06/15/11		234
Barclays Bank PLC(2)(g)		06/20/12		300,000		0.16	%	Capital One Bank, 5.125%, due 02/15/14		797
Goldman Sachs Capital Markets, L.P.(2)		06/20/12		100,000		0.21	%	Carnival Corp., 6.65%, due 01/15/28		68
Credit Suisse International(2)		06/20/12		100,000		1.01	%	Chesapeake Energy Corp., 6.875%,
								due 01/15/16		31
Bank of America N.A.(2)(g)		06/20/12		200,000		0.09	%	Consumers Energy, 5.0%, due 02/15/12		1,529
Morgan Stanley Capital Services, Inc.(2)(g)		03/20/12		100,000		0.23	%	CSX Corp., 6.3%, due 03/15/12		685
Lehman Brothers, Inc.(2)		09/20/11		100,000		0.21	%	CVS Corp., 5.75%, due 08/15/11		(44	)
Bank of America N.A.(2)(g)		06/20/11		100,000		0.89	%	D.R. Horton, Inc., 6%, due 04/15/11		1,388
UBS AG(2)		06/20/17		200,000		1.54	%	D.R. Horton, Inc., 5.375%, due 06/15/12		10,932

SEE NOTES TO FINANCIAL STATEMENTS.

A28

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Credit default swap agreements outstanding at June 30, 2007 (continued):
									Unrealized
	Termination		Notional		Fixed			Underlying	Appreciation
Counterparty	Date		Amount		Rate			Bond	(Depreciation)
Deutsche Bank AG(1)(g)		03/20/08	$	800,000		0.23	%	DaimlerChrysler NA, 6.5%,
								due 11/15/13	$	778
Bear Stearns International, Ltd.(2)(g)		06/20/12		100,000		0.23	%	Diamond Offshore Drilling, 0%
								(convertible), due 06/06/20		58
Bank of America N.A.(2)(g)		06/20/17		200,000		0.48	%	Diamond Offshore Drilling, 4.875%,
								due 07/01/15		76
Bank of America N.A.(2)(g)		06/20/17		100,000		0.49	%	Diamond Offshore Drilling, 4.875%,
								due 07/01/15		17
Lehman Brothers, Inc.(1)(g)		12/20/11		2,000,000		1.40	%	Dow Jones CDX EM 6		11,190
Morgan Stanley Capital Services, Inc.(2)(g)		12/20/12		500,000		0.14	%	Dow Jones CDX NA IG 5		810
Morgan Stanley Capital Services, Inc.(1)		12/20/15		330,000		0.46	%	Dow Jones CDX NA IG 7		(2,124	)
Goldman Sachs Capital Markets, L.P.(2)(g)		12/20/16		800,000		0.65	%	Dow Jones CDX NA IG 7		7,412
Goldman Sachs Capital Markets, L.P.(2)		12/20/16		3,500,000		0.65	%	Dow Jones CDX NA IG 7		31,724
JPMorgan Chase Bank(2)(g)		12/20/16		700,000		0.65	%	Dow Jones CDX NA IG 7		5,948
Lehman Brothers, Inc.(2)(g)		12/20/16		800,000		0.65	%	Dow Jones CDX NA IG 7		6,454
Barclays Bank PLC(2)(g)		12/20/16		200,000		0.65	%	Dow Jones CDX NA IG 7		1,909
Bank of America N.A.(2)(g)		12/20/16		2,300,000		0.65	%	Dow Jones CDX NA IG 7		19,422
Morgan Stanley Capital Services, Inc.(2)(g)		12/20/16		600,000		0.65	%	Dow Jones CDX NA IG 7		5,540
Morgan Stanley Capital Services, Inc.(2)(g)		12/20/16		2,000,000		0.65	%	Dow Jones CDX NA IG 7		17,861
Deutsche Bank AG(1)(g)		06/20/12		5,200,000		0.35	%	Dow Jones CDX NA IG 8		(8,742	)
Goldman Sachs Capital Markets, L.P.(2)(g)		06/20/17		15,300,000		0.60	%	Dow Jones CDX NA IG 8		73,785
Deutsche Bank AG(2)(g)		06/20/17		11,600,000		0.60	%	Dow Jones CDX NA IG 8		21,757
Morgan Stanley Capital Services, Inc.(2)		06/20/17		4,000,000		0.60	%	Dow Jones CDX NA IG 8		14,043
Lehman Brothers, Inc.(2)		06/20/14		100,000		0.40	%	Encana Holdings Corp., 5.8%,
								due 05/01/14		(716	)
Morgan Stanley Capital Services, Inc.(2)(g)		06/20/11		100,000		0.29	%	Exelon Corp., 6.75%, due 05/01/11		147
Barclays Bank PLC(1)		06/20/17		2,000,000		0.69	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		(891	)
Barclays Bank PLC(1)		05/20/12		2,500,000		0.64	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		(4,253	)
Barclays Bank PLC(1)		06/20/12		2,000,000		0.65	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		(3,942	)
Deutsche Bank AG(1)(g)		05/20/17		1,300,000		1.04	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		1,742
Barclays Bank PLC(1)		05/20/12		3,000,000		0.70	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		2,725
Barclays Bank PLC(1)(g)		05/20/12		2,500,000		0.70	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		3,035
AAV(1)		06/20/12		4,500,000		0.67	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		(5,407	)
Morgan Stanley Capital Services, Inc.(1)(g)		08/20/11		1,300,000		1.38	%	Federal Republic of Brazil, 12.25%,
								due 03/06/30		44,946
Morgan Stanley Capital Services, Inc.(2)(g)		12/20/11		100,000		0.13	%	Firstenergy Corp., 6.45%, due 11/15/11		245
Lehman Brothers, Inc.(2)(g)		06/20/10		100,000		2.31	%	Ford Motor Credit Corp., 7.875%,
								due 06/15/10		392
Bear Stearns International, Ltd.(2)(g)		06/20/10		100,000		0.16	%	GATX Financial Corp., 5.125%,
								due 04/15/10		69

SEE NOTES TO FINANCIAL STATEMENTS.

A29

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Credit default swap agreements outstanding at June 30, 2007 (continued):
										Unrealized
	Termination			Notional		Fixed			Underlying	Appreciation
Counterparty	Date			Amount		Rate			Bond	(Depreciation)
Royal Bank of Scotland PLC(2)		03/20/12		$	100,000		0.29	%	Glitnir Bank, 5.82875%, due 01/18/12	$	(118	)
Deutsche Bank AG(2)		03/20/12			100,000		0.37	%	Glitnir Bank, 5.82875%, due 01/18/12		(433	)
Goldman Sachs Capital Markets, L.P.(2)		06/20/12			100,000		0.52	%	GlobalSantaFe Corp., 5.0%,
									due 02/15/13		(625	)
Deutsche Bank AG(2)		09/20/16			100,000		0.51	%	Goodrich (BF) Co., 6.29%, due 07/01/16		(865	)
Bear Stearns International, Ltd.(2)(g)		06/20/17			100,000		0.71	%	International Paper, 5.85%, due 10/30/12		99
JPMorgan Chase Bank(2)		12/20/16	EUR		200,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(430	)
JPMorgan Chase Bank(2)		12/20/16	EUR		400,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,440	)
Goldman Sachs Capital Markets, L.P.(2)		12/20/16	EUR		100,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(223	)
HSBC Bank USA, N.A.(2)		12/20/16	EUR		600,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,384	)
HSBC Bank USA, N.A.(2)		12/20/16	EUR		100,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(230	)
Deutsche Bank AG(2)		12/20/16	EUR		700,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,765	)
Deutsche Bank AG(2)		12/20/16	EUR		600,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,836	)
Barclays Bank PLC(2)		12/20/16	EUR		300,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(464	)
Barclays Bank PLC(2)		12/20/16	EUR		500,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,323	)
BNP Paribas(2)		12/20/16	EUR		600,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(1,249	)
BNP Paribas(2)		12/20/16	EUR		200,000		0.85	%	iTraxx Europe HiVol Series 6 Version 1		(415	)
Morgan Stanley Capital Services, Inc.(2)(g)		06/20/08		$	200,000		0.10	%	JC Penney Corp., Inc., 7.375%,
									due 08/15/08		176
Royal Bank of Scotland PLC(2)		12/20/11			100,000		0.49	%	Kaupthing Bank, 5.75%, due 10/04/11		(888	)
Bear Stearns International, Ltd.(2)(g)		06/20/12			100,000		0.17	%	Kraft Foods, Inc., 6.25%, due 06/01/12		724
Royal Bank of Scotland PLC(2)		09/20/11			100,000		0.40	%	Landsbanki Islands, 6.1%, due 08/25/11		(716	)
Bear Stearns International, Ltd.(2)		03/20/16			300,000		0.30	%	Loews Corp., 5.25%, due 03/15/16		(1,198	)
Bear Stearns International, Ltd.(2)		03/20/16			100,000		0.28	%	Loews Corp., 5.25%, due 03/15/16		(261	)
Goldman Sachs Capital Markets, L.P.(2)(g)		06/20/17			100,000		1.04	%	Meadwestvaco, 6.85%, due 04/01/12		743
Lehman Brothers, Inc.(2)(g)		06/20/17			300,000		1.02	%	Meadwestvaco Corp., 6.85%,
									due 04/01/12		2,712
Lehman Brothers, Inc.(2)(g)		03/20/15			100,000		0.14	%	Merck & Co., Inc., 4.75%, due 03/01/15		258
Lehman Brothers, Inc.(2)(g)		03/20/15			100,000		0.14	%	Merck & Co., Inc., 4.75%, due 03/01/15		258
Bank of America N.A.(1)		06/20/08			300,000		0.15	%	Merrill Lynch, 6.0%, due 02/17/09		(22	)
Royal Bank of Scotland PLC(2)(g)		12/20/16			200,000		0.32	%	Morgan Stanley, 5.81%, due 10/18/16		2,126
Royal Bank of Scotland PLC(2)(g)		12/20/15			100,000		0.30	%	Morgan Stanley, 5.84%, due 10/15/15		995
Bank of America N.A.(2)		06/20/12			400,000		0.45	%	Nabors Industries, Inc., 5.375%,
									due 08/15/12		(1,180	)
Bank of America N.A.(2)		06/20/12			100,000		0.46	%	Nabors Industries, Inc., 5.375%,
									due 08/15/12		(306	)
Deutsche Bank AG(2)		09/20/11			100,000		0.62	%	Nationwide Health, 6.5%, due 07/15/11		(776	)
Deutsche Bank AG(2)		09/20/11			100,000		0.62	%	Nationwide Health, 6.5%, due 07/15/11		(776	)
Citigroup, Inc.(2)		06/20/10			100,000		0.13	%	Newell Rubbermaid, Inc., 4.0%,
									due 05/01/10		(58	)
Bank of America N.A.(2)		06/20/12			100,000		0.54	%	Noble Corp., 6.875%, due 06/01/13		(511	)
Morgan Stanley Capital Services, Inc.(2)		06/20/16			200,000		0.39	%	Omnicom Group, 5.9%, due 04/15/16		(79	)
Morgan Stanley Capital Services, Inc.(2)		12/20/11			100,000		0.28	%	Orix Corp., 5.48%, due 11/22/11		(338	)
UBS AG(2)(g)		06/20/17			300,000		1.56	%	Pulte Homes, Inc., 7.875%,
									due 08/01/11		14,547
Bank of America N.A.(2)(g)		06/20/17			100,000		1.63	%	Pulte Homes, Inc., 7.875%,
									due 08/01/11		4,378

SEE NOTES TO FINANCIAL STATEMENTS.

A30

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Credit default swap agreements outstanding at June 30, 2007 (continued):
										Unrealized
	Termination			Notional		Fixed			Underlying	Appreciation
Counterparty	Date			Amount		Rate			Bond	(Depreciation)
Morgan Stanley Capital Services, Inc.(2)(g)		04/15/20		$	300,000		1.95	%	Race Point CLO, 7.01%, due 04/15/20		$	100
Morgan Stanley Capital Services, Inc.(2)(g)		04/15/20			300,000		4.03	%	Race Point CLO, 9.61%, due 04/15/20			(2,235	)
Morgan Stanley Capital Services, Inc.(2)		05/20/16			100,000		0.54	%	Republic of Hungary, 4.75%,
									due 02/03/15			(1,681	)
Morgan Stanley Capital Services, Inc.(2)		12/20/12			100,000		0.54	%	Rogers Wireless, 7.25%, due 12/15/12			(71	)
Bank of America N.A.(2)(g)		06/20/10			200,000		0.48	%	Royal Caribbean Cruises, 8.0%,
									due 05/15/10			970
HSBC Bank USA, N.A.(1)		02/20/08			1,100,000		0.24	%	Russian Federation, 7.5%, due 03/31/30			963
HSBC Bank USA, N.A.(1)(g)		07/20/07			300,000		0.22	%	Russian Federation, 7.5%, due 03/31/30			307
Bear Stearns International, Ltd.(2)(g)		12/20/16			100,000		0.46	%	Ryder System, Inc., 5.85%,
									due 11/01/16			2,244
Lehman Brothers, Inc.(2)(g)		09/20/11			100,000		0.35	%	Sara Lee Corp., 6.25%, due 09/15/11			(88	)
Morgan Stanley Capital Services, Inc.(2)		12/15/09			300,000		3.78	%	Saratoga CLO, Ltd., 8.81%, due 12/15/19			1,979
Morgan Stanley Capital Services, Inc.(2)		12/15/19			300,000		1.88	%	Saratoga CLO, Ltd., 6.84%,
									due 12/15/19			(1,569	)
Citigroup, Inc.(2)		09/20/13			100,000		0.59	%	Sealed Air Corp., 5.625%,
									due 07/15/13			(896	)
Morgan Stanley Capital Services, Inc.(2)		09/20/13			100,000		0.58	%	Sealed Air Corp., 5.625%,
									due 07/15/13			(844	)
Deutsche Bank AG(1)(g)		09/20/07	JPY		13,000,000		2.03	%	Softbank Corp., 1.75%, due 03/31/14			523
Deutsche Bank AG(2)		03/20/12		$	100,000		0.42	%	Southwest Airlines Co., 6.5%,
									due 03/01/12			(72	)
Lehman Brothers, Inc.(2)(g)		06/20/11			100,000		0.32	%	Tate & Lyle Intl. PLC, 6.125%.
									due 06/15/11			54
Goldman Sachs Capital Markets, L.P.(2)		06/20/17			300,000		0.50	%	Transocean, 7.375%, due 04/15/18			(283	)
Bank of America N.A.(2)		06/20/17			100,000		0.54	%	Transocean, 7.375%, due 04/15/18			(370	)
Lehman Brothers, Inc.(1)(g)		01/20/17			2,300,000		0.67	%	United Mexican States, 7.5%,
									due 04/08/33			38,696
Bear Stearns International, Ltd.(2)		03/20/11			100,000		0.33	%	Vornado Realty, 5.6%, due 02/15/11			(302	)
Lehman Brothers, Inc.(2)(g)		06/20/17			300,000		0.99	%	Weyerhaeuser Co., 6.75%,
									due 03/15/12			101
Morgan Stanley Capital Services, Inc.(2)		03/20/09			100,000		0.29	%	Xerox Corp., 9.75%, due 01/15/09			(191	)
											$	307,825

(1)	Portfolio pays the counterparty par in the event that the underlying bond defaults and receives the fixed rate.
(2)	Portfolio pays the fixed rate and receives from the counterparty par in the event that the underlying bond defaults.

SEE NOTES TO FINANCIAL STATEMENTS.

A31

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Total Return swap agreements outstanding at June 30, 2007:
	Termination		Notional			Unrealized
Counterparty	Date		Amount		Description	Appreciation
Morgan Stanley Capital Services, Inc.(g)		02/29/08	$	3,261,890	Pay fixed rate payments on
					Wilshire REIT Index rate and
					receive variable payments on the
					one month LIBOR-BBA +35bps.	$	—
Morgan Stanley Capital Services, Inc.		07/27/07		44,040,000	Dow Jones - AIG Commodty Index		188,684
AIG Financial Products Corp.		07/27/07		21,880,000	Dow Jones - AIG Commodty Index		93,754
						$	282,438

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

U.S. Government Mortgage-Backed Obligations	17.3	%
U.S. Treasury Obligations	10.9
Affiliated Money Market Mutual Fund (4.0% represents investments purchased with collateral from securities on loan)	10.7
Commercial Paper	10.1
Exchange Traded Funds	9.6
Oil, Gas & Consumable Fuels	4.2
Telecommunications	3.4
Asset-Backed Securities	3.3
Diversified Financial Services	3.0
Financial Services	2.6
Foreign Government Bonds	2.5
Commercial Banks	2.4
Financial – Bank & Trust	2.3
Collateralized Mortgage Obligations	2.2
Insurance	2.1
Foods	2.0
Oil & Gas	2.0
Media	1.9
Pharmaceuticals	1.7
Aerospace & Defense	1.6
Automobile Manufacturers	1.6
Retail & Merchandising	1.6
Computer Services & Software	1.4
Metals & Mining	1.4
Chemicals	1.3
Transportation	1.2
Consumer Products & Services	1.1
Real Estate	1.1
Banks	1.0
Diversified Telecommunication Services	0.9
Capital Markets	0.9
Healthcare Providers & Services	0.9
Petroleum Exploration & Production	0.9
Entertainment & Leisure	0.8
Biotechnology	0.8
Electronic Components	0.8
Commercial Services	0.7
Industrial Conglomerates	0.7
Diversified Manufacturing	0.7
Semiconductors & Semiconductor Equipment	0.7
Banking	0.6
Beverages	0.6
Airlines	0.5
Farming & Agriculture	0.5

Internet	0.5
Medical Supplies & Equipment	0.5
Construction	0.5
Paper & Forest Products	0.4
Utilities	0.4
Engineering/R&D Services	0.4
Electric	0.3
Electronics	0.3
Water	0.2
Wireless Telecommunication Services	0.2
Leisure Equipment	0.2
Broadcasting	0.2
Advertising	0.2
Automotive Parts	0.2
Outstanding Options Purchased	0.2
Diversified Operations	0.2
Building Materials	0.2
Electric Utilities	0.2
Investment Firms	0.2
Specialty Retail	0.2
Machinery – Construction & Mining	0.2
Steel Producers/Products	0.2
Auto/Trucks Parts & Equipment	0.1
Electronic Equipment & Instruments	0.1
Office Equipment	0.1
Consumer Finance	0.1
Machinery & Equipment	0.1
Distribution/Wholesale	0.1
Certificates of Deposit	0.1
Agriculture/Heavy Equipment	0.1
Pipelines	0.1
Diversified Metals	0.1
Forest Products & Paper	0.1
Conglomerates	0.1
Containers & Packaging	0.1
Building Products	0.1
Multimedia	0.1
Equipment Services	0.1
Bank Notes	0.1
Diversified	0.1
Agriculture	0.1
Thrifts & Mortgage Finance	0.1
Tobacco	0.1
	126.7
Written Options and Securities Sold Short	(3.0	)
Liabilities in excess of other assets	(23.7	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A32

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $44,100,522:
Unaffiliated investments (cost $1,249,958,945)	$	1,310,350,994
Affiliated investments (cost $121,546,206)		121,546,206
Cash		25,466
Receivable for investments sold		93,127,213
Receivable for fund share sold		26,392,905
Foreign currency, at value (cost $8,477,686)		8,534,459
Unrealized appreciation on swap agreements		3,388,352
Swap contracts, outstanding		3,206,389
Dividends and interest receivable		2,022,562
Unrealized appreciation on foreign currency forward contracts		440,126
Tax reclaim receivable		117,511
Prepaid expenses		416
Total Assets		1,569,152,599
LIABILITIES:
Payable for investments purchased		332,597,841
Payable to broker for collateral for securities on loan		45,237,668
Securities sold short, at value (proceeds received $32,938,634)		32,738,173
Payable for fund share repurchased		24,000,327
Unrealized depreciation on swap agreements		2,636,880
Unrealized depreciation on foreign currency forward contracts		476,769
Written options outstanding, at value (cost $1,022,345)		431,721
Advisory fees payable		329,520
Due to broker-variation margin		210,014
Accrued expenses and other liabilities		112,907
Interest payable on investments sold short		29,133
Shareholder servicing fees payable		6,455
Total Liabilities		438,807,408
NET ASSETS	$	1,130,345,191
Net assets were comprised of:
Paid-in capital	$	1,050,898,799
Retained earnings		79,446,392
Net assets, June 30, 2007	$	1,130,345,191
Net asset value and redemption price per share, $1,130,345,191/99,454,773 outstanding shares of beneficial interest	$	11.37

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	8,052,211
Unaffiliated dividend income (net of $577,248 foreign withholding tax)		5,877,905
Affiliated dividend income		1,435,054
Affiliated income from securities lending, net		31,466
		15,396,636
EXPENSES
Advisory fees		3,674,290
Shareholder servicing fees and expenses		302,589
Custodian and accounting fees		267,000
Audit fee		26,000
Transfer agent’s fees and expenses		9,000
Shareholders’ reports		7,000
Trustees’ fees		5,000
Legal fees and expenses		4,000
Insurance expenses		2,000
Miscellaneous		3,556
Total expenses		4,300,435
NET INVESTMENT INCOME		11,096,201
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		3,351,701
Futures transactions		(1,653,008	)
Options written		195,652
Swap agreements		(613,075	)
Short sales		275,486
Foreign currency transactions		(719,765	)
		836,991
Net change in unrealized appreciation (depreciation) on:
Investments		30,358,609
Futures		(425,223	)
Options written		446,278
Swap agreements		742,135
Foreign currencies		(246,280	)
Short sales		41,473
		30,916,992
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		31,753,983
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,850,184

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

					March 20, 2006*
					through
	Six Months Ended				December 31,
	June 30, 2007				2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	11,096,201			$	5,353,330
Net realized gain on investments and foreign currencies			836,991				1,807,127
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			30,916,992				29,435,751
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			42,850,184				36,596,208
FUND SHARE TRANSACTIONS:
Fund share sold [39,332,561 and 65,003,040 shares, respectively]			438,291,140				662,251,869
Fund share repurchased [186,859 and 4,693,969 shares, respectively]			(2,032,536	)			(47,611,674	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			436,258,604				614,640,195
TOTAL INCREASE IN NET ASSETS			479,108,788				651,236,403
NET ASSETS:
Beginning of period			651,236,403				—
End of period		$	1,130,345,191			$	651,236,403
*Commencement of operations

SEE NOTES TO FINANCIAL STATEMENTS.

A33

AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.5%
			Value
	Shares		(Note 2)
AFFILIATED MUTUAL FUNDS
AST AllianceBernstein Growth & Income Portfolio*		3,270,373	$	81,301,471
AST Federated Aggressive Growth Portfolio*		1,232,204		15,870,791
AST International Growth Portfolio*		3,451,760		62,235,240
AST International Value Portfolio*		2,917,968		62,590,412
AST Large-Cap Value Portfolio*		3,791,991		80,541,887
AST Marsico Capital Growth Portfolio*		5,079,824		110,333,768
AST Mid-Cap Value Portfolio*		380,733		5,021,864
AST Money Market Portfolio		42,779		42,779
AST Neuberger Berman Mid-Cap Growth Portfolio*		268,918		5,752,150
AST Small-Cap Value Portfolio*		470,369		8,603,056
AST T. Rowe Price Large-Cap Growth Portfolio*		6,276,614		73,248,083
AST T. Rowe Price Natural Resources Portfolio*		256,684		9,212,400
TOTAL LONG-TERM INVESTMENTS
(cost $459,346,591)				514,753,901
SHORT-TERM INVESTMENT — 0.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $2,687,260)		2,687,260		2,687,260
TOTAL INVESTMENTS(w) — 100.0%
(cost $462,033,851; Note 6)				517,441,161
Other assets in excess of liabilities				63,886
NET ASSETS — 100.0%			$	517,505,047

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as the manager/co-manager of the underlying portfolios in which the Portfolio invests.

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:

Investment Type
Large/Mid-Cap Growth	35.4	%
Large/Mid-Cap Value	31.3
International Value	12.1
International Growth	12.0
Small-Cap Growth	3.1
Sector	1.8
Small-Cap Value	1.7
Mid-Cap Growth	1.1
Mid-Cap Value	1.0
	99.5
Short-Term Investment	0.5
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A34

AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES

(Unaudited)

June 30, 2007

ASSETS:
Investments at value:
Affiliated investments (cost $462,033,851)	$	517,441,161
Cash		77,437
Receivable for fund share sold		152,419
Dividends receivable		11,306
Prepaid expenses		547
Total Assets		517,682,870
LIABILITIES:
Payable for investments purchased		136,018
Accrued expenses and other liabilities		32,816
Advisory fees payable		8,461
Payable for fund share repurchased		528
Total Liabilities		177,823
NET ASSETS	$	517,505,047
Net assets were comprised of:
Paid-in capital	$	452,157,833
Retained earnings		65,347,214
Net assets, June 30, 2007	$	517,505,047
Net asset value and redemption price per share, $517,505,047/41,619,003 outstanding shares of beneficial interest	$	12.43

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	68,317
EXPENSES
Advisory fees		332,635
Custodian and accounting fees		43,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Trustees’ fees		4,000
Legal fees and expenses		3,000
Insurance expenses		3,000
Shareholders’ reports		1,000
Miscellaneous		3,332
Total expenses		407,967
NET INVESTMENT LOSS		(339,650	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		6,423,626
Net change in unrealized appreciation (depreciation) on investments		26,303,182
NET GAIN ON INVESTMENTS		32,726,808
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,387,158

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)		$	(339,650	)		$	764,398
Net realized gain on investments			6,423,626				3,091,530
Net change in unrealized appreciation (depreciation) on investments			26,303,182				29,186,980
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			32,387,158				33,042,908
FUND SHARE TRANSACTIONS:
Fund share sold [11,924,503 and 33,361,371 shares, respectively]			142,315,140				352,567,245
Fund share repurchased [3,058,563 and 4,243,428 shares, respectively]			(35,341,389	)			(43,859,755	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			106,973,751				308,707,490
TOTAL INCREASE IN NET ASSETS			139,360,909				341,750,398
NET ASSETS:
Beginning of period			378,144,138				36,393,740
End of period		$	517,505,047			$	378,144,138

SEE NOTES TO FINANCIAL STATEMENTS.

A35

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 97.6%
COMMON STOCKS			Value
	Shares		(Note 2)
Advertising — 0.2%
Interpublic Group of Cos., Inc. (The)*(a)		93,500	$	1,065,900
Aerospace — 1.1%
Boeing Co.		27,900		2,682,864
Northrop Grumman Corp.		30,900		2,406,183
				5,089,047
Automobile Manufacturers — 0.3%
General Motors Corp.(a)		35,100		1,326,780
Automotive Parts — 1.3%
Autoliv, Inc.		37,100		2,109,877
BorgWarner, Inc.		21,500		1,849,860
Magna International, Inc. (Class A Stock)(a)		23,600		2,147,364
				6,107,101
Beverages — 1.2%
Coca-Cola Co.		30,200		1,579,762
Coca-Cola Enterprises, Inc.		40,600		974,400
Molson Coors Brewing Co. (Class B Stock)		32,700		3,023,442
				5,577,604
Broadcasting — 0.8%
CBS Corp. (Class B Stock)		117,700		3,921,764
Cable Television — 0.6%
Citadel Broadcasting Corp.(a)		2,711		17,484
Comcast Corp. (Class A Stock)*(a)		101,300		2,848,556
				2,866,040
Chemicals — 2.3%
Ashland, Inc.		32,900		2,103,955
Dow Chemical Co. (The)		81,700		3,612,774
DuPont, (E.I.) de Nemours & Co.		70,700		3,594,388
Lubrizol Corp. (The)(a)		25,650		1,655,708
				10,966,825
Clothing & Apparel — 0.8%
Jones Apparel Group, Inc.(a)		46,900		1,324,925
VF Corp.		27,200		2,490,976
				3,815,901
Computer Hardware — 1.1%
International Business Machines Corp.		30,500		3,210,125
Lexmark International, Inc. (Class A Stock)*(a)		36,200		1,785,022
				4,995,147
Computer Services & Software — 0.6%
Microsoft Corp.		66,500		1,959,755
Tech Data Corp.*(a)		18,850		724,971
				2,684,726
Conglomerates — 2.0%
Altria Group, Inc.		100,400		7,042,056
Tyco International Ltd.*		70,200		2,372,058
				9,414,114
Consumer Products & Services — 4.1%
Black & Decker Corp.		24,800		2,190,088
Colgate-Palmolive Co.		33,000		2,140,050
International Flavors & Fragrances, Inc.		27,900		1,454,706
Johnson & Johnson		36,000		2,218,320
Kimberly-Clark Corp.		36,400		2,434,796
Procter & Gamble Co.		129,900		7,948,581
UST, Inc.(a)		17,500		939,925
				19,326,466
Containers & Packaging — 1.6%
Crown Holdings, Inc.*		80,300		2,005,091
Owens-Illinois, Inc.*		61,800		2,163,000
Smurfit-Stone Container Corp.*(a)		129,100		1,718,321
Sonoco Products Co.		38,400		1,643,904
				7,530,316
Electronic Components & Equipment — 4.9%
Flextronics International Ltd.*(a)		190,600		2,058,480
General Electric Co.		435,700		16,678,596
Sanmina-SCI Corp.*(a)		190,600		596,578
Solectron Corp.*		227,350		836,648
SPX Corp.		31,200		2,739,672
				22,909,974
Entertainment & Leisure — 1.2%
Disney, (Walt) Co. (The)		18,300		624,762
Time Warner, Inc.		234,800		4,940,192
				5,564,954
Financial – Bank & Trust — 8.5%
Astoria Financial Corp.(a)		50,300		1,259,512
Bank of America Corp.		329,500		16,109,255
BB&T Corp.		21,500		874,620
Comerica, Inc.(a)		40,400		2,402,588
Fifth Third BanCorp		51,600		2,052,132
National City Corp.(a)		97,100		3,235,372
SunTrust Banks, Inc.		43,800		3,755,412
U.S. BanCorp		105,600		3,479,520
Wachovia Corp.		57,500		2,946,875
Wells Fargo & Co.		108,000		3,798,360
				39,913,646
Financial Services — 15.4%
Ambac Financial Group, Inc.		27,600		2,406,444
Ameriprise Financial, Inc.		47,800		3,038,646
Citigroup, Inc.		367,500		18,849,075
Countrywide Financial Corp.(a)		95,400		3,467,790
Fannie Mae		107,100		6,996,843
Freddie Mac(a)		60,300		3,660,210

SEE NOTES TO FINANCIAL STATEMENTS.

A36

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Financial Services (cont’d.)
JPMorgan Chase & Co.		274,600	$	13,304,370
KeyCorp.(a)		43,475		1,492,497
MBIA, Inc.		40,100		2,495,022
Merrill Lynch & Co., Inc.		67,300		5,624,934
MGIC Investment Corp.(a)		39,600		2,251,656
Morgan Stanley		31,600		2,650,608
Waddell & Reed Financial, Inc. (Class A Stock)		39,400		1,024,794
Washington Mutual, Inc.(a)		109,200		4,656,288
				71,919,177
Food — 3.9%
ConAgra Foods, Inc.		90,700		2,436,202
Kellogg Co.		47,700		2,470,383
Kraft Foods, Inc. (Class A Stock)		122,779		4,327,960
Kroger Co. (The)		118,900		3,344,657
Safeway, Inc.		95,300		3,243,059
Sara Lee Corp.		147,800		2,571,720
				18,393,981
Healthcare Services — 0.2%
Tenet Healthcare Corp.*(a)		127,700		831,327
Home Builders — 0.8%
Centex Corp.(a)		24,000		962,400
KB Home(a)		42,000		1,653,540
Pulte Homes, Inc.		40,700		913,715
				3,529,655
Insurance — 8.8%
ACE Ltd.		36,100		2,256,972
Aflac, Inc.		8,300		426,620
Allstate Corp. (The)		21,600		1,328,616
American International Group, Inc.		156,200		10,938,686
Fidelity National Financial, Inc. (Class A Stock)		98,800		2,341,560
Genworth Financial, Inc. (Class A Stock)		96,800		3,329,920
Hartford Financial Services Group, Inc. (The)		36,100		3,556,211
MetLife, Inc.		68,500		4,416,880
Old Republic International Corp.		105,800		2,249,308
PartnerRe Ltd. (Bermuda)		6,200		480,500
RenaissanceRe Holdings Ltd.		30,700		1,903,093
Torchmark Corp.		2,225		149,075
Travelers Cos., Inc. (The)		79,140		4,233,990
UnumProvident Corp.(a)		64,800		1,691,928
XL Capital Ltd. (Class A Stock)(a)		23,000		1,938,670
				41,242,029
Machinery & Equipment — 0.7%
Eaton Corp.		32,500		3,022,500
Medical Supplies & Equipment — 0.8%
AmerisourceBergen Corp.		24,275		1,200,884
McKesson Corp.		43,500		2,594,340
				3,795,224
Metals & Mining — 0.7%
Arcelor Mittal Steel Co. (Class A Stock) (Netherlands)(a)		53,000		3,307,200
Movies & Entertainment — 0.5%
Viacom, Inc. (Class B Stock)*		55,200		2,297,976
Office Equipment — 0.6%
Pitney Bowes, Inc.		55,300		2,589,146
Oil & Gas — 13.3%
BP PLC, ADR (United Kingdom)		38,000		2,741,320
ChevronTexaco Corp.		175,500		14,784,120
ConocoPhillips		87,600		6,876,600
Exxon Mobil Corp.		321,600		26,975,808
Marathon Oil Corp.		84,400		5,060,624
Occidental Petroleum Corp.		11,800		682,984
Royal Dutch Shell PLC, ADR (Netherlands)		32,900		2,671,480
Total Fina SA, ADR (France)		30,000		2,429,400
				62,222,336
Paper & Forest Products — 0.6%
Temple-Inland, Inc.		47,100		2,898,063
Pharmaceuticals — 5.1%
Lilly, (Eli) & Co.		54,700		3,056,636
Merck & Co., Inc.		91,300		4,546,740
Pfizer, Inc.		533,800		13,649,266
Schering-Plough Corp.		88,100		2,681,764
				23,934,406
Printing & Publishing — 0.2%
Gannett Co., Inc.		14,700		807,765
Restaurants — 1.1%
McDonald’s Corp.		101,100		5,131,836
Retail & Merchandising — 2.8%
Dillard’s, Inc. (Class A Stock)		35,800		1,286,294
Family Dollar Stores, Inc.		27,100		930,072
Gap, Inc. (The)		125,700		2,400,870
Home Depot, Inc.		25,000		983,750
Macy’s, Inc.		77,900		3,098,862
Mattel, Inc.(a)		33,100		837,099
Office Depot, Inc.*		39,900		1,208,970
Saks, Inc.(a)		55,800		1,191,330
Wal-Mart Stores, Inc.		20,000		962,200
				12,899,447
Telecommunications — 7.4%
American Tower Corp. (Class A Stock)*		35,300		1,482,600
AT&T, Inc.		327,800		13,603,700
Nokia Corp. (Class A Stock), ADR (Finland)		34,300		964,173
Sprint Corp.		271,000		5,612,410
Verizon Communications, Inc.(a)		251,200		10,341,904
Vodafone Group PLC, ADR (United Kingdom)		79,900		2,687,037
				34,691,824

SEE NOTES TO FINANCIAL STATEMENTS.

A37

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Utilities — 2.1%
Allegheny Energy, Inc.*		50,400	$	2,607,696
Constellation Energy Group, Inc.		37,500		3,268,875
Entergy Corp.		25,500		2,737,425
Wisconsin Energy Corp.		30,700		1,357,861
				9,971,857
TOTAL LONG-TERM INVESTMENTS
(cost $367,678,647)				456,562,054
SHORT-TERM INVESTMENT — 13.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $63,024,138; includes $53,182,997 of cash collateral for securities on loan)(b)(w) (Note 4)		63,024,138		63,024,138
TOTAL INVESTMENTS — 111.1%
(cost $430,702,785; Note 6)				519,586,192
Liabilities in excess of other assets — (11.1)%				(52,001,495	)
NET ASSETS — 100.0%			$	467,584,697

The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $51,242,517; cash collateral of $53,182,997 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Financial Services	15.4	%
Affiliated Money Market Mutual Fund (11.4% represents investments purchased with collateral from securities on loan)	13.5
Oil & Gas	13.3
Insurance	8.8
Financial – Bank & Trust	8.5
Telecommunications	7.4
Pharmaceuticals	5.1
Electronic Components & Equipment	4.9
Consumer Products & Services	4.1
Food	3.9
Retail & Merchandising	2.8
Chemicals	2.3
Utilities	2.1
Conglomerates	2.0
Containers & Packaging	1.6
Automotive Parts	1.3
Beverages	1.2
Entertainment & Leisure	1.2
Restaurants	1.1
Aerospace	1.1
Computer Hardware	1.1
Broadcasting	0.8
Clothing & Apparel	0.8
Medical Supplies & Equipment	0.8
Home Builders	0.8
Metals & Mining	0.7
Machinery & Equipment	0.7
Paper & Forest Products	0.6
Cable Television	0.6
Computer Services & Software	0.6
Office Equipment	0.6
Movies & Entertainment	0.5
Automobile Manufacturers	0.3
Advertising	0.2
Healthcare Services	0.2
Printing & Publishing	0.2
	111.1
Liabilities in excess of other assets	(11.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A38

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $51,242,517:
Unaffiliated investments (cost $367,678,647)	$	456,562,054
Affiliated investments (cost $63,024,138)		63,024,138
Cash		773,828
Dividends and interest receivable		714,223
Prepaid expenses		2,452
Receivable for fund share sold		814
Total Assets		521,077,509
LIABILITIES:
Payable to broker for collateral for securities on loan		53,182,997
Payable for fund share repurchased		125,850
Advisory fees payable		122,235
Accrued expenses and other liabilities		59,036
Shareholder servicing fees payable		2,694
Total Liabilities		53,492,812
NET ASSETS	$	467,584,697
Net assets were comprised of:
Paid-in capital	$	331,254,556
Retained earnings		136,330,141
Net assets, June 30, 2007	$	467,584,697
Net asset value and redemption price per share, $467,584,697/31,729,527 outstanding shares of beneficial interest	$	14.74

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $33,192 foreign withholding tax)	$	5,529,972
Affiliated dividend income		222,312
Affiliated income from securities lending, net		35,617
Unaffiliated interest		477
		5,788,378
EXPENSES
Advisory fees		1,692,858
Shareholder servicing fees and expenses		158,000
Custodian and accounting fees		46,000
Loan interest expense (Note 7)		15,507
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		6,000
Legal fees and expenses		4,000
Insurance expenses		4,000
Shareholders’ reports		1,000
Miscellaneous		9,785
Total expenses		1,955,150
NET INVESTMENT INCOME		3,833,228
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		19,527,789
Net change in unrealized appreciation (depreciation) on investments		457,044
NET GAIN ON INVESTMENTS		19,984,833
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,818,061

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	3,833,228			$	6,162,174
Net realized gain on investments			19,527,789				19,314,625
Net change in unrealized appreciation (depreciation) on investments			457,044				45,122,562
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			23,818,061				70,599,361
DISTRIBUTIONS			—				(22,626,186)
FUND SHARE TRANSACTIONS:
Fund share sold [3,718,286 and 11,564,927 shares, respectively]			53,284,331				147,408,368
Fund share issued in reinvestment of distributions [0 and 1,856,126 shares, respectively]			—				22,626,186
Fund share repurchased [4,888,552 and 3,834,192 shares, respectively]			(68,628,010	)			(49,110,937	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(15,343,679	)			120,923,617
TOTAL INCREASE IN NET ASSETS			8,474,382				168,896,792
NET ASSETS:
Beginning of period			459,110,315				290,213,523
End of period		$	467,584,697			$	459,110,315

SEE NOTES TO FINANCIAL STATEMENTS.

A39

AST ALLIANCEBERNSTEIN GROWTH & INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 97.0%
COMMON STOCKS			Value
	Shares		(Note 2)
Aerospace & Defense — 1.0%
United Technologies Corp.		485,000	$	34,401,050
Airlines — 0.2%
Southwest Airlines Co.(a)		474,800		7,079,268
Beverages — 0.9%
PepsiCo, Inc.		486,000		31,517,100
Capital Markets — 5.8%
Bank of New York Co., Inc. (The)		1,402,900		58,136,176
Franklin Resources, Inc.		150,000		19,870,500
Lehman Brothers Holdings, Inc.(a)		367,600		27,393,552
Merrill Lynch & Co., Inc.(a)		606,200		50,666,196
Northern Trust Corp.		800,000		51,392,000
				207,458,424
Chemicals — 2.1%
Air Products & Chemicals, Inc.		948,900		76,263,093
Commercial Banks — 2.8%
Wachovia Corp.(a)		323,500		16,579,375
Wells Fargo & Co.(a)		1,650,000		58,030,500
Zions Bancorp		315,000		24,226,650
				98,836,525
Communications Equipment — 1.3%
Cisco Systems, Inc.*		1,706,400		47,523,240
Computers & Peripherals — 4.1%
International Business Machines Corp.(a)		282,700		29,754,175
Sun Microsystems, Inc.*		22,404,500		117,847,670
				147,601,845
Diversified Consumer Services — 0.4%
Apollo Group, Inc. (Class A Stock)*(a)		243,100		14,204,333
Diversified Financial Services — 8.4%
Bank of America Corp.		1,302,100		63,659,669
Citigroup, Inc.		2,166,400		111,114,656
JPMorgan Chase & Co.		2,613,500		126,624,075
				301,398,400
Diversified Telecommunication Services — 4.3%
AT&T, Inc.		2,516,400		104,430,600
Verizon Communications, Inc.(a)		1,255,200		51,676,584
				156,107,184
Electric Utilities — 0.2%
Southern Co. (The)		214,600		7,433,744
Electrical Equipment — 3.4%
Emerson Electric Co.		2,588,400		121,137,120
Energy Equipment & Services — 0.3%
Nabors Industries Ltd. (Bermuda)*		359,200		11,990,096
Food & Staples Retailing — 2.4%
CVS/Caremark Corp.		905,524		33,006,350
Safeway, Inc.		693,200		23,589,596
Walgreen Co.(a)		715,000		31,131,100
				87,727,046
Food Products — 1.7%
Campbell Soup Co.		791,600		30,721,996
Kellogg Co.		593,400		30,732,186
				61,454,182
Health Care Equipment & Supplies — 1.6%
Alcon, Inc. (Switzerland)(a)		93,500		12,614,085
Becton, Dickinson & Co.		605,600		45,117,200
				57,731,285
Healthcare Providers & Services — 8.5%
Aetna, Inc.		842,000		41,594,800
Laboratory Corp. of America Holdings*(a)		482,500		37,760,450
Medco Health Solutions, Inc.*		321,800		25,097,182
UnitedHealth Group, Inc.		2,073,000		106,013,220
WellPoint, Inc.*(a)		1,190,200		95,013,666
				305,479,318
Hotels, Restaurants & Leisure — 0.7%
McDonald’s Corp.		523,100		26,552,556
Household Products — 4.0%
Procter & Gamble Co.		2,351,100		143,863,809
Independent Power Producers — 0.9%
AES Corp. (The)*		1,500,000		32,820,000
Industrial Conglomerates — 1.8%
General Electric Co.		1,700,000		65,076,000
Insurance — 10.9%
ACE Ltd. (Cayman Islands)		1,006,500		62,926,380
Allstate Corp. (The)		266,700		16,404,717
American International Group, Inc.		2,258,500		158,162,755
Axis Capital Holdings Ltd. (Bermuda)		1,498,100		60,897,765
Hartford Financial Services Group, Inc. (The)		211,600		20,844,716
Loews Corp.		926,700		47,243,166
Willis Group Holdings Ltd. (United Kingdom)		569,800		25,105,388
				391,584,887
IT Services — 2.2%
Accenture Ltd. (Class A Stock)(a)		1,242,800		53,303,692
Fiserv, Inc.*		425,000		24,140,000
				77,443,692
Machinery — 0.2%
Danaher Corp.		101,400		7,655,700

SEE NOTES TO FINANCIAL STATEMENTS.

A40

AST ALLIANCEBERNSTEIN GROWTH & INCOME PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Media — 5.7%
Comcast Corp. (Class A Stock)*		925,100	$	26,013,812
News Corp. (Class A Stock)		2,092,900		44,390,409
Omnicom Group, Inc.		250,000		13,230,000
Time Warner, Inc.		5,308,500		111,690,840
Viacom, Inc. (Class B Stock)*		258,200		10,748,866
				206,073,927
Multi-Utilities
PG&E Corp.		9,000		415,260
Oil, Gas and Consumable Fuels — 7.1%
ChevronTexaco Corp.(a)		828,600		69,801,264
Exxon Mobil Corp.		1,238,900		103,918,932
Total Fina SA, ADR (France)(a)		1,000,000		80,980,000
				254,700,196
Pharmaceuticals — 5.2%
Lilly, (Eli) & Co.		1,055,600		58,986,928
Merck & Co., Inc.(a)		821,600		40,915,680
Schering-Plough Corp.		725,100		22,072,044
Wyeth(a)		1,113,000		63,819,420
				185,794,072
Semiconductors & Semiconductor Equipment — 0.7%
International Rectifier Corp.*		625,600		23,309,856
Software — 3.1%
Microsoft Corp.		3,773,700		111,210,939
Thrifts & Mortgage Finance — 1.5%
Fannie Mae		800,000		52,264,000
Tobacco — 3.6%
Altria Group, Inc.		1,075,000		75,400,500
Loews Corp. - Carolina Group(a)		688,100		53,169,487
				128,569,987
TOTAL LONG-TERM INVESTMENTS
(cost $2,979,515,292)				3,482,678,134
SHORT-TERM INVESTMENT — 12.4%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $447,076,367; includes $322,411,229 of cash collateral for securities on loan)(b)(w) (Note 4)		447,076,367		447,076,367
TOTAL INVESTMENTS — 109.4%
(cost $3,426,591,659; Note 6)				3,929,754,501
Liabilities in excess of other assets — (9.4)%				(339,207,684	)
NET ASSETS — 100.0%			$	3,590,546,817

The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $312,955,177; cash collateral of $322,411,229 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (9.0% represents investments purchased with collateral from securities on loan)	12.4	%
Insurance	10.9
Healthcare Providers & Services	8.5
Diversified Financial Services	8.4
Oil, Gas And Consumable Fuels	7.1
Capital Markets	5.8
Media	5.7
Pharmaceuticals	5.2
Diversified Telecommunication Services	4.3
Computers & Peripherals	4.1
Household Products	4.0
Tobacco	3.6
Electrical Equipment	3.4
Software	3.1
Commercial Banks	2.8
Food & Staples Retailing	2.4
IT Services	2.2
Chemicals	2.1
Industrial Conglomerates	1.8
Food Products	1.7
Health Care Equipment & Supplies	1.6
Thrifts & Mortgage Finance	1.5
Communications Equipment	1.3
Aerospace & Defense	1.0
Independent Power Producers	0.9
Beverages	0.9
Hotels, Restaurants & Leisure	0.7
Semiconductors & Semiconductor Equipment	0.7
Diversified Consumer Services	0.4
Energy Equipment & Services	0.3
Electric Utilities	0.2
Machinery	0.2
Airlines	0.2
	109.4
Liabilities in excess of other assets	(9.4	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A41

AST ALLIANCEBERNSTEIN GROWTH & INCOME PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $312,955,177:
Unaffiliated investments (cost $2,979,515,292)	$	3,482,678,134
Affiliated investments (cost $447,076,367)		447,076,367
Receivable for investments sold		31,261,855
Dividends and interest receivable		3,678,221
Receivable for fund share sold		2,116,212
Prepaid expenses		19,971
Total Assets		3,966,830,760
LIABILITIES:
Payable to broker for collateral for securities on loan		322,411,229
Payable for investments purchased		34,663,240
Payable to custodian		11,452,825
Payable for fund share repurchased		6,396,526
Advisory fees payable		899,219
Accrued expenses and other liabilities		440,127
Shareholder servicing fees payable		20,777
Total Liabilities		376,283,943
NET ASSETS	$	3,590,546,817
Net assets were comprised of:
Paid-in capital	$	2,794,902,985
Retained earnings		795,643,832
Net assets, June 30, 2007	$	3,590,546,817
Net asset value and redemption price per share, $3,590,546,817/144,455,144 outstanding shares of beneficial interest	$	24.86

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $227,978 foreign withholding tax)	$	32,199,447
Affiliated dividend income		3,678,072
Affiliated income from securities lending, net		140,835
		36,018,354
EXPENSES
Advisory fees		12,441,722
Shareholder servicing fees and expenses		1,161,227
Custodian and accounting fees		216,000
Insurance expenses		32,000
Trustees’ fees		23,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Miscellaneous		18,628
Total expenses		13,916,577
NET INVESTMENT INCOME		22,101,777
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		133,294,024
Net change in unrealized appreciation (depreciation) on investments		38,460,698
NET GAIN ON INVESTMENTS		171,754,722
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	193,856,499

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	22,101,777			$	33,908,660
Net realized gain on investments			133,294,024				144,320,185
Net change in unrealized appreciation (depreciation) on investments			38,460,698				271,575,201
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			193,856,499				449,804,046
DISTRIBUTIONS			—				(27,071,270)
FUND SHARE TRANSACTIONS:
Fund share sold [30,887,311 and 33,446,678 shares, respectively]			737,105,399				705,907,584
Fund share issued in reinvestment of distributions [0 and 1,295,899 shares, respectively]			—				27,071,270
Fund share repurchased [14,327,720 and 45,557,104 shares, respectively]			(346,304,110	)			(952,572,164	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			390,801,289				(219,593,310	)
TOTAL INCREASE IN NET ASSETS			584,657,788				203,139,466
NET ASSETS:
Beginning of period			3,005,889,029				2,802,749,563
End of period		$	3,590,546,817			$	3,005,889,029

SEE NOTES TO FINANCIAL STATEMENTS.

A42

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
LONG-TERM INVESTMENTS — 98.9%
COMMON STOCKS	Shares	Value (Note 2)
Advertising — 0.2%
Interpublic Group of Cos., Inc.(a)*	90,000	$	1,026,000
Aerospace — 1.4%
United Technologies Corp.	86,300		6,121,259
Aerospace & Defense — 1.8%
Boeing Co.	40,500		3,894,480
Northrop Grumman Corp.	49,600		3,862,352
			7,756,832
Apparel — 0.2%
Jones Apparel Group, Inc.(a)	34,800		983,100
Automobile Manufacturers — 0.7%
Ford Motor Co.*(a)	47,300		445,566
General Motors Corp.(a)	60,600		2,290,680
Toyota Motor Corp., ADR (Japan)	3,200		402,816
			3,139,062
Automotive Parts — 0.3%
Autoliv, Inc. (Sweden)	12,500		710,875
Magna International, Inc. (Class A Stock)	4,400		400,356
			1,111,231
Banks — 0.5%
KeyCorp	58,100		1,994,573
Beverages — 0.2%
Coca-Cola Co.	5,300		277,243
PepsiCo, Inc.	9,600		622,560
			899,803
Biotechnology — 1.4%
Genentech, Inc.*	23,800		1,800,708
Gilead Sciences, Inc.*	110,700		4,291,839
			6,092,547
Biotechnology Healthcare — 0.3%
Celgene Corp.*(a)	24,500		1,404,585
Building Materials — 0.1%
American Standard Cos., Inc.	300		17,694
Masco Corp.	15,000		427,050
			444,744
Chemicals — 2.5%
Ashland, Inc.	15,300		978,435
Dow Chemical Co.	88,900		3,931,158
DuPont (E.I.) de Nemours & Co.(a)	89,000		4,524,760
Lubrizol Corp. (The)(a)	18,400		1,187,720
			10,622,073
Clothing & Apparel — 2.4%
Gap, Inc.	75,200		1,436,320
Kohl’s Corp.*	38,800		2,755,964
Limited Brands, Inc.	44,300		1,216,035
NIKE, Inc. (Class B Stock)	41,100		2,395,719
VF Corp.	25,775		2,360,474
			10,164,512

Commercial Banks — 2.5%
Bank of America Corp.	220,646	10,787,383
Communication Equipment — 1.7%
Cisco Systems, Inc.*	190,300	5,299,855
Motorola, Inc.	40,900	723,930
Nokia Corp., ADR (Finland)	31,700	891,087
Tellabs, Inc.*	44,100	474,516
		7,389,388
Computer Services & Software — 3.3%
Akamai Technologies, Inc.(a)*	21,100	1,026,304
Allegheny Energy, Inc*	29,400	1,521,156
Electronic Arts, Inc.*	55,300	2,616,796
Microsoft Corp.	314,800	9,277,156
		14,441,412
Computers & Peripherals — 4.9%
Apple, Inc.*	65,100	7,944,804
EMC Corp.*	41,000	742,100
Hewlett-Packard Co.	113,560	5,067,047
International Business Machines Corp.(a)	56,900	5,988,725
Network Appliance, Inc.*	52,400	1,530,080
		21,272,756
Conglomerates — 4.9%
General Electric Co.	435,670	16,677,448
Tyco International Ltd.*	138,400	4,676,536
		21,353,984
Construction — 0.2%
Pulte Homes, Inc.	46,200	1,037,190
Consumer Products & Services — 3.5%
Colgate-Palmolive Co.	37,000	2,399,450
Fortune Brands, Inc.	21,500	1,770,955
Kimberly-Clark Corp.	4,425	295,988
Procter & Gamble Co.	170,900	10,457,371
		14,923,764
Containers & Packaging — 0.5%
Smurfit-Stone Container Corp.*(a)	102,400	1,362,944
Sonoco Products Co.	20,500	877,605
		2,240,549
Diversified Financial Services — 0.4%
Goldman Sachs Group, Inc.	7,000	1,517,250
Diversified Telecommunication Services — 3.0%
AT&T, Inc.	129,500	5,374,250
Verizon Communications, Inc.(a)	184,400	7,591,748
		12,965,998
Electric Utilities — 0.2%
American Electric Power Co., Inc.	14,700	662,088
Electrical Equipment — 0.3%
Emerson Electric Co.	28,000	1,310,400

SEE NOTES TO FINANCIAL STATEMENTS.

A43

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
COMMON STOCKS
(Continued)	Shares		Value (Note 2)
Electronic Components — 1.2%
Arrow Electronics, Inc.*	28,300	$	1,087,569
Avnet, Inc.*(a)	40,700		1,613,348
Solectron Corp.*	347,697		1,279,525
Tech Data Corp.*(a)	33,000		1,269,180
			5,249,622
Energy Equipment & Services — 1.1%
Baker Hughes, Inc.	16,500		1,388,145
Halliburton Co.	101,200		3,491,400
			4,879,545
Farming & Agriculture — 0.2%
Bunge Ltd. (Bermuda)(a)	11,000		929,500
Financial – Bank & Trust — 2.3%
BB&T Corp.	15,800		642,744
Comerica, Inc.(a)	27,600		1,641,372
National City Corp.(a)	88,700		2,955,484
U.S. Bancorp	29,000		955,550
Wells Fargo & Co.	103,200		3,629,544
			9,824,694
Financial Services — 7.4%
Chicago Mercantile Exchange Holdings, Inc.(a)	4,400		2,351,184
Citigroup, Inc.	237,100		12,160,859
Franklin Resources, Inc.	22,500		2,980,575
JPMorgan Chase & Co.	118,376		5,735,317
Merrill Lynch & Co., Inc.	67,100		5,608,218
Moody’s Corp.	27,900		1,735,380
NYSE Euronext, Inc.	18,600		1,369,332
			31,940,865
Food & Staples Retailing — 0.6%
Kroger Co. (The)	34,000		956,420
Wal-Mart Stores, Inc.	36,500		1,756,015
			2,712,435
Foods — 2.3%
H.J. Heinz Co.	34,300		1,628,221
Kraft Foods, Inc. (Class A Stock)	80,724		2,845,521
Safeway, Inc.	53,500		1,820,605
Sara Lee Corp.	106,100		1,846,140
Wrigley, (Wm., Jr.) Co.	32,700		1,808,637
			9,949,124
Healthcare Services — 1.9%
Laboratory Corp. of America Holdings*(a)	21,700		1,698,242
Tenet Healthcare Corp.*(a)	140,500		914,655
UnitedHealth Group, Inc.	105,600		5,400,384
			8,013,281

Hotels & Motels — 0.5%
Starwood Hotels & Resorts Worldwide, Inc.	30,500	2,045,635
Hotels, Restaurants & Leisure — 1.4%
McDonald’s Corp.	122,600	6,223,176
Information Technology Products & Services — 0.2%
Ingram Micro, Inc. (Class A Stock)*	47,100	1,022,541
Insurance — 5.7%
ACE Ltd.	26,600	1,663,032
American International Group, Inc.	138,787	9,719,254
Axis Capital Holdings Ltd. (Bermuda)	26,550	1,079,258
Genworth Financial, Inc. (Class A Stock)	58,300	2,005,520
Hartford Financial Service Group, Inc.	12,500	1,231,375
Loews Corp.	10,700	545,486
MetLife, Inc.	9,800	631,904
Old Republic International Corp.	48,000	1,020,480
PartnerRe Ltd. (Bermuda)	200	15,500
Travelers Cos., Inc. (The)	74,193	3,969,325
XL Capital Ltd. (Class A Stock)(a)	34,800	2,933,292
		24,814,426
Internet Services — 2.3%
eBay, Inc.*	60,700	1,953,326
Google, Inc. (Class A Stock)*	14,900	7,798,362
		9,751,688
Investment Management — 0.4%
Janus Capital Group, Inc.(a)	65,700	1,829,088
IT Services — 0.3%
Cognizant Technology Solutions Corp. (Class A Shares)	19,300	1,449,237
Machinery & Equipment — 1.5%
Eaton Corp.	20,900	1,943,700
Ingersoll-Rand Co. Ltd. (Class A Stock)	49,000	2,686,180
SPX Corp.	19,900	1,747,419
		6,377,299
Media — 3.1%
CBS Corp. (Class B Stock)	102,650	3,420,298
Citadel Broadcasting Corp.(a)	3,616	23,323
Comcast Corp. (Class A Stock)*(a)	67,150	1,888,258
Time Warner, Inc.	283,700	5,969,048
Tribune Co.(a)	18,226	535,844
Walt Disney Co. (The) (The)	47,100	1,607,994
		13,444,765

SEE NOTES TO FINANCIAL STATEMENTS.

A44

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
COMMON STOCKS
(Continued)	Shares	Value (Note 2)
Medical Supplies & Equipment — 1.1%
Alcon, Inc. (Switzerland)	14,100	$	1,902,231
Becton Dickinson & Co.	35,400		2,637,300
			4,539,531
Metals & Mining — 0.4%
Alcan, Inc.	22,700		1,845,510
Multi-Utilities — 0.4%
Ameren Corp.(a)	31,400		1,538,914
Oil, Gas & Consumable Fuels — 7.5%
BP PLC, ADR (United Kingdom)	25,100		1,810,714
ChevronTexaco Corp.	99,846		8,411,027
Exxon Mobil Corp.	228,800		19,191,744
Marathon Oil Corp.	14,600		875,416
Noble Energy, Inc.	33,800		2,108,782
			32,397,683
Paper & Forest Products — 0.5%
International Paper Co.(a)	60,000		2,343,000
Personnel Services — 0.4%
Apollo Group, Inc. (Class A Stock)*(a)	32,300		1,887,289
Pharmaceuticals — 6.9%
Abbott Laboratories	39,000		2,088,450
Johnson & Johnson	45,300		2,791,386
Lilly, (Eli) & Co.	40,800		2,279,904
Merck & Co., Inc.	151,400		7,539,720
Pfizer, Inc.	172,820		4,419,007
Schering-Plough Corp.	132,700		4,039,388
Wyeth	116,700		6,691,578
			29,849,433
Printing & Publishing — 0.4%
Donnelley, (R.R.) & Sons Co.	15,100		657,001
Idearc, Inc.	31,020		1,095,937
			1,752,938
Retail — 0.2%
Dick’s Sporting Goods, Inc.*(a)	18,400		1,070,328
Retail & Merchandising — 2.2%
Dillard’s, Inc. (Class A Stock)	33,800		1,214,434
Macy’s Inc.	56,500		2,247,570
Target Corp.	92,400		5,876,640
			9,338,644
Semiconductors — 1.4%
Intel Corp.(a)	112,280		2,667,773
Nvidia Corp.(a)*	62,600		2,586,006
Taiwan Semiconductor Manufacturing Co. Ltd.	55,375		616,323
			5,870,102

Software — 0.5%
Adobe Systems, Inc.*	57,900		2,324,685
Technology — 0.2%
Sanmina SCI Corp.*	262,300		820,999
Technology Software — 0.4%
Electronic Data Systems Corp.	54,200		1,502,966
Thrifts & Mortgage Finance — 3.1%
Fannie Mae*	73,400		4,795,222
Freddie Mac*	61,700		3,745,190
Washington Mutual, Inc.(a)	110,300		4,703,192
			13,243,604
Tobacco — 1.9%
Altria Group, Inc.*	116,650		8,181,831
Wireless Telecommunication Services — 1.6%
Sprint Nextel Corp.	264,774		5,483,470
Vodafone Group PLC, ADR (United Kingdom)	41,300		1,388,919
			6,872,389
TOTAL LONG-TERM INVESTMENTS
(cost $340,801,127)			427,499,250
SHORT-TERM INVESTMENT — 13.6%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund –
Taxable Money Market Series (cost $58,714,851; includes $58,564,254 of cash collateral or securities on loan)(b)(w) (Note 4)	58,714,851		58,714,851
TOTAL INVESTMENTS — 112.5%
(cost $399,515,978; Note 6)			486,214,101
Liabilities in excess of other assets — (12.5)%			(54,010,779	)
NET ASSETS — 100.0%		$	432,203,322

The following abbreviation is used in portfolio descriptions:
ADR	ADR American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $56,812,833; cash collateral of $58,564,254 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the underlying portfolios in which the Portfolio invests.

SEE NOTES TO FINANCIAL STATEMENTS.

A45

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (13.6% represents investments purchased with collateral from securities on loan)		13.6	%
Oil, Gas & Consumable Fuels		7.5
Financial Services		7.4
Pharmaceuticals		6.9
Insurance		5.7
Conglomerates		4.9
Computers & Peripherals		4.9
Consumer Products & Services		3.5
Computer Services & Software		3.3
Media		3.1
Thrifts & Mortgage Finance		3.1
Diversified Telecommunication Services		3.0
Commercial Banks		2.5
Chemicals		2.5
Clothing & Apparel		2.4
Foods		2.3
Financial - Bank & Trust		2.3
Internet Services		2.3
Retail & Merchandising		2.2
Tobacco		1.9
Healthcare Services		1.9
Aerospace & Defense		1.8
Communication Equipment		1.7
Wireless Telecommunication Services		1.6
Machinery & Equipment		1.5
Hotels, Restaurants & Leisure		1.4
Aerospace		1.4
Biotechnology		1.4
Semiconductors		1.4
Electronic Components		1.2
Energy Equipment & Services		1.1
Medical Supplies & Equipment		1.1
Automobile Manufacturers		0.7
Food & Staples Retailing		0.6
Paper & Forest Products		0.5
Software		0.5
Containers & Packaging		0.5
Hotels & Motels		0.5
Banks		0.5
Personnel Services		0.4
Metals & Mining		0.4
Investment Management		0.4
Printing & Publishing		0.4
Multi-Utilities		0.4
Diversified Financial Services		0.4
Technology Software		0.4
IT Services		0.3
Biotechnology Healthcare		0.3
Electrical Equipment		0.3
Automotive Parts		0.3
Retail		0.2
Construction		0.2
Advertising		0.2
Information Technology Products & Services		0.2
Apparel		0.2
Farming & Agriculture		0.2
Beverages		0.2
Technology		0.2
Electric Utilities		0.2
Building Materials		0.1
		112.5
Liabilities in excess of other assets		(12.5	)
		100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A46

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $56,812,833:
Unaffiliated investments (cost $340,801,127)	$	427,499,250
Affiliated investments (cost $58,714,851)		58,714,851
Receivable for investments sold		4,901,692
Dividends and interest receivable		552,178
Prepaid expenses		4,723
Receivable for fund share sold		1,824
Total Assets		491,674,518
LIABILITIES:
Payable to broker for collateral for securities on loan		58,564,254
Payable for fund share repurchased		642,560
Payable to custodian		137,323
Advisory fees payable		72,651
Accrued expenses and other liabilities		51,925
Shareholder servicing fees payable		2,483
Total Liabilities		59,471,196
NET ASSETS	$	432,203,322
Net assets were comprised of:
Paid-in capital	$	411,377,860
Retained earnings		20,825,462
Net assets, June 30, 2007	$	432,203,322
Net asset value and redemption price per share, $432,203,322/29,734,280 outstanding shares of beneficial interest	$	14.54

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $14,450 foreign withholding tax)	$	4,230,913
Affiliated dividend income		89,162
Affiliated income from securities lending, net		69,163
		4,389,238
EXPENSES
Advisory fees		1,328,854
Shareholder servicing fees and expenses		156,033
Custodian and accounting fees		50,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		8,000
Audit fee		7,000
Legal fees and expenses		7,000
Loan interest expense (Note 7)		6,723
Insurance expenses		1,000
Shareholders’ reports		1,000
Miscellaneous		19,568
Total expenses		1,594,178
NET INVESTMENT INCOME		2,795,060
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		19,005,365
Net change in unrealized appreciation (depreciation) on investments		6,221,237
NET GAIN ON INVESTMENTS		25,226,602
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,021,662

STATEMENT OF CHANGES IN NET ASSETS

(Unaudited)

	Six Months Ended June 30, 2007				Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	2,795,060			$	5,717,979
Net realized gain on investments			19,005,365				31,712,922
Net change in unrealized appreciation (depreciation) on investments			6,221,237				14,963,782
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			28,021,662				52,394,683
DISTRIBUTIONS			—				(5,026,006	)
FUND SHARE TRANSACTIONS:
Fund share sold [1,176,520 and 2,343,268 shares, respectively]			16,561,787				30,272,421
Fund share issued in reinvestment of distributions [0 and 401,439 shares, respectively]			—				5,026,006
Fund share repurchased [5,059,329 and 11,035,306 shares, respectively]			(70,622,075	)			(137,053,876	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(54,060,288	)			(101,755,449	)
TOTAL DECREASE IN NET ASSETS			(26,038,626	)			(54,386,772	)
NET ASSETS:
Beginning of period			458,241,948				512,628,720
End of period		$	432,203,322			$	458,241,948

SEE NOTES TO FINANCIAL STATEMENTS.

A47

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
LONG-TERM INVESTMENTS — 98.3%
COMMON STOCKS		Shares	Value (Note 2)
Aerospace — 2.3%
Lockheed Martin Corp.		18,092	$	1,703,000
Northrop Grumman Corp.		88,579		6,897,647
Raytheon Co.		8,881		478,597
				9,079,244
Airlines — 0.1%
Southwest Airlines Co.(a)		34,009		507,074
Automotive Parts — 1.2%
Magna International, Inc. (Class A Stock) (Canada)		51,925		4,724,656
Beverages — 0.7%
Coca-Cola Enterprises, Inc.		19,964		479,136
Molson Coors Brewing Co. (Class B Stock)		20,922		1,934,448
Pepsi Bottling Group, Inc.		9,567		322,217
PepsiAmericas, Inc.		7,391		181,523
				2,917,324
Broadcasting — 0.7%
CBS Corp. (Class B Stock)		83,236		2,773,424
Sinclair Broadcast Group, Inc. (Class A Stock)		10,793		153,476
				2,926,900
Building Materials — 0.2%
Building Material Holding Corp.(a)		50,258		713,161
Business Services — 1.4%
Accenture Ltd. (Class A Stock)(a)		106,289		4,558,735
Acxiom Corp.		36,034		953,099
				5,511,834
Chemicals — 2.1%
Celanese Corp.		76,911		2,982,609
Lyondell Chemical Co.		137,009		5,085,774
				8,068,383
Clothing & Apparel — 0.2%
Brown Shoe Co., Inc.		33,141		805,989
Commercial Services — 0.1%
Watson Wyatt Worldwide, Inc.		8,685		438,419
Commercial Services & Supplies — 0.1%
Labor Ready, Inc.*(a)		15,895		367,333
Computer Hardware — 5.1%
Hewlett-Packard Co.		202,246		9,024,217
International Business Machines Corp.(a)		102,417		10,779,389
Western Digital Corp.*		10,886		210,644
				20,014,250
Computer Services & Software — 2.9%
Computer Sciences Corp.*		73,862		4,368,937
Microsoft Corp.		220,364		6,494,127

Sybase, Inc.*(a)	13,848	330,829
		11,193,893
Conglomerates — 0.7%
Altria Group, Inc.	7,922	555,649
Tyco International Ltd.	63,269	2,137,860
		2,693,509
Construction — 1.4%
KB Home(a)	37,455	1,474,603
NVR, Inc.*(a)	5,834	3,965,662
		5,440,265
Consumer Cyclicals – Motor Vehicle — 0.6%
ArvinMeritor, Inc.(a)	109,435	2,429,457
Consumer Products & Services — 6.0%
Black & Decker Corp.	6,040	533,392
Blyth, Inc.	12,848	341,500
Hasbro, Inc.(a)	123,287	3,872,445
Johnson & Johnson	88,587	5,458,731
Kimberly-Clark Corp.	92,336	6,176,355
Newell Rubbermaid, Inc.	47,699	1,403,782
Procter & Gamble Co.	18,991	1,162,059
Rent-A-Center, Inc.*(a)	28,974	759,988
Reynolds America, Inc.(a)	7,274	474,265
Sotheby’s (Class A Stock)(a)	11,595	533,602
Tupperware Brands Corp.(a)	93,788	2,695,467
		23,411,586
Containers & Packaging — 0.5%
Sonoco Products Co.	48,643	2,082,407
Diversified Operations
Thornburg Mortgage Asset Corp.(a)	2,353	61,601
Electronic Components & Equipment — 3.6%
Arrow Electronics, Inc.*	26,820	1,030,693
Avnet, Inc.*	95,401	3,781,696
Eastman Kodak Co.(a)	31,055	864,261
General Electric Co.	144,387	5,527,134
Nam Tai Electronics, Inc. (Hong Kong)	36,519	435,306
Vishay Intertechnology, Inc.*(a)	151,776	2,401,096
		14,040,186
Entertainment & Leisure — 1.4%
Mattel, Inc.	70,008	1,770,502
Walt Disney Co. (The)	111,967	3,822,554
		5,593,056
Financial – Bank & Trust — 3.8%
Bank of America Corp.	253,040	12,371,125
Comerica, Inc.(a)	27,492	1,634,949
Corus Bankshares, Inc.(a)	42,491	733,395
		14,739,469

SEE NOTES TO FINANCIAL STATEMENTS.

A48

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
COMMON STOCKS
(Continued)	Shares	Value (Note 2)
Financial Services — 13.8%
AmeriCredit Corp.*	22,559	$	598,942
Citigroup, Inc.	274,346		14,071,206
Countrywide Financial Corp.	85,508		3,108,216
Goldman Sachs Group, Inc.	37,756		8,183,613
IndyMac Bancorp, Inc.(a)	47,920		1,397,826
KKR Financial Holdings LLC	57,302		1,427,393
Lehman Brothers Holdings, Inc.	39,354		2,932,660
Merrill Lynch & Co., Inc.	63,583		5,314,267
Morgan Stanley	103,518		8,683,090
Washington Mutual, Inc.(a)	195,066		8,317,614
			54,034,827
Food — 1.4%
ConAgra Foods, Inc.	10,040		269,674
General Mills, Inc.	50,222		2,933,969
Kraft Foods, Inc. (Class A Stock)	5,482		193,241
Kroger Co. (The)	22,968		646,090
Seaboard Corp.	546		1,280,370
			5,323,344
Health Services — 0.1%
Healthspring, Inc.*(a)	25,223		480,750
Healthcare Services — 2.3%
AMERIGROUP Corp.*	28,535		679,133
Apria Healthcare Group, Inc.*(a)	31,675		911,290
Coventry Health Care, Inc.*	2,649		152,715
Humana, Inc.*	71,347		4,345,746
WellCare Health Plans, Inc.*(a)	32,991		2,986,015
WellPoint, Inc.*	1,412		112,720
			9,187,619
Hotels & Motels
Wyndham Worldwide Corp.*	4,717		171,038
Insurance — 6.2%
ACE Ltd.	102,541		6,410,863
Aetna, Inc.	52,279		2,582,583
Allstate Corp. (The)	7,123		438,136
American Financial Group, Inc.	26,121		892,032
American International Group, Inc.	10,970		768,229
Arch Capital Group Ltd.*	32,332		2,345,363
Aspen Insurance Holdings, Ltd. (Bermuda)(a)	70,890		1,989,882
AXIS Capital Holdings Ltd. (Bermuda)	38,613		1,569,618
Endurance Specialty Holdings Ltd. (Bermuda)(a)	84,994		3,403,160
Odyssey Re Holdings Corp.	14,282		612,555
PartnerRe Ltd. (Bermuda)	24,164		1,872,710
XL Capital Ltd. (Class A Stock) (Cayman Islands)(a)	15,030		1,266,879
			24,152,010

Internet Services — 0.7%
Cisco Systems, Inc.*	24,259	675,613
United Online, Inc.(a)	128,234	2,114,579
		2,790,192
IT Services — 0.5%
Electronic Data Systems Corp.	65,751	1,823,275
Machinery & Equipment — 0.7%
Cummins, Inc.	27,189	2,751,799
Medical Supplies & Equipment — 4.2%
Amgen, Inc.*	94,534	5,226,785
Applera Corp.- Applied Biosystems Group	96,212	2,938,314
Becton Dickinson & Co.	45,867	3,417,092
McKesson Corp.	83,708	4,992,345
		16,574,536
Metals & Mining — 1.3%
Freeport-McMoRan Copper & Gold, Inc. (Class B Stock)	17,578	1,455,810
United States Steel Corp.	34,721	3,775,909
		5,231,719
Office Equipment — 0.8%
Lexmark International, Inc. (Class A Stock)*(a)	9,247	455,969
Xerox Corp.*	133,937	2,475,156
		2,931,125
Oil & Gas — 14.4%
ChevronTexaco Corp.	130,159	10,964,594
ConocoPhillips	101,784	7,990,044
EnCana Corp. (Canada)	39,369	2,419,225
Exxon Mobil Corp.	238,773	20,028,279
Grey Wolf, Inc.*(a)	116,633	961,056
Marathon Oil Corp.	61,748	3,702,410
Nicor, Inc.	36,987	1,587,482
Occidental Petroleum Corp.	45,807	2,651,309
Tesoro Corp.(a)	18,398	1,051,446
Valero Energy Corp.	66,236	4,892,191
		56,248,036
Pharmaceuticals — 4.7%
AmerisourceBergen Corp.	7,050	348,764
Biovail Corp. (Canada)	154,939	3,938,549
King Pharmaceuticals, Inc.*(a)	92,877	1,900,264
Merck & Co., Inc.	31,125	1,550,025
Pfizer, Inc.	368,397	9,419,911
Viropharma, Inc.*(a)	62,214	858,553
West Pharmaceutical Services, Inc.	10,039	473,339
		18,489,405
Printing & Publishing — 0.2%
Idearc, Inc.	16,588	586,054

SEE NOTES TO FINANCIAL STATEMENTS.

A49

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
COMMON STOCKS
(Continued)	Shares	Value (Note 2)
Railroads — 1.0%
Burlington Northern Santa Fe Corp.	14,671	$	1,249,089
CSX Corp.	15,425		695,359
Norfolk Southern Corp.	15,491		814,362
Union Pacific Corp.	9,712		1,118,337
			3,877,147
Real Estate Investment Trust — 0.8%
iStar Financial, Inc.	73,726		3,268,274
Restaurants — 1.1%
Darden Restaurants, Inc.	31,005		1,363,910
McDonald’s Corp.	57,704		2,929,055
			4,292,965
Retail & Merchandising — 1.5%
American Eagle Outfitters, Inc.	6,639		170,357
Big Lots, Inc.*(a)	35,369		1,040,556
Dress Barn, Inc.*	2,118		43,461
RadioShack Corp.(a)	128,435		4,256,336
SUPERVALU, Inc.	9,030		418,269
			5,928,979
Semiconductors — 1.9%
Amkor Technology, Inc.*(a)	181,588		2,860,011
Applied Materials, Inc.(a)	103,700		2,060,519
Intel Corp.	7,127		169,337
Lam Research Corp.*(a)	41,010		2,107,914
Novellus Systems, Inc.*(a)	1,534		43,520
			7,241,301
Telecommunications — 3.3%
AT&T, Inc.	118,400		4,913,600
Embarq Corp.	3,393		215,014
Verizon Communications, Inc.	184,617		7,600,682
Windstream Corp.	10,891		160,751
			12,890,047
Transportation — 1.1%
FedEx Corp.	10,045		1,114,694
United Parcel Service, Inc. (Class B Stock)(a)	41,502		3,029,646
			4,144,340
Utilities — 1.2%
Edison International	24,307		1,364,109
Progress Energy, Inc.(a)	11,037		503,177
TXU Corp.	43,811		2,948,480
			4,815,766
TOTAL LONG-TERM INVESTMENTS
(cost $322,761,969)			384,994,544

SHORT-TERM INVESTMENTS — 19.1%
AFFILIATED MONEY MARKET MUTUAL FUND — 17.4%
Dryden Core Investment Fund – Taxable Money Market Series (cost $67,985,262; includes $67,938,792 of cash collateral for securities on loan)(b)(w) (Note 4)	67,985,262	$	67,985,262

Interest Rate		Maturity Date	Principal Amount (000)#
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%
Federal National Mortgage Association(n) (cost $6,699,107)
4.80	%	07/02/07	$6,700		6,699,107
TOTAL SHORT-TERM INVESTMENTS (cost $74,684,369)					74,684,369
TOTAL INVESTMENTS
(cost $397,446,338; Note 6)					459,678,913
Liabilities in excess of other assets(x)— (17.4)%					(68,018,790	)
NET ASSETS — 100.0%				$	391,660,123

#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $64,994,306; cash collateral of $67,938,792 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(n)	Rates shown are the effective yields at purchase date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized depreciation on futures contracts as follows:

Futures contracts open at June 30, 2007:
Number of Contracts	Type	Expiration Month	Value at Trade Date	Value at June 30, 2007	Unrealized Depreciation
Long Position:
74	S&P 500	Sep 07	(1)$5,726,975	$5,606,980	$(119,995)

(1) Cash of $207,200 has been segregated wIth the custodian to cover requirements for open futures contracts at June 30, 2007.

SEE NOTES TO FINANCIAL STATEMENTS.

A50

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (17.3% represents investments purchased with collateral from securities on loan)		17.4	%
Oil & Gas		14.4
Financial Services		13.8
Insurance		6.2
Consumer Products & Services		6.0
Computer Hardware		5.1
Pharmaceuticals		4.7
Medical Supplies & Equipment		4.2
Financial – Bank & Trust		3.8
Electronic Components & Equipment		3.6
Telecommunications		3.3
Computer Services & Software		2.9
Aerospace		2.3
Healthcare Services		2.3
Chemicals		2.1
Semiconductors		1.9
U.S. Government Agency Obligations		1.7
Retail & Merchandising		1.5
Entertainment & Leisure		1.4
Business Services		1.4
Construction		1.4
Food		1.4
Metals & Mining		1.3
Utilities		1.2
Automotive Parts		1.2
Restaurants		1.1
Transportation		1.1
Railroads		1.0
Real Estate Investment Trust		0.8
Office Equipment		0.8
Broadcasting		0.7
Beverages		0.7
Internet Services		0.7
Machinery & Equipment		0.7
Conglomerates		0.7
Consumer Cyclicals – Motor Vehicle		0.6
Containers & Packaging		0.5
IT Services		0.5
Clothing & Apparel		0.2
Building Materials		0.2
Printing & Publishing		0.2
Airlines		0.1
Health Services		0.1
Commercial Services		0.1
Commercial Services & Supplies		0.1
		117.4
Liabilities in excess of other assets		(17.4	)
		100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A51

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $64,994,306:
Unaffiliated investments (cost $329,461,076)	$	391,693,651
Affiliated investments (cost $67,985,262)		67,985,262
Cash		232,499
Dividends and interest receivable		404,505
Receivable for fund share sold		15,860
Prepaid expenses		3,491
Total Assets		460,335,268
LIABILITIES:
Payable to broker for collateral for securities on loan		67,938,792
Payable for fund share repurchased		485,514
Advisory fees payable		135,171
Accrued expenses and other liabilities		103,304
Due to broker-variation margin		6,660
Shareholder servicing fees payable		5,704
Total Liabilities		68,675,145
NET ASSETS	$	391,660,123
Net assets were comprised of:
Paid-in capital	$	360,088,572
Retained earnings		31,571,551
Net assets, June 30, 2007	$	391,660,123
Net asset value and redemption price per share, $391,660,123/23,132,055 outstanding shares of beneficial interest	$	16.93

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $28,207 foreign withholding tax)	$	3,784,434
Unaffiliated interest		102,559
Affiliated income from securities lending, net		87,878
Affiliated dividend income		3,347
		3,978,218
EXPENSES
Advisory fees		1,424,084
Shareholder servicing fees and expenses		132,914
Custodian and accounting fees		54,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		5,000
Insurance expenses		5,000
Legal fees and expenses		4,000
Shareholders’ reports		3,000
Miscellaneous		8,675
Total expenses		1,653,673
NET INVESTMENT INCOME		2,324,545
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investment transactions		17,833,916
Futures transactions		114,751
		17,948,667
Net change in unrealized appreciation (depreciation) on:
Investments		7,638,722
Futures		(122,708	)
		7,516,014
NET GAIN ON INVESTMENTS		25,464,681
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,789,226

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended June 30, 2007				Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	2,324,545			$	5,980,661
Net realized gain on investments			17,948,667				18,738,301
Net change in unrealized appreciation (depreciation) on investments			7,516,014				32,672,652
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			27,789,226				57,391,614
DISTRIBUTIONS			—				(6,705,668	)
FUND SHARE TRANSACTIONS:
Fund share sold [1,104,980 and 1,868,611 shares, respectively]			18,671,297				27,174,335
Fund share issued in reinvestment of distributions [0 and 479,662 shares, respectively]			—				6,705,668
Fund share repurchased [2,475,898 and 6,596,784 shares, respectively]			(39,759,796	)			(92,891,449	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(21,088,499	)			(59,011,446	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			6,700,727				(8,325,500	)
NET ASSETS:
Beginning of period			384,959,396				393,284,896
End of period		$	391,660,123			$	384,959,396

SEE NOTES TO FINANCIAL STATEMENTS.

A52

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 93.4%		Value
COMMON STOCKS — 61.5%	Shares	(Note 2)
Advertising
Omnicom Group, Inc.	852	$	45,088
Aerospace — 1.1%
BE Aerospace, Inc.*	14,800		611,240
Boeing Co.	5,197		499,743
Lockheed Martin Corp.	4,947		465,661
Northrop Grumman Corp.	2,970		231,274
United Technologies Corp.	4,400		312,092
			2,120,010
Agriculture — 0.1%
Syngenta AG (Switzerland)	1,360		265,133
Airlines — 0.4%
Airasia BHD (Malaysia)	100,000		55,032
Grupo Aeroportuario Del Pacifico SA de CV (Mexico)	2,700		133,164
Korean Air Lines Co. Ltd. (Korea)	900		51,145
Lan Airlines SA (Chile)	600		50,490
Ryanair Holdings PLC, ADR (Ireland)(a)	2,960		111,740
Southwest Airlines Co.(a)	17,825		265,771
Turk Hava Yollari (Turkey)	10,600		77,935
			745,277
Apparel/Shoes — 0.1%
Phillips-Van Heusen Corp.	2,400		145,368
Automobile Manufacturers — 0.4%
DaimlerChrysler AG (Germany)	1,070		98,988
Fiat SpA (Italy)	2,390		70,990
Force Protection, Inc.*(a)	3,900		80,496
PT Astra International Tbk (Indonesia)	54,500		101,942
Toyota Motor Corp. (Japan)	6,000		380,102
			732,518
Automotive Parts — 0.6%
Autoliv, Inc.	1,480		84,168
Autozone, Inc.*	2,404		328,435
BorgWarner, Inc.	2,200		189,288
CTC Media, Inc.*	2,400		65,136
Genuine Parts Co.	377		18,699
Goodyear Tire & Rubber Co. (The)*	4,300		149,468
Hankook Tire Co. Ltd. (Korea)	6,200		111,403
Nokian Renkaat Oyj (Finland)	4,400		154,148
			1,100,745
Automotive Parts & Equipment — 0.1%
Continental AG (Germany)	1,050		148,233
Beverages — 0.8%
Anheuser-Busch Cos., Inc.	5,505		287,141
Cia Cervecerias Unidas SA (Chile)	7,800		57,071
Coca-Cola Co.	4,620		241,672
Coca-Cola Enterprises, Inc.	5,698		136,752
Heineken NV (Netherlands)	2,850		167,072
Molson Coors Brewing Co. (Class B Stock)	800		73,968
Pepsi Bottling Group, Inc.	7,464		251,388
PepsiCo, Inc.	6,267		406,415
SABMiller PLC (United Kingdom)	400		10,127
			1,631,606
Biotechnology — 0.2%
Amgen, Inc.	5,029		278,053
Biogen Idec, Inc.	2,223		118,931
Sunpower Corp. (Class A Stock)*	1,300		81,965
			478,949
Broadcasting — 0.2%
Sinclair Broadcast Group, Inc. (Class A Stock)	3,280		46,642
Viacom, Inc. (Class B Stock)*	8,110		337,619
			384,261
Broadcasting & Cable/Satellite TV — 0.2%
EchoStar Communications Corp. (Class A Stock) (Ghana)*	8,981		389,506
Building & Construction — 0.2%
Foster Wheeler Ltd.*	4,000		427,960
Building Materials — 0.4%
China National Building Material Co. Ltd. (Hong Kong)	20,000		43,892
Holcim Ltd. (Switzerland)	2,710		292,674
Lowe’s Cos., Inc.	11,821		362,786
Masco Corp.	2,208		62,862
			762,214
Building Products — 0.1%
Daikin Industries Ltd. (Japan)	3,400		123,988
Business Services — 0.7%
Accenture Ltd. (Class A Stock)(a)	13,439		576,399
Acxiom Corp.	2,654		70,198
Berkshire Hathaway, Inc.*	3		328,425
Fiserv, Inc.*	1,570		89,176
Informa Group PLC (United Kingdom)	3,540		39,448
Itron, Inc.*	1,000		77,940
TeleTech Holdings, Inc.*(a)	3,500		113,680
			1,295,266
Cable Television — 0.2%
Liberty Global, Inc. (Class A Stock)*	7,900		324,216
NET Servicos De Comunicacao SA (Brazil)*	5,900		97,416
			421,632

SEE NOTES TO FINANCIAL STATEMENTS.

A53

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Capital Markets — 0.2%
Mellon Financial Corp.(a)	6,616	$	291,104
Schwab, (Charles) Corp.	8,200		168,264
			459,368
Chemicals — 0.9%
BASF AG (Germany)	1,760		231,166
Celanese Corp. (Class A Stock)	7,692		298,296
DuPont (E.I.) de Nemours & Co.	4,330		220,137
Fuller, (H.B.) Co.(a)	1,574		47,047
Lyondell Chemical Co.	5,898		218,934
Minerals Technologies, Inc.	1,351		90,449
Mosaic Co. (The)	2,200		85,844
PPG Industries, Inc.	3,240		246,596
Terra Industries, Inc.(a)	3,600		91,512
Umicore (Belgium)	910		197,307
Yara International ASA (Norway)	3,060		91,757
			1,819,045
Clothing & Apparel — 0.6%
Adidas-Salomon AG (Germany)	2,290		144,738
Burberry Group PLC (United Kingdom)	23,100		316,419
Coach, Inc.*	2,200		104,258
Guess, Inc.	5,300		254,612
Gymboree Corp.*	531		20,927
Lojas Renner SA (Brazil)	7,900		146,615
VF Corp.	1,600		146,528
			1,134,097
Commercial Banks — 0.4%
ICICI Bank Ltd., ADR (India)	3,100		152,365
Julius Baer Holding AG (Switzerland)	4,390		314,104
SunTrust Banks, Inc.	3,757		322,125
Turkiye Halk Bankasi AS (Turkey)*	3,347		21,548
			810,142
Commercial Services — 0.2%
Apollo Group, Inc. (Class A Stock)	1,300		75,530
Capita Group PLC (United Kingdom)	12,960		188,138
Cogent Communications Group*	3,200		95,584
			359,252
Commercial Services & Supplies — 0.1%
Adecco SA (Switzerland)	2,120		164,008
Communications Equipment — 0.2%
Ericsson, (L.M.) Telefonaktiebolaget (Class B Stock) (Sweden)	41,510		165,579
Nokia Oyj (Finland)	6,920		194,350
			359,929
Computer Hardware — 2.0%
Apple, Inc.*	6,524		796,189
Dell, Inc.*	6,800		194,140
Hewlett-Packard Co.	30,599		1,365,327
International Business Machines Corp.	11,117		1,170,064
Richtek Technology Corp. (Taiwan)	7,000		110,753
Riverbed Technology, Inc.*	1,800		78,876
Wistron Corp. (Taiwan)	60,000		112,092
			3,827,441
Computer Services & Software — 0.6%
Bematech Industria E Comercio De Equipamentos (Brazil)*	2,400		22,582
Business Objects SA, ADR (France)*(a)	2,100		81,564
Cognizant Technology Solutions Corp.*	900		67,581
Electronic Data Systems Corp.	3,016		83,634
GameStop Corp. (Class A Stock)*	15,465		604,681
Gartner, Inc. (Class A Stock)*	2,900		71,311
NCR Corp.*	1,139		59,843
THQ, Inc.*(a)	4,873		148,724
Totvs SA (Brazil)	2,300		74,866
			1,214,786
Computers – Networking — 0.1%
Gemtek Technology Corp. (Taiwan)	27,000		69,418
LG Dacom Corp. (Korea)	4,900		133,658
			203,076
Conglomerates — 0.3%
Altria Group, Inc.	3,270		229,358
Tyco International Ltd.*	7,550		255,114
			484,472
Construction — 1.0%
Actelion Ltd. (Switzerland)*	900		40,083
Aker Kvaerner ASA (Norway)	8,620		218,192
Asia Cement Corp. (Taiwan)	49,000		64,556
Chicago Bridge & Iron Co. NV (Netherlands)	6,788		256,179
Corp GEO SAB de CV (Mexico)*	13,800		75,812
Hochtief AG (Germany)	1,500		163,526
Koninklijke Bam Groep NV (Netherlands)	2,370		66,995
McDermott International, Inc.*	2,700		224,424
Murray & Roberts Holdings Ltd. (South Africa)	4,200		37,910
NVR, Inc.*(a)	552		375,222
Perini Corp.*	1,431		88,049
Posco (Korea)	300		144,017
Pretoria Portland Cement Co. Ltd. (South Africa)	1,000		69,184
Urbi Desarrollos Urbanos SA de CV (Mexico)*	11,000		50,655
			1,874,804
Construction and Engineering
Linde AG (Germany)	720		86,899

SEE NOTES TO FINANCIAL STATEMENTS.

A54

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Consumer Products & Services — 1.1%
Clorox Co.	1,010	$	62,721
Energizer Holdings, Inc.*	3,900		388,440
Hasbro, Inc.	4,900		153,909
Johnson & Johnson	9,355		576,455
Kimberly-Clark Corp.	3,039		203,279
Procter & Gamble Co.	4,700		287,593
Reckitt Benckiser PLC (United Kingdom)	4,670		255,662
Sotheby’s Holdings, Inc. (Class A Stock)(a)	4,831		222,322
			2,150,381
Consumer Staples – Home Products — 0.1%
Colgate-Palmolive Co.	3,012		195,328
Containers & Packaging — 0.3%
Bemis Co., Inc.	3,921		130,099
Greif, Inc. (Class A Stock)	1,200		71,532
Owens-Illinois, Inc.*	3,200		112,000
Sonoco Products Co.	4,600		196,926
			510,557
Cosmetics & Toiletries
Bare Escentuals, Inc.*(a)	1,300		44,395
Diversified Financial Services — 0.1%
Barloworld Ltd. (South Africa)	3,000		83,359
Shinhan Financial Group Co. Ltd. (South Korea)	2,100		127,748
			211,107
Diversified Operations — 1.1%
Anglo American PLC (United Kingdom)	1,500		87,051
Corrections Corp. of America*(a)	1,800		113,598
GEA Group AG (Germany)*	6,127		213,440
General Electric Co.	36,173		1,384,703
GS Holdings Corp. (Korea)	2,200		106,922
Keppel Corp. Ltd. (Singapore)	31,000		253,144
Tanjong PLC (Malaysia)	900		5,031
			2,163,889
Education
MegaStudy Co. Ltd. (Korea)	300		58,451
Educational Services — 0.2%
ITT Educational Services, Inc.*	3,028		355,427
Electronic Components & Equipment — 1.4%
Avnet, Inc.*	2,419		95,889
Duke Energy Corp.	4,000		73,200
Emerson Electric Co.	9,641		451,199
Fanuc Ltd. (Japan)	1,200		123,972
General Cable Corp.*	1,500		113,625
HON HAI Precision Industry Co. Ltd. (Taiwan)	43,000		371,569
Hubbell, Inc. (Class B Stock)	1,475		79,974
Idacorp, Inc.	2,285		73,211
Molex, Inc.	2,800		84,028
National Semiconductor Corp.	3,700		104,599
Nintendo Co. Ltd. (Japan)	9,300		424,541
Parker Hannifin Corp.	1,480		144,907
Samsung Electronics Co. Ltd. (South Korea)	300		183,796
Schneider Electric SA (France)	1,200		168,130
Sharp Corp. (Japan)	8,000		152,041
Sony Corp. (Japan)	2,400		123,387
Tyco Electronics Ltd. (Bermuda)*	480		18,749
			2,786,817
Entertainment & Leisure — 0.9%
International Speedway Corp. (Class A Stock)	1,414		74,532
Las Vegas Sands Corp.*(a)	1,000		76,390
Mattel, Inc.	9,074		229,481
Merry Electronics Co. Ltd. (Taiwan)	27,000		98,582
Regal Entertainment Group (Class A Stock)	3,900		85,527
Speedway Motorsports, Inc.	3,197		127,816
Time Warner, Inc.	17,170		361,257
Walt Disney Co. (The)	15,856		541,324
WMS Industries, Inc.*(a)	4,950		142,857
			1,737,766
Environmental Services — 0.2%
Republic Services, Inc.	3,031		92,870
Waste Management, Inc.	7,202		281,238
			374,108
Equipment Services — 0.2%
Alfa Laval AB (Sweden)	1,200		72,300
Newell Rubbermaid, Inc.	7,700		226,611
			298,911
Exchange Traded Funds — 1.9%
Ishares MSCI Emerging Markets Index Fund(a)	7,400		972,138
Ishares MSCI Japan Index Fund	153,380		2,228,612
Ishares Russell 1000 Growth Index Fund	4,200		248,682
Standard & Poor’s 500 Depositary Receipt	1,218		183,065
			3,632,497
Farming & Agriculture — 0.2%
Kuala Lumpur Kepong BHD (Malaysia)	19,000		70,992
Monsanto Co.	5,400		364,716
Top Glove Corp. BHD (Malaysia)	9,000		21,376
			457,084
Financial – Bank & Trust — 4.0%
Anglo Irish Bank Corp. (Ireland)	7,540		154,747
Banco Bilbao Vizcaya Argentaria SA (Spain)	10,450		255,554
Bank of America Corp.	44,771		2,188,854

SEE NOTES TO FINANCIAL STATEMENTS.

A55

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Financial – Bank & Trust (cont’d.)
Bank of New York Co. Inc. (The)*	4,530	$	187,723
Barclays PLC (United Kingdom)	12,570		174,885
BB&T Corp.	3,571		145,268
China Merchants Bank Co. Ltd. (China)	52,500		159,799
Credit Suisse Group (Switzerland)	3,510		249,179
Erste Bank der Oesterreichischen Sparkassen AG (Austria)	2,540		197,970
Fifth Third Bancorp	1,564		62,200
HSBC Holdings PLC (United Kingdom)	14,651		268,272
KBC Groep NV (Belgium)	1,820		245,278
Komercni Banka AS (Czech Republic)	400		74,145
Marshall & Ilsley Corp.	2,385		113,598
National Australian Bank Ltd. (Australia)	5,620		195,446
National Bank of Greece SA (Greece)	5,770		328,541
National City Corp.(a)	3,400		113,288
Royal Bank of Scotland Group PLC (United Kingdom)	18,820		238,139
South Financial Group, Inc. (The)(a)	4,434		100,386
Sweden Bank AB (Sweden)	4,330		156,423
U.S. Bancorp	10,643		350,687
Wachovia Corp.	6,560		336,200
Wells Fargo & Co.	42,291		1,487,374
			7,783,956
Financial – Consumer
Alliance Global Group, Inc. (Philippines)*	355,000		45,286
Financial Services — 4.5%
AMBAC Financial Group, Inc.	3,297		287,465
American Express Co.	5,325		325,783
AmeriCredit Corp.*	3,822		101,474
Ameriprise Financial, Inc.	3,300		209,781
Banco Macro SA (Argentina)	1,400		46,018
Bank Mandiri Persero Tbk PT (Indonesia)	264,500		91,485
Bear Stearns Cos., Inc.	100		14,000
Blackstone Group LP (The)*	600		17,562
Block, (H&R), Inc.	4,880		114,046
BRE Bank SA (Poland)*	100		19,558
Bumiputra - Commerce Holdings BHD (Malaysia)	32,000		108,443
China Construction Bank Corp. (China)	106,000		72,933
Chinatrust Financial Holding Co. Ltd. (Taiwan)	65,000		50,630
Citigroup, Inc.	40,077		2,055,549
Deutsche Boerse AG (Germany)	1,860		210,728
Freddie Mac	14,150		858,905
Goldman Sachs Group, Inc.	4,511		977,759
Grupo Financiero Banorte SA de CV (Mexico)	13,000		59,540
Man Group PLC (United Kingdom)	19,920		242,305
MasterCard, Inc.	900		149,283
Merrill Lynch & Co., Inc.	6,589		550,709
Mitsubishi Tokyo Financial Group, Inc. (Japan)	10		110,457
Morgan Stanley	12,301		1,031,808
Nuveen Investments, Inc. (Class A Stock)(a)	661		41,081
PNC Financial Services Group, Inc.	1,780		127,412
Shin Kong Financial Holding Co. Ltd. (Taiwan)	95,000		110,563
Turkiye Garanti Bankasi AS (Turkey)	25,400		142,240
UBS AG (virt - X) (Switzerland)	1,970		117,815
Washington Mutual, Inc.	11,188		477,056
			8,722,388
Food — 2.1%
Campbell Soup Co.	12,761		495,254
Centros Comerciales Sudamericanos SA (Chile)	27,700		114,728
China Yurun Food Group Ltd. (China)	86,000		96,127
Cia Brasileira De Distribuicao Grupo Pao De Acucar (Brazil)	1,300		50,245
ConAgra Foods, Inc.	12,453		334,488
Fu Ji Food & Catering Services Holdings Ltd. (China)	18,000		61,924
General Mills, Inc.	8,694		507,903
Groupe Danone (France)	4,100		331,141
H.J. Heinz Co.	3,756		178,297
JBS SA (Brazil)	10,100		41,887
Kellogg Co.	949		49,149
Kraft Foods, Inc. (Class A Stock)	9,046		318,872
Kroger Co. (The)	20,477		576,018
Nestle SA (Switzerland)	570		216,585
Tesco PLC (United Kingdom)	33,610		281,205
Unilever NV	11,184		346,928
			4,000,751
Furniture — 0.1%
Nitori Co. Ltd. (Japan)	2,000		99,898
Tempur-Pedic International, Inc.(a)	1,800		46,620
			146,518
Gas Transmission & Distribution — 0.1%
NiSource, Inc.	4,720		97,751
Healthcare Products
TomoTherapy, Inc.	1,800		39,456
Healthcare Services — 0.7%
Apria Healthcare Group, Inc.*(a)	1,149		33,057
Healthspring, Inc.*(a)	942		17,955
Humana, Inc.*	7,470		454,998
Idexx Laboratories, Inc.*	400		37,852
Laboratory Corp. of America Holdings*(a)	1,900		148,694

SEE NOTES TO FINANCIAL STATEMENTS.

A56

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Healthcare Services (cont’d.)
Network Healthcare Holdings Ltd. (South Africa)*	29,100	$	59,250
UnitedHealth Group, Inc.	1,700		86,938
Universal Health Services, Inc. (Class B Stock)	497		30,565
VCA Antech, Inc.*	1,100		41,459
WellCare Health Plans, Inc.*(a)	5,044		456,532
			1,367,300
Hotels & Motels — 0.1%
Choice Hotels International, Inc.	3,696		146,066
Hilton Hotels Corp.	3,600		120,492
			266,558
Industrial Conglomerates — 0.1%
Siemens AG (Germany)	1,430		205,782
Industrial Products — 1.3%
Cooper Industries Ltd. (Class A Stock)	6,000		342,540
Dover Corp.	2,760		141,174
Henkel KGaA (Germany)	2,160		113,998
Hyundai Heavy Industries Co. Ltd. (Korea)	300		112,031
Ingersoll-Rand Co. Ltd. (Class A Stock)	3,620		198,448
Makita Corp. (Japan)	2,000		89,015
Mettler-Toledo International, Inc.*	1,765		168,575
Mohawk Industries, Inc.*	1,600		161,264
Precision Castparts Corp.	6,500		788,840
Roper Industries, Inc.	3,000		171,300
Tmk OAO, GDR (Russia)	2,900		105,821
Yangzijiang Shipbuilding Holdings Ltd. (China)*	40,000		50,172
			2,443,178
Insurance — 2.4%
ACE Ltd.	1,100		68,772
Allianz SE (Germany)	1,120		262,679
Allstate Corp.	4,406		271,013
American Financial Group, Inc.	7,024		239,870
American International Group, Inc.	8,954		627,049
Arch Capital Group Ltd.	4,330		314,098
Aspen Insurance Holdings Ltd. (Bermuda)	6,124		171,901
Axis Capital Holdings Ltd.	8,085		328,655
Berkley, (W.R.) Corp.	4,110		133,739
Chubb Corp.	2,165		117,213
Endurance Specialty Holdings Ltd. (Bermuda)	7,785		311,711
Genworth Financial, Inc.	3,340		114,896
Hartford Financial Service Group, Inc.	2,360		232,484
ING Groep NV, ADR (Netherlands)	2,480		109,154
LIG Non-Life Insurance Co. Ltd. (Korea)	3,500		85,809
Loews Corp.	2,940		149,881
Marsh & McLennan Cos., Inc.	7,850		242,408
MGIC Investment Corp.(a)	6,795		386,364
QBE Insurance Group Ltd. (Australia)	10,030		265,308
Travelers Cos., Inc.	2,600		139,100
			4,572,104
Insurance – Life Insurance — 0.1%
Torchmark Corp.	1,880		125,960
Internet Services — 0.6%
Blue Coat Systems, Inc.*	1,000		49,520
eBay, Inc.*	8,600		276,748
Equinix, Inc.*(a)	1,600		146,352
Google, Inc. (Class A Stock)*	600		314,028
Juniper Networks, Inc.*(a)	11,800		297,006
Priceline.com, Inc.*(a)	448		30,795
Yahoo!, Inc.*	4,400		119,372
			1,233,821
Machinery & Equipment — 0.9%
AGCO Corp.*(a)	8,200		355,962
Alstom (France)	920		153,413
Caterpillar, Inc.	1,300		101,790
Deere & Co.	1,180		142,473
Eaton Corp.	2,000		186,000
Haitian International Holdings Ltd. (China)*	62,000		47,496
Komatsu Ltd. (Japan)	4,100		119,212
Manitowoc Company, Inc.	1,300		104,494
Metso Oyj (Finland)	3,520		207,158
Snap-on, Inc.	1,139		57,531
Sumitomo Heavy Industries Ltd. (Japan)	16,000		181,539
Terex Corp.*	1,200		97,560
			1,754,628
Media — 0.4%
DIRECTV Group, Inc. (The)	9,381		216,795
Focus Media Holding Ltd., ADR (China)*	2,100		106,050
McGraw-Hill Cos., Inc.	5,427		369,470
			692,315
Medical Products — 0.6%
Medtronic, Inc.	4,000		207,440
Thermo Fisher Scientific, Inc.*	15,600		806,832
Zimmer Holdings, Inc.*	2,500		212,225
			1,226,497
Medical Supplies & Equipment — 1.3%
Aspen Pharmacare Holdings Ltd. (South Africa)*	11,600		60,609
Baxter International, Inc.	10,117		569,992
Beckman Coulter, Inc.(a)	1,050		67,914
Becton, Dickinson & Co.	6,900		514,050
Covidien Ltd. (Bermuda)*	700		30,170
Dentsply International, Inc.	3,000		114,780
Fresenius Medical Care AG (Germany)	4,110		189,462

SEE NOTES TO FINANCIAL STATEMENTS.

A57

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Medical Supplies & Equipment (cont’d.)
Hologic, Inc.*(a)	1,300	$	71,903
Intuitive Surgical, Inc.*	1,100		152,647
Kinetic Concepts, Inc.*	964		50,099
McKesson Corp.	6,124		365,236
Mentor Corp.	2,000		81,360
Patterson Cos., Inc.*	2,200		81,994
Quest Diagnostics, Inc.	1,100		56,815
Symmetry Medical, Inc.*	4,229		67,706
			2,474,737
Metals & Mining — 1.1%
Allegheny Technologies, Inc.	2,500		262,200
Anglo American PLC (United Kingdom)	4,440		260,680
BHP Billiton Ltd. (Australia)	10,440		310,053
China Steel Corp. (Taiwan)	64,000		77,892
Cia Vale Do Rio Doce, ADR (Brazil)(a)	3,500		155,925
Impala Platinum Holdings Ltd. (South Africa)	1,500		45,603
Kumba Iron Ore Ltd. (South Africa)	3,100		80,925
Lupatech SA (Brazil)	3,600		86,781
Midas Holdings Ltd. (Singapore)	68,000		92,399
Newmont Mining Corp.(a)	2,945		115,032
Nucor Corp.	3,122		183,105
Peabody Energy Corp.(a)	1,400		67,732
Rio Tinto Ltd. (Australia)	1,680		140,707
Sterlite Industries India Ltd. (India)*	1,756		25,761
Sumitomo Metal Industries Ltd. (Japan)	37,000		218,168
Valmont Industries, Inc.	1,200		87,312
			2,210,275
Miscellaneous Manufacturing — 0.1%
Acuity Brands, Inc.	3,334		200,973
Networking/Telecommunications Equipment — 0.1%
Research in Motion Ltd.*	500		99,995
Office Equipment — 0.2%
Pitney Bowes, Inc.	2,513		117,659
Xerox Corp.*	17,800		328,944
			446,603
Oil & Gas — 5.1%
ABB Ltd. (Switzerland)	9,610		216,684
Acergy SA (United Kingdom)	3,200		72,041
Apache Corp.	2,800		228,452
BP PLC, ADR (United Kingdom)	4,552		328,381
Cabot Oil & Gas Corp.	1,700		62,696
ChevronTexaco Corp.	15,440		1,300,666
China Petroleum & Chemical Corp. (China)	84,000		92,925
Cia De Gas De Sao Paulo (Brazil)	270,000		62,706
ConocoPhillips	9,920		778,720
Core Laboratories NV (Netherlands)*	1,200		122,028
Devon Energy Corp.	2,420		189,462
EnCana Corp. (Canada)	8,907		547,335
Exxon Mobil Corp.	34,565		2,899,312
Grey Wolf, Inc.*	13,100		107,944
Halliburton Co.	784		27,048
Helmerich & Payne, Inc.	2,000		70,840
Holly Corp.	100		7,419
KazmunaiGas Exploration Production	2,900		63,336
LUKOIL (Russia)	800		61,360
Marathon Oil Corp.	6,856		411,086
Murphy Oil Corp.	787		46,779
National-Oilwell Varco, Inc.*	3,067		319,704
Oil & Gas Development Co. Ltd.	3,700		72,705
Petrochina Co., Ltd. (China)	18,000		26,519
Royal Dutch Shell PLC, ADR (United Kingdom)	7,290		591,948
Schlumberger Ltd. (Netherlands)	2,800		237,832
Southwestern Energy Co.*	1,500		66,750
Statoil ASA (Norway)	10,990		340,974
Valero Energy Corp.	1,754		129,551
WGL Holdings, Inc.(a)	1,560		50,918
XTO Energy, Inc.	4,800		288,480
			9,822,601
Oil Well Services & Equipment — 0.2%
Cameron International Corp.*	2,900		207,263
Dresser Rand Group, Inc.*	6,400		252,800
			460,063
Oil, Gas & Consumable Fuels — 0.3%
BG Group PLC (United Kingdom)	18,580		304,574
Petroleo Brasileiro SA, ADR (Brazil)	1,800		218,286
			522,860
Paper & Forest Products — 0.3%
Masisa SA (Chile)	182,900		51,651
Nine Dragons Paper Holdings Ltd. (Hong Kong)	51,000		118,838
Rock-Tenn Co. (Class A Stock)	3,049		96,714
Sappi Ltd. (South Africa)	3,600		65,481
Weyerhaeuser Co.	3,571		281,859
			614,543
Pharmaceuticals — 3.0%
Abbott Laboratories	7,950		425,722
Allergan, Inc.	2,600		149,864
Biovail Corp.	4,500		114,390
Bristol-Meyers Squibb Co.	908		28,656
Celgene Corp.*(a)	1,200		68,796
Cephalon, Inc.	1,600		128,624
CSL Ltd. (Australia)	2,440		182,040
Eli Lilly & Co.	2,815		157,302
Express Scripts, Inc.(a)	8,300		415,083
Gilead Sciences, Inc.	3,938		152,676
GlaxoSmithKline PLC (United Kingdom)	4,890		127,384
Medco Health Solutions, Inc.	3,700		288,563
Merck & Co., Inc.	5,524		275,095

SEE NOTES TO FINANCIAL STATEMENTS.

A58

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Pharmaceuticals (cont’d.)
Merck KGaA (Germany)	780	$	107,510
Novartis AG (Switzerland)	2,500		140,351
Novo Nordisk SA (Class B Stock) (Denmark)	460		50,037
Onyx Pharmaceuticals, Inc.	2,100		56,490
Pfizer, Inc.	42,356		1,083,043
Pharmstandard (Russia)	1,500		25,170
Roche Holding AG (Switzerland)	3,460		613,066
Schering-Plough Corp.	19,800		602,712
Shire PLC (United Kingdom)	12,000		296,209
Teva Pharmaceutical Industries Ltd., ADR (Israel)	1,600		66,000
Watson Pharmaceuticals, Inc.	920		29,928
West Pharmaceutical Services, Inc.	500		23,575
Wyeth	5,140		294,728
			5,903,014
Printing & Publishing — 0.2%
Agora SA (Poland)	5,100		77,141
Donnelley, (R.R.) & Sons Co.	3,680		160,117
Gannett Co., Inc.	3,780		207,711
			444,969
Railroads — 0.1%
Burlington Northern Santa Fe Corp.	752		64,025
CSX Corp.	1,069		48,191
Norfolk Southern Corp.	862		45,315
Union Pacific Corp.	583		67,133
			224,664
Real Estate Investment Trust — 0.4%
Aeon Mall Co. Ltd. (Japan)	1,300		40,016
Agile Property Holdings Ltd. (Hong Kong)	56,000		73,337
Filinvest Land, Inc. (Philippines)*	1,559,000		72,810
Gafisa SA (Brazil)	3,500		54,596
Jones Lang Lasalle, Inc.(a)	2,404		272,854
LPS Brasil Consultoria De Imoveis SA (Brazil)	6,100		79,373
Robinsons Land Corp. (Philippines)	100,400		42,331
Yanlord Land Group Ltd. (Singapore)	58,000		118,974
			754,291
Real Estate Investment Trust – Other REIT — 0.1%
Digital Realty Trust, Inc.	2,413		90,922
Restaurants — 0.1%
McDonald’s Corp.	5,483		278,317
Retail
Costco Wholesale, Inc.	839		49,098
Retail & Merchandising — 2.4%
American Eagle Outiftters, Inc.	2,305		59,146
Amorepacific Corp. (Korea)	200		158,467
Arcandor (Germany)*	3,280		111,072
Best Buy Co., Inc.	2,400		112,008
Big Lots, Inc.*(a)	14,430		424,531
Bulgari SpA (Italy)	2,440		39,134
Carphone Warehouse Group (United Kingdom)	11,030		72,501
Compagnie Financiere Richemont AG (Switzerland)	3,950		236,096
CROCS, Inc.*(a)	1,900		81,757
Dollar Tree Stores, Inc.*	3,055		133,045
Dufry South America Ltd. (Bermuda)*	3,200		73,821
Esprit Holdings Ltd. (Hong Kong)	15,600		197,913
Gap, Inc.	6,010		114,791
Home Depot, Inc. (The)	11,809		464,684
Hyundai Department Store Co. Ltd. (Korea)	500		58,992
Inditex (Spain)	3,620		213,070
Kohl’s Corp.*	1,189		84,455
La Polar SA (Chile)	17,100		103,239
Luxottica Group SpA (Italy)	3,130		121,592
RadioShack Corp.(a)	8,100		268,434
Shinsegae Co. Ltd. (Korea)	100		65,162
Staples, Inc.	4,550		107,971
SUPERVALU, Inc.	1,600		74,112
Target Corp.	3,400		216,240
Tiffany & Co.	2,100		111,426
TJX Cos., Inc.(a)	5,200		143,000
Wal-Mart Stores, Inc.	16,470		792,372
X 5 Retail Group NV (Russia)*	2,800		82,040
			4,721,071
Semi-Conductor & Semi-Conductor Instruments — 0.1%
Intel Corp.	11,485		272,884
Semiconductors — 1.1%
Amkor Technology, Inc.(a)	6,175		97,256
Applied Materials, Inc.	12,608		250,521
Broadcom Corp. (Class A Stock)*	6,500		190,125
First Solar, Inc.(a)	1,100		98,219
Himax Technologies, Inc., ADR (Taiwan)	6,300		36,351
Intersil Corp. (Class A Stock)	7,800		245,388
MediaTek, Inc. (Taiwan)	7,000		109,049
MEMC Electronic Materials, Inc.	3,228		197,295
NVIDIA Corp.	6,100		251,991
ON Semiconductor Corp.(a)	18,637		199,789
Realtek Semiconductor Corp. (Taiwan)	1,000		4,960
STMicroelectronics NV (Switzerland)	6,600		126,654
Teradyne, Inc.(a)	21,600		379,728
			2,187,326
Services – Media
Lamar Advertising Co.	1,400		87,864
Software — 0.5%
BMC Software, Inc.*(a)	3,536		107,141
Microsoft Corp.	16,670		491,265
Oracle Corp.	11,634		229,306
SAP AG (Germany)	2,020		103,850
Total System Services, Inc.	2,187		64,538
			996,100

SEE NOTES TO FINANCIAL STATEMENTS.

A59

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Telecommunications — 4.2%
America Movil, Series L, ADR (Mexico)	8,450	$	523,309
American Tower Corp. (Class A Stock)*	8,400		352,800
AT&T, Inc.	30,803		1,278,325
Axtel SAB de CV (Mexico)	21,100		128,903
BCE, Inc. (Canada)	509		19,275
BT Group PLC (United Kingdom)	15,500		103,161
China Mobile Ltd. (Hong Kong)	1,900		102,410
Cisco Systems, Inc.	44,592		1,241,887
Clearwire Corp.(a)	1,100		26,873
Commscope, Inc.	1,300		75,855
InterDigital Communications Corp.	1,200		38,604
Leap Wireless International, Inc.(a)	5,200		439,400
Metropcs Communications, Inc.	4,500		148,680
Millicom International Cellular SA	2,300		210,772
Mobile Telesystems, ADR (Russia)	1,700		102,969
Motorola, Inc.	6,236		110,377
NII Holdings, Inc.(a)	9,900		799,326
PT Telekomunikasi Indonesia (Indonesia)	38,500		41,973
Qualcomm, Inc.	3,600		156,204
Quanta Services, Inc.*	10,500		322,035
Rogers Communications, Inc. (Class B Stock) (Canada)	3,850		164,156
SAVVIS, Inc.*	1,400		69,314
SBA Communications Corp.	13,100		440,029
Sprint Corp.	9,170		189,911
Telkom SA Ltd. (South Africa)	6,900		173,733
Verizon Communications, Inc.	16,307		671,359
Vodafone Group PLC (United Kingdom)	58,950		197,530
VTech Holdings Ltd. (Hong Kong)	8,000		67,526
			8,196,696
Tobacco — 0.1%
British American Tobacco PLC (United Kingdom)	2,700		92,085
Transportation — 0.4%
All America Latina Logistica SA (Brazil)	8,000		108,906
C.H. Robinson Worldwide, Inc.(a)	310		16,281
FedEx Corp.	634		70,355
Gulfmark Offshore, Inc.	600		30,732
U-Ming Marine Transport Corp. (Taiwan)	63,000		123,064
United Parcel Service, Inc. (Class B Stock)(a)	6,311		460,703
			810,041
Utilities — 2.0%
AES Corp.*	14,301		312,906
Allegheny Energy, Inc.*	1,400		72,436
Ameren Corp.(a)	3,033		148,647
CEZ (Czech Republic)	3,880		199,519
Consolidated Edison, Inc.(a)	900		40,608
Dominion Resources, Inc.	300		25,893
El Paso Electric Co.*(a)	783		19,230
EMCOR Group, Inc.*(a)	1,394		101,623
Entergy Corp.	3,257		349,639
Equatorial Energia SA (Brazil)	2,745		27,180
Exelon Corp.	3,790		275,154
International Power PLC (United Kingdom)	23,190		199,334
PPL Corp.	5,200		243,308
Puget Energy, Inc.	6,243		150,956
Q-Cells AG (Germany)*	1,760		151,821
Reliant Energy, Inc.*	12,558		338,438
Suez SA (France)	2,510		143,493
TXU Corp.	8,484		570,973
Vestas Wind Systems AS (Denmark)*	3,750		246,083
Wisconsin Energy Corp.	1,855		82,047
Xcel Energy, Inc.	4,100		83,927
			3,783,215
TOTAL COMMON STOCKS
(cost $113,141,357)			119,461,247

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 10.5%
Federal Home Loan Mortgage Corp.
4.50%	01/01/19	$	320	304,878
5.00%	02/15/16-04/01/21		1,546	1,526,733
5.50%	12/01/33		400	387,560
6.50%	06/01/16		177	179,540
7.00%	06/01/14-08/01/29		156	160,935
Federal National Mortgage Assoc.
4.50%	05/01/19		694	659,285
5.00%	11/01/33-02/01/36		4,082	3,838,372
5.50%	12/01/16-01/01/34		4,425	4,276,448
5.80%	02/09/26		2,200	2,147,807
6.00%	12/01/13-04/01/14		152	153,507
6.00%	TBA		4,677	4,625,363
6.50%	01/01/32-08/01/32		205	208,644
6.50%	TBA		1,054	1,062,389
6.625%	11/15/30		400	450,780
7.00%	05/01/11-09/01/31		135	138,292
7.50%	03/01/27-09/01/30		73	75,236
Government National Mortgage Assoc.
6.00%	04/15/28-05/15/28		57	55,918
6.50%	03/15/28-04/15/28		36	36,672
7.00%	12/15/27-05/15/31		105	108,469
7.50%	05/15/30		26	27,031
8.00%	03/15/27		10	10,756
8.75%	04/15/27		4	4,562
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $20,879,188)				20,439,177

SEE NOTES TO FINANCIAL STATEMENTS.

A60

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
U.S. TREASURY OBLIGATIONS — 8.0%
U.S. Treasury Bonds
4.50%	05/15/17-02/15/36			$	1,143	$	1,065,854
4.625%	02/15/17				1,067		1,033,323
6.125%	11/15/27				1,955		2,178,908
6.25%	05/15/30				309		353,178
7.125%	02/15/23				1,050		1,260,493
8.125%	08/15/21				300		386,648
U.S. Treasury Notes
4.25%	08/15/14				1,000		956,562
4.50%	04/30/12				4,500		4,416,327
4.875%	06/30/12				3,820		3,809,556
TOTAL U.S. TREASURY OBLIGATIONS
(cost $15,635,261)							15,460,849
CORPORATE OBLIGATIONS — 4.6%
Aerospace — 0.1%
Lockheed Martin Corp., Notes, 144A(g)
6.15%	09/01/36	Baa1			79		78,779
United Technologies Corp., Notes
6.05%	06/01/36	A2			95		94,097
							172,876
Automobile Manufacturers
Daimlerchrysler NA Holding Corp., Gtd. Notes
6.50%	11/15/13	Baa1			80		82,624
Beverages
Miller Brewing Co., Notes, 144A(g)
4.25%	08/15/08	Baa1			88		86,671
Cable Television — 0.1%
Time Warner Cable, Inc., Sr. Unsec’d. Notes(g)
5.40%	07/02/12	Baa2			30		29,461
Xstrata Finance Canada Limited, Co. Gtd. Notes, 144A(g)
5.50%	11/16/11	Baa2			95		93,980
							123,441
Electric – Integrated
Consolidated Edison Co. of New York, Notes
5.50%	09/15/16	A1			95		92,554
Energy
XTO Energy, Inc.,
Notes
5.30%	06/30/15	Baa2			72		68,706
Financial – Bank & Trust — 0.7%
Bank of America NA, Notes
5.30%	03/15/17	Aa1			88		84,030
Sub. Notes
6.00%	10/15/36	Aa1			75		72,389
General Electric Capital Corp., Notes
6.125%	02/22/11	Aaa			70		71,351
KFW International Finance, Gov’t. Gtd. (Germany)
0.456%	08/08/11	Aaa	JPY		115,000		934,140
PNC Bank NA, Sr. Sub. Notes
4.875%	09/21/17	A1			90		83,006
Wells Fargo & Co., Sr. Unsec’d. Notes
4.625%	08/09/10	Aa1			108		105,610
							1,350,526
Financial – Consumer
Merrill Lynch & Co., Inc., Notes
4.25%	02/08/10	Aa3			69		67,091
Financial Services — 0.2%
Capital One Financial Co., Sr. Notes
5.70%	09/15/11	A3			95		94,530
Devon Financing Corp. LLC, Gtd. Bonds
7.875%	09/30/31	Baa2			54		62,551
John Deere Capital Corp., Sr. Notes
4.50%	08/25/08	A2			108		106,813
Quebec Province, Notes
5.00%	07/17/09	Aa2			120		119,574
							383,468
Food — 0.1%
Cadbury Schweppes US Finance LLC, Gtd. Notes, 144A(g)
3.875%	10/01/08	Baa2			145		141,960
Media
News America Holdings Co., Gtd. Notes
7.75%	01/20/24	Baa2			59		64,749
Time Warner, Inc., Gtd. Notes
7.625%	04/15/31	Baa2			16		17,142
							81,891
Media – Cable — 0.1%
Rogers Cable, Inc., Sec’d. Notes
6.25%	06/15/13	Baa3			160		161,531
Medical Products — 0.1%
Baxter International, Inc., Sr. Unsec’d. Notes
5.90%	09/01/16	Baa1			105		104,990

SEE NOTES TO FINANCIAL STATEMENTS.

A61

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Medical Supplies & Equipment — 2.3%
CDX High Yield, Pass Thru-Certs.(a)(g)
7.625%	06/29/12	B3	$	4,500	$	4,255,200
Laboratory Corp. of America, Sr. Unsec’d. Notes
5.625%	12/15/15	Baa3		120		115,664
						4,370,864
Oil & Gas — 0.2%
Centerpoint Energy, Inc., Sr. Unsec’d. Notes
6.25%	02/01/37	Baa3		40		38,524
Enterprise Products Operating LP, Sr. Notes
4.95%	06/01/10	Baa3		164		161,044
6.65%	10/15/34	Baa3		55		54,582
Premcor Refining Group, Inc., Gtd. Notes
6.125%	05/01/11	Baa3		128		129,886
						384,036
Retail & Merchandising — 0.1%
CVS Caremark Corp., Sr. Unsec’d. Notes
5.75%	06/01/17	Baa2		50		47,816
Wal-Mart Stores, Inc., Bonds
5.25%	09/01/35	Aa2		90		78,674
Sr. Unsec’d. Notes
7.55%	02/15/30	Aa2		51		59,252
						185,742
Telecommunications — 0.3%
AT&T Corp., Sr. Notes
7.30%	11/15/11	A2		108		114,964
BellSouth Corp., Notes
6.875%	10/15/31	A2		16		16,462
Embarq Corp., Sr. Unsec’d. Notes
7.995%	06/01/36	Baa3		30		30,446
Nextel Communications, Sr. Notes
5.95%	03/15/14	Baa3		69		65,719
Telecom Italia Capital SA Co., Gtd. Notes (Luxembourg)
4.00%	01/15/10	Baa2		90		86,519
Telecom Italia Capital, Co. Gtd. Notes
5.25%	10/01/15	Baa2		50		46,493
Telefonica Emisiones Sau, Co. Gtd. (Spain)
7.045%	06/20/36	Baa1		20		20,712
Verizon Communications, Sr. Notes
5.85%	09/15/35	A3		30		27,516
Vodafone Group PLC, Notes (United Kingdom)
5.625%	02/27/17	Baa1		66		63,109
6.15%	02/27/37	Baa1		43		40,002
						511,942
Utilities — 0.3%
Carolina Power & Light, First Mortgage
5.15%	04/01/15	A2		50		47,947
CenterPoint Energy Resources Corp., Debs.
6.50%	02/01/08	Baa3		111		111,586
Cleveland Electric Illuminating Co., (The), Sr. Unsec’d. Notes
5.70%	04/01/17	Baa3		84		81,043
Dominion Resources, Inc., Notes
4.125%	02/15/08	Baa2		135		133,901
4.75%	12/15/10	Baa2		54		52,738
Hydro-Quebec Local Government, Gtd. Notes
8.40%	01/15/22	Aa2		51		64,579
Pacific Gas & Electric Corp., First Mortgage
6.05%	03/01/34	Baa1		55		53,278
Sr. Notes
5.80%	03/01/37	Baa1		34		31,714
Southern California Edison Co., First Mortgage
5.625%	02/01/36	A2		72		67,277
Toleda Edison Co., Sr. Notes
6.15%	05/15/37	Baa3		30		28,124
						672,187
TOTAL CORPORATE OBLIGATIONS
(cost $9,353,915)						9,043,100
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.4%
Banc of America Alternative Loan Trust Series 2007-2, Class 2A4
5.75%	06/25/37	AAA(d)		545		535,088
Banc of America Commercial Mortgage, Inc., Series 2004-1, Class XP, IO
0.64%	11/10/39	AAA(d)		4,360		80,326
Series 2004-2, Class A3
4.05%	11/10/38	Aaa		350		336,716
Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T16, Class X2, IO
0.75%	08/13/46	AAA(d)		6,471		191,806
Series 2006-BBA, Class A1(g)
5.43%(c)	03/15/19	Aaa		417		417,300
Series 2006-PW14, Class A4
5.201%	12/11/38	AAA(d)		800		761,578

SEE NOTES TO FINANCIAL STATEMENTS.

A62

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Commercial Mortgage Acceptance Corp.,
Series 1998-C2, Class X, IO
0.99%	09/15/30	AAA(d)	$	5,356	$	114,323
Fannie Mae, Series 2003-92, Class PD
4.50%	03/25/17	Aaa		1,144		1,103,997
Series 2005-63, Class HA
5.00%	04/25/23	Aaa		785		768,744
Freddie Mac, Series 2567, Class OD
5.00%	08/15/15	Aaa		316		313,239
Series 2937, Class KA
4.50%	12/15/14	Aaa		455		451,352
Greenwich Capital Commercial Funding Corp., Series 2006-Fl4A, Class A1, 144A(g)
5.41%	11/05/21	AAA(d)		165		164,967
LB-UBS Commercial Mortgage Trust, Series 2003-C5, Class A2
3.478%	07/15/27	AAA(d)		1,100		1,078,332
Series 2004-C4, Class A2
4.567%	06/15/29	Aaa		700		690,451
Series 2005-C3J, Class A3
4.647%	07/15/30	Aaa		1,000		964,101
Lehman Brothers Floating Rate Commercial Mortgage Trust, Series 2006-LLFA, Class A1, 144A(g)
5.40%(c)	09/15/21	Aaa		88		88,088
Master Alternative Loans Trust, Series 2003-8, Class 4A1
7.00%	12/25/33	AAA(d)		42		43,191
Morgan Stanley Capital, Series 2004-HQ3, Class A2
4.05%	01/13/41	Aaa		500		485,055
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $8,734,448)						8,588,654
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.7%
Federal Home Loan Mortgage Corp.
4.75%	01/19/16			1,310		1,249,488
5.00%	09/16/08			1,407		1,402,872
5.75%	01/15/12			690		703,291
Federal National Mortgage Assoc.
4.375%	07/17/13			700		662,687
5.375%	06/12/17			1,260		1,250,026
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $5,315,609)						5,268,364
ASSET-BACKED SECURITIES — 1.0%
Accredited Mortgage Loan Trust, Series 2006-1, Class A2A
5.38%(c)	04/25/36	Aaa		130		129,603
Series 2006-2, Class A1
5.36%	09/25/36	Aaa		213		213,062
Capital One Prime Auto Receivables Trust,
Series 2004-2, Class A4
5.38%(c)	04/15/10	Aaa		668		667,839
Citibank Credit Card Issuance Trust, Series 2007-A2, Class A2
5.35%(c)	05/21/12	Aaa		100		99,969
CNH Equipment Trust, Series 2004-A, Class A3A
5.39%(c)	10/15/08	Aaa		12		12,440
Countrywide Asset-Backed Certificates, Series 2006-6, Class 2A1
5.39%(c)	09/25/36	Aaa		89		88,759
Credit-Based Asset Servicing and Securitization Trust, Series 2006-CB3, Class AV1
5.38%(c)	03/25/36	Aaa		199		198,560
Indymac Residential Asset Backed Trust, Series 2006-B, Class 2A1
5.38%(c)	06/25/36	Aaa		57		57,418
Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A1
5.39%(c)	03/25/36	Aaa		88		87,677
Series 2006-6, Class 2A1
5.36%(c)	07/25/36	Aaa		132		131,606
Nomura Home Equity Loan, Inc., Series 2006-HE1, Class A1
5.40%(c)	02/25/36	Aaa		13		13,356
Series 2006-HE2, Class A1
5.38%(c)	03/25/36	Aaa		29		29,304
Residential Asset Securities Corp., Series 2004-KS2, Class MI1
4.71%	03/25/34	Aa2		83		78,521
SLM Student Loan Trust, Series 2006-7, Class A1
5.315%(c)	04/25/12	Aaa		66		65,874
TOTAL ASSET-BACKED SECURITIES
(cost $1,877,923)						1,873,988
FOREIGN GOVERNMENT BONDS — 0.5%
Bundesschatzanweisungen Notes (Germany)
(cost $931,015)
3.25%	06/13/08	Aaa	EUR	700		937,413
MUNICIPAL BOND — 0.2%
Illinois — 0.2%
Illinois State Taxable Pension Funding (cost $306,649)
5.10%	06/01/33	Aa3		300		273,009
TOTAL LONG-TERM INVESTMENTS
(cost $176,175,365)						181,345,801
SHORT-TERM INVESTMENTS — 19.9%
U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.6%
Federal National Mortgage Assoc. (cost $20,597,253)
4.80%	07/02/07			20,600		20,597,253

SEE NOTES TO FINANCIAL STATEMENTS.

A63

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Value
	Shares	(Note 2)
AFFILIATED MONEY MARKET MUTUAL FUND — 9.3%
Dryden Core Investment Fund – Taxable Money Market Series (cost $18,147,540; includes $17,993,480 of cash collateral for securities on loan)(b)(w) (Note 4)	18,147,540	$	18,147,540
TOTAL SHORT-TERM INVESTMENTS
(cost $38,744,793)			38,744,793
TOTAL INVESTMENTS(o) — 113.3%
(cost $214,920,158; Note 6)			220,090,594
Liabilities in excess of other assets(x) — (13.3)%			(25,853,995	)
NET ASSETS — 100.0%		$	194,236,599

The following abbreviations are used in portfolio descriptions:

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 Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
REIT	Real Estate Investment Trust
TBA	To Be Announced
HKD	Hong Kong Dollar
SEK	Swedish Krona
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $17,497,731; cash collateral of $17,993,480 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(o)	As of June 30, 2007, 89 securities representing $15,984,531 and 8.2% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized appreciation (depreciation) on futures contracts and forward foreign currency exchange contracts as follows:

Futures contracts open at June 30, 2007:
Number			Value at		Value at		Unrealized
of		Expiration	Trade		June 30,		Appreciation
Contracts	Type	Date	Date		2007		(Depreciation)
Long Positions:
2	S&P 500	Sept 07	$	151,613	$	151,540		$	(73	)
	2 Year U.S.
96	Treasury Notes	Sept 07		19,578,373		19,562,999			(15,374	)
	5 Year U.S.
130	Treasury Notes	Sept 07		13,592,688	$	13,530,157			(62,531	)
									(77,978	)(1)
Short Positions:
	10 Year U.S.
71	Treasury Notes	Sept 07		7,560,857		7,504,922			55,935
	20 Year U.S.
36	Treasury Notes	Sept 07		3,926,889		3,879,000			47,889
									103,824	(1)
								$	25,846
Forward foreign currency exchange contracts outstanding at June 30, 2007:
			Value at
		Notional	Settlement
Purchase		Amount	Date		Current		Unrealized
Contracts		(000)	Payable		Value		Depreciation
Hong Kong, Dollar, Expiring 07/03/07	HKD	293	$	37,487	$	37,478		$	(9	)
			Value at
		Notional	Settlement
Sale		Amount	Date		Current		Unrealized
Contracts		(000)	Receivable		Value		Depreciation
Swedish Krone Expiring 07/03/07	SEK	209,306	$	30,493	$	30,604		$	(111	)

⁽¹⁾ Cash of $2,787,250 has been segregated with the custodian to cover requirements for open futures contracts at June 30, 2007.

SEE NOTES TO FINANCIAL STATEMENTS.

A64

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

U.S. Government Agency Obligations	13.3	%
U.S. Government Agency Mortgage-Backed Securities	10.5
Affiliated Money Market Mutual Fund (9.3% represents investments purchased with collateral from securities on loan)	9.3
U.S. Treasury Obligations	8.0
Oil & Gas	5.3
Financial – Bank & Trust	4.7
Financial Services	4.7
Telecommunications	4.5
Collateralized Mortgage Obligations	4.4
Medical Supplies & Equipment	3.6
Pharmaceuticals	3.0
Retail & Merchandising	2.5
Insurance	2.4
Utilities	2.3
Food	2.2
Computer Hardware	2.0
Exchange Traded Funds	1.9
Electronic Components & Equipment	1.4
Industrial Products	1.3
Aerospace	1.2
Metals & Mining	1.1
Semiconductors	1.1
Diversified Operations	1.1
Consumer Products & Services	1.1
Construction	1.0
Asset-Backed Securities	1.0
Chemicals	0.9
Machinery & Equipment	0.9
Entertainment & Leisure	0.9
Beverages	0.8
Healthcare Services	0.7
Business Services	0.7
Medical Products	0.7
Clothing & Apparel	0.6
Internet Services	0.6
Computer Services & Software	0.6
Automotive Parts	0.6
Software	0.5
Foreign Government Bonds	0.5
Automobile Manufacturers	0.4
Transportation	0.4
Media	0.4
Building Materials	0.4
Real Estate Investment Trust	0.4
Airlines	0.4
Commercial Banks	0.4
Paper & Forest Products	0.3
Cable Television	0.3
Oil, Gas & Consumable Fuels	0.3
Containers & Packaging	0.3
Conglomerates	0.3
Biotechnology	0.2
Oil Well Services & Equipment	0.2
Capital Markets	0.2
Farming & Agriculture	0.2
Office Equipment	0.2
Printing & Publishing	0.2
Building & Construction	0.2
Broadcasting & Cable/Satellite TV	0.2
Broadcasting	0.2
Environmental Services	0.2
Communications Equipment	0.2
Commercial Services	0.2
Educational Services	0.2
Equipment Services	0.2
Municipal Bonds	0.2
Restaurants	0.1
Semi-Conductor & Semi-Conductor Instruments	0.1
Hotels & Motels	0.1
Agriculture	0.1
Railroads	0.1
Diversified Financial Services	0.1
Industrial Conglomerates	0.1
Computers – Networking	0.1
Miscellaneous Manufacturing	0.1
Consumer Staples – Home Products	0.1
Commercial Services & Supplies	0.1
Media – Cable	0.1
Automotive Parts & Equipment	0.1
Furniture	0.1
Apparel/Shoes	0.1
Insurance – Life Insurance	0.1
Building Products	0.1
Networking/Telecommunications Equipment	0.1
Gas Transmission & Distribution	0.1
Tobacco	0.1
Real Estate Investment Trust - Other REIT	0.1
	113.3
Liabilities in excess of other assets	(13.3	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A65

AST AMERICAN CENTURY STRATEGIC ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities
on loan of $17,497,731:
Unaffiliated investments (cost $196,772,618)	$	201,943,054
Affiliated investments (cost $18,147,540)		18,147,540
Cash		2,719,317
Foreign currency, at value (cost $498,329)		525,639
Receivable for investments sold		1,933,272
Dividends and interest receivable		535,114
Prepaid expenses		1,829
Receivable for fund share sold		94
Total Assets		225,805,859
LIABILITIES:
Payable to broker for collateral for securities on loan		17,993,480
Payable for investments purchased		13,320,776
Payable for fund share repurchased		99,977
Advisory fees payable		75,418
Accrued expenses and other liabilities		49,022
Due to broker-variation margin		29,354
Shareholder servicing fees payable		1,113
Unrealized depreciation on foreign currency forward contracts		120
Total Liabilities		31,569,260
NET ASSETS	$	194,236,599
Net assets were comprised of:
Paid-in capital	$	158,948,819
Retained earnings		35,287,780
Net assets, June 30, 2007	$	194,236,599
Net asset value and redemption price per share, $194,236,599/12,308,207 outstanding shares of beneficial interest	$	15.78

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated interest	$	1,957,589
Unaffiliated dividend income (net of $10,923 foreign withholding tax)		799,071
Affiliated income from securities lending, net		21,465
Affiliated dividend income		7,348
		2,785,473
EXPENSES
Advisory fees		760,741
Shareholder servicing fees and expenses		62,649
Custodian and accounting fees		44,000
Audit fee		10,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		6,000
Legal fees and expenses		4,000
Insurance expenses		3,000
Shareholders’ reports		2,000
Miscellaneous		4,585
Total expenses		905,975
NET INVESTMENT INCOME		1,879,498
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		16,066,987
Futures transactions		141,339
Foreign currency transactions		24,545
		16,232,871
Net change in unrealized appreciation (depreciation) on:
Investments		(9,070,350	)
Futures		(34,649	)
Foreign currencies		1,160
		(9,103,839	)
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		7,129,032
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,008,530

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	1,879,498			$	3,556,473
Net realized gain on investments			16,232,871				9,579,526
Net change in unrealized appreciation (depreciation) on investments			(9,103,839	)			3,616,559
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			9,008,530				16,752,558
DISTRIBUTIONS			—				(8,404,955	)
FUND SHARE TRANSACTIONS:
Fund share sold [1,750,065 and 805,471 shares, respectively]			27,108,470				11,362,282
Fund share issued in reinvestment of distributions [0 and 599,070 shares, respectively]			—				8,404,955
Fund share repurchased [1,122,857 and 4,098,961 shares, respectively]			(17,179,322	)			(58,170,809	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			9,929,148				(38,403,572	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			18,937,678				(30,055,969	)
NET ASSETS:
Beginning of period			175,298,921				205,354,890
End of period		$	194,236,599			$	175,298,921

SEE NOTES TO FINANCIAL STATEMENTS.

A66

AST BALANCED ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.5%		Value
	Shares	(Note 2)
AFFILIATED MUTUAL FUNDS
AST AllianceBernstein Growth & Income Portfolio*	18,936,438	$	470,759,861
AST Federated Aggressive Growth Portfolio*	6,541,603		84,255,842
AST High Yield Bond Portfolio*	4,524,613		38,685,437
AST International Growth Portfolio*	19,930,499		359,346,891
AST International Value Portfolio*	16,942,651		363,419,870
AST Large-Cap Value Portfolio*	22,083,372		469,050,815
AST Marsico Capital Growth Portfolio*	29,220,339		634,665,772
AST Mid-Cap Value Portfolio*	2,233,831		29,464,236
AST Money Market Portfolio	55,936,186		55,936,186
AST Neuberger Berman Mid-Cap Growth Portfolio*	1,609,764		34,432,851
AST PIMCO Total Return Bond Portfolio*	88,072,568		1,009,311,634
AST Small-Cap Value Portfolio*	3,325,533		60,823,997
AST T. Rowe Price Global Bond Portfolio*	3,916,919		45,827,946
AST T. Rowe Price Large-Cap Growth Portfolio*	36,313,053		423,773,324
AST T. Rowe Price Natural Resources Portfolio*	1,463,505		52,525,207
TOTAL LONG-TERM INVESTMENTS (cost $3,781,760,777)			4,132,279,869
SHORT-TERM INVESTMENT — 0.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $19,760,897)	19,760,897		19,760,897
TOTAL INVESTMENTS(w) — 100.0% (cost $3,801,521,674; Note 6)			4,152,040,766
Other assets in excess of liabilities			1,392,131
NET ASSETS — 100.0%		$	4,153,432,897

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager/co-manager of the underlying portfolios in which the Portfolio invests.

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:
Investment Type
Large/Mid-Cap Growth	25.5	%
Core Bonds	24.3
Large/Mid-Cap Value	22.6
International Value	8.8
International Growth	8.7
Small-Cap Growth	2.0
Small-Cap Value	1.5
Money Market	1.3
Sector	1.3
Global Bonds	1.1
High Yield	0.9
Mid-Cap Growth	0.8
Mid-Cap Value	0.7
	99.5
Short-Term Investment	0.5
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A67

AST BALANCED ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Affiliated investments (cost $3,801,521,674)	$	4,152,040,766
Cash		607,257
Receivable for fund share sold		8,512,926
Receivable for investments sold		5,000,000
Dividends receivable		98,113
Prepaid expenses		4,377
Total Assets		4,166,263,439
LIABILITIES:
Payable for investments purchased		12,623,325
Accrued expenses and other liabilities		139,441
Advisory fees payable		67,776
Total Liabilities		12,830,542
NET ASSETS	$	4,153,432,897
Net assets were comprised of:
Paid-in capital	$	3,746,728,050
Retained earnings		406,704,847
Net assets, June 30, 2007	$	4,153,432,897
Net asset value and redemption price per share, $4,153,432,897/351,731,934 outstanding shares of beneficial interest	$	11.81

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	888,018
EXPENSES
Advisory fees		2,648,337
Custodian and accounting fees		196,000
Insurance expenses		26,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Trustees’ fees		5,000
Shareholders’ reports		4,000
Legal fees and expenses		2,000
Miscellaneous		6,859
Total expenses		2,906,196
NET INVESTMENT LOSS		(2,018,178	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		28,544,167
Net change in unrealized appreciation (depreciation) on investments		165,706,035
NET GAIN ON INVESTMENTS		194,250,202
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	192,232,024

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)		$	(2,018,178	)		$	15,029,415
Net realized gain on investments			28,544,167				14,630,351
Net change in unrealized appreciation (depreciation) on investments			165,706,035				184,965,852
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			192,232,024				214,625,618
FUND SHARE TRANSACTIONS:
Fund share sold [86,964,988 and 250,703,108 shares, respectively]			1,000,544,959				2,610,984,901
Fund share repurchased [3,968,257 and 3,520,249 shares, respectively]			(44,687,573	)			(36,555,574	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			955,857,386				2,574,429,327
TOTAL INCREASE IN NET ASSETS			1,148,089,410				2,789,054,945
NET ASSETS:
Beginning of period			3,005,343,487				216,288,542
End of period		$	4,153,432,897			$	3,005,343,487

SEE NOTES TO FINANCIAL STATEMENTS.

A68

AST CAPITAL GROWTH ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.5%		Value
	Shares	(Note 2)
AFFILIATED MUTUAL FUNDS
AST AllianceBernstein Growth & Income Portfolio*	30,139,452	$	749,266,787
AST Federated Aggressive Growth Portfolio*	10,816,611		139,317,951
AST High Yield Bond Portfolio*	3,084,702		26,374,206
AST International Growth Portfolio*	31,718,047		571,876,386
AST International Value Portfolio*	26,893,431		576,864,099
AST Large-Cap Value Portfolio*	35,199,637		747,640,286
AST Marsico Capital Growth Portfolio*	46,590,676		1,011,949,492
AST Mid-Cap Value Portfolio*	3,549,324		46,815,581
AST Money Market Portfolio	21,209,071		21,209,071
AST Neuberger Berman Mid-Cap Growth Portfolio*	2,485,041		53,155,030
AST PIMCO Total Return Bond Portfolio*	55,355,778		634,377,221
AST Small-Cap Value Portfolio*	5,220,472		95,482,424
AST T. Rowe Price Global Bond Portfolio*	2,408,388		28,178,142
AST T. Rowe Price Large-Cap Growth Portfolio*	58,154,755		678,665,989
AST T. Rowe Price Natural Resources Portfolio*	2,302,907		82,651,346
TOTAL LONG-TERM INVESTMENTS
(cost $4,937,303,235)			5,463,824,011
SHORT-TERM INVESTMENT — 0.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $27,680,717)	27,680,717		27,680,717
TOTAL INVESTMENTS (w) — 100.0%
(cost $4,964,983,952; Note 6)			5,491,504,728
Other assets in excess of liabilities			1,764,191
NET ASSETS — 100.0%		$	5,493,268,919

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager/co-manager of the underlying portfolios in which the Portfolio invests.

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:
Investment Type
Large/Mid-Cap Growth	31.8	%
Large/Mid-Cap Value	28.1
Core Bonds	11.6
International Value	10.5
International Growth	10.4
Small-Cap Growth	2.5
Small-Cap Value	1.7
Sector	1.5
Global Bonds	0.5
High Yield	0.5
Money Market	0.4
	99.5
Short-Term Investment	0.5
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A69

AST CAPITAL GROWTH ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Affiliated investments (cost $4,964,983,952)	$	5,491,504,728
Cash		1,023,036
Receivable for investments sold		10,000,000
Receivable for fund share sold		7,423,499
Dividends and interest receivable		126,403
Prepaid expenses		5,124
Total Assets		5,510,082,790
LIABILITIES:
Payable for investments purchased		16,647,744
Advisory fees payable		89,624
Accrued expenses and other liabilities		76,503
Total Liabilities		16,813,871
NET ASSETS	$	5,493,268,919
Net assets were comprised of:
Paid-in capital	$	4,901,392,110
Retained earnings		591,876,809
Net assets, June 30, 2007	$	5,493,268,919
Net asset value and redemption price per share, $5,493,268,919/453,037,368 outstanding shares of beneficial interest	$	12.13

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	754,549
EXPENSES
Advisory fees		3,436,078
Custodian and accounting fees		200,000
Insurance expenses		30,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Trustees’ fees		5,000
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Miscellaneous		7,970
Total expenses		3,703,048
NET INVESTMENT LOSS		(2,948,499	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		37,158,964
Net change in unrealized appreciation (depreciation) on investments		265,769,187
NET GAIN ON INVESTMENTS		302,928,151
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	299,979,652

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended			Year Ended
	June 30, 2007			December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(2,948,499	)		$	12,157,114
Net realized gain on investments		37,158,964				18,988,454
Net change in unrealized appreciation (depreciation) on investments		265,769,187				261,084,727
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		299,979,652				292,230,295
FUND SHARE TRANSACTIONS:
Fund share sold [122,074,583 and 317,209,221 shares, respectively]		1,433,528,545				3,334,589,645
Fund share repurchased [4,020,788 and 6,755,346 shares, respectively]		(45,879,040	)			(67,066,069	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS		1,387,649,505				3,267,523,576
TOTAL INCREASE IN NET ASSETS		1,687,629,157				3,559,753,871
NET ASSETS:
Beginning of period		3,805,639,762				245,885,891
End of period	$	5,493,268,919			$	3,805,639,762

SEE NOTES TO FINANCIAL STATEMENTS.

A70

AST COHEN & STEERS REALTY PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.8%			Value
COMMON STOCKS	Shares		(Note 2)
Apartment — 21.6%
Apartment Investment & Management Co., REIT (Class A Stock)	200,400	$	10,104,168
Archstone-Smith Trust, REIT	84,300		4,982,973
Avalonbay Communities, Inc., REIT	156,635		18,620,769
BRE Properties, Inc., REIT	236,000		13,992,440
Camden Property Trust, REIT	88,400		5,920,148
Equity Residential Properties Trust, REIT	528,000		24,092,640
Essex Property Trust, Inc., REIT	43,986		5,115,572
Home Properties, Inc., REIT	23,000		1,194,390
Post Properties, Inc., REIT	8,420		438,934
United Dominion Realty Trust, Inc., REIT	286,003		7,521,879
			91,983,913
Diversified Operations — 5.4%
Vornado Realty Trust, REIT	209,963		23,062,336
Healthcare Services — 0.6%
Ventas, Inc., REIT	66,100		2,396,125
Hotels & Motels — 10.1%
Hilton Hotels Corp.	308,700		10,332,189
Host Hotels & Resort Inc., REIT	717,997		16,600,090
Starwood Hotels & Resorts Worldwide, Inc.	141,000		9,456,870
Strategic Hotel Capital, Inc., REIT	227,900		5,125,471
Sunstone Hotel Investors, Inc.	60,120		1,706,807
			43,221,427
Industrial — 7.1%
AMB Property Corp., REIT	80,600		4,289,532
EastGroup Properties, Inc., REIT	59,428		2,604,135
ProLogis, REIT	411,564		23,417,992
			30,311,659
Manufactured Home — 0.9%
Equity Lifestyle Properties, Inc., REIT	43,800		2,285,922
Sun Communities, Inc., REIT	45,300		1,348,581
			3,634,503
Office — 20.4%
Alexandria Real Estate Equities, Inc., REIT	74,252		7,189,079
Biomed Realty Trust, Inc., REIT	259,900		6,528,688
Boston Properties, Inc., REIT	247,600		25,287,388
Brookfield Properties Corp. (Canada)	556,725		13,582,993
Douglas Emmett, Inc., REIT	107,400		2,657,076
Kilroy Realty Corp., REIT	101,060		7,159,090
Mack-Cali Realty Corp., REIT	103,012		4,479,992
Maguire Properties, Inc., REIT	140,400		4,819,932
SL Green Realty Corp., REIT	122,978		15,235,744
			86,939,982
Office/Industrial — 2.7%
Liberty Property Trust, REIT	216,100		9,493,273
PS Business Parks, Inc., REIT	32,564		2,063,581
			11,556,854
Regional Mall — 13.7%
General Growth Properties, Inc., REIT	198,600		10,515,870
Macerich Co. (The), REIT	179,757		14,815,572
Simon Property Group, Inc., REIT	314,399		29,251,683
Taubman Centers, Inc., REIT	73,699		3,656,207
			58,239,332
Self Storage — 7.1%
Extra Space Storage, Inc., REIT	130,700		2,156,550
Public Storage, Inc., REIT	353,266		27,137,894
U-Store-It Trust, REIT	48,700		798,193
			30,092,637
Shopping Centers — 9.2%
Developers Diversified Realty Corp., REIT	157,400		8,296,554
Equity One, Inc., REIT	129,752		3,315,163
Federal Realty Investment Trust, REIT	158,108		12,215,424
Inland Real Estate Corp., REIT	60,200		1,022,196
Kimco Realty Corp., REIT	44,800		1,705,536
Regency Centers Corp., REIT	100,322		7,072,701
Weingarten Realty Investors, REIT	137,388		5,646,647
			39,274,221
TOTAL LONG-TERM INVESTMENTS
(cost $387,126,220)			420,712,989
SHORT-TERM INVESTMENT — 0.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $528,687)(w) (Note 4)	528,687		528,687
TOTAL INVESTMENTS — 98.9%
(cost $387,654,907; Note 6)			421,241,676
Other assets in excess of liabilities — 1.1%			4,880,901
NET ASSETS — 100.0%		$	426,122,577

The following abbreviation is used in portfolio descriptions:
REIT	Real Estate Investment Trust
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A71

AST COHEN & STEERS REALTY PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:
Apartment	21.6	%
Office	20.4
Regional Mall	13.7
Hotels & Motels	10.1
Shopping Centers	9.2
Industrial	7.1
Self Storage	7.1
Diversified Operations	5.4
Office/industrial	2.7
Manufactured Home	0.9
Healthcare Services	0.6
Affiliated Money Market Mutual Fund	0.1
	98.9
Other assets in excess of liabilities	1.1
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A72

AST COHEN & STEERS REALTY PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Unaffiliated investments (cost $387,126,220)	$	420,712,989
Affiliated investments (cost $528,687)		528,687
Cash		4,053,063
Dividends and interest receivable		1,694,297
Receivable for investments sold		867,763
Prepaid expenses		57,130
Receivable for fund share sold		16,885
Total Assets		427,930,814
LIABILITIES:
Payable for fund share repurchased		836,961
Payable for investments purchased		823,060
Advisory fees payable		142,461
Accrued expenses and other liabilities		3,154
Shareholder servicing fees payable		2,601
Total Liabilities		1,808,237
NET ASSETS	$	426,122,577
Net assets were comprised of:
Paid-in capital	$	212,350,574
Retained earnings		213,772,003
Net assets, June 30, 2007	$	426,122,577
Net asset value and redemption price per share, $426,122,577/21,999,853 outstanding shares of beneficial interest	$	19.37

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $13,203 of foreign withholding tax)	$	7,740,543
Affiliated dividend income		197,399
Unaffiliated interest		48
		7,937,990
EXPENSES
Advisory fees		2,708,012
Shareholder servicing fees and expenses		189,561
Custodian and accounting fees		48,000
Loan interest expense (Note 7)		33,132
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		7,000
Insurance expenses		6,000
Legal fees and expenses		5,000
Shareholders’ reports		2,000
Miscellaneous		6,600
Total expenses		3,023,305
NET INVESTMENT INCOME		4,914,685
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		93,737,363
Foreign currency transactions		(110	)
		93,737,253
Net change in unrealized appreciation (depreciation) on:
Investments		(132,827,896	)
Foreign currencies		767
		(132,827,129	)
NET LOSS ON INVESTMENTS		(39,089,876	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,175,191	)

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	4,914,685			$	12,919,112
Net realized gain on investments and foreign currencies			93,737,253				62,507,191
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(132,827,129	)			71,080,274
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(34,175,191	)			146,506,577
DISTRIBUTIONS			—				(68,539,844)
FUND SHARE TRANSACTIONS:
Fund share sold [1,601,484 and 5,594,742 shares, respectively]			35,900,277				104,342,667
Fund share issued in reinvestment of distributions [0 and 3,839,768 shares, respectively]			—				68,539,844
Fund share repurchased [6,583,910 and 5,530,462 shares, respectively]			(138,581,457	)			(98,121,417	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(102,681,180	)			74,761,094
TOTAL INCREASE (DECREASE) IN NET ASSETS			(136,856,371	)			152,727,827
NET ASSETS:
Beginning of period			562,978,948				410,251,121
End of period		$	426,122,577			$	562,978,948

SEE NOTES TO FINANCIAL STATEMENTS.

A73

AST CONSERVATIVE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.5%		Value
	Shares	(Note 2)
AFFILIATED MUTUAL FUNDS
AST AllianceBernstein Growth & Income Portfolio*	4,588,735	$	114,075,952
AST Federated Aggressive Growth Portfolio*	1,831,524		23,590,034
AST High Yield Bond Portfolio*	1,548,574		13,240,307
AST International Growth Portfolio*	4,839,021		87,247,551
AST International Value Portfolio*	4,109,978		88,159,023
AST Large-Cap Value Portfolio*	5,354,196		113,723,127
AST Marsico Capital Growth Portfolio*	7,090,736		154,010,792
AST Mid-Cap Value Portfolio*	532,534		7,024,120
AST Money Market Portfolio	25,634,186		25,634,186
AST Neuberger Berman Mid-Cap Growth Portfolio*	390,771		8,358,600
AST PIMCO Total Return Bond Portfolio*	33,696,043		386,156,656
AST Small-Cap Value Portfolio*	686,778		12,561,178
AST T. Rowe Price Global Bond Portfolio*	1,481,627		17,335,035
AST T. Rowe Price Large-Cap Growth Portfolio*	8,787,588		102,551,153
AST T. Rowe Price Natural Resources Portfolio*	326,920		11,733,155
TOTAL LONG-TERM INVESTMENTS
(cost $1,083,161,834)			1,165,400,869
SHORT-TERM INVESTMENT — 0.4%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $4,769,774)	4,769,774		4,769,774
TOTAL INVESTMENTS(w) — 99.9%
(cost $1,087,931,608; Note 6)			1,170,170,643
Other assets in excess of liabilities — 0.1%			830,770
NET ASSETS — 100.0%		$	1,171,001,413

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager/co-manager of the underlying portfolios in which the Portfolio invests.

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:
Investment Type
Core Bonds	33.0	%
Large/Mid-Cap Growth	22.0
Large/Mid-Cap Value	19.4
International Value	7.5
International Growth	7.4
Money Market	2.2
Small-Cap Growth	2.0
Global Bonds	1.5
High Yield	1.1
Small-Cap Value	1.1
Sector	1.0
Mid-Cap Growth	0.7
Mid-Cap Value	0.6
	99.5
Short-Term Investment	0.4
Other assets in excess of liabilities	0.1
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A74

AST CONSERVATIVE ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Affiliated investments (cost $1,087,931,608)	$	1,170,170,643
Cash		812,046
Receivable for fund share sold		804,696
Dividends receivable		30,113
Prepaid expenses		1,062
Total Assets		1,171,818,560
LIABILITIES:
Payable for investments purchased		720,605
Accrued expenses and other liabilities		67,673
Advisory fees payable		28,869
Total Liabilities		817,147
NET ASSETS	$	1,171,001,413
Net assets were comprised of:
Paid-in capital	$	1,073,845,492
Retained earnings		97,155,921
Net assets, June 30, 2007	$	1,171,001,413
Net asset value and redemption price per share, $1,171,001,413/100,792,130 outstanding shares of beneficial interest	$	11.62

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	315,219
EXPENSES
Advisory fees		724,759
Custodian and accounting fees		73,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Insurance expenses		6,000
Trustees’ fees		5,000
Legal fees and expenses		3,000
Shareholders’ reports		2,000
Miscellaneous		3,430
Total expenses		835,189
NET INVESTMENT LOSS		(519,970	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions		7,979,030
Net change in unrealized appreciation (depreciation) on investments		38,350,241
NET GAIN ON INVESTMENTS		46,329,271
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,809,301

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)		$	(519,970	)		$	3,979,178
Net realized gain on investments			7,979,030				3,478,648
Net change in unrealized appreciation (depreciation) on investments			38,350,241				43,888,608
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			45,809,301				51,346,434
FUND SHARE TRANSACTIONS:
Fund share sold [33,441,351 and 70,355,577 shares, respectively]			379,819,080				731,004,680
Fund share repurchased [3,502,594 and 4,649,663 shares, respectively]			(39,865,678	)			(48,814,251	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			339,953,402				682,190,429
TOTAL INCREASE IN NET ASSETS			385,762,703				733,536,863
NET ASSETS:
Beginning of period			785,238,710				51,701,847
End of period		$	1,171,001,413			$	785,238,710

SEE NOTES TO FINANCIAL STATEMENTS.

A75

AST DeAM LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 96.1%			Value
COMMON STOCKS	Shares		(Note 2)
Aerospace — 1.5%
General Dynamics Corp.	17,600	$	1,376,672
Raytheon Co.	86,800		4,677,652
			6,054,324
Airlines — 0.7%
AMR Corp.*(a)	98,300		2,590,205
Automotive Parts — 0.3%
TRW Automotive Holdings Corp.*	33,200		1,222,756
Beverages — 0.8%
Coca-Cola Enterprises, Inc.	126,300		3,031,200
Broadcasting & Cable — 2.5%
Citadel Broadcasting Corp.(a)	19		123
Comcast Corp. (Class A Stock)*	204,400		5,747,728
Liberty Global, Inc. (Class A Stock)*(a)	98,400		4,038,336
			9,786,187
Chemicals — 1.4%
Cabot Corp.	4,900		233,632
Chemtura Corp.	87,300		969,903
FMC Corp.	11,800		1,054,802
Lyondell Chemical Co.	94,000		3,489,280
			5,747,617
Computer Hardware — 1.9%
International Business Machines Corp.(a)	62,400		6,567,600
Lexmark International, Inc. (Class A Stock)*(a)	8,500		419,135
Western Digital Corp.*	20,700		400,545
			7,387,280
Computer Services & Software — 0.5%
NCR Corp.*	37,300		1,959,742
Conglomerates — 1.1%
Altria Group, Inc.	10,800		757,512
Honeywell International, Inc.	64,100		3,607,548
			4,365,060
Construction — 1.0%
Centex Corp.	99,800		4,001,980
Consumer Products & Services — 2.5%
Colgate-Palmolive Co.	66,600		4,319,010
Hasbro, Inc.(a)	17,500		549,675
Loews Corp. – Carolina Group	33,500		2,588,545
Newell Rubbermaid, Inc.	36,100		1,062,423
UST, Inc.(a)	26,800		1,439,428
			9,959,081
Containers & Packaging — 1.5%
Sonoco Products Co.	136,600		5,847,846
Electronic Components & Equipment — 3.6%
Convergys Corp.*	5,900		143,016
Duke Energy Corp.	208,700		3,819,210
General Electric Co.	268,800		10,289,664
			14,251,890
Entertainment & Leisure — 1.4%
Walt Disney Co. (The)	169,000		5,769,660
Equipment Services — 0.6%
United Rentals, Inc.*(a)	72,900		2,372,166
Financial – Bank & Trust — 9.6%
Bank of America Corp.	272,700		13,332,303
National City Corp.(a)	52,800		1,759,296
SunTrust Banks, Inc.	22,400		1,920,576
U.S. Bancorp	124,600		4,105,570
Wachovia Corp.	102,800		5,268,500
Wells Fargo & Co.	340,400		11,971,868
			38,358,113
Financial Services — 11.4%
Citigroup, Inc.	127,975		6,563,837
Goldman Sachs Group, Inc. (The)	34,300		7,434,525
JPMorgan Chase & Co.	300,284		14,548,760
Lehman Brothers Holdings, Inc.	32,800		2,444,256
Merrill Lynch & Co., Inc.	38,000		3,176,040
Morgan Stanley	113,200		9,495,216
PNC Financial Services Group, Inc.	24,300		1,739,394
			45,402,028
Food — 2.4%
Dean Foods Co.	39,400		1,255,678
General Mills, Inc.	71,100		4,153,662
Safeway, Inc.	119,000		4,049,570
Smucker, (J.M.) Co. (The)	3,100		197,346
			9,656,256
Healthcare Services — 1.9%
Coventry Health Care, Inc.*	31,000		1,787,150
WellPoint, Inc.*	74,800		5,971,284
			7,758,434
Household Products — 0.1%
Kimberly-Clark Corp.	8,100		541,809
Industrial Conglomerates
Teleflex, Inc.	1,900		155,382
Insurance — 7.0%
ACE Ltd.	107,800		6,739,656
American International Group, Inc.	21,400		1,498,642
Assurant, Inc.	1,100		64,812
Berkley, (W.R.) Corp.	166,687		5,423,995
First American Corp.	16,500		816,750
Genworth Financial, Inc. (Class A Stock)	116,700		4,014,480

SEE NOTES TO FINANCIAL STATEMENTS.

A76

AST DeAM LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Insurance (cont’d.)
Hartford Financial Services Group, Inc.	12,300	$	1,211,673
HCC Insurance Holdings, Inc.	91,200		3,046,992
Lincoln National Corp.	5,300		376,035
MetLife, Inc.	39,700		2,559,856
Principal Financial Group, Inc.	1,500		87,435
Travelers Cos., Inc. (The)	38,100		2,038,350
			27,878,676
Machinery & Equipment — 2.5%
AGCO Corp.*(a)	85,300		3,702,873
Eaton Corp.	32,500		3,022,500
Snap-on, Inc.	65,800		3,323,558
			10,048,931
Managed Healthcare — 0.4%
Aetna, Inc.	34,300		1,694,420
Medical Supplies & Equipment — 0.2%
Abbott Laboratories	14,500		776,475
Metals & Mining — 2.1%
Freeport-McMoRan Copper & Gold, Inc. (Class B Stock)	21,200		1,755,784
Nucor Corp.	65,500		3,841,575
United States Steel Corp.	25,000		2,718,750
			8,316,109
Oil & Gas — 14.0%
Chesapeake Energy Corp.	107,200		3,709,120
ChevronTexaco Corp.	155,100		13,065,624
ConocoPhillips	26,700		2,095,950
Devon Energy Corp.(a)	67,000		5,245,430
Exxon Mobil Corp.	239,600		20,097,648
Marathon Oil Corp.	93,400		5,600,264
Noble Energy, Inc.	37,800		2,358,342
Tidewater, Inc.(a)	54,700		3,877,136
Unit Corp.*	1,300		81,783
			56,131,297
Pharmaceuticals — 4.4%
Eli Lilly & Co.	126,400		7,063,232
Merck & Co., Inc.	11,100		552,780
Pfizer, Inc.	384,100		9,821,437
			17,437,449
Real Estate Investment Trust — 2.4%
Apartment Investment & Management Co. (Class A Stock)(a)	11,600		584,872
Avalonbay Communities, Inc.(a)	8,300		986,704
Equity Residential Properties Trust	24,900		1,136,187
Health Care Property Investors, Inc.(a)	18,600		538,098
Hospitality Properties Trust(a)	20,600		854,694
Host Hotels & Resorts, Inc.	35,500		820,760
Kimco Realty Corp.	13,700		521,559
ProLogis	11,700		665,730
Public Storage, Inc.	9,200		706,744
Simon Property Group, Inc.	11,600		1,079,264
Thornburg Mortgage, Inc.(a)	13,200		345,576
Vornado Realty Trust(a)	13,500		1,482,840
			9,723,028
Restaurants — 1.8%
McDonald’s Corp.	141,100		7,162,236
Retail & Merchandising — 2.2%
Dollar Tree Stores, Inc.*	91,500		3,984,825
Macy’s, Inc.	124,600		4,956,588
			8,941,413
Semiconductors — 0.5%
Teradyne, Inc.*	111,600		1,961,928
Telecommunications — 6.3%
AT&T, Inc.	180,900		7,507,350
Citizens Communications Co.	174,100		2,658,507
Embarq Corp.	70,800		4,486,596
Verizon Communications, Inc.	256,500		10,560,105
			25,212,558
Transportation — 1.3%
Ryder System, Inc.	95,900		5,159,420
Utilities — 4.3%
Consolidated Edison, Inc.(a)	15,400		694,848
Entergy Corp.	37,300		4,004,155
FirstEnergy Corp.(a)	76,400		4,945,372
Sempra Energy	99,600		5,899,308
Southern Co. (The)(a)	46,600		1,597,914
			17,141,597
TOTAL COMMON STOCKS
(cost $362,679,328)			383,804,553

			Principal
Interest	Maturity	Moody’s	Amount
Rate	Date	Ratings	(000)#
CORPORATE BOND
Retail
Ames Department Stores, Inc., Sr. Notes(g)(i) (cost $12,750) 10.00%	04/15/17	NR	$	40	4
TOTAL LONG-TERM INVESTMENTS
(cost $362,692,078)					383,804,557
SHORT-TERM INVESTMENTS — 15.0%
U.S. TREASURY OBLIGATION — 0.5%
U.S. Treasury Bills(k) (cost $2,154,773) 4.84%	07/19/07			2,160	2,155,300

SEE NOTES TO FINANCIAL STATEMENTS.

A77

AST DeAM LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

SHORT-TERM INVESTMENTS		Value
(Continued)	Shares	(Note 2)
AFFILIATED MONEY MARKET MUTUAL FUND — 14.5%
Dryden Core Investment Fund – Taxable Money Market Series (cost $57,771,975; includes $42,497,290 of cash collateral for securities on loan)(b)(w) (Note 4)	57,771,975	$	57,771,975
TOTAL SHORT-TERM INVESTMENTS
(cost $59,926,747)			59,927,275
TOTAL INVESTMENTS — 111.1%
(cost $422,618,825; Note 6)			443,731,832
Liabilities in excess of other assets(x) — (11.1)%			(44,154,818	)
NET ASSETS — 100.0%		$	399,577,014

The following abbreviation is used in portfolio descriptions:
NR	Not Rated by Moody’s or Standard & Poor’s
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $41,145,057; cash collateral of $42,497,290 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(g)	Indicates a security that has been deemed illiquid.
(i)	Represents issuer in default on interest payments. Non-income producing security.
(k)	Securities segregated as collateral for futures contracts.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized depreciation on futures contracts as follows:

Futures contracts open at June 30, 2007:
Number			Value at	Value at
of		Expiration	Trade	June 30,	Unrealized
Contracts	Type	Date	Date	2007	(Depreciation)
Long Position:
44	S&P 500	Sep 07	$16,752,703	$16,669,400	$(83,303)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (10.6% represents investments purchased with collateral from securities on loan)	14.5	%
Oil & Gas	14.0
Financial Services	11.4
Financial – Bank & Trust	9.6
Insurance	7.0
Telecommunications	6.3
Electronic Components & Equipment	3.6
Pharmaceuticals	4.4
Utilities	4.3
Machinery & Equipment	2.5
Consumer Products & Services	2.5
Broadcasting & Cable	2.5
Real Estate Investment Trust	2.4
Food	2.4
Retail & Merchandising	2.2
Metals & Mining	2.1
Computer Hardware	1.9
Healthcare Services	1.9
Restaurants	1.8
Aerospace	1.5
Containers & Packaging	1.5
Entertainment & Leisure	1.4
Chemicals	1.4
Transportation	1.3
Conglomerates	1.1
Construction	1.0
Beverages	0.8
Airlines	0.7
Equipment Services	0.6
U.S. Treasury Obligation	0.5
Semiconductors	0.5
Computers Services & Software	0.5
Managed Healthcare	0.4
Automotive Parts	0.3
Medical Supplies & Equipment	0.2
Household Products	0.1
	111.1
Liabilities in excess of other assets	(11.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A78

AST DeAM LARGE-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $41,145,057:
Unaffiliated investments (cost $364,846,850)	$	385,959,857
Affiliated investments (cost $57,771,975)		57,771,975
Cash		349,149
Dividends and interest receivable		469,270
Prepaid expenses		1,762
Receivable for fund share sold		351
Total Assets		444,552,364
LIABILITIES:
Payable to broker for collateral for securities on loan		42,497,290
Payable for fund share repurchased		2,348,777
Advisory fees payable		95,903
Due to broker-variation margin		19,200
Accrued expenses and other liabilities		11,866
Shareholder servicing fees payable		2,314
Total Liabilities		44,975,350
NET ASSETS	$	399,577,014
Net assets were comprised of:
Paid-in capital	$	317,932,915
Retained earnings		81,644,099
Net assets, June 30, 2007	$	399,577,014
Net asset value and redemption price per share, $399,577,014/27,626,010 outstanding shares of beneficial interest	$	14.46

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income	$	4,211,999
Affiliated dividend income		438,161
Unaffiliated interest		53,429
Affiliated income from securities lending, net		41,684
		4,745,273
EXPENSES
Advisory fees		1,628,884
Shareholder servicing fees and expenses		134,143
Custodian and accounting fees		34,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		5,000
Legal fees and expenses		5,000
Insurance expenses		3,000
Shareholders’ reports		2,000
Miscellaneous		4,878
Total expenses		1,834,905
NET INVESTMENT INCOME		2,910,368
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment transactions		31,327,653
Futures transactions		355,504
		31,683,157
Net change in unrealized appreciation (depreciation) on:
Investments		(11,008,599	)
Futures		(92,590	)
		(11,101,189	)
NET GAIN ON INVESTMENTS		20,581,968
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,492,336

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	2,910,368			$	3,558,321
Net realized gain on investments			31,683,157				22,651,539
Net change in unrealized appreciation (depreciation) on investments			(11,101,189	)			20,539,254
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			23,492,336				46,749,114
DISTRIBUTIONS			—				(21,629,606)
FUND SHARE TRANSACTIONS:
Fund share sold [5,350,729 and 12,622,929 shares, respectively]			75,001,348				160,389,105
Fund share issued in reinvestment of distributions [0 and 1,800,966 shares, respectively]			—				21,629,606
Fund share repurchased [3,493,333 and 2,579,946 shares, respectively]			(48,379,615	)			(31,784,247	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			26,621,733				150,234,464
TOTAL INCREASE IN NET ASSETS			50,114,069				175,353,972
NET ASSETS:
Beginning of period			349,462,945				174,108,973
End of period		$	399,577,014			$	349,462,945

SEE NOTES TO FINANCIAL STATEMENTS.

A79

AST DeAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 92.9%		Value
COMMON STOCKS	Shares	(Note 2)
Aerospace — 0.2%
Orbital Sciences Corp.*	10,600	$	222,706
Airlines — 1.6%
Alaska Air Group, Inc.*(a)	45,100		1,256,486
ExpressJet Holdings, Inc.*	59,600		356,408
SkyWest, Inc.	8,300		197,789
			1,810,683
Automotive Parts & Equipment — 1.5%
Aftermarket Technology Corp.*	8,000		237,440
Cooper Tire & Rubber Co.	53,400		1,474,908
			1,712,348
Biotechnology — 0.4%
Cambrex Corp.	30,700		407,389
Broadcasting — 0.8%
Citadel Broadcasting Corp.(a)	54,400		350,880
Gray Television, Inc.	12,300		114,021
Westwood One, Inc.(a)	60,800		437,152
			902,053
Business Services — 0.7%
CSG Systems International, Inc.*	27,700		734,327
UniFirst Corp.	1,600		70,480
			804,807
Chemicals — 1.7%
CF Industries Holdings, Inc.	29,900		1,790,711
Rockwood Holdings, Inc.*	2,800		102,340
Spartech Corp. (a)	3,500		92,925
			1,985,976
Clothing & Apparel — 2.7%
Brown Shoe Co., Inc.	43,525		1,058,528
Kellwood Co.(a)	10,400		292,448
Timberland Co. (Class A Stock)*	10,000		251,900
Warnaco Group, Inc. (The)*	2,000		78,680
Wolverine World Wide, Inc.	51,200		1,418,752
			3,100,308
Commercial Banks — 1.1%
Chittenden Corp.(a)	11,400		398,430
First Charter Corp.	3,000		58,410
Hancock Holding Co.	22,000		826,100
W Holding Co., Inc.(a)	13,500		35,640
			1,318,580
Commercial Services — 1.0%
Healthspring, Inc.*	7,200		137,232
SAIC, Inc.*	15,100		272,857
Watson Wyatt Worldwide, Inc. (Class A Stock)	14,400		726,912
			1,137,001
Computer Hardware — 0.3%
Komag, Inc.*(a)	9,800		312,522
Computer Services & Software — 1.9%
Agilysys, Inc.	35,200		792,000
Caci International, Inc. (Class A Stock)*(a)	10,400		508,040
Sybase, Inc.*(a)	36,800		879,152
			2,179,192
Computer Software — 0.2%
Manhattan Associates, Inc.*	9,700		270,727
Construction — 1.4%
Dycom Industries, Inc.*	19,500		584,610
Monaco Coach Corp.	9,500		136,325
Perini Corp.*	15,400		947,562
			1,668,497
Consumer Cyclicals – Retail Apparel — 0.1%
K-Swiss, Inc. (Class A Stock)	4,300		121,819
Consumer Products & Services — 3.2%
American Woodmark Corp.	7,400		256,040
Blyth, Inc.	11,900		316,302
Buckeye Technologies, Inc.*	48,700		753,389
Dollar Thrifty Automotive Group, Inc.*	37,900		1,547,836
Elizabeth Arden, Inc.*	25,500		618,630
Tupperware Brands Corp.	8,400		241,416
			3,733,613
Containers & Packaging — 1.4%
Silgan Holdings, Inc.	28,200		1,558,896
Diversified Manufacturing
Koppers Holdings, Inc.	1,500		50,520
Electric – Integrated — 0.3%
Avista Corp.	14,600		314,630
Electric Utilities — 0.4%
Portland General Electric Co.	18,700		513,128
Electronic Components & Equipment — 2.2%
GrafTech International Ltd.*	63,100		1,062,604
Lamson & Sessions Co.*	2,100		55,797
Littelfuse, Inc.*	18,600		628,122
Mentor Graphics Corp.*(a)	37,000		487,290
Technitrol, Inc.	9,600		275,232
			2,509,045
Electronics — 0.2%
KEMET Corp.*	22,300		157,215
Rofin-Sinar Technologies, Inc.*	1,700		117,300
			274,515
Environmental Services — 0.2%
Accuride Corp.*	15,700		241,937
Financial – Bank & Trust — 11.5%
Alabama National Bancorporation	5,400		333,936
Asta Funding, Inc.	5,000		192,150
BankAtlantic Bancorp, Inc. (Class A Stock)	17,600		151,536

SEE NOTES TO FINANCIAL STATEMENTS.

A80

AST DeAM SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Financial – Bank & Trust (cont’d.)
BankUnited Financial Corp., (Class A Stock)	77,500	$	1,555,425
Banner Corp.	3,700		126,022
Berkshire Hills Bancorp, Inc.	2,000		63,020
Citizens Banking Corp.(a)	49,700		909,510
Columbia Banking System, Inc.	4,900		143,325
Corus Bankshares, Inc.(a)	93,500		1,613,810
First Midwest Bancorp, Inc. (IL)	10,000		355,100
FirstFed Financial Corp.*(a)	13,900		788,547
FirstMerit Corp.	30,400		636,272
Glacier Bancorp, Inc.	5,100		103,785
IBERIABANK Corp.	2,100		103,845
International Bancshares Corp.	4,700		120,414
MB Financial, Inc.(a)	8,800		305,712
Pacific Capital Bancorp	34,900		941,602
PFF Bancorp, Inc.	15,450		431,518
Prosperity Bancshares, Inc.	1,400		45,864
Provident Bankshares Corp.(a)	14,300		468,754
Sandy Spring Bancorp, Inc.	4,800		150,912
Southwest Bancorp, Inc.	3,600		86,544
Sterling Financial Corp. (PA)(a)	9,000		94,680
Sterling Financial Corp. (WA)	42,956		1,243,147
Susquehanna Bancshares, Inc.(a)	39,700		888,089
SVB Financial Group*	3,900		207,129
Trustmark Corp.	2,200		56,892
UMB Financial Corp.	14,300		527,241
United Bancshares, Inc.	12,500		397,500
WSFS Financial Corp.(a)	2,400		157,032
			13,199,313
Financial Services — 3.0%
Apollo Investment Corp.(a)	45,495		979,051
BancFirst Corp.	2,600		111,332
Deluxe Corp.	37,800		1,535,058
Franklin Bank Corp.*	12,100		180,290
ITLA Capital Corp.	1,700		88,604
Max Capital Group Ltd. (Bermuda)	9,200		260,360
MCG Capital Corp.	17,000		272,340
			3,427,035
Food — 3.1%
Flowers Foods, Inc.	33,700		1,124,232
Imperial Sugar Co.(a)	26,000		800,540
Ralcorp Holdings, Inc.*	1,400		74,830
Seaboard Corp.	300		703,500
Spartan Stores, Inc.	25,500		839,205
			3,542,307
Healthcare Services — 3.9%
Amedisys, Inc.*	9,500		345,135
Apria Healthcare Group, Inc.*	55,300		1,590,981
Centene Corp.*	34,000		728,280
Magellan Health Services, Inc.*	39,200		1,821,624
			4,486,020
Industrial Products — 1.4%
Quanex Corp.(a)	18,575		904,603
Tredegar Corp.	34,600		736,980
			1,641,583
Insurance — 6.1%
American Physicians Capital, Inc.*	2,700		109,350
Aspen Insurance Holdings Ltd. (Bermuda)	13,500		378,945
Assured Guaranty Ltd. (Bermuda)	9,500		280,820
Commerce Group, Inc.	22,400		777,728
Horace Mann Educators Corp.	4,300		91,332
IPC Holdings Ltd. (Bermuda)	25,200		813,708
Montpelier Re Holdings Ltd. (Bermuda)	18,000		333,720
Navigators Group, Inc.*	8,500		458,150
Odyssey Re Holdings Corp.	33,000		1,415,370
Phoenix Cos., Inc. (The)	15,000		225,150
Platinum Underwriters Holdings, Ltd. (Bermuda)	15,600		542,100
Safety Insurance Group, Inc.	14,400		596,160
SeaBright Insurance Holdings, Inc.*	24,100		421,268
Selective Insurance Group, Inc.	14,700		395,136
Stewart Information Services Corp.(a)	5,500		219,065
			7,058,002
Internet Services — 1.2%
EarthLink, Inc.*(a)	49,500		369,765
Harris Interactive, Inc.*	20,800		111,280
InfoSpace, Inc.	13,300		308,693
Real Networks, Inc.*	22,400		183,008
S1 Corp.*	6,700		53,533
United Online, Inc.(a)	20,600		339,694
			1,365,973
Machinery & Equipment — 0.2%
Cascade Corp.	2,500		196,100
Columbus McKinnon Corp.*	2,100		67,620
			263,720
Mining — 2.2%
Century Aluminum Co.*(a)	20,500		1,119,915
USEC, Inc.*	63,700		1,400,126
			2,520,041
Miscellaneous Manufacturing — 1.2%
Freightcar America, Inc.(a)	29,400		1,406,496
Office Equipment — 0.4%
Biomed Realty Trust, Inc.	18,400		462,208
Oil & Gas — 5.5%
Comstock Resources, Inc.*	38,500		1,153,845
Grey Wolf, Inc.*	80,100		660,024
Northwest Natural Gas Co.	17,800		822,182
Parker Drilling Co.*	91,300		962,302

SEE NOTES TO FINANCIAL STATEMENTS.

A81

AST DeAM SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Oil & Gas (cont’d.)
Penn Virginia Corp.	12,200	$	490,440
Pioneer Drilling Co.*	17,800		265,398
Rosetta Resources, Inc.*(a)	11,000		236,940
Swift Energy Co.*(a)	32,000		1,368,320
Trico Marine Services, Inc.*(a)	8,500		347,480
			6,306,931
Pharmaceuticals — 1.2%
Perrigo Co.	5,100		99,858
PharmaNet Development Group, Inc.*	11,500		366,620
Salix Pharmaceuticals Ltd.*	26,500		325,950
Viropharma, Inc.*(a)	44,400		612,720
			1,405,148
Printing & Publishing — 1.3%
Scholastic Corp.*(a)	40,600		1,459,164
Real Estate Investment Trust — 7.2%
Alexandria Real Estate Equities, Inc.(a)	4,500		435,690
American Financial Realty Trust	19,400		200,208
American Home Mortgage Investment Corp.(a)	10,700		196,666
Anthracite Capital, Inc.(a)	27,100		317,070
Ashford Hospitality Trust	25,900		304,584
Corporate Office Properties Trust	2,200		90,222
Education Realty Trust, Inc.	19,300		270,779
Equity One, Inc.	16,900		431,795
First Industrial Realty Trust, Inc.	8,100		313,956
HealthCare Realty Trust, Inc.(a)	15,100		419,478
Home Properties, Inc.(a)	4,000		207,720
Inland Real Estate Corp.	9,800		166,404
LaSalle Hotel Properties(a)	11,800		512,356
Lexington Corp. Properties Trust(a)	21,000		436,800
Maguire Properties, Inc.	7,600		260,908
National Retail Properties(a)	19,900		435,014
Nationwide Health Properties, Inc.(a)	9,200		250,240
Newcastle Investment Corp.(a)	7,000		175,490
Pennsylvania Real Estate Investment Trust(a)	12,300		545,259
Potlatch Corp.	11,700		503,685
RAIT Investment Trust(a)	13,100		340,862
Realty Income Corp.(a)	24,200		609,598
Redwood Trust, Inc.(a)	6,900		333,822
Senior Housing Properties Trust(a)	9,500		193,325
Sovran Self Storage, Inc.	7,500		361,200
			8,313,131
Real Estate Investment Trust – Hotels — 0.8%
Strategic Hotels & Resorts, Inc.	22,800		512,772
Sunstone Hotel Investors, Inc.(a)	14,900		423,011
			935,783
Real Estate Investment Trust – Other REIT — 0.5%
DCT Industrial Trust, Inc.	25,800		277,608
Entertainment Properties Trust	4,100		220,498
U-Store-It Trust	7,500		122,925
			621,031
Restaurants — 1.6%
Domino’s Pizza, Inc.(a)	15,200		277,704
Landry’s Restaurants, Inc.	13,000		393,380
O’Charleys, Inc.	7,200		145,152
Papa John’s International, Inc.*(a)	34,200		983,592
			1,799,828
Retail & Merchandising — 4.6%
Borders Group, Inc.	48,400		922,504
Cabela’s, Inc.*(a)	17,500		387,275
Casey’s General Stores, Inc.	27,200		741,472
Cash America International, Inc.	30,600		1,213,290
Charming Shoppes, Inc.*	17,800		192,774
Finish Line (The) (Class A Stock)	19,600		178,556
Payless Shoesource, Inc.*(a)	44,900		1,416,595
Perry Ellis International, Inc.*	7,850		252,534
			5,305,000
Semiconductors — 2.8%
Brooks Automation, Inc.*(a)	67,200		1,219,680
DSP Group, Inc.*	24,300		497,421
Entegris, Inc.*	28,400		337,392
Kulicke & Soffa Industries, Inc.*	11,900		124,593
Photronics, Inc.*(a)	72,200		1,074,336
			3,253,422
Services – Telephone — 0.9%
Alaska Communications Systems Group, Inc.	63,000		997,920
Telecommunications — 3.3%
Cincinnati Bell, Inc.*	58,500		338,130
General Communication, Inc. (Class A Stock).*	33,900		434,259
Golden Telecom, Inc. (Russia)(a)	24,400		1,342,244
Mas Tec, Inc.*	29,500		466,690
Premiere Global Services, Inc.*	17,100		222,642
RF Micro Devices, Inc.*(a)	161,900		1,010,256
			3,814,221
Transportation — 1.2%
Atlas Air Worldwide Holdings, Inc.*	3,200		188,608
Gulfmark Offshore, Inc.*(a)	4,900		250,978
Marten Transport Ltd.*	15,200		273,752
TBS International Ltd. (Class A Stock) (Bermuda)*	24,400		692,960
			1,406,298

SEE NOTES TO FINANCIAL STATEMENTS.

A82

AST DeAM SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Utilities — 4.3%
Allete, Inc.(a)	14,500	$	682,225
Black Hills Corp.	17,300		687,675
EMCOR Group, Inc.*	25,900		1,888,110
New Jersey Resources Corp.(a)	9,800		499,996
PNM Resources, Inc.	14,800		411,292
Southwest Gas Corp.	21,900		740,439
			4,909,737
TOTAL LONG-TERM INVESTMENTS
(cost $103,460,183)			107,051,204

SHORT-TERM INVESTMENTS — 29.3%
		Principal
Interest	Maturity	Amount
Rate	Date	(000)#
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury Bills(k)(n) (cost $693,318)
4.84%	07/19/07	$        695	693,488

	Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 28.7%
Dryden Core Investment Fund – Taxable Money Market Series (cost $33,029,622; includes $29,188,972 of cash collateral for securities on loan)(b)(w) (Note 4)	33,029,622		33,029,622
TOTAL SHORT-TERM INVESTMENTS
(cost $33,722,940)			33,723,110
TOTAL INVESTMENTS — 122.2%
(cost $137,183,123; Note 6)			140,774,314
Liabilities in excess of other assets(x) — (22.2)%			(25,541,535	)
NET ASSETS — 100.0%		$	115,232,779

The following abbreviation is used in portfolio descriptions:

REIT	Real Estate Investment Trust
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $28,716,853; cash collateral of $29,188,972 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rates shown are the effective yields at purchase date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized depreciation on futures contracts as follows:

Futures contracts open at June 30, 2007:

Number			Value at	Value at
of		Expiration	Trade	June 30,	Unrealized
Contracts	Type	Date	Date	2007	(Depreciation)

Long Positions:
	Russell
17	2000	Sept 07	$7,162,950	$7,157,850	$	(5,100	)
	Russell
8	Mini 2000	Sept 07	675,840	673,680		(2,160	)
					$	(7,260	)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (25.3% represents investments purchased with collateral from securities on loan)	28.7	%
Financial – Bank & Trust	11.5
Real Estate Investment Trust	7.2
Insurance	6.1
Oil & Gas	5.5
Retail & Merchandising	4.6
Utilities	4.3
Healthcare Services	3.9
Telecommunications	3.3
Consumer Products & Services	3.2
Food	3.1
Financial Services	3.0
Semiconductors	2.8
Clothing & Apparel	2.7
Mining	2.2
Electronic Components & Equipment	2.2
Computer Services & Software	1.9
Chemicals	1.7
Airlines	1.6
Restaurants	1.6
Automotive Parts & Equipment	1.5
Containers & Packaging	1.4
Industrial Products	1.4
Construction	1.4
Printing & Publishing	1.3
Miscellaneous Manufacturing	1.2
Transportation	1.2
Pharmaceuticals	1.2
Internet Services	1.2
Commercial Banks	1.1
Commercial Services	1.0
Services – Telephone	0.9
Real Estate Investment Trust – Hotels	0.8
Broadcasting	0.8
Business Services	0.7
U.S. Treasury Obligation	0.6

SEE NOTES TO FINANCIAL STATEMENTS.

A83

AST DeAM SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Real Estate Investment Trust – Other REIT	0.5	%
Electric Utilities	0.4
Office Equipment	0.4
Biotechnology	0.4
Electric – Integrated	0.3
Computer Hardware	0.3
Electronics	0.2
Computer Software	0.2
Environmental Services	0.2
Aerospace	0.2
Machinery & Equipment	0.2
Consumer Cyclicals – Retail Apparel	0.1
	122.2
Liabilities in excess of other assets	(22.2	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A84

AST DeAM SMALL-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $28,716,853:
Unaffiliated investments (cost $104,153,501)	$	107,744,692
Affiliated investments (cost $33,029,622)		33,029,622
Cash		71,269
Receivable for investments sold		3,616,003
Dividends and interest receivable		205,212
Due from broker-variation margin		138,330
Receivable for fund share sold		4,148
Prepaid expenses		887
Total Assets		144,810,163
LIABILITIES:
Payable to broker for collateral for securities on loan		29,188,972
Due to broker-variation margin		209,310
Payable for fund share repurchased		91,066
Accrued expenses and other liabilities		45,233
Advisory fees payable		40,815
Payable for investments purchased		1,320
Shareholder servicing fees payable		668
Total Liabilities		29,577,384
NET ASSETS	$	115,232,779
Net assets were comprised of: Paid-in capital	$	89,704,307
Retained earnings		25,528,472
Net assets, June 30, 2007	$	115,232,779
Net asset value and redemption price per share, $115,232,779/8,385,619 outstanding shares of beneficial interest	$	13.74

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $116 foreign withholding tax)	$	1,149,518
Affiliated dividend income		88,137
Affiliated income from securities lending, net		87,181
Unaffiliated interest		17,188
		1,342,024
EXPENSES
Advisory fees		559,812
Shareholder servicing fees and expenses		41,249
Custodian and accounting fees		31,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		6,000
Legal fees and expenses		4,000
Shareholders’reports		3,000
Insurance expenses		1,000
Miscellaneous		4,934
Total expenses		668,995
NET INVESTMENT INCOME		673,029
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment transactions		7,572,617
Futures transactions		25,851
		7,598,468
Net change in unrealized appreciation (depreciation) on:
Investments		(5,778,967	)
Futures		10,375
		(5,768,592	)
NET GAIN ON INVESTMENTS		1,829,876
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,502,905

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	673,029		$	826,341
Net realized gain on investments		7,598,468			12,795,378
Net change in unrealized appreciation (depreciation) on investments		(5,768,592	)		6,433,042
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,502,905			20,054,761
DISTRIBUTIONS		—			(6,990,497	)
FUND SHARE TRANSACTIONS:
Fund share sold [951,567 and 2,350,360 shares, respectively]		13,054,390			29,434,146
Fund share issued in reinvestment of distributions [0 and 569,258 shares, respectively]		—			6,990,497
Fund share repurchased [1,534,582 and 3,040,446 shares, respectively]		(20,901,583	)		(37,485,786	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS		(7,847,193	)		(1,061,143	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,344,288	)		12,003,121
NET ASSETS:
Beginning of period		120,577,067			108,573,946
End of period	$	115,232,779		$	120,577,067

SEE NOTES TO FINANCIAL STATEMENTS.

A85

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 91.4%		Value
COMMON STOCKS — 91.4%	Shares	(Note 2)
Advertising — 1.8%
Acorn International, Inc., ADR (China)*	6,800	$	164,492
Adlink Internet Media AG (Germany)*	25,800		571,223
Clear Channel Outdoor Holdings, Inc. (Class A Stock)*(a)	104,800		2,970,032
Greenfield Online, Inc.*	50,610		805,205
JCDecaux SA (France)	23,400		740,996
Lamar Advertising Co.	25,500		1,600,380
Monster Worldwide, Inc.*	28,076		1,153,923
National CineMedia, Inc.*	55,400		1,551,754
Valueclick, Inc.*(a)	159,807		4,707,914
			14,265,919
Aerospace — 3.2%
Aerovironment, Inc.*	9,300		191,673
CAE, Inc.	35,900		478,906
Curtiss-Wright Corp.	20,479		954,526
DRS Technologies, Inc.	61,137		3,501,316
Ducommun, Inc.*	35,900		923,707
Innovative Solutions and Support, Inc.*(a)	308,296		7,158,633
Orbital Sciences Corp.*	22,119		464,720
Spirit Aerosystems Holdings, Inc.*	119,000		4,289,950
Teledyne Technologies, Inc.*	54,619		2,509,743
TransDigm Group, Inc.*	22,985		929,973
Triumph Group, Inc.	32,748		2,144,012
United Industrial Corp.(a)	28,945		1,736,121
			25,283,280
Apparel & Textile — 0.4%
Maidenform Brands, Inc.*	61,609		1,223,555
Volcom, Inc.*(a)	40,669		2,038,737
Wolverine World Wide, Inc.	8,750		242,462
			3,504,754
Automobile Manufacturers — 0.5%
Copart, Inc.*	57,500		1,758,925
Piaggio & Co., SpA. (Italy), 144A	417,800		2,076,149
Rush Enterprises, Inc. (Class A Stock)*	3,083		66,963
			3,902,037
Automotive Parts — 3.5%
Advance Auto Parts, Inc.	300,800		12,191,424
CLARCOR, Inc.(a)	79,712		2,983,620
Commercial Vehicle Group, Inc.*	280,353		5,222,977
O’Reilly Automotive, Inc.*(a)	184,600		6,747,130
			27,145,151
Beverages — 0.2%
Boston Beer Co., Inc. (Class A Stock)*	22,259		875,892
National Beverage Corp.*	27,847		320,519
			1,196,411
Biotechnology — 1.0%
American Oriental Bioengineering, Inc.*(a)	264,029		2,349,858
BioMimetic Therapeutics, Inc.*	5,900		92,217
Kosan Biosciences, Inc.*(a)	378,600		1,976,292
Medicure, Inc. (China), 144A	533,185		691,008
Qiagen NV (Germany)*	86,300		1,550,471
Sonus Pharmaceuticals, Inc.*	172,460		910,589
			7,570,435
Broadcasting — 0.1%
Acacia Research-Acacia Technologies*	52,918		855,155
Building & Construction — 0.4%
Winnebago Industries, Inc.(a)	112,323		3,315,775
Building Materials — 2.0%
AAON, Inc.	4,754		151,415
Apogee Enterprises, Inc.(a)	81,939		2,279,543
Cemex SA de CV, ADR (Mexico)*	146,836		5,418,249
Chaparral Steel Co.	6,712		482,391
Eagle Materials, Inc.	74,084		3,633,820
Simpson Manufacturing Co., Inc.(a)	102,440		3,456,326
			15,421,744
Business Services — 4.2%
Arbitron, Inc.	24,187		1,246,356
ChinaCast Education Corp.*(a)	245,400		1,441,725
CoStar Group, Inc.*(a)	57,000		3,014,160
Ctrip.com International Ltd., ADR (China)	38,100		2,995,803
Deluxe Corp.	56,216		2,282,932
Infocrossing, Inc.*(a)	141,265		2,609,165
Informatica Corp.*(a)	163,456		2,414,245
Iron Mountain, Inc.*(a)	36,541		954,816
Kenexa Corp.*(a)	103,000		3,884,130
Korn/Ferry International*	6,773		177,859
Media & Entertainment Holdings, Inc.*	102,800		873,800
Mobile Mini, Inc.*	17,480		510,416
NuCo2, Inc.*(a)	109,691		2,815,768
Onvia, Inc.*(a)	171,698		1,471,452
TeleTech Holdings, Inc.*	104,099		3,381,136
Veraz Networks, Inc.*	63,400		413,368
Watson Wyatt Worldwide, Inc. (Class A Stock)	47,978		2,421,929
			32,909,060
Cable Television — 2.2%
Central European Media Enterprises Ltd. (Class A Stock)*	142,332		13,888,756
Lodgenet Entertainment Corp.*(a)	93,948		3,011,973
			16,900,729
Chemicals — 0.5%
Hercules, Inc.*	138,814		2,727,695
Landec Corp.*	98,261		1,316,698
			4,044,393

SEE NOTES TO FINANCIAL STATEMENTS.

A86

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Clothing & Apparel — 0.7%
Belle International Holdings Ltd. (Hong Kong)*	164,800	$	181,889
Celebrate Express, Inc.	51,713		467,485
Deckers Outdoor Corp.*(a)	28,866		2,912,579
Gymboree Corp.*	55,485		2,186,664
			5,748,617
Commercial Services — 0.3%
Barrett Business Services, Inc.	5,766		148,936
DynCorp International, Inc. (Class S Stock)*	32,206		708,210
Macquarie Infrastructure Co. LLC	16,900		701,012
Multi-Color Corp.	3,448		135,541
TNS, Inc.	26,838		386,735
			2,080,434
Commercial Services & Supplies — 0.4%
Labor Ready, Inc.*(a)	24,566		567,720
United Stationers, Inc.*(a)	37,632		2,507,797
			3,075,517
Computer Hardware — 1.0%
Commvault Systems, Inc.*	106,900		1,846,163
Komag, Inc.*(a)	92,580		2,952,376
Super Micro Computer, Inc.*	112,200		1,123,122
Synaptics, Inc.*(a)	51,547		1,844,867
			7,766,528
Computer Services & Software — 5.9%
Business Objects SA, ADR (France)*(a)	109,880		4,267,739
Compugroup Holding AG (Germany)*	78,300		1,772,970
COMSYS IT Partners, Inc.*	40,860		932,017
Data Domain, Inc.*	20,500		471,500
Double-Take Software, Inc.*	28,684		470,705
Energy Conversion Devices*(a)	26,081		803,816
Epicor Software Corp.*	62,705		932,423
Fundtech Ltd.*(a)	117,142		1,697,388
Glu Mobile, Inc.*(a)	48,200		669,980
Guidance Software, Inc.*(a)	182,043		2,566,806
IHS, Inc. (Class A Stock)*	30,565		1,405,990
Magma Design Automation, Inc.*	138,880		1,949,875
Motive, Inc.*	102,300		278,256
NAVTEQ Corp.*(a)	25,829		1,093,600
Nuance Communications, Inc.*(a)	154,226		2,580,201
Omnicell, Inc.*	10,550		219,229
Omniture, Inc.*(a)	216,800		4,969,056
Parametric Technology Corp.*(a)	181,500		3,922,215
PROS Holdings, Inc.*	99,700		1,306,070
Quest Software, Inc.*(a)	67,697		1,096,014
Radiant Systems, Inc.*	34,732		459,852
Salary.Com, Inc.*	43,300		519,600
SI International, Inc.*	36,311		1,198,989
Smart Modular Technologies (WWH), Inc.*(a)	38,748		533,173
Solera Holdings, Inc.*	101,700		1,970,946
SPSS, Inc.*	38,610		1,704,245
Starlims Technologies Ltd. (Israel)*	48,600		624,510
Stratasys, Inc.*(a)	24,007		1,127,849
SupportSoft, Inc.*	53,173		290,325
Sykes Enterprises, Inc.*	31,727		602,496
Systems Xcellence, Inc.*	90,000		2,589,300
Taleo Corp. (Class A Stock)*	59,200		1,333,776
			46,360,911
Computers & Peripherals
Rimage Corp.*	8,321		262,860
Conglomerates — 0.1%
Max India Ltd. (India)*	113,272		676,348
Construction — 0.8%
China Communications Construction Co. Ltd. (China), 144A	165,900		297,038
China Properties Group Ltd. (China)*	903,100		377,678
Dycom Industries, Inc.*	51,813		1,553,354
ENGlobal Corp.*	28,706		348,778
McDermott International, Inc.*	6,931		576,105
Perini Corp.*	45,882		2,823,119
			5,976,072
Consumer Products & Services — 0.8%
Chattem, Inc.*(a)	40,235		2,550,094
Chemed Corp.	38,026		2,520,743
Inter Parfums, Inc.	8,982		239,101
Tupperware Corp.	38,540		1,107,640
			6,417,578
Containers & Packaging — 0.5%
Greif, Inc. (Class A Stock)	27,769		1,655,310
Silgan Holdings, Inc.	42,222		2,334,032
			3,989,342
Cosmetics & Toiletries — 0.3%
Bare Escentuals, Inc.*(a)	63,700		2,175,355
Diversified Financial Services — 0.2%
Portfolio Recovery Associates, Inc.(a)	22,654		1,359,693
Diversified Operations — 0.8%
Actuant Corp. (Class A Stock)(a)	21,781		1,373,510
Charles & Colvard Ltd.(a)	16,775		83,036
Nighthawk Radiology Holdings, Inc.*(a)	87,642		1,581,938
RHJ International SA (Belgium)*	151,200		2,987,779
			6,026,263
Drugs & Medicine — 0.6%
OSI Pharmaceuticals, Inc.*(a)	130,000		4,707,300

SEE NOTES TO FINANCIAL STATEMENTS.

A87

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Education — 0.3%
Anhanguera Educacional Participacoes SA, GDR, (Brazil)144A*	6,000	$	168,224
Capella Education Co.*	11,914		548,402
New Oriental Education & Technology Group, Inc., ADR (China)*	24,400		1,310,768
			2,027,394
Electric — 0.2%
ITC Holdings Corp.	35,800		1,454,554
Electrical Equipment
Regal-Beloit Corp.	4,921		229,023
Electronic Components & Equipment — 2.4%
Ansoft Corp.*	4,229		124,713
C-COR, Inc.*	110,696		1,556,386
Cubic Corp.	40,458		1,221,022
Flir Systems, Inc.*(a)	59,809		2,766,166
GrafTech International Ltd.*	149,279		2,513,858
Littelfuse, Inc.*	15,417		520,632
LoJack Corp.*	46,878		1,044,911
Spire Corp.*	369,756		3,516,380
Universal Electronics, Inc.*	17,505		635,782
Varian, Inc.*	20,174		1,106,140
Vicor Corp.	98,609		1,304,597
Woodward Governor Co.	46,116		2,475,046
			18,785,633
Energy – Oil Services — 0.3%
Oil States International, Inc.*(a)	61,939		2,560,558
Entertainment & Leisure — 1.1%
Aicon SpA (Italy)*	289,400		1,701,892
Digital Music Group, Inc.*(a)	167,000		674,680
Life Time Fitness, Inc.*(a)	61,200		3,257,676
Macrovision Corp.*	86,857		2,610,921
Vail Resorts, Inc.*(a)	1,448		88,140
			8,333,309
Environmental Services
American Ecology Corp.	13,229		283,365
Equipment Services — 0.5%
AZZ, Inc.*	28,076		944,757
General Cable Corp.*	36,120		2,736,090
			3,680,847
Financial – Bank & Trust — 0.6%
City Bank/Lynnwood WA	4,590		144,631
Cowen Group, Inc.*	11,716		209,833
ICICI Bank Ltd., ADR (India)(a)	53,900		2,649,185
Penson Worldwide, Inc.*	7,073		173,501
Preferred Bank	21,610		864,400
SVB Financial Group*	11,588		615,439
			4,656,989
Financial – Consumer — 0.2%
Koppers Holdings, Inc.	50,838		1,712,224
Financial Services — 3.0%
Advance America Cash Advance Centers, Inc.	157,329		2,791,017
Affiliated Managers Group, Inc.*(a)	29,040		3,739,190
Euronet Worldwide, Inc.*(a)	93,812		2,735,558
Fortress Investment Group LLC (Class A Stock)	28,200		671,724
GFI Group, Inc.*(a)	33,630		2,437,502
Huron Consulting Group, Inc.*	17,221		1,257,305
IndyMac Bancorp, Inc.(a)	252,157		7,355,420
optionsXpress Holdings, Inc.(a)	65,740		1,686,888
SFGC Co. Ltd. (Japan)	4,200		703,724
World Acceptance Corp.*	4,437		189,593
			23,567,921
Food — 1.3%
B&G Foods, Inc.	28,700		378,840
Chipotle Mexican Grill, Inc.*(a)	21,419		1,826,612
Darling International, Inc.*	27,070		247,420
Lance, Inc.	184,478		4,346,302
Middleby Corp.*(a)	20,776		1,242,820
Nash Finch Co.(a)	37,264		1,844,568
			9,886,562
Furniture — 0.4%
Poltrona Frau SpA (Italy)	34,500		142,537
Tempur-Pedic International, Inc.(a)	102,179		2,646,436
			2,788,973
Healthcare – Drugs — 0.2%
PAREXEL International Corp.*	31,304		1,316,646
Healthcare – Medical Products — 0.1%
ThermoGenesis Corp.*(a)	218,752		603,756
Healthcare Services — 1.1%
American Dental Partners, Inc.*	11,110		288,527
Animal Health International, Inc.*(a)	16,800		243,432
Apria Healthcare Group, Inc.*(a)	12,538		360,718
Medarex, Inc.*(a)	202,200		2,889,438
Medtox Scientific, Inc.*	9,883		289,572
Nuvelo, Inc.*(a)	58,982		160,431
Phase Forward, Inc.*	110,872		1,865,976
Visicu, Inc.*	24,313		222,464
WebMD Health Corp. (Class A Stock)*(a)	3,100		145,917
WellCare Health Plans, Inc.*	24,241		2,194,053
			8,660,528
Hotels & Motels — 0.3%
Ameristar Casinos, Inc.	17,287		600,551
Orient-Express Hotels Ltd. (Class A Stock) (Bermuda)	30,433		1,625,122
			2,225,673

SEE NOTES TO FINANCIAL STATEMENTS.

A88

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Household Products — 0.2%
Fossil, Inc.*	46,649	$	1,375,679
Industrial Products — 0.7%
Applied Industrial Technologies, Inc.	20,530		605,635
Barnes Group, Inc.(a)	19,318		611,994
Basin Water, Inc.*(a)	37,953		330,191
LDK Solar Co. Ltd., ADR (China)*(a)	62,500		1,956,250
Roper Industries, Inc.	12,314		703,129
Trinity Industries, Inc.(a)	24,123		1,050,316
WESCO International, Inc.*	4,459		269,547
			5,527,062
Insurance — 1.3%
Alleghany Corp.*(a)	6,569		2,670,299
Life Partners Holdings, Inc.	10,371		337,887
Ming An Holdings Co. Ltd., 144A (Hong Kong)*	347,000		115,826
National Interstate Corp.	23,352		609,020
Philadelphia Consolidated Holding Corp.*	63,440		2,651,792
Willis Group Holdings Ltd. (United Kingdom)	84,053		3,703,375
			10,088,199
Internet Services — 4.8%
Access Integrated Technologies, Inc. (Class A Stock)*(a)	71,613		579,349
aQuantive, Inc.*	28,300		1,805,540
Blackboard, Inc.*(a)	84,452		3,557,118
Blue Coat Systems, Inc.*(a)	42,780		2,118,466
Chordiant Software, Inc.*	14,922		233,679
comScore, Inc.*	20,500		474,575
eBay, Inc.*	37,600		1,209,968
eCollege.com, Inc.*(a)	110,966		2,468,994
FalconStor Software, Inc.*(a)	80,913		853,632
Gmar ket, Inc., ADR (South Korea)*(a)	99,200		1,927,456
j2 Global Communications, Inc.*	19,517		681,143
Jupitermedia Corp.*(a)	500,016		3,640,116
Move, Inc.*	225,887		1,011,974
Navisite, Inc.*	167,473		1,272,795
Netgear, Inc.*	71,297		2,584,516
NIC, Inc.(a)	109,180		746,791
Online Resources Corp. (Germany)*	236,959		2,601,810
Online Resources Corp., 144A (Germany)	61,000		669,780
Priceline.com, Inc.*(a)	42,698		2,935,061
RADWARE Ltd. (Israel)*	44,000		640,200
S1 Corp.*	95,948		766,625
Shutterfly, Inc.*	13,788		297,131
Sohu.com, Inc.*(a)	30,100		962,899
Stamps.com, Inc.*(a)	70,222		967,659
Switch & Data Facilities Co., Inc.*	34,600		663,974
Vasco Data Security International, Inc.*	70,512		1,604,853
			37,276,104
Machinery — 0.1%
Wabtec Corp.	31,049		1,134,220
Machinery & Equipment — 0.7%
Astec Industries, Inc.*	32,150		1,357,373
Columbus McKinnon Corp.*	3,289		105,906
GenCorp, Inc.*	133,066		1,739,173
Manitowoc Co., Inc. (The)	31,458		2,528,594
			5,731,046
Manufacturing — 0.4%
Renesola Ltd. (United Kingdom)*	289,200		3,259,721
Medical Supplies & Equipment — 3.9%
Align Technology, Inc.*(a)	60,344		1,457,911
Cepheid, Inc.*	16,900		246,740
Ciphergen Biosystems, Inc.*(a)	341,704		331,453
Conceptus, Inc.*	505		9,782
Emergency Medical Services Corp.*	24,625		963,576
Endo Pharmaceuticals Holdings, Inc.*	199,700		6,835,731
Endologix, Inc.*	146,600		655,302
Greatbatch, Inc.*	52,494		1,700,806
Haemonetics Corp.*	4,769		250,897
Illumina, Inc.*(a)	55,400		2,248,686
Incyte Corp.*(a)	302,297		1,813,782
Insulet Corp.*(a)	8,200		116,440
Kyphon, Inc.*(a)	115,512		5,561,903
Labopharm, Inc.*(a)	309,900		883,215
LCA-Vision, Inc.(a)	9,225		435,974
Neurometrix, Inc.*	1,957		19,002
NxStage Medical, Inc.*(a)	115,900		1,498,587
Orthofix International NV*	99,418		4,470,827
Sirtris Pharmaceuticals, Inc.*	15,400		151,998
STERIS Corp.(a)	8,984		274,910
Thermage, Inc.*	37,700		315,172
TomoTherapy, Inc.*	9,300		203,856
			30,446,550
Metals & Mining — 0.8%
Brush Engineered Materials, Inc.*	2,062		86,583
Dynamic Materials Corp.	46,982		1,761,825
Sun Hydraulics Corp.	27,237		1,341,422
Valmont Industries, Inc.	38,073		2,770,192
			5,960,022
Office Equipment — 0.3%
Knoll, Inc.	99,373		2,225,955
Oil & Gas — 0.8%
Hornbeck Offshore Services, Inc.*	2,931		113,606
Petroplus Holdings AG (Switzerland)*	38,800		3,965,598
W-H Energy Services, Inc.*	40,397		2,500,978
			6,580,182
Paper & Forest Products — 0.4%
Nine Dragons Paper Holdings Ltd. (Hong Kong)	1,428,100		3,327,704

SEE NOTES TO FINANCIAL STATEMENTS.

A89

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Personal Services — 0.3%
DeVry, Inc.	68,617	$	2,334,350
US Physical Therapy, Inc.*	9,449		127,278
			2,461,628
Pharmaceuticals — 7.3%
Adaltis, Inc. (Canada)	41,000		69,280
Adaltis, Inc. (Canada), 144A*	183,200		309,561
Alkermes, Inc.*(a)	75,200		1,097,920
Allergan, Inc.	16		922
Alnylam Pharmaceuticals, Inc.*(a)	85,400		1,297,226
Auxilium Pharmaceuticals, Inc.*	188,500		3,004,690
Avalon Pharmaceuticals, Inc.*	30,500		130,235
Bioenvision, Inc.*	315,100		1,821,278
Cubist Pharmaceuticals, Inc.*(a)	265,973		5,242,328
CV Therapeutics, Inc.*(a)	176,567		2,332,450
Dynavax Technologies Corp.*(a)	370,900		1,535,526
Enzon Pharmaceuticals, Inc.*(a)	50,000		392,500
Glenmark Pharmaceuticals, Ltd. (India)	103,600		1,672,413
Indevus Pharmaceuticals, Inc.*	152,006		1,023,000
Jerini AG (Germany)*	68,000		314,759
Medicines Co.*(a)	213,050		3,753,941
Medicure, Inc.*	346,700		468,668
Momenta Pharmaceuticals, Inc.*(a)	73,100		736,848
Nektar Therapeutics*(a)	76,900		729,781
Neurochem, Inc. (Canada)*(a)	218,600		1,453,690
Neurocrine Biosciences, Inc.*(a)	207,100		2,325,733
NeurogesX, Inc.*	42,500		361,675
Newron Pharmacueticals SpA, 144A (Switzerland)*	8,900		495,456
Obagi Medical Products, Inc.*	21,498		380,945
Penwest Pharmaceuticals Co.*(a)	191,154		2,383,690
Perrigo Co.	52,586		1,029,634
PharmaNet Development Group, Inc.*	9,816		312,934
Point Therapeutics, Inc.*	350,000		44,100
Progenics Pharmaceuticals, Inc.*(a)	86,706		1,870,248
Regeneron Pharmaceuticals, Inc.*	55,698		998,108
Sciele Pharma, Inc.*(a)	102,800		2,421,968
Sepracor, Inc.*(a)	65,500		2,686,810
Somaxon Pharmaceuticals, Inc.*	29,629		360,289
Spectrum Pharmaceuticals, Inc.*(a)	324,456		2,326,350
USANA Health Sciences, Inc.*(a)	10,412		465,833
Vical, Inc.*	202,800		1,052,532
Warner Chilcott Ltd. (Class A Stock)*(a)	455,185		8,234,297
West Pharmaceutical Services, Inc.	47,902		2,258,579
			57,396,197
Printing & Publishing — 1.0%
Cenveo, Inc.*	54,690		1,268,261
Consolidated Graphics, Inc.*	17,591		1,218,705
Deccan Chronicle Holdings Ltd. (India)	435,300		2,515,233
Valassis Communications, Inc.*(a)	16,422		282,294
Wiley, (John) & Sons, Inc. (Class A Stock)	53,046		2,561,591
			7,846,084
Railroads — 0.2%
Kansas City Southern*(a)	44,268		1,661,821
Real Estate Investment Trust — 0.1%
HFF, Inc. (Class A Stock)*(a)	53,500		829,785
Restaurants — 1.3%
Applebee’s International, Inc.	33,881		816,532
Buffalo Wild Wings, Inc.*(a)	178,920		7,441,283
CEC Entertainment, Inc.*	17,964		632,333
Papa John’s International, Inc.*(a)	6,678		192,059
Texas Roadhouse, Inc. (Class A Stock)*(a)	113,046		1,445,858
			10,528,065
Retail & Merchandising — 5.3%
Aeropostale, Inc.*(a)	55,020		2,293,234
Buckle, Inc. (The)(a)	30,995		1,221,203
Cash America International, Inc.	746		29,579
Citi Trends, Inc.*(a)	113,600		4,312,256
Conn’s, Inc.*(a)	11,901		339,892
CROCS, Inc.*(a)	61,900		2,663,557
Dick’s Sporting Goods, Inc.*(a)	221,700		12,896,289
Dress Barn, Inc.*	28,596		586,790
DSW, Inc.*(a)	27,408		954,346
Ezcorp, Inc.*(a)	18,686		247,403
FEI Co.*(a)	66,265		2,150,962
Heelys, Inc.*(a)	13,451		347,843
Houston Wire & Cable Co.*(a)	70,314		1,997,621
JOS A Bank Clothiers, Inc.*(a)	30,246		1,254,302
LJ International, Inc.*(a)	87,653		951,911
Longs Drug Stores Corp.	42,657		2,240,346
Mccormick & Schmick’s Seafood Restaurants, Inc.*	18,819		488,165
PC Mall, Inc.*	79,251		969,240
Rubio’s Restaurants, Inc.*	90,300		914,739
Submarino SA, GDR (Brazil), 144A(a)	40,300		3,358,332
Wet Seal, Inc. (The) (Class A Stock)*(a)	34,859		209,502
Zumiez, Inc.*(a)	17,699		668,668
			41,096,180
Semiconductors — 5.8%
Anadigics, Inc.*(a)	184,966		2,550,681
ARM Holdings PLC, ADR (United Kingdom)(a)	221,729		1,940,129
Aviza Technology, Inc.*	139,100		816,517
Bookham, Inc.*(a)	216,200		486,450
CSR PLC (United Kingdom)*	582,700		9,128,414
Eagle Test Systems, Inc.*(a)	58,666		942,176
First Solar, Inc.*(a)	92,162		8,229,145
Himax Technologies, Inc., ADR*	186,300		1,074,951
Hittite Microwave Corp.*	24,032		1,026,887

SEE NOTES TO FINANCIAL STATEMENTS.

A90

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Semiconductors (cont’d.)
IPG Photonics Corp.*	9,300	$	185,535
MEMC Electronic Materials, Inc.*	148,970		9,105,046
Microsemi Corp.*(a)	128,562		3,079,060
Netlogic Microsystems, Inc.*(a)	23,720		755,245
ON Semiconductor Corp.*(a)	214,836		2,303,042
Silicon Image, Inc.*(a)	97,570		837,151
Spansion, Inc. (Class A Stock)*(a)	146,319		1,624,141
Ultratech, Inc.*(a)	118,722		1,582,564
			45,667,134
Technology – Information Services — 0.1%
Aecom Technology Corp.*	37,200		922,932
Telecommunications — 2.6%
Arris Group, Inc.*(a)	54,376		956,474
Cavium Networks, Inc.*	600		13,572
CommScope, Inc.*(a)	46,987		2,741,692
Comtech Telecommunications Corp.*	55,317		2,567,815
CPI International, Inc.*	55,900		1,108,497
Foundry Networks, Inc.*(a)	24,290		404,671
Gilat Satellite Networks Ltd. (Israel)*	341,701		3,290,581
Harris Stratex Networks, Inc. (Class A Stock)*(a)	117,079		2,105,080
Idea Cellular Ltd. (India)*	129,800		397,005
NTELOS Holdings Corp.	64,796		1,790,961
PAETEC Holding Corp.*(a)	71,300		804,977
Shenandoah Telecom Co.	4,094		208,098
Starent Networks Corp.*	9,200		135,240
Synchronoss Technologies, Inc.*	30,402		891,995
Time Warner Telecom, Inc. (Class A Stock)*(a)	153,517		3,085,692
			20,502,350
Telecommunicatins Equipment — 0.2%
ADVA AG Optical Networking (Germany)*	171,600		1,644,787
Transportation — 8.0%
Bristow Group, Inc.*(a)	14,785		732,597
Dynamex, Inc.*	79,156		2,020,853
Expeditors International Washington, Inc.	129,397		5,344,096
Forward Air Corp.(a)	267,271		9,111,268
Horizon Lines, Inc.	72,643		2,379,785
HUB Group, Inc. (Class A Stock)*	69,140		2,430,962
Kuehne & Nagel International AG (Switzerland)	44,750		4,121,608
Landstar System, Inc.	234,872		11,332,574
Old Dominion Freight Line, Inc.*(a)	42,800		1,290,420
Pacer International, Inc.	145,017		3,410,800
Quality Distribution, Inc.*(a)	240,791		2,704,083
Ryder System, Inc.	114,696		6,170,645
TNT NV (Netherlands)	66,100		2,984,534
UTi Worldwide, Inc. (British Virgin Islands)	312,900		8,382,591
Waste Industries USA, Inc.	11,837		404,115
			62,820,931
Utilities — 0.4%
Consolidated Water Co., Inc.	17,619		516,413
Goodman Global, Inc.*	114,199		2,537,502
			3,053,915
TOTAL COMMON STOCKS
(cost $605,857,822)			715,075,869

					Principal
Interest	Maturity		Moody’s		Amount
Rate	Date		Ratings		(000)#
CONVERTIBLE BOND
Pharmaceuticals
Neurochem, Inc.,
Sr. Unsec’d. Notes, 144A (cost $135,000)
6.00%		11/15/26		NR		$135		98,591
					Units
RIGHTS*
Medical Supplies & Equipment
Indevus Pharmaceuticals, Inc. (Class R Stock) (cost $0)						238,498		—
TOTAL RIGHTS (cost $0)								—
WARRANTS*
Avalon Pharmaceuticals, Inc., expiring 04/18/12						8		—
Medicure, Inc., expiring 12/02/11						107		—
Point Therapeutics, Inc. expiring 07/01/12						84		—
TOTAL WARRANTS
(cost $1,220)								—
TOTAL LONG-TERM INVESTMENTS
(cost $605,994,042)								715,174,460
SHORT-TERM INVESTMENT — 38.7%
					Shares
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $302,409,403; includes $257,459,497 of cash collateral for securities on loan)(b)(w) (Note 4)
						302,409,403		302,409,403
TOTAL INVESTMENTS (o) — 130.1%
(cost $908,403,445; Note 6)								1,017,583,863
Liabilities in excess of other assets — (30.1)%								(235,239,673	)
NET ASSETS — 100.0%							$	782,344,190

SEE NOTES TO FINANCIAL STATEMENTS.

A91

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions.

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 Depositary Receipt
GDR	Global Depositary Receipt
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $245,226,500; cash collateral of $257,459,497 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(o)	As of June 30, 2007, 11 securities representing $30,186,040 and 3.9% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (32.9% represents investments purchased with collateral from securities on loan)	38.7	%
Transportation	8.0
Pharmaceuticals	7.3
Computer Services & Software	5.9
Semiconductors	5.8
Retail & Merchandising	5.3
Internet Services	4.8
Business Services	4.2
Medical Supplies & Equipment	3.9
Automotive Parts	3.5
Aerospace	3.2
Financial Services	3.0
Telecommunications	2.6
Electronic Components & Equipment	2.4
Cable Television	2.2
Building Materials	2.0
Advertising	1.8
Restaurants	1.3
Insurance	1.3
Food	1.3
Entertainment & Leisure	1.1
Healthcare Services	1.1
Computer Hardware	1.0
Biotechnology	1.0
Printing & Publishing	1.0
Oil & Gas	0.8
Consumer Products & Services	0.8
Diversified Operations	0.8
Construction	0.8
Metals & Mining	0.8
Clothing & Apparel	0.7
Machinery & Equipment	0.7
Industrial Products	0.7
Drugs & Medicine	0.6
Financial – Bank & Trust	0.6
Chemicals	0.5
Containers & Packaging	0.5
Automobile Manufacturers	0.5
Equipment Services	0.5
Apparel & Textile	0.4
Paper & Forest Products	0.4
Building & Construction	0.4
Manufacturing	0.4
Utilities	0.4
Furniture	0.4
Commercial Services & Supplies	0.4
Energy – Oil Services	0.3
Personal Services	0.3
Office Equipment	0.3
Hotels & Motels	0.3
Cosmetics & Toiletries	0.3
Education	0.3
Commercial Services	0.3
Financial – Consumer	0.2
Railroads	0.2
Telecommunications Equipment	0.2
Electric	0.2
Household Products	0.2
Diversified Financial Services	0.2
Health Care – Drugs	0.2
Beverages	0.2
Machinery	0.1
Technology – Information Services	0.1
Broadcasting	0.1
Real Estate Investment Trust	0.1
Conglomerates	0.1
Healthcare – Medical Products	0.1
	130.1
Liabilities in excess of other assets	(30.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A92

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $245,226,500:
Unaffiliated investments (cost $605,994,042)	$	715,174,460
Affiliated investments (cost $302,409,403)		302,409,403
Cash		13,693,781
Receivable for fund share sold		15,594,653
Receivable for investments sold		1,631,068
Dividends and interest receivable		493,814
Tax reclaim receivable		24,775
Prepaid expenses		4,377
Total Assets		1,049,026,331
LIABILITIES:
Payable to broker for collateral for securities on loan		257,459,497
Payable for fund share repurchased		5,591,475
Payable for investments purchased		3,219,386
Advisory fees payable		319,738
Accrued expenses and other liabilities		88,983
Shareholder servicing fees payable		3,062
Total Liabilities		266,682,141
NET ASSETS	$	782,344,190
Net assets were comprised of:
Paid-in capital	$	536,395,582
Retained earnings		245,948,608
Net assets, June 30, 2007	$	782,344,190
Net asset value and redemption price per share, $782,344,190/60,727,667 outstanding shares of beneficial interest	$	12.88

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $24,256 foreign withholding tax)	$	2,220,348
Affiliated dividend income		257,188
Unaffiliated interest		246,310
Affiliated income from securities lending, net		941,646
		3,665,492
EXPENSES
Advisory fees		3,285,557
Shareholder servicing fees and expenses		242,094
Custodian and accounting fees		71,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		8,000
Legal fees and expenses		4,000
Shareholders’ reports		1,000
Insurance expenses		1,000
Miscellaneous		7,430
Total expenses		3,637,081
NET INVESTMENT INCOME		28,411
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment Transactions		67,844,544
Foreign currency transactions		(35,576	)
		67,808,968
Net change in unrealized appreciation (depreciation) on:
Investment		10,372,000
Foreign currencies		39
		10,372,039
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		78,181,007
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	78,209,418

STATEMENT OF CHANGES IN NET ASSETS

(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)		$	28,411			$	(2,677,722	)
Net realized gain on investments and foreign currencies			67,808,968				72,903,139
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			10,372,039				3,047,900
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			78,209,418				73,273,317
DISTRIBUTIONS			—				(17,729,048	)
FUND SHARE TRANSACTIONS:
Fund share sold [9,583,801 and 25,956,218 shares, respectively]			119,441,917				282,134,002
Fund share issued in reinvestment of distributions [0 and 1,577,317 shares, respectively]			—				17,729,048
Fund share repurchased [4,872,659 and 24,477,861 shares, respectively]			(59,174,792	)			(265,529,451	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			60,267,125				34,333,599
TOTAL INCREASE IN NET ASSETS			138,476,543				89,877,868
NET ASSETS:
Beginning of period			643,867,647				553,989,779
End of period		$	782,344,190			$	643,867,647

SEE NOTES TO FINANCIAL STATEMENTS.

A93

AST FIRST TRUST BALANCED TARGET PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.2%			Value
COMMON STOCKS — 65.7%	Shares		(Note 2)
Aerospace & Defense — 1.4%
Precision Castparts Corp.	111,565	$	13,539,528
Airlines — 0.3%
Continental Airlines, Inc. (Class B Stock)*	79,117		2,679,693
Auto Components — 1.1%
GKN PLC (United Kingdom)	1,295,069		10,309,350
Automobiles — 1.6%
Daimlerchrysler AG, ADR (Germany)(a)	53,230		4,894,499
General Motors Corp.	278,478		10,526,468
			15,420,967
Capital Markets — 0.4%
Deutsche Bank AG (Germany)(a)	27,303		3,951,836
Chemicals — 4.1%
Albemarle Corp.	77,662		2,992,317
Lubrizol Corp. (The)	171,603		11,076,973
Lyondell Chemical Co.	283,685		10,530,387
Potash Corp. of Saskatchewan, Inc. (Canada)	194,544		15,168,596
			39,768,273
Commercial Banks — 5.1%
ABN AMRO Holding NV (Netherlands)	103,477		4,751,664
Boc Hong Kong Holdings Ltd. (Hong Kong)	3,581,564		8,528,842
Citizens Banking Corp.(a)	393,668		7,204,124
Kookmin Bank, ADR (Korea)	40,937		3,590,994
National City Corp.(a)	238,953		7,961,914
PNC Financial Services Group, Inc.	122,099		8,739,846
Regions Financial Corp.	252,209		8,348,118
			49,125,502
Commercial Services & Supplies — 0.9%
Cenveo, Inc.*(a)	88,033		2,041,485
Clean Harbors, Inc.*	32,360		1,599,231
Consolidated Graphics, Inc.*	22,874		1,584,711
Healthcare Services Group, Inc.(a)	45,065		1,329,418
TeleTech Holdings, Inc.*(a)	57,176		1,857,076
			8,411,921
Communication Equipment — 1.7%
NETGEAR, Inc.*	55,296		2,004,480
Research in Motion Ltd. (Canada)*(a)	72,642		14,527,674
			16,532,154
Consumer Finance — 0.3%
Cash America International, Inc.(a)	48,432		1,920,329
World Acceptance Corp.*	29,330		1,253,271
			3,173,600
Containers & Packaging — 0.1%
Rock-Tenn Co. (Class A Stock)	41,733		1,323,771
Distributors — 0.1%
Andersons, Inc. (The)(a)	28,408		1,287,735
Diversified Financial Services — 1.3%
ING Groep N.V., ADR (Netherlands)(a)	83,995		3,693,260
JPMorgan Chase & Co.	181,958		8,815,865
			12,509,125
Diversified Telecommunication Services — 7.3%
AT&T, Inc.	247,742		10,281,293
BCE, Inc. (Canada)	136,057		5,141,594
BT Group PLC (United Kingdom)	1,510,197		10,051,186
BT Group PLC, ADR (United Kingdom)	175,347		11,674,603
Deutsche Telekom AG, ADR (Germany)(a)	201,144		3,703,061
France Telecom SA (France)	133,026		3,655,555
Nippon Telegraph & Telephone Corp., ADR (Japan)(a)	134,172		2,974,593
PCCW Ltd. (Hong Kong)	14,892,593		9,161,215
Telecom Italia SPA (Italy)(a)	120,053		3,296,656
Verizon Communications, Inc.(a)	244,495		10,065,859
			70,005,615
Electric Utilities — 2.9%
Korea Electric Power Corp., ADR (South Korea)	173,565		3,801,074
Northeast Utilities	308,507		8,749,259
Pinnacle West Capital Corp.	188,150		7,497,777
Unisource Energy Corp.(a)	236,805		7,788,516
			27,836,626
Electronic Equipment & Instruments — 0.3%
Agilysys, Inc.	50,271		1,131,097
Daktronics, Inc.(a)	63,949		1,373,625
OYO Geospace Corp.*	9,627		714,227
			3,218,949
Energy Equipment & Services — 0.3%
Dawson Geophysical Co.*	11,889		730,698
Gulf Island Fabrication, Inc.	22,916		795,185
Natco Group, Inc.*	29,185		1,343,678
			2,869,561
Food & Staples Retailing — 1.1%
Compass Group PLC (United Kingdom)	1,484,308		10,249,195
Gas Utilities — 1.1%
ONEOK, Inc.	212,781		10,726,290
Healthcare Equipment & Supplies — 0.5%
Immucor, Inc.*	56,785		1,588,276
Kinetic Concepts, Inc.*	57,283		2,976,998
			4,565,274
Healthcare Providers & Services — 0.1%
Bio-Reference Labs, Inc.*	22,206		607,334

SEE NOTES TO FINANCIAL STATEMENTS.

A94

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Healthcare Technology — 0.1%
Omnicell, Inc.*(a)	45,983	$	955,527
Hotels, Restaurants & Leisure — 1.4%
Buffalo Wild Wings, Inc.*(a)	28,763		1,196,253
Interstate Hotels & Resorts, Inc.*	52,795		275,590
MGM Mirage*	146,680		12,098,166
			13,570,009
Household Durables — 0.9%
Harmonic, Inc.*	121,462		1,077,368
Interface, Inc.	87,735		1,654,682
Kimball International, Inc. (Class B Stock)	43,903		615,081
Matsushita Electric Industrial, ADR (Japan)	178,761		3,541,255
Tempur-Pedic International, Inc.(a)	66,915		1,733,099
			8,621,485
Industrial Conglomerates — 3.5%
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)	2,467,218		9,103,136
Citic Pacific Ltd. (Hong Kong)	2,562,539		12,863,164
General Electric Co.	258,392		9,891,246
Tredegar Corp.	64,972		1,383,904
			33,241,450
Insurance — 4.5%
Aegon NV (Netherlands)	180,291		3,542,718
Allianz SE (Germany)(a)	171,817		3,998,182
AXA SA (France)(a)	84,212		3,624,485
Cincinnati Financial Corp.	208,230		9,037,182
Lincoln National Corp.	133,971		9,505,242
Sun Life Financial, Inc. (Canada)(a)	81,031		3,869,230
Unitrin, Inc.	196,016		9,640,067
			43,217,106
Internet & Catalog Retail — 0.2%
Priceline.com, Inc.*(a)	29,396		2,020,681
Internet Software & Services — 0.3%
Cybersource Corp.*(a)	55,059		664,012
Knot, Inc. (The)*(a)	51,833		1,046,508
Liquidity Services, Inc.*	44,925		843,691
			2,554,211
IT Services — 0.2%
Covansys Corp.*(a)	59,567		2,021,108
Leisure Equipment & Products — 1.2%
Hasbro, Inc.	126,923		3,986,652
Mattel, Inc.(a)	312,339		7,899,053
			11,885,705
Machinery — 0.2%
Lindsay Manufacturing Corp.(a)	19,679		871,583
RBC Bearings, Inc.*	35,449		1,462,271
			2,333,854
Media — 1.1%
DIRECTV Group, Inc. (The)*	460,276		10,636,978
Idearc, Inc.	—		16
			10,636,994
Metals & Mining — 2.1%
Allegheny Technologies, Inc.	85,531		8,970,491
Barrick Gold Corp. (Canada)	119,373		3,470,173
Brush Engineered Materials, Inc.*	29,493		1,238,411
Hecla Mining Co.*	209,329		1,787,670
POSCO, ADR (South Korea)	38,973		4,676,760
Wheeling-Pittsburgh Corp.*	25,562		486,445
			20,629,950
Multi-Line Retail — 1.0%
Nordstrom, Inc.(a)	192,647		9,848,115
Multi-Utilities — 3.8%
Black Hills Corp.(a)	248,776		9,888,846
DTE Energy Co.	192,023		9,259,349
Energy East Corp.	360,255		9,399,053
SCANA Corp.	213,593		8,178,476
			36,725,724
Oil, Gas & Consumable Fuels — 3.7%
Arena Resources, Inc.*(a)	23,834		1,384,994
CNOOC Ltd. (Hong Kong)	10,873,820		12,321,215
Encana Corp.(a)	74,185		4,558,668
ENI SpA, ADR (Italy)	58,307		4,218,512
Petroleo Brasileiro SA, ADR (Brazil)(a)	39,946		4,844,251
Repsol YPF SA, ADR (Spain)	112,689		4,361,064
Royal Dutch Shell PLC, ADR (United Kingdom)(a)	54,344		4,412,733
			36,101,437
Paper & Forest Products — 1.1%
MeadWestvaco Corp.(a)	294,507		10,401,987
Personal Products — 0.3%
NBTY, Inc.*(a)	56,863		2,456,482
Pharmaceuticals — 2.0%
Noven Pharmaceuticals, Inc.*	39,439		924,845
Pfizer, Inc.	712,504		18,218,727
			19,143,572
Semiconductors & Semiconductor Equipment — 0.4%
AMIS Holdings, Inc.*	146,035		1,828,358
FEI Co.*(a)	55,142		1,789,909
			3,618,267
Software — 0.3%
Ansoft Corp.*	39,365		1,160,874
Interactive Intelligence, Inc.*	28,184		580,590
Smith Micro Software, Inc.*(a)	46,018		693,031
			2,434,495

SEE NOTES TO FINANCIAL STATEMENTS.

A95

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Specialty Retail — 2.0%
American Eagle Outfitters, Inc.	178,862	$	4,589,599
Charlotte Russe Holding, Inc.*	41,450		1,113,761
EMI Group PLC (United Kingdom)	1,888,139		10,116,020
Guess?, Inc.	73,616		3,536,513
Mothers Work, Inc.*	9,239		288,904
			19,644,797
Textiles, Apparel & Luxury Goods — 1.5%
Coach, Inc.*	218,984		10,377,651
Phillips-Van Heusen Corp.	44,454		2,692,579
Skechers USA, Inc. (Class A Stock)*	38,154		1,114,097
			14,184,327
Wireless Telecommunication Services — 1.9%
NTT DoCoMo, Inc., ADR (Japan)	194,695		3,076,181
Vodafone Group PLC (United Kingdom)	3,167,731		10,614,469
Vodafone Group PLC, ADR (United Kingdom)	129,141		4,343,012
			18,033,662
TOTAL COMMON STOCKS
(cost $581,795,878)			632,393,244

					Principal
Interest		Maturity	Moody’s		Amount
Rate		Date	Ratings		(000)#
CORPORATE BONDS — 32.5%
Aerospace & Defense — 1.2%
Honeywell International, Inc.,
	Notes(a)
	7.50%	03/01/10		A2		$	6,000	6,305,808
United Technologies Corp.,
	Sr. Notes
	4.875%	05/01/15		A2			5,250	4,972,984
								11,278,792
Beverages
Bottling Group LLC,
	Sr. Unsec’d. Notes
	5.50%	04/01/16		A3			250	244,055
Biotechnology — 0.4%
Amgen, Inc.,
	Sr. Notes(a)
	4.85%	11/18/14		A2			4,500	4,212,054
Capital Markets — 4.5%
Credit Suisse First Boston USA, Inc.,
	Notes
	5.125%	08/15/15		Aa1			5,000	4,790,300
Goldman Sachs Group, Inc.,
	Notes
	6.125%	02/15/33		Aa3			5,250	5,007,823
	6.875%	01/15/11		Aa3			4,500	4,680,707
	Sr. Notes
	5.35%	01/15/16		Aa3			4,750	4,533,367
Lehman Brothers Holdings, Inc.,
	Sub. Notes.(a)
	5.75%	01/03/17		A2			4,500	4,371,759
Merrill Lynch & Co.,
	Notes
	6.00%	02/17/09		Aa3			3,250	3,279,071
	Sub. Notes
	6.22%	09/15/26		A1			5,750	5,602,271
Morgan Stanley,
	Notes(a)
	3.875%	01/15/09		Aa3			3,750	3,669,881
	5.55%	04/27/17		Aa3			3,000	2,878,242
	Unsub. Notes
	6.75%	04/15/11		Aa3			4,750	4,924,923
								43,738,344
Chemicals — 0.3%
DuPont (E.I.) de Nemours & Co.,
	Notes
	6.875%	10/15/09		A2			3,000	3,098,772
Commercial Banks — 2.2%
HSBC Bank USA,
	Sr. Notes
	3.875%	09/15/09		Aa2			5,250	5,086,972
	Sub. Notes
	5.875%	11/01/34		Aa3			4,250	4,047,347
HSBC Finance Corp.,
	Notes(a)
	5.50%	01/19/16		Aa3			5,000	4,818,375
Wells Fargo Bank & Co.,
	Sub. Notes
	4.75%	02/09/15		Aa1			5,000	4,688,615
	Unsec’d. Notes
	3.125%	04/01/09		Aa1			2,500	2,409,492
								21,050,801
Consumer Finance — 0.5%
Household Finance Corp.,
	Notes
	6.375%	10/15/11		Aa3			4,500	4,623,827
Diversified Financial Services — 1.1%
Bank of America Corp.,
	Sr. Notes
	5.875%	02/15/09		Aa2			1,500	1,511,973
Citigroup, Inc.,
	Sr. Notes
	4.125%	02/22/10		Aa1			4,500	4,365,346
JPMorgan Chase & Co.,
	Sub. Notes
	5.125%	09/15/14		A1			4,500	4,321,170
								10,198,489

SEE NOTES TO FINANCIAL STATEMENTS.

A96

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity	Moody’s		Amount			Value
Rate		Date	Ratings		(000)#			(Note 2)
CORPORATE BONDS (Continued)
Diversified Telecommunication Services — 4.7%
AT&T Wireless Services, Inc.,
	Sr. Notes
	7.875%	03/01/11(a)		Aa3		$	5,500	$	5,913,484
Embarq Corp.,
	Notes
	6.738%	06/01/13(a)		Baa3			6,000		6,114,462
	7.995%	06/01/36		Baa3			2,500		2,537,160
GTE Corp.,
	Debs.
	6.84%	04/15/18		Baa1			8,250		8,669,479
	7.51%	04/01/09		Baa1			1,250		1,290,133
SBC Communications, Inc.,
	Notes
	4.125%	09/15/09(a)		A2			7,000		6,806,891
	5.10%	09/15/14		A2			2,250		2,146,140
	6.15%	09/15/34(a)		A2			5,500		5,273,450
Verizon New York, Inc.,
	Debs.
	6.875%	04/01/12		Baa3			6,500		6,776,952
									45,528,151
Electric Utilities — 2.3%
American Electric Power,
	Sr. Notes
	5.375%	03/15/10		Baa2			6,500		6,478,862
Progress Energy, Inc.,
	Sr. Notes
	7.10%	03/01/11		Baa2			704		737,691
	7.75%	03/01/31		Baa2			6,750		7,803,803
Southern California Edison Co.,
	First Mortgage
	6.00%	01/15/34		A2			500		492,617
Southern Power Co.,
	Sr. Notes
	4.875%	07/15/15		Baa1			6,750		6,269,616
									21,782,589
Food & Staples Retailing — 1.9%
Costco Wholesale Corp.,
	Sr. Unsec’d. Notes
	5.50%	03/15/17		A2			4,750		4,631,079
Wal-Mart Stores, Inc.,
	Notes
	4.125%	02/15/11		Aa2			5,500		5,280,913
	5.25%	09/01/35		Aa2			5,750		5,026,357
	Sr. Notes(a)
	6.875%	08/10/09		Aa2			3,500		3,609,434
									18,547,783
Food Products — 1.6%
General Mills, Inc.,
	Unsec’d. Notes
	6.00%	02/15/12		Baa1			5,000		5,053,665
Kraft Foods, Inc.,
	Sr. Unsec’d. Notes
	5.625%	11/01/11		Baa1			5,750		5,705,000
Unilever Capital Corp.,
	Gtd. Notes
	7.125%	11/01/10		A1			4,000		4,192,884
									14,951,549
Household Products — 0.7%
Procter & Gamble Co.,
	Unsub. Notes(a)
	6.875%	09/15/09		Aa3			3,000		3,096,450
	Sr. Notes
	5.55%	03/05/37		Aa3			4,000		3,762,088
									6,858,538
Independent Power Producers & Energy Traders — 0.6%
Constellation Energy Group, Inc.,
	Notes
	4.55%	06/15/15		Baa1			6,000		5,429,880
Industrial Conglomerates — 2.1%
General Electric Capital Corp.,
	Notes
	6.75%	03/15/32(a)		Aaa			5,750		6,238,566
	7.375%	01/19/10		Aaa			5,500		5,756,724
	Unsec’d. Notes
	6.00%	06/15/12		Aaa			7,750		7,888,221
									19,883,511
Insurance — 0.5%
Metlife, Inc.,
	Sr. Notes
	5.70%	06/15/35		A2			5,500		5,082,820
Media — 1.8%
AOL Time Warner, Inc.,
	Gtd. Notes
	7.70%	05/01/32		Baa2			5,250		5,677,087
Comcast Corp.,
	Gtd. Notes
	5.90%	03/15/16		Baa2			250		245,566
	6.45%	03/15/37(a)		Baa2			5,500		5,300,482
Time Warner, Inc.,
	Debs.
	8.375%	03/15/23		Baa2			5,500		6,313,648
									17,536,783
Multi-Utilities — 2.8%
Detroit Edison Co.
	6.125%	10/01/10		A3			3,000		3,053,472
Dominion Resources, Inc.,
	Sr. Notes
	8.125%	06/15/10		Baa2			2,430		2,616,617

SEE NOTES TO FINANCIAL STATEMENTS.

A97

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity	Moody’s		Amount			Value
Rate		Date	Ratings		(000)#			(Note 2)
CORPORATE BONDS (Continued)
Multi-Utilities (cont’d.)
Dominion Resources, Inc.,
	Sr. Unsec’d. Notes
	5.15%	07/15/15		Baa2		$	6,320	$	6,002,787
	5.95%	06/15/35		Baa2			250		234,417
Pacific Gas & Electric Co.,
	Unsec’d. Notes
	3.60%	03/01/09		Baa1			6,000		5,822,538
	6.05%	03/01/34		Baa1			7,000		6,780,823
Virginia Electric Power, Series B,
	Sr. Unsec’d. Notes
	6.00%	01/15/36		Baa1			3,000		2,872,626
									27,383,280
Oil, Gas & Consumable Fuels — 1.7%
Centerpoint Energy Resource,
	Sr. Notes
	7.875%	04/01/13		Baa3			3,945		4,306,106
Conoco, Inc.,
	Sr. Notes
	6.95%	04/15/29		A1			5,500		6,002,496
ConocoPhillips,
	Unsec’d. Notes
	8.75%	05/25/10		A1			6,000		6,531,876
									16,840,478
Paper & Forest Products — 0.4%
Weyerhauser Co.,
	Notes
	6.75%	03/15/12		Baa2			3,250		3,362,632
Pharmaceuticals — 0.9%
Abbot Laboratories,
	Notes
	5.875%	05/15/16		A1			5,000		5,001,285
Ely Lilly & Co.,
	Unsec’d. Notes(a)
	5.20%	03/15/17		Aa3			4,000		3,826,424
									8,827,709
Specialty Retail — 0.3%
Home Depot, Inc.,
	Sr. Unsec’d. Notes
	5.20%	03/01/11		Aa3			2,750		2,702,879
TOTAL CORPORATE BONDS
	(cost $318,934,971)								313,163,716
TOTAL LONG-TERM INVESTMENTS
	(cost $900,730,849)								945,556,960

	Shares
SHORT-TERM INVESTMENT — 17.9%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $173,056,610; includes $152,744,541 of cash collateral for securities on loan)(b)(w) (Note 4)	173,056,610		173,056,610
TOTAL INVESTMENTS (o) — 116.1%
(cost $1,073,787,459; Note 6)			1,118,613,570
Liabilities in excess of other assets — (16.1)%			(155,423,673	)
NET ASSETS — 100.0%		$	963,189,897

The following abbreviations are used in portfolio descriptions:
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 Depositary Receipt
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $148,553,133; cash collateral of $152,744,541 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan.
(o)	As of June 30, 2007, 5 securities representing $50,985,685 and 5.3% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A98

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (15.9% represents investments purchased with collateral from securities on loan)	17.9	%
Diversified Telecommunication Services	12.0
Commercial Banks	7.3
Multi-utilities	6.6
Industrial Conglomerates	5.6
Oil, Gas & Consumable Fuels	5.4
Electric Utilities	5.2
Insurance	5.0
Capital Markets	4.9
Chemicals	4.4
Food & Staples Retailing	3.0
Media	2.9
Pharmaceuticals	2.9
Aerospace & Defense	2.6
Diversified Financial Services	2.4
Specialty Retail	2.3
Metals & Mining	2.1
Wireless Telecommunication Services	1.9
Communication Equipment	1.7
Automobiles	1.6
Food Products	1.6
Textiles, Apparel & Luxury Goods	1.5
Paper & Forest Products	1.5
Hotels, Restaurants & Leisure	1.4
Leisure Equipment & Products	1.2
Gas Utilities	1.1
Auto Components	1.1
Multi-line Retail	1.0
Household Durables	0.9
Commercial Services & Supplies	0.9
Consumer Finance	0.8
Household Products	0.7
Independent Power Producers & Energy Traders	0.6
Healthcare Equipment & Supplies	0.5
Biotechnology	0.4
Semiconductors & Semiconductor Equipment	0.4
Electronic Equipment & Instruments	0.3
Energy Equipment & Services	0.3
Airlines	0.3
Internet Software & Services	0.3
Personal Products	0.3
Software	0.3
Machinery	0.2
IT Services	0.2
Internet & Catalog Retail	0.2
Containers & Packaging	0.1
Distributors	0.1
Healthcare Technology	0.1
Healthcare Providers & Services	0.1
	116.1
Liabilities in excess of other assets	(16.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A99

AST FIRST TRUST BALANCED TARGET PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities
on loan of $148,553,133:
Unaffiliated investments (cost $900,730,849)	$	945,556,960
Affiliated investments (cost $173,056,610)		173,056,610
Cash		895,022
Foreign currency, at value (cost $2,507,163)		2,547,740
Dividends and interest receivable		6,495,470
Receivable for fund share sold		3,576,510
Receivable for investments sold		2,146,758
Prepaid expenses		310
Total Assets		1,134,275,380
LIABILITIES:
Payable to broker for collateral for securities on loan		152,744,541
Payable for investments purchased		17,968,993
Advisory fees payable		277,780
Accrued expenses and other liabilities		88,702
Shareholder servicing fees payable		5,467
Total Liabilities		171,085,483
NET ASSETS	$	963,189,897
Net assets were comprised of:
Paid-in capital	$	890,557,485
Retained earnings		72,632,412
Net assets, June 30, 2007	$	963,189,897
Net asset value and redemption price per share,
$963,189,897/84,602,369 outstanding shares
of beneficial interest	$	11.38

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	6,753,487
Unaffiliated dividend income (net of $207,717 foreign withholding tax)		6,634,780
Affiliated dividend income		385,076
Affiliated income from securities lending, net		15,874
		13,789,217
EXPENSES
Advisory fees		3,090,889
Shareholder servicing fees and expenses		254,553
Custodian and accounting fees		114,000
Audit fee		12,000
Shareholders’ reports		10,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		6,000
Legal fees and expenses		2,000
Insurance expenses		2,000
Miscellaneous		3,966
Total expenses		3,504,408
NET INVESTMENT INCOME		10,284,809
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		12,231,437
Foreign currency transactions		(16,476	)
		12,214,961
Net change in unrealized appreciation (depreciation) on:
Investments		21,155,817
Foreign currencies		23,969
		21,179,786
NET GAIN ON INVESTMENTS AND
FOREIGN CURRENCIES		33,394,747
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS	$	43,679,556

STATEMENT OF CHANGES IN NET ASSETS
					March 20, 2006*
					through
	Six Months Ended				December 31,
	June 30, 2007				2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	10,284,809			$	4,840,079
Net realized gain on investments and foreign currencies			12,214,961				425,167
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			21,179,786				23,687,610
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			43,679,556				28,952,856
FUND SHARE TRANSACTIONS:
Fund share sold [36,677,684 and 50,152,137 shares, respectively]			405,981,844				507,699,072
Fund share repurchased [1,076,113 and 1,151,339 shares, respectively]			(11,814,393	)			(11,309,038	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			394,167,451				496,390,034
TOTAL INCREASE IN NET ASSETS			437,847,007				525,342,890
NET ASSETS:
Beginning of period			525,342,890				—
End of period		$	963,189,897			$	525,342,890
*Commencement of operations

SEE NOTES TO FINANCIAL STATEMENTS.

A100

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.4% COMMON STOCKS — 80.3%	Shares		Value (Note 2)
Aerospace & Defense — 1.8%
Precision Castparts Corp.	155,138	$	18,827,548
Airlines — 1.2%
Continental Airlines, Inc. (Class B Stock)	110,017		3,726,276
Ryanair Holdings PLC, ADR (Ireland)*(a)	234,524		8,853,281
			12,579,557
Automobiles — 1.9%
Daimlerchrysler AG, ADR (Germany)*(a)	55,515		5,104,604
General Motors Corp.*(a)	387,240		14,637,672
			19,742,276
Automotive Components — 1.4%
GKN PLC (United Kingdom)	1,801,917		14,344,096
Capital Markets — 0.4%
Deutsche Bank AG (Germany)*(a)	28,474		4,121,327
Chemicals — 2.5%
Albemarle Corp.	107,993		4,160,971
Potash Corp. of Saskatchewan, Inc. (Canada)	270,525		21,092,834
			25,253,805
Commercial Banks — 2.0%
ABN Amro Holding N.V., ADR (Netherlands)	107,918		4,955,595
BOC Hong Kong (Holdings) Ltd. (Hong Kong)	4,983,000		11,866,106
Kookmin Bank, ADR (South Korea)	42,694		3,745,118
			20,566,819
Commercial Services & Supplies — 2.3%
Cenveo, Inc.*(a)	275,435		6,387,338
Clean Harbors, Inc.	101,247		5,003,627
Consolidated Graphics, Inc.	71,568		4,958,231
Healthcare Services Group, Inc.*(a)	140,997		4,159,411
TeleTech Holdings, Inc.*(a)	79,507		2,582,387
			23,090,994
Communication Equipment — 5.2%
Cisco Systems, Inc.	408,708		11,382,518
NETGEAR, Inc.*(a)	173,009		6,271,576
Research in Motion Ltd. (Canada)	176,773		35,352,832
			53,006,926
Computers & Peripherals — 0.7%
Logitech International S.A. (Switzerland)*(a)	270,844		7,147,573
Consumer Finance — 1.0%
Cash America International, Inc.*(a)	151,532		6,008,244
World Acceptance Corp.	91,766		3,921,161
			9,929,405
Containers & Packaging — 0.2%
Rock-Tenn Co. (Class A Stock)	58,032		1,840,775
Distributors — 0.4%
Andersons, Inc. (The)*(a)	88,881		4,028,976
Diversified Financial Services — 0.4%
ING Groep NV, ADR (Netherlands)	87,600		3,851,772
Diversified Telecommunication Services — 8.9%
AT&T, Inc.	344,499		14,296,709
BCE, Inc. (Canada)	141,896		5,362,250
BT Group PLC (United Kingdom)	2,101,239		13,984,894
BT Group PLC, ADR (United Kingdom)	243,830		16,234,201
Deutsche Telekom AG, ADR (Germany)*(a)	209,777		3,861,995
France Telecom SA	138,735		3,812,438
Nippon Telegraph & Telephone, Inc., ADR (Japan)(a)	139,930		3,102,248
PCCW Ltd. (Hong Kong)	20,722,000		12,747,189
Telecom Italia SpA*(a)	125,205		3,438,129
Verizon Communications, Inc.*(a)	339,985		13,997,182
			90,837,235
Electric Utilities — 0.4%
Korea Electric Power Co., ADR (South Korea)	181,014		3,964,207
Electronic Equipment & Instruments — 1.0%
Agilysys, Inc.	157,285		3,538,913
Daktronics, Inc.*(a)	200,082		4,297,761
OYO Geospace Corp.	30,120		2,234,603
			10,071,277
Energy Equipment & Services — 0.9%
Dawson Geophysical Co.	37,198		2,286,189
Gulf Island Fabrication, Inc.	71,700		2,487,990
Natco Group, Inc. (Class A Stock)	91,313		4,204,051
			8,978,230
Food & Staples Retailing — 1.4%
Compass Group PLC (United Kingdom)	2,065,218		14,260,397
Healthcare Equipment & Supplies — 0.6%
Immucor, Inc.(a)	78,963		2,208,595
Kinetic Concepts, Inc.	79,656		4,139,722
			6,348,317
Healthcare Providers & Services — 0.2%
Bio-Reference Labs, Inc.	69,478		1,900,223
Healthcare Technology — 0.3%
Omnicell, Inc.*(a)	143,870		2,989,619
Hotels, Restaurants & Leisure — 3.1%
Buffalo Wild Wings, Inc.*(a)	89,994		3,742,851
Interstate Hotels & Resorts, Inc.	165,183		862,255
MGM Mirage	203,967		16,823,198
Wynn Resorts Ltd.*(a)	109,571		9,827,423
			31,255,727

SEE NOTES TO FINANCIAL STATEMENTS.

A101

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS (Continued)	Shares		Value (Note 2)
Household Durables — 1.6%
Harmonic, Inc.	380,025	$	3,370,822
Interface, Inc.	274,501		5,177,089
Kimball International, Inc. (Class B Stock)	137,362		1,924,442
Matsushita Electric Industrial Co. Ltd., ADR (Japan)	186,434		3,693,257
Tempur-Pedic International, Inc.*(a)	93,049		2,409,969
			16,575,579
Industrial Conglomerates — 4.8%
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)	3,433,000		12,666,520
Citic Pacific Ltd. (Hong Kong)	3,565,000		17,895,213
General Electric Co.	359,309		13,754,348
Tredegar Corp.	203,282		4,329,907
			48,645,988
Insurance — 1.5%
Aegon NV	188,029		3,694,770
Allianz AG*(a)	179,191		4,169,774
Axa Sa, ADR (France)*(a)	87,826		3,780,031
Sun Life Financial, Inc. (Canada)(a)	84,509		4,035,305
			15,679,880
Internet & Catalog Retail — 0.3%
Priceline.com, Inc.*	40,877		2,809,885
Internet Software & Services — 1.9%
Cybersource Corp.*(a)	172,266		2,077,528
Knot, Inc. (The)*(a)	162,171		3,274,232
Liquidity Services, Inc.	140,559		2,639,698
VeriSign, Inc.	347,652		11,030,998
			19,022,456
IT Services — 2.5%
Cognizant Technology Solutions Corp. (Class A Shares)	118,840		8,923,696
Covansys Corp.*(a)	186,371		6,323,568
Infosys Technologies Ltd., ADR (India)*(a)	196,372		9,893,221
			25,140,485
Leisure Equipment & Products — 1.6%
Hasbro, Inc.*(a)	176,494		5,543,677
Mattel, Inc.*(a)	434,325		10,984,079
			16,527,756
Machinery — 2.9%
Joy Global, Inc.*(a)	167,419		9,765,550
Lindsay Manufacturing Co.*(a)	61,570		2,726,936
Paccar, Inc.*(a)	150,932		13,137,121
RBC Bearings, Inc.	110,911		4,575,079
			30,204,686
Media — 3.6%
DIRECTV Group, Inc. (The)	640,041		14,791,347
EchoStar Communications Corp. (Class A Stock)	256,916		11,142,447
Liberty Global, Inc. (Class A Stock)*(a)	272,190		11,170,678
			37,104,472
Metals & Mining — 2.9%
Allegheny Technologies, Inc.*(a)	118,936		12,474,008
Barrick Gold Corp. (Canada)	124,496		3,619,099
Brush Engineered Materials, Inc.	41,011		1,722,052
Hecla Mining Co.	654,940		5,593,187
POSCO, ADR (South Korea)	40,645		4,877,400
Wheeling-Pittsburgh Corp.	79,978		1,521,981
			29,807,727
Multi-Line Retail — 1.3%
Nordstrom, Inc.*(a)	267,887		13,694,383
Oil, Gas & Consumable Fuels — 4.4%
Arena Resources, Inc.*(a)	74,572		4,333,379
CNOOC Ltd. (Hong Kong)	15,129,000		17,142,795
Encana Corp.*(a)	77,369		4,754,325
ENI SpA, ADR (Italy)*(a)	60,809		4,399,531
Petroleo Brasileiro SA, ADR (Brazil)*(a)	41,661		5,052,229
Repsol SA, ADR (Spain)	117,525		4,548,218
Royal Dutch Shell PLC, ADR (United Kingdom)	56,677		4,602,172
			44,832,649
Personal Products — 0.3%
NBTY, Inc.*(a)	79,071		3,415,867
Pharmaceuticals — 1.5%
Noven Pharmaceuticals, Inc.*(a)	123,396		2,893,636
Pfizer, Inc.	495,372		12,666,662
			15,560,298
Semiconductors & Semiconductor Equipment — 1.1%
AMIS Holdings, Inc.	456,908		5,720,488
FEI, Co.*(a)	172,526		5,600,194
			11,320,682
Software — 1.5%
Ansoft Corp.	123,162		3,632,047
Check Point Software Technologies Ltd. (Israel)	348,038		7,938,747
Interactive Intelligence, Inc.	88,180		1,816,508
Smith Micro Software, Inc.(a)	143,980		2,168,339
			15,555,641
Specialty Retail — 4.3%
American Eagle Outfitters, Inc.	563,973		14,471,547
Charlotte Russe Holding, Inc.	129,687		3,484,689
EMI Group PLC (United Kingdom)	2,627,094		14,075,095
Guess?, Inc.	102,368		4,917,759
Mothers Work, Inc.	28,908		903,953
Ross Stores, Inc.	198,415		6,111,182
			43,964,225

SEE NOTES TO FINANCIAL STATEMENTS.

A102

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Textiles, Apparel & Luxury Goods — 1.9%
Coach, Inc.	304,510	$	14,430,729
Phillips-Van Heusen Corp.	61,815		3,744,134
Skechers USA, Inc. (Class A Stock)	53,055		1,549,206
			19,724,069
Wireless Telecommunication Services — 2.2%
NTT DoCoMo, Inc., ADR (Japan)	203,051		3,208,206
Vodafone Group PLC (United Kingdom)	4,407,477		14,768,623
Vodafone Group PLC, ADR (United Kingdom)	134,684		4,529,423
			22,506,252
TOTAL COMMON STOCKS
(cost $743,136,245)			821,030,061

				Principal
Interest	Maturity	Moody’s		Amount
Rate	Date	Ratings		(000)
CORPORATE BONDS — 18.1%
Aerospace & Defense — 0.7%
Honeywell International,
Notes(a)
7.50%	03/01/10	A2	$	4,000	4,203,872
United Technologies Corp.,
Sr. Notes
4.875%	05/01/15	A2		3,050	2,889,067
					7,092,939
Biotechnology — 0.2%
Amgen, Inc.,
Sr. Notes(a)
4.85%	11/18/14	A2		2,100	1,965,625
Capital Markets — 2.6%
Credit Suisse First Boston USA, Inc.,
Notes
5.125%	08/15/15	Aa1		3,100	2,969,986
Goldman Sachs Group, Inc.,
Bonds
6.875%	01/15/11	Aa3		3,350	3,484,526
Gtd. Notes
6.345%	02/15/34	A1		400	381,487
Notes
6.125%	02/15/33	Aa3		2,850	2,718,532
Sr. Notes
5.35%	01/15/16	Aa3		3,400	3,244,936
Lehman Brother Holdings,
Sub. Notes.(a)
5.75%	01/03/17	A2		3,500	3,400,257
Merrill Lynch & Co.,
Notes
6.00%	02/17/09	Aa3		1,900	1,916,996
Sub. Notes
6.22%	09/15/26	A1		3,250	3,166,501
Morgan Stanley,
Notes
3.875%	01/15/09	Aa3		2,100	2,055,133
5.55%	04/27/17	Aa3		500	480,807
Unsub. Notes
6.75%	04/15/11	Aa3		2,500	2,592,065
					26,411,226
Chemicals — 0.2%
EI Du Pont de Nemours & Co.,
Notes
6.875%	10/15/09	A2		2,250	2,324,079
Commercial Banks — 1.2%
HSBC Bank USA,
Sr. Notes
3.875%	09/15/09	Aa2		3,750	3,633,551
Sub. Notes
5.875%	11/01/34	Aa3		1,750	1,666,555
HSBC Finance Corp.,
Notes(a)
5.50%	01/19/16	Aa3		2,300	2,216,453
Wells Fargo & Co.,
Unsec’d. Notes
3.125%	04/01/09	Aa1		1,250	1,204,746
Wells Fargo Bank & Co.,
Sub. Notes
4.75%	02/09/15	Aa1		3,281	3,076,669
					11,797,974
Consumer Finance — 0.3%
Household Finance Corp.,
Notes
6.375%	10/15/11	Aa3		2,900	2,979,799
Diversified Financial Services — 0.7%
Bank of America Corp.,
Sr. Notes
5.875%	02/15/09	Aa1		800	806,385
Citigroup, Inc.,
Sr. Notes
4.125%	02/22/10	Aa1		2,750	2,667,712
JPMorgan Chase & Co.,
Sub. Notes
5.125%	09/15/14	Aa3		3,300	3,168,858
					6,642,955
Diversified Telecommunication Services — 2.7%
AT&T Wireless Services, Inc.,
Sr. Notes
7.875%	03/01/11	A3		3,750	4,031,921
Embarq Corp.,
Notes
6.738%	06/01/13	Baa3		4,000	4,076,308
7.995%	06/01/36	Baa3		1,500	1,522,296

SEE NOTES TO FINANCIAL STATEMENTS.

A103

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
CORPORATE BONDS (Continued)
Diversified Telecommunication Services (cont’d.)
GTE Corp.,
Debs.
6.84%	04/15/18	Baa1	$	5,350	$	5,622,026
Notes
7.51%	04/01/09	Baa1		800		825,685
SBC Communications,
Notes
4.125%	09/15/09	A2		3,900		3,792,411
5.10%	09/15/14	A2		700		667,688
6.15%	09/15/34(a)	A2		3,500		3,355,831
Verizon New York, Inc.,
Debs.
6.875%	04/01/12	Baa3		3,850		4,014,041
						27,908,207
Electric Utilities — 1.2%
American Electric Power,
Sr. Notes
5.375%	03/15/10	Baa2		4,150		4,136,504
Progress Energy, Inc.,
Sr. Notes
7.10%	03/01/11	Baa2		610		639,193
7.75%	03/01/31	Baa2		3,950		4,566,670
Southern California Edison Co.,
First Mortgage
6.00%	01/15/34	A2		400		394,093
Southern Power Co.,
Sr. Notes
4.875%	07/15/15	Baa1		3,050		2,832,938
						12,569,398
Food & Staples Retailing — 1.0%
Costco Wholesale Corp.,
Sr. Unsec’d. Notes
5.50%	03/15/17	A2		2,000		1,949,928
Wal-Mart Stores, Inc.,
Notes
4.125%	02/15/11	Aa2		4,750		4,560,789
Bonds
5.25%	09/01/35	Aa2		3,150		2,753,569
Sr. Notes
6.875%	08/10/09	Aa2		1,100		1,134,394
						10,398,680
Food Products — 0.9%
General Mills, Inc.,
Unsec’d. Notes
6.00%	02/15/12	Baa1		2,500		2,526,833
Kraft Foods, Inc.,
Sr. Unsec’d. Notes
5.625%	11/01/11	Baa1		3,800		3,770,261
Unilever Capital Corp.,
Gtd. Notes
7.125%	11/01/10	A1		3,100		3,249,485
						9,546,579
Household Products — 0.4%
Procter & Gamble Co.,
Unsub. Notes
6.875%	09/15/09	Aa3		1,550		1,599,832
Proctor And Gamble Co.,
Sr. Notes
5.55%	03/05/37	Aa3		2,500		2,351,305
						3,951,137
Independent Power Producers & Energy Traders — 0.3%
Constellation Energy Group, Inc.,
Notes
4.55%	06/15/15	Baa1		3,550		3,212,679
Sr. Notes
6.125%	09/01/09	Baa1		197		199,095
						3,411,774
Industrial Conglomerates — 1.1%
General Electric Capital Corp.,
Unsec’d. Notes
6.00	06/15/12	Aaa		3,600		3,664,206
Notes(a)
6.75%	03/15/32	Aaa		3,750		4,068,630
7.375%	01/19/10	Aaa		3,000		3,140,031
						10,872,867
Insurance — 0.4%
Metlife Inc.,
Sr. Notes
5.70%	06/15/35	A2		3,850		3,557,974
Media — 1.0%
AOL Time Warner, Inc.,
Gtd. Notes
7.70%	05/01/32	Baa2		3,350		3,622,522
Comcast Corp.,
Gtd. Notes
5.90%	03/15/16	Baa2		400		392,905
6.45%	03/15/37	Baa2		2,500		2,409,310
Time Warner, Inc.,
Debs.
8.375%	03/15/23	Baa2		3,600		4,132,570
						10,557,307
Multi-Utilities — 1.5%
Detroit Edison Co.,
First Mortgage
6.125%	10/01/10	A3		1,000		1,017,824
Dominion Resources, Inc.,
Sr. Unsec’d. Notes
5.15%	07/15/15	Baa2		4,100		3,894,213
5.95%	06/15/35	Baa2		200		187,534
Sr. Notes
8.125%	06/15/10	Baa2		1,430		1,539,820

SEE NOTES TO FINANCIAL STATEMENTS.

A104

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
CORPORATE BONDS (Continued)
Multi-Utilities (cont’d.)
Pacific Gas & Electric,
Unsec’d. Notes
3.60%	03/01/09	Baa1	$	3,550	$	3,445,002
6.05%	03/01/34	Baa1		3,850		3,729,452
Virginia Electric Power, Series B,
Sr. Unsec’d
6.00%	01/15/36	Baa1		1,500		1,436,313
						15,250,158
Oil, Gas & Consumable Fuels — 0.9%
Centerpoint Energy Resources Corp.,
Sr. Notes
7.875%	04/01/13	Baa3		1,520		1,659,133
Conoco, Inc.,
Sr. Notes
6.95%	04/15/29	A1		3,850		4,201,748
ConocoPhillips,
Unsec’d. Notes
8.75%	05/25/10	A1		3,000		3,265,938
						9,126,819
Paper & Forest Products — 0.2%
Weyerhaeuser Co.,
Notes
6.75%	03/15/12	Baa2		1,900		1,965,846
Pharmaceuticals — 0.5%
Abbott Laboratories,
Notes
5.875%	05/15/16	A1		3,650		3,650,938
Ely Lilly & Co.,
Unsec’d. Notes(a)
5.20%	03/15/17	Aa3		2,000		1,913,212
						5,564,150
Specialty Retail — 0.1%
Home Depot, Inc.,
Sr. Unsec’d. Notes
5.20%	03/01/11	Aa3		1,150		1,130,295
TOTAL CORPORATE BONDS
(cost $188,264,746)						185,025,788
TOTAL LONG-TERM INVESTMENTS
(cost $931,400,991)						1,006,055,849

		Shares
	SHORT-TERM INVESTMENT — 22.1%
	AFFILIATED MONEY MARKET MUTUAL FUND)
	Dryden Core Investment Fund – Taxable Money Market Series (cost $226,225,982); includes $205,487,471 of cash collateral for securities on loan)(b)(w) (Note 4)	226,225,982	$	226,225,982
	TOTAL INVESTMENTS(o) — 120.5%
	(cost $1,157,626,973; Note 6)			1,232,281,831
	Liabilities in excess of other assets — (20.5)%			(209,829,994	)
	NET ASSETS — 100.0%		$	1,022,451,837
	The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $198,592,258; cash collateral of $205,487,471 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(o)	As of June 30, 2007, 5 securities representing $70,741,318 and 6.92% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A105

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (20.1% represents investments purchased with collateral from securities on loan)	22.1	%
Diversified Telecommunication Services	11.6
Industrial Conglomerates	5.9
Oil, Gas & Consumable Fuels	5.3
Communication Equipment	5.2
Media	4.6
Specialty Retail	4.4
Commercial Banks	3.2
Hotels, Restaurants & Leisure	3.1
Capital Markets	3.0
Machinery	2.9
Metals & Mining	2.9
Chemicals	2.7
Aerospace & Defense	2.5
IT Services	2.5
Food & Staples Retailing	2.4
Commercial Services & Supplies	2.3
Wireless Telecommunication Services	2.2
Pharmaceuticals	2.0
Automobiles	1.9
Textiles, Apparel & Luxury Goods	1.9
Insurance	1.9
Internet Software & Services	1.9
Household Durables	1.6
Electric Utilities	1.6
Leisure Equipment & Products	1.6
Software	1.5
Multi-utilities	1.5
Automotive Components	1.4
Multi-line Retail	1.3
Consumer Finance	1.3
Airlines	1.2
Semiconductors & Semiconductor Equipment	1.1
Diversified Financial Services	1.1
Electronic Equipment & Instruments	1.0
Food Products	0.9
Energy Equipment & Services	0.9
Computers & Peripherals	0.7
Healthcare Equipment & Supplies	0.6
Distributors	0.4
Household Products	0.4
Personal Products	0.3
Independent Power Producers & Energy Traders	0.3
Healthcare Technology	0.3
Internet & Catalog Retail	0.3
Paper & Forest Products	0.2
Biotechnology	0.2
Healthcare Providers & Services	0.2
Containers & Packaging	0.2
	120.5
Liabilities in excess of other assets	(20.5	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A106

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $198,592,258:
Unaffiliated investments (cost $931,400,991)	$	1,006,055,849
Affiliated investments (cost $226,225,982)		226,225,982
Dividends and interest receivable		4,343,975
Foreign currency, at value (cost $3,687,194)		3,754,156
Receivable for fund share sold		3,029,740
Receivable for investments sold		1,620,759
Prepaid expenses		382
Total Assets		1,245,030,843
LIABILITIES:
Payable to broker for collateral for securities on loan		205,487,471
Payable for investments purchased		15,680,319
Payable to custodian		1,065,864
Advisory fees payable		292,460
Accrued expenses and other liabilities		47,420
Shareholder servicing fees payable		5,041
Payable for fund share repurchased		431
Total Liabilities		222,579,006
NET ASSETS	$	1,022,451,837
Net assets were comprised of:
Paid-in capital	$	925,621,270
Retained earnings		96,830,567
Net assets, June 30, 2007	$	1,022,451,837
Net asset value and redemption price per share, $1,022,451,837/89,218,422 outstanding shares of beneficial interest	$	11.46

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $237,793 foreign withholding tax)	$	5,800,983
Unaffiliated interest		4,215,101
Affiliated dividend income		405,246
Affiliated income from securities lending, net		30,346
		10,451,676
EXPENSES
Advisory fees		3,335,757
Shareholder servicing fees and expenses		274,710
Custodian and accounting fees		81,000
Audit fee		11,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		6,000
Trustees’ fees		5,000
Shareholders’ reports		5,000
Insurance expenses		2,000
Miscellaneous		6,004
Total expenses		3,735,471
NET INVESTMENT INCOME		6,716,205
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		10,986,197
Foreign currency transactions		(17,097	)
		10,969,100
Net change in unrealized appreciation (depreciation) on:
Investments		45,568,527
Foreign currencies		37,652
		45,606,179
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		56,575,279
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,291,484

STATEMENT OF CHANGES IN NET ASSETS
					March 20, 2006*
					through
	Six Months Ended				December 31,
	June 30, 2007				2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	6,716,205			$	3,234,660
Net realized gain on investments and foreign currencies			10,969,100				1,187,829
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			45,606,179				29,116,594
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			63,291,484				33,539,083
FUND SHARE TRANSACTIONS:
Fund share sold [35,971,094 and 56,736,802 shares, respectively]			393,875,625				567,138,932
Fund share repurchased [1,148,237 and 2,341,237 shares, respectively]			(12,609,931	)			(22,783,356	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			381,265,694				544,355,576
TOTAL INCREASE IN NET ASSETS			444,557,178				577,894,659
NET ASSETS:
Beginning of period			577,894,659				—
End of period		$	1,022,451,837			$	577,894,659
*Commencement of operations

SEE NOTES TO FINANCIAL STATEMENTS.

A107

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS	June 30, 2007 (Unaudited)
LONG-TERM INVESTMENTS — 98.5%			Value
COMMON STOCKS	Shares		(Note 2)
Aerospace — 1.7%
United Technologies Corp.	152,810	$	10,838,813
Beverages — 6.4%
Fortune Brands, Inc.	227,880		18,770,476
PepsiCo, Inc.	329,650		21,377,802
			40,148,278
Biotechnology — 6.5%
Amgen, Inc.*	277,390		15,336,893
Celgene Corp.*(a)	245,420		14,069,929
Genentech, Inc.*	149,430		11,305,874
			40,712,696
Commercial Services — 4.6%
McGraw-Hill Cos., Inc.	420,823		28,649,630
Computer Services — 5.1%
Checkfree Corp.*(a)	306,740		12,330,948
Western Union Co.	936,110		19,499,171
			31,830,119
Computer Software — 6.1%
Electronic Arts, Inc.*	380,800		18,019,456
Microsoft Corp.	680,164		20,044,433
			38,063,889
Drugs & Medicine — 1.8%
Amylin Pharmaceuticals, Inc.*(a)	283,183		11,655,812
Financials — 3.2%
Charles Schwab Corp.	968,360		19,870,747
Internet & Online — 7.4%
Google, Inc. (Class A Stock)*	51,770		27,095,383
Yahoo!, Inc.*	708,430		19,219,706
			46,315,089
Medical Products — 6.5%
St. Jude Medical, Inc.*	473,878		19,661,198
Thermo Fisher Scientific, Inc.*(a)	405,590		20,977,115
			40,638,313
Movies & Entertainment — 2.1%
Viacom, Inc. (Class B Stock)*	319,210		13,288,712
Networking/Telecom Equipment — 6.5%
Cisco Systems, Inc.*	517,790		14,420,452
Research in Motion Ltd.*	133,030		26,616,669
			41,037,121
Oil & Gas — 4.4%
Suncor Energy, Inc.	311,030		27,967,818
Oil Well Services & Equipment — 7.9%
Baker Hughes, Inc.	304,370		25,606,648
Schlumberger Ltd.	285,780		24,274,153
			49,880,801
Retail – Food & Drug — 3.1%
CVS/Caremark Corp.	528,420		19,260,909
Retailing — 4.1%
Lowe’s Cos., Inc.(a)	347,120		10,653,113
Wal-Mart Stores, Inc.	319,320		15,362,485
			26,015,598
Semiconductors — 5.9%
Linear Technology Corp.(a)	396,800		14,356,224
QUALCOMM, Inc.	517,760		22,465,606
			36,821,830
Specialty Finance — 6.5%
American Express Co.	219,380		13,421,668
Freddie Mac	449,107		27,260,795
			40,682,463
Telecommunications — 8.7%
American Tower Corp. (Class A Stock)*	538,110		22,600,620
Crown Castle International Corp.*(a)	406,890		14,757,901
Sprint Nextel Corp.	819,420		16,970,188
			54,328,709
TOTAL LONG-TERM INVESTMENTS
(cost $506,926,515)			618,007,347
SHORT-TERM INVESTMENT — 17.3%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $108,292,956; includes $93,390,618 of cash collateral for securities on loan)(b)(w) (Note 4)	108,292,956		108,292,956
TOTAL INVESTMENTS — 115.8%
(cost $615,219,471; Note 6)			726,300,303
Liabilities in excess of other assets — (15.8)%			(99,154,727	)
NET ASSETS — 100.0%		$	627,145,576

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $89,661,846; cash collateral of $93,390,618 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A108

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (14.9% represents investments purchased with collateral from securities on loan)	17.3	%
Telecommunications	8.7
Oil Well Services & Equipment	7.9
Internet & Online	7.4
Networking/Telecom Equipment	6.5
Biotechnology	6.5
Specialty Finance	6.5
Medical Products	6.5
Beverages	6.4
Computer Software	6.1
Semiconductors	5.9
Computer Services	5.1
Commercial Services	4.6
Oil & Gas	4.4
Retailing	4.1
Financials	3.2
Retail – Food & Drug	3.1
Movies & Entertainment	2.1
Drugs & Medicine	1.8
Aerospace	1.7
	115.8
Liabilities in excess of other assets	(15.8	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A109

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities
on loan of $89,661,846:
Unaffiliated investments (cost $506,926,515)	$	618,007,347
Affiliated investments (cost $108,292,956)		108,292,956
Dividends and interest receivable		85,434
Receivable for fund share sold		12,457
Prepaid expenses		6,743
Total Assets		726,404,937
LIABILITIES:
Payable to broker for collateral for securities on loan		93,390,618
Payable for fund share repurchased		2,872,843
Payable for investments purchased		2,400,478
Payable to custodian		332,280
Advisory fees payable		177,168
Accrued expenses and other liabilities		82,068
Shareholder servicing fees payable		3,906
Total Liabilities		99,259,361
NET ASSETS	$	627,145,576
Net assets were comprised of:
Paid-in capital	$	1,275,465,061
Retained earnings		(648,319,485	)
Net assets, June 30, 2007	$	627,145,576
Net asset value and redemption price per share,
$627,145,576/23,266,500 outstanding shares
of beneficial interest	$	26.95

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $7,596
foreign withholding tax)	$	2,227,890
Affiliated dividend income		170,679
Affiliated income from securities lending, net		71,610
		2,470,179
EXPENSES
Advisory fees		2,827,842
Shareholder servicing fees and expenses		219,943
Custodian and accounting fees		78,000
Transfer agent’s fees and expenses		9,000
Insurance expenses		9,000
Audit fee		8,000
Trustees’ fees		8,000
Legal fees and expenses		5,000
Shareholders’ reports		4,000
Loan interest expense (Note 7)		1,560
Miscellaneous		10,014
Total expenses		3,180,359
Less: advisory fee waivers		(485,898	)
Net expenses		2,694,461
NET INVESTMENT LOSS		(224,282	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain on investment transactions		49,895,639
Net change in unrealized appreciation (depreciation)
on investments		12,089,118
NET GAIN ON INVESTMENTS		61,984,757
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS	$	61,760,475

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment loss		$	(224,282	)		$	(300,148	)
Net realized gain on investments			49,895,639				57,566,896
Net change in unrealized appreciation (depreciation) on investments			12,089,118				6,273,946
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			61,760,475				63,540,694
FUND SHARE TRANSACTIONS:
Fund share sold [375,250 and 432,025 shares, respectively]			9,730,929				9,960,579
Fund share repurchased [3,489,885 and 8,035,332 shares, respectively]			(89,070,534	)			(183,880,549	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(79,339,605	)			(173,919,970	)
TOTAL DECREASE IN NET ASSETS			(17,579,130	)			(110,379,276	)
NET ASSETS:
Beginning of period			644,724,706				755,103,982
End of period		$	627,145,576			$	644,724,706

SEE NOTES TO FINANCIAL STATEMENTS.

A110

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 100.3%			Value
COMMON STOCKS	Shares		(Note 2)
Advertising — 0.8%
National CineMedia, Inc.*		101,200	$	2,834,612
Aerospace/Defense — 2.1%
Alliant Techsystems, Inc.*(a)		72,025		7,141,279
Apparel/Shoes — 4.1%
Chico’s FAS, Inc.*		182,049		4,431,073
Coach, Inc.*		105,129		4,982,063
Urban Outfitters, Inc.*		186,300		4,476,789
				13,889,925
Audio Technology — 1.0%
Harman International Industries, Inc.		28,050		3,276,240
Auto Parts & Related — 1.9%
Gentex Corp.		324,713		6,393,599
Banks — 1.1%
Commerce Bancorp, Inc.(a)		99,800		3,691,602
Beverages — 3.0%
Fortune Brands, Inc.		101,800		8,385,266
Hansen Natural Corp.*		44,200		1,899,716
				10,284,982
Commercial Services — 4.7%
Bankrate, Inc.*(a)		44,000		2,108,480
CheckFree Corp.*(a)		186,700		7,505,340
Iron Mountain, Inc.*(a)		243,785		6,370,102
				15,983,922
Computer Hardware — 1.0%
Network Appliance, Inc.*		118,200		3,451,440
Computer Software — 6.3%
Activision, Inc.*		406,198		7,583,717
Electronic Arts, Inc.*(a)		122,500		5,796,700
NAVTEQ Corp.*(a)		103,287		4,373,171
Salesforce.com, Inc.*(a)		86,350		3,700,961
				21,454,549
Consumer Products & Services — 3.7%
Chattem, Inc.*(a)		70,215		4,450,227
Newell Rubbermaid, Inc.		217,230		6,393,079
Weight Watchers International, Inc.		34,834		1,770,960
				12,614,266
Drugs & Medicine — 3.1%
Amylin Pharmaceuticals, Inc.*(a)		132,500		5,453,700
Celgene Corp.*(a)		92,731		5,316,268
				10,769,968
Educational Services — 1.0%
Apollo Group, Inc.
(Class A Stock)*(a)		60,500		3,535,015
Electronic Components & Equipment — 1.5%
Jabil Circuit, Inc.(a)		233,000		5,142,310
Energy — 0.9%
Suntech Power Holdings Co. Ltd., ADR (China)*(a)		89,000		3,245,830
Financial Services — 5.8%
Global Payments, Inc.(a)		174,421		6,915,793
Legg Mason, Inc.		66,900		6,581,622
MoneyGram International, Inc.		104,200		2,912,390
Raymond James Financial, Inc.		108,300		3,346,470
				19,756,275
Gaming/Lodging — 1.1%
Hilton Hotels Corp.		117,400		3,929,378
Healthcare – Medical Providers — 1.0%
Psychiatric Solutions, Inc.*(a)		94,200		3,415,692
Healthcare Services — 3.2%
Charles River Laboratories
International, Inc.*		136,045		7,022,643
Covance, Inc.*		58,270		3,994,991
				11,017,634
Industrial Products — 1.0%
Roper Industries, Inc.(a)		58,300		3,328,930
Insurance — 4.3%
AON Corp.(a)		88,800		3,783,768
MGIC Investment Corp.(a)		58,600		3,331,996
Principal Financial Group, Inc.		66,400		3,870,456
Willis Group Holdings Ltd. (Bermuda)		81,887		3,607,941
				14,594,161
Internet Services — 1.6%
Baidu.com, ADR (China)*(a)		19,100		3,208,418
Knot, Inc. (The)*(a)		109,700		2,214,843
				5,423,261
Machinery & Equipment — 0.9%
Kennametal, Inc.(a)		38,800		3,182,764
Manufacturing — 2.7%
American Standard Cos., Inc.		60,950		3,594,831
Rockwell Automation, Inc.		81,021		5,626,098
				9,220,929
Media — 2.3%
Entravision Communications Corp.
(Class A Stock)*		534,382		5,573,605
Focus Media Holding Ltd., ADR (China)*(a)		14,700		742,350
Lamar Advertising Co.(a)		22,791		1,430,363
				7,746,318

SEE NOTES TO FINANCIAL STATEMENTS.

A111

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Medical Products — 3.6%
C.R. Bard, Inc.		68,193	$	5,634,788
St. Jude Medical, Inc.*(a)		159,300		6,609,357
				12,244,145
Medical Supplies & Equipment — 2.4%
Thermo Fisher Scientic, Inc.*(a)		159,308		8,239,410
Networking/Telecommunications Equipment — 1.7%
Amphenol Corp.(a)		164,472		5,863,427
Oil & Gas — 2.8%
Newfield Exploration Co.*		111,407		5,074,589
Quicksilver Resources, Inc.*(a)		101,400		4,520,412
				9,595,001
Oil Well Services & Equipment — 8.5%
Cameron International Corp.*(a)		91,300		6,525,211
Dresser Rand Group, Inc.*		138,290		5,462,455
Grant Prideco, Inc.*		114,499		6,163,481
Smith International, Inc.(a)		97,400		5,711,536
Weatherford International Ltd.*(a)		96,300		5,319,612
				29,182,295
Producer Goods — 2.2%
WW Grainger, Inc.		81,125		7,548,681
Publishing — 1.3%
Getty Images, Inc.*		89,861		4,296,254
Real Estate Investment Trust — 0.2%
HFF, Inc. (Class A Stock)*(a)		40,700		631,257
Retail — 4.5%
Advance Auto Parts, Inc.		101,637		4,119,348
J.C. Penney Co., Inc.		70,100		5,073,838
Williams-Sonoma, Inc.(a)		193,501		6,110,761
				15,303,947
Semi Cap Equipment — 3.2%
Formfactor, Inc.*(a)		155,745		5,965,034
Tessera Technologies, Inc.*(a)		122,600		4,971,430
				10,936,464
Semiconductors — 1.6%
Linear Technology Corp.(a)		122,407		4,428,685
Marvell Technology Group Ltd.
(Bermuda)*		60,800		1,107,168
				5,535,853
Technology Services — 1.7%
Cogent, Inc.*(a)		187,388		2,752,730
Cognizant Technology Solutions Corp.*		38,711		2,906,809
				5,659,539
Telecommunications — 6.5%
American Tower Corp.
(Class A Stock)*		102,500		4,305,000
Clearwire Corp.*(a)		114,312		2,792,642
Crown Castle International Corp.*(a)		160,275		5,813,174
Leap Wireless International, Inc.*		27,102		2,290,119
MetroPCS Communications, Inc.*		80,800		2,669,632
NeuStar, Inc. (Class A Stock)*(a)		151,107		4,377,570
				22,248,137
TOTAL LONG-TERM INVESTMENTS
(cost $300,969,281)				342,609,291

SHORT-TERM INVESTMENT — 39.8%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund –
Taxable Money Market Series
(cost $136,172,824; includes
$130,576,342 of cash collateral
for securities on loan)(b)(w)
(Note 4)	136,172,824		136,172,824
TOTAL INVESTMENTS — 140.1%
(cost $437,142,105; Note 6)			478,782,115
Liabilities in excess of other assets — (40.1)%			(137,021,776	)
NET ASSETS — 100.0%		$	341,760,339

The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $127,134,936; cash collateral of $130,576,342 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A112

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund
(38.2% represents investments purchased with
collateral from securities on loan)	39.8	%
Oil Well Services & Equipment	8.5
Telecommunications	6.5
Computer Software	6.3
Financial Services	5.8
Commercial Services	4.7
Retail	4.5
Insurance	4.3
Apparel/Shoes	4.1
Consumer Products & Services	3.7
Medical Products	3.6
Healthcare Services	3.2
Semi Cap Equipment	3.2
Drugs & Medicine	3.1
Beverages	3.0
Oil & Gas	2.8
Manufacturing	2.7
Medical Supplies & Equipment	2.4
Media	2.3
Producer Goods	2.2
Aerospace/defense	2.1
Auto Parts & Related	1.9
Networking/telecommunications Equipment	1.7
Technology Services	1.7
Semiconductors	1.6
Internet Services	1.6
Electronic Components & Equipment	1.5
Publishing	1.3
Gaming/Lodging	1.1
Banks	1.1
Educational Services	1.0
Computer Hardware	1.0
Healthcare – Medical Providers	1.0
Industrial Products	1.0
Audio Technology	1.0
Energy	0.9
Machinery & Equipment	0.9
Advertising	0.8
Real Estate Investment Trust	0.2
	140.1
Liabilities in excess of other assets	(40.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A113

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities
on loan of $127,134,936:
Unaffiliated investments (cost $300,969,281)	$	342,609,291
Affiliated investments (cost $136,172,824)		136,172,824
Receivable for investments sold		3,361,598
Dividends and interest receivable		137,820
Receivable for fund share sold		101,736
Prepaid expenses		2,597
Total Assets		482,385,866
LIABILITIES:
Payable to broker for collateral for securities on loan		130,576,342
Payable for fund share repurchased		6,326,567
Payable for investments purchased		3,366,284
Payable to custodian		198,725
Advisory fees payable		106,538
Accrued expenses and other liabilities		49,067
Shareholder servicing fees payable		2,004
Total Liabilities		140,625,527
NET ASSETS	$	341,760,339
Net assets were comprised of:
Paid-in capital	$	282,184,654
Retained earnings		59,575,685
Net assets, June 30, 2007	$	341,760,339
Net asset value and redemption price per share,
$341,760,339/60,363,116 outstanding shares
of beneficial interest	$	5.66

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income	$	778,199
Affiliated dividend income		116,382
Affiliated income from securities lending, net		91,559
		986,140
EXPENSES
Advisory fees		1,623,805
Shareholder servicing fees and expenses		113,666
Custodian and accounting fees		43,000
Transfer agent’s fees and expenses		9,000
Audit fee		7,000
Trustees’ fees		7,000
Loan interest expense (Note 7)		5,656
Legal fees and expenses		4,000
Insurance expenses		4,000
Shareholders’ reports		2,000
Miscellaneous		6,632
Total expenses		1,825,759
Less: advisory fee waivers		(1,448	)
Net expenses		1,824,311
NET INVESTMENT LOSS		(838,171	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain on investment transactions		21,407,628
Net change in unrealized appreciation (depreciation)
on investments		25,163,584
NET GAIN ON INVESTMENTS		46,571,212
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS	$	45,733,041

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment loss		$	(838,171	)		$	(1,807,263	)
Net realized gain on investments			21,407,628				32,390,834
Net change in unrealized appreciation (depreciation) on investments			25,163,584				(10,054,589	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			45,733,041				20,528,982
FUND SHARE TRANSACTIONS:
Fund share sold [4,853,290 and 7,342,126 shares, respectively]			26,602,798				34,026,783
Fund share repurchased [8,880,543 and 28,324,186 shares, respectively]			(46,841,306	)			(133,075,242	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(20,238,508	)			(99,048,459	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			25,494,533				(78,519,477	)
NET ASSETS:
Beginning of period			316,265,806				394,785,283
End of period		$	341,760,339			$	316,265,806

SEE NOTES TO FINANCIAL STATEMENTS.

A114

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 96.1%			Value
COMMON STOCKS	Shares		(Note 2)
Aerospace — 0.4%
AAR Corp.(a)		25,741	$	849,710
Automotive Parts — 0.3%
Asbury Automative Group, Inc.		20,998		523,900
Basic Materials – Chemical — 2.0%
Albemarle Corp.		11,453		441,284
Minerals Technologies, Inc.		39,274		2,629,394
NuCo2, Inc.*(a)		19,436		498,922
Penford Corp.		20,076		547,874
				4,117,474
Basic Materials – Forest — 1.3%
Caraustar Industries, Inc.*(a)		176,784		928,116
Universal Forest Products, Inc.		41,913		1,771,243
				2,699,359
Basic Materials – Mining — 1.4%
Commercial Metals Co.		43,337		1,463,491
Mueller Industries, Inc.		37,321		1,285,335
				2,748,826
Building Materials — 0.4%
Builders FirstSource, Inc.*(a)		17,713		284,471
Williams Scotsman International, Inc.*(a)		23,337		555,654
				840,125
Business Services — 0.6%
BISYS Group, Inc. (The)*		47,834		565,876
Hewitt Associates, Inc. (Class A Stock)*		19,576		626,432
				1,192,308
Chemicals — 2.4%
Fuller (H.B.) Co.(a)		48,408		1,446,915
KMG Chemicals, Inc.(a)		28,915		764,223
PolyOne Corp.*		53,453		384,327
UAP Holding Corp.		78,839		2,376,208
				4,971,673
Commercial Banks — 0.6%
Chittenden Corp.(a)		20,188		705,571
Midwest Banc Holdings, Inc.(a)		31,513		456,938
				1,162,509
Commercial Services — 0.6%
Providence Service Corp.*(a)		44,690		1,194,117
Computer Hardware — 0.2%
Commvault Systems, Inc.*		24,159		417,226
Computer Services & Software — 3.4%
Avid Technology, Inc.*(a)		24,197		855,364
Intervoice, Inc.*		58,585		488,013
Macrovision Corp.*(a)		27,627		830,468
Micros Systems, Inc.*(a)		14,898		810,451
MSC. Software Corp.*(a)		25,226		341,560
Parametric Technology Corp.*(a)		85,026		1,837,412
Progress Software Corp.*		21,884		695,692
Transaction Systems Architects, Inc.
(Class A Stock)*(a)		33,276		1,120,070
				6,979,030
Construction — 1.7%
Ryland Group, Inc.		31,854		1,190,384
Goodman Global, Inc.*(a)		51,613		1,146,841
Hovnanian Enterprises, Inc.
(Class A Stock)*(a)		64,538		1,066,813
				3,404,038
Consumer Cyclicals – Construction — 1.1%
Beazer Homes USA, Inc.(a)		28,690		707,782
Comfort Systems USA, Inc.		87,174		1,236,128
Modtech Holdings, Inc.*		59,549		160,782
Trex Co., Inc.*(a)		4,389		86,156
				2,190,848
Consumer Cyclicals – Leisure & Entertainment — 1.0%
Fossil, Inc.*(a)		44,168		1,302,514
K2, Inc.*		45,311		688,274
				1,990,788
Consumer Cyclicals – Motor Vehicle — 2.1%
Commercial Vehicle Group, Inc.*		62,522		1,164,785
Lithia Motors, Inc. (Class A Stock)(a)		8,509		215,618
Tenneco Automotive, Inc.*		83,881		2,939,190
				4,319,593
Consumer Cyclicals – Retail Apparel — 2.1%
Aaron Rents, Inc.		42,709		1,247,103
Big Lots, Inc.*(a)		48,716		1,433,225
Gymboree Corp.*		18,629		734,169
K-Swiss, Inc. (Class A Stock)		31,111		881,374
				4,295,871
Consumer Products & Services — 0.9%
G & K Services, Inc.		29,039		1,147,331
Prestige Brands Holdings, Inc.*		53,758		697,779
				1,845,110
Consumer Staples – Home Products — 1.5%
Elizabeth Arden, Inc.*		51,333		1,245,339
Playtex Products, Inc.*		117,584		1,741,419
				2,986,758
Consumer Staples – Restaurants — 0.4%
California Pizza Kitchen, Inc.*(a)		34,137		733,263
Diversified Operations — 0.4%
Compass Diversified Trust(a)		41,267		735,791
Electric — 0.1%
ITC Holdings Corp.		4,811		195,471
Electrical Utilities — 0.6%
Cleco Corp.(a)		53,130		1,301,685

SEE NOTES TO FINANCIAL STATEMENTS.

A115

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Electronic Components & Equipment — 1.9%
Empire District Electric Co. (The)(a)		8,886	$	198,780
Belden CTD, Inc.(a)		15,182		840,324
Benchmark Electronics, Inc.*		33,597		759,964
Electronics For Imaging, Inc.*(a)		71,371		2,014,089
				3,813,157
Energy – Energy Resources — 1.6%
Parallel Petroleum Corp.*(a)		76,260		1,670,094
Range Resources Corp.		44,242		1,655,093
				3,325,187
Energy – Oil Services — 2.0%
Oil States International, Inc.*(a)		56,410		2,331,989
W-H Energy Services, Inc.*		28,082		1,738,557
				4,070,546
Entertainment & Leisure — 0.8%
Boyd Gaming Corp.		24,987		1,229,110
Isle of Capri Casinos, Inc.*(a)		15,931		381,707
				1,610,817
Equipment Services — 1.0%
Watsco, Inc.		37,699		2,050,826
Financial – Bank & Trust — 11.9%
Alabama National Bancorp(a)		30,859		1,908,321
Alliance Bankshares Corp.*		16,300		215,975
Bancorp Bank (The)*		54,615		1,221,191
Bank of the Ozarks, Inc.(a)		24,880		693,406
Berkshire Hills Bancorp, Inc.		20,321		640,315
Brookline Bancorp, Inc.		68,824		792,164
Cardinal Financial Corp.		64,148		633,141
Central Pacific Financial Corp.		35,798		1,181,692
Citizens Banking Corp.		18,647		341,240
CoBiz, Inc.		55,751		1,010,208
Columbia Banking System, Inc.		33,442		978,178
F.N.B. Corp.(a)		43,858		734,183
First Niagara Financial Group, Inc.(a)		31,380		411,078
Glacier Bancorp, Inc.		71,520		1,455,432
IBERIABANK Corp.		28,783		1,423,319
Millennium Bankshares Corp.		43,466		374,677
NewAlliance Bancshares, Inc.(a)		34,352		505,661
PFF Bancorp, Inc.		75,430		2,106,760
Preferred Bank Los Angeles CA		5,051		202,040
Prosperity Bancshares, Inc.		49,071		1,607,566
Signature Bank*		80,414		2,742,117
Southcoast Financial Corp.*		17,763		368,764
Sterling Bancorp		17,390		278,762
Sterling Financial Corp. (WA)		11,370		329,048
Summit State Bank		12,710		144,513
United Community Banks, Inc.		50,744		1,313,762
West Coast Bancorp		20,540		624,211
				24,237,724
Financial – Consumer — 0.3%
Knight Trading Group, Inc. (Class A Stock)*(a)		32,959		547,119
Financial – Securities/Asset Management — 0.1%
Technology Investment Capital Corp.		7,983		126,052
Financial – Thrifts — 0.1%
Irwin Financial Corp.		9,834		147,215
Financial Services — 3.2%
Efunds Corp.*		11,796		416,281
Financial Federal Corp.(a)		57,777		1,722,910
First Financial Bankshare(a)		26,441		1,026,175
Highland Distressed Opportunities, Inc.(a)		55,117		785,417
Nexity Financial Corp.*		20,699		212,786
PennantPark Investment Corp.		61,105		857,914
Security Capital Assurance Ltd.
(Bermuda)(a)		50,596		1,561,899
				6,583,382
Food — 0.3%
Nash Finch Co.(a)		13,298		658,251
Health Care – Drugs — 0.9%
Medarex, Inc.*(a)		128,055		1,829,906
Healthcare Services — 1.2%
Amedisys, Inc.*(a)		37,209		1,351,803
Edwards Lifesciences Corp.*		18,421		908,892
On Assignment, Inc.*		20,982		224,927
				2,485,622
Industrial Products — 0.4%
Olympic Steel, Inc.		26,339		754,876
Industrials – Components — 2.7%
Actuant Corp. (Class A Stock)(a)		26,502		1,671,216
Applied Industrial Technologies, Inc.(a)		42,081		1,241,375
Wabash National Corp.		182,233		2,666,069
				5,578,660
Industrials – Defense/Aerospace — 0.5%
EDO Corp.(a)		31,121		1,022,947
Industrials – Diversified — 0.7%
GrafTech International Ltd.*		80,811		1,360,857
Industrials – Electrical Equipment — 0.9%
Anixter International, Inc.*(a)		20,363		1,531,501
Franklin Electric Co., Inc.(a)		7,163		337,950
				1,869,451
Industrials – Machinery — 0.6%
MTS Systems Corp.(a)		14,030		626,720
Tennant Co.		16,147		589,366
				1,216,086
Insurance — 0.8%
American Equity Investment Life
Holding Co.(a)		129,323		1,562,222
Insurance – Life Insurance — 0.2%
StanCorp Financial Group, Inc.		5,954		312,466

SEE NOTES TO FINANCIAL STATEMENTS.

A116

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Insurance – Property Insurance — 3.3%
Aspen Insurance Holdings Ltd.
(Bermuda)		27,392	$	768,894
Donegal Group, Inc.		27,306		406,859
National Atlantic Holdings Corp.*		32,387		449,855
Navigators Group, Inc.*		20,868		1,124,785
ProAssurance Corp.*(a)		36,096		2,009,464
Procentury Corp.		52,122		873,565
RLI Corp.		20,282		1,134,778
				6,768,200
Machinery & Equipment — 0.2%
Intermec, Inc.*(a)		19,836		502,049
Medical Supplies & Equipment — 3.8%
American Medical Systems Holdings, Inc.*(a)		86,155		1,554,236
Cardiac Science Corp.*		120,411		1,319,705
Owens & Minor, Inc.		59,050		2,063,207
Perkinelmer, Inc.		60,817		1,584,891
Symmetry Medical, Inc.*(a)		78,949		1,263,973
				7,786,012
Metals & Mining — 0.3%
RBC Bearings, Inc.*		16,428		677,655
Oil & Gas — 1.1%
Vectren Corp.		7,515		202,379
Williams Partners LP(a)		40,566		1,958,526
				2,160,905
Personal Services — 0.5%
Bright Horizons Family Solutions, Inc.*		13,416		522,017
DeVry, Inc.		13,719		466,720
				988,737
Real Estate Investment Trust — 0.7%
National Retail Properties(a)		66,822		1,460,729
Real Estate Investment Trust – Apartment — 0.6%
American Campus Communities, Inc.		40,783		1,153,751
Real Estate Investment Trust – Mortgage — 0.7%
MFA Mortgage Investments, Inc.		186,874		1,360,443
Real Estate Investment Trust – Office Industrial — 2.8%
Brandywine Realty Trust		51,979		1,485,560
Lexington Corp. Properties Trust(a)		88,102		1,832,522
Parkway Properties, Inc.		49,316		2,368,647
				5,686,729
Real Estate Investment Trust – Other REIT — 3.3%
Biomed Realty Trust, Inc.		49,263		1,237,487
Cogdell Spencer, Inc.		28,996		597,028
Digital Realty Trust, Inc.		24,914		938,759
Entertainment Properties Trust		21,296		1,145,299
Omega Healthcare Investors, Inc.(a)		100,258		1,587,084
U-Store-It Trust		68,982		1,130,615
				6,636,272
Real Estate Investment Trust – Retail — 0.5%
Acadia Realty Trust		36,542		948,265
Restaurants — 1.6%
CEC Entertainment, Inc.*		38,103		1,341,226
Einstein Noah Restaurant Group, Inc.*		32,896		555,613
Rare Hospitality International, Inc.*		48,330		1,293,794
				3,190,633
Retail & Merchandising — 2.6%
Cache, Inc.*(a)		62,722		832,321
Casey’s General Stores, Inc.		89,180		2,431,047
Charming Shoppes, Inc.*		96,822		1,048,582
Christopher & Banks Corp.		12,346		211,734
Hot Topic, Inc.*(a)		27,541		299,371
Wet Seal, Inc. (The) (Class A Stock)*(a)		90,650		544,806
				5,367,861
Semiconductors — 2.7%
AMIS Holdings, Inc.*		57,741		722,917
ATMI, Inc.*		29,820		894,600
Brooks Automation, Inc.*(a)		12,179		221,049
Cirrus Logic, Inc.*		26,099		218,710
Emulex Corp.*(a)		77,604		1,694,871
Entegris, Inc.*		60,295		716,304
Formfactor, Inc.*		14,472		554,278
Semtech Corp.*		31,327		542,897
				5,565,626
Services – Environmental — 1.0%
Waste Connections, Inc.*(a)		64,300		1,944,432
Services – Industrial Services — 1.3%
MAXIMUS, Inc.(a)		15,396		667,879
Resources Connection, Inc.*(a)		35,496		1,177,757
School Specialty, Inc.*(a)		22,927		812,533
				2,658,169
Software — 0.9%
JDA Software Group, Inc.*		54,460		1,069,050
Lawson Software, Inc.*(a)		76,992		761,451
				1,830,501
Technology – Computer Hardware — 0.5%
Insight Enterprises, Inc.*		44,231		998,294
Technology – Information Services — 0.3%
Black Box Corp.		14,492		599,679
Technology – Semiconductors — 1.1%
Integrated Device Technology, Inc.*		86,948		1,327,696
Tessera Technologies, Inc.*		23,195		940,557
				2,268,253

SEE NOTES TO FINANCIAL STATEMENTS.

A117

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Telecommunications — 2.7%
Andrew Corp.*(a)		40,296	$	581,874
Dobson Communications Corp.
(Class A Stock)*(a)		42,394		470,997
Plantronics, Inc.		35,303		925,645
Premiere Global Services, Inc.*		50,433		656,638
RCN Corp.*		66,952		1,258,028
Tekelec*(a)		113,383		1,634,983
				5,528,165
Transportation – Airlines — 0.6%
AirTran Holdings, Inc.*(a)		114,429		1,249,565
Transportation – Truck Freight — 0.7%
Forward Air Corp.(a)		22,584		769,889
Heartland Express, Inc.(a)		44,851		731,071
				1,500,960
Utilities — 0.2%
Unisource Energy Corp.		12,816		421,518
Utilities – Electrical Utilities — 2.9%
CH Energy Group, Inc.		4,872		219,094
El Paso Electric Co.*(a)		144,339		3,544,966
MGE Energy, Inc.		6,174		201,705
Sierra Pacific Resources*		33,274		584,291
Southern Union Co.		1		18
Westar Energy, Inc.(a)		52,401		1,272,296
				5,822,370
Utilities – Gas Utilities — 1.6%
Northwest Natural Gas Co.		11,634		537,375
Piedmont Natural Gas Co., Inc.(a)		15,313		377,465
South Jersey Industries, Inc.		38,408		1,358,875
Southwest Gas Corp.		28,222		954,186
				3,227,901
TOTAL LONG-TERM INVESTMENTS
(cost $168,540,806)				195,162,516

SHORT-TERM INVESTMENT — 35.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund –
Taxable Money Market Series
(cost $71,326,230; includes
$64,377,684 of cash collateral
for securities on loan)(b)(w)
(Note 4)	71,326,230		71,326,230
TOTAL INVESTMENTS — 131.2%
(cost $239,867,036; Note 6)			266,488,746
Liabilities in excess of other assets — (31.2)%			(63,325,507	)
NET ASSETS — 100.0%		$	203,163,239

The following abbreviation is used in portfolio descriptions:
REIT	Real Estate Investment Trust
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $61,280,822; cash collateral of $64,377,684 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund - Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (31.7% represents investments purchased with collateral from securities on loan)	35.1	%
Financial – Bank & Trust	11.9
Medical Supplies & Equipment	3.8
Computer Services & Software	3.4
Insurance – Property Insurance	3.3
Real Estate Investment Trust – Other Reit	3.3
Financial Services	3.2
Utilities – Electrical Utilities	2.9
Real Estate Investment Trust – Office Industrial	2.8
Industrials – Components	2.7
Semiconductors	2.7
Telecommunications	2.7
Retail & Merchandising	2.6
Chemicals	2.4
Consumer Cyclicals – Motor Vehicle	2.1
Consumer Cyclicals – Retail Apparel	2.1
Basic Materials – Chemical	2.0
Energy – Oil Services	2.0
Electronic Components & Equipment	1.9
Construction	1.7
Energy – Energy Resources	1.6
Utilities – Gas Utilities	1.6
Restaurants	1.6
Consumer Staples – Home Products	1.5
Basic Materials – Mining	1.4
Basic Materials – Forest	1.3
Services – Industrial Services	1.3
Healthcare Services	1.2
Technology – Semiconductors	1.1
Consumer Cyclicals – Construction	1.1
Oil & Gas	1.1
Equipment Services	1.0

SEE NOTES TO FINANCIAL STATEMENTS.

A118

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Consumer Cyclicals – Leisure & Entertainment	1.0	%
Services – Environmental	1.0
Industrials – Electrical Equipment	0.9
Consumer Products & Services	0.9
Software	0.9
Health Care – Drugs	0.9
Entertainment & Leisure	0.8
Insurance	0.8
Transportation – Truck Freight	0.7
Real Estate Investment Trust	0.7
Industrials – Diversified	0.7
Real Estate Investment Trust – Mortgage	0.7
Electrical Utilities	0.6
Transportation – Airlines	0.6
Industrials – Machinery	0.6
Commercial Services	0.6
Business Services	0.6
Commercial Banks	0.6
Real Estate Investment Trust – Apartment	0.6
Industrials – Defense/Aerospace	0.5
Technology – Computer Hardware	0.5
Personal Services	0.5
Real Estate Investment Trust – Retail	0.5
Aerospace	0.4
Building Materials	0.4
Industrial Products	0.4
Diversified Operations	0.4
Consumer Staples – Restaurants	0.4
Metals & Mining	0.3
Food	0.3
Technology – Information Services	0.3
Financial – Consumer	0.3
Automotive Parts	0.3
Machinery & Equipment	0.2
Utilities	0.2
Computer Hardware	0.2
Insurance – Life Insurance	0.2
Electric	0.1
Financial – Thrifts	0.1
Financial – Securities/Asset Management	0.1
	131.2
Liabilities in excess of other assets	(31.2	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A119

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $61,280,822:
Unaffiliated investments (cost $168,540,806)	$	195,162,516
Affiliated investments (cost $71,326,230)		71,326,230
Receivable for investments sold		2,826,976
Dividends and interest receivable		224,284
Receivable for fund share sold		1,492
Prepaid expenses		147
Total Assets		269,541,645
LIABILITIES:
Payable to broker for collateral for securities on loan		64,377,684
Payable for investments purchased		1,593,946
Payable for fund share repurchased		122,002
Advisory fees payable		119,295
Accrued expenses and other liabilities		87,621
Payable to custodian		76,680
Shareholder servicing fees payable		1,178
Total Liabilities		66,378,406
NET ASSETS	$	203,163,239
Net assets were comprised of:
Paid-in capital	$	112,911,895
Retained earnings		90,251,344
Net assets, June 30, 2007	$	203,163,239
Net asset value and redemption price per share, $203,163,239/10,553,839 outstanding shares of beneficial interest	$	19.25

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income	$	2,027,213
Affiliated dividend income		164,337
Affiliated income from securities lending, net		66,450
		2,258,000
EXPENSES
Advisory fees		1,021,591
Shareholder servicing fees and expenses		75,275
Custodian and accounting fees		46,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		6,000
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Insurance expenses		2,000
Miscellaneous		6,442
Total expenses		1,180,308
NET INVESTMENT INCOME		1,077,692
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		16,269,851
Net change in unrealized appreciation (depreciation) on investments		(4,793,693	)
NET GAIN ON INVESTMENTS		11,476,158
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,553,850

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	1,077,692			$	1,112,810
Net realized gain on investments			16,269,851				46,513,824
Net change in unrealized appreciation (depreciation) on investments			(4,793,693	)			(9,455,812	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			12,553,850				38,170,822
DISTRIBUTIONS			—				(43,223,670	)
FUND SHARE TRANSACTIONS:
Fund share sold [36,948 and 144,411 shares, respectively]			693,544				2,585,165
Fund share issued in reinvestment of distributions [0 and 2,575,904 shares, respectively]			—				43,223,670
Fund share repurchased [1,930,782 and 4,234,326 shares, respectively]			(36,331,034	)			(73,285,887	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(35,637,490	)			(27,477,052	)
TOTAL DECREASE IN NET ASSETS			(23,083,640	)			(32,529,900	)
NET ASSETS:
Beginning of period			226,246,879				258,776,779
End of period		$	203,163,239			$	226,246,879

SEE NOTES TO FINANCIAL STATEMENTS.

A120

AST HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 89.6%						Principal
	Moody’s	Interest		Maturity		Amount		Value
BANK NOTES(c)— 7.3%	Ratings	Rate		Date		(000)#		(Note 2)
Aes Corp., Term B(g)	Ba+	7.18	%	04/30/10		$	2,000	$	2,037,500
Community Health System	Ba-	4.00	%	07/02/14			62		61,872
Community Health System	Ba-	5.00	%	07/02/14			938		938,128
CSC Holdings, Inc., Term B	Ba	7.07	%	03/29/13			561		561,920
CSC Holdings, Inc., Term B	Ba	7.07	%	03/29/13			571		571,929
CSC Holdings, Inc., Term B	Ba	7.07	%	02/24/13			847		847,884
Ferrovial Term Loan, Class B, 144A (United Kingdom)(g)	Ba-	9.37	%	04/07/11	GBP		683		1,377,759
Ford Motor Co. Term B	Ba-	8.36	%	11/29/13			1,990		2,002,493
Georgia Pacific Corp., Term Loan B, 144A	Ba	7.11	%	12/20/12			1,485		1,490,203
HCA, Inc., Term B	Ba-	7.61	%	11/14/13			1,496		1,505,718
Lear Corp.	B(d)	8.00	%	06/27/14			1,500		1,490,105
MGM Studios, Term B	Ba-	8.61	%	04/08/12			3,980		3,994,824
Nordic Telephone, Term B (Denmark)	Ba+	5.88	%	11/30/14	EUR		553		758,249
Nordic Telephone, Term C (Denmark)	Ba+	6.13	%	11/30/14	EUR		800		1,097,906
Roundy’s, Inc., Term B	Ba-	8.07	%	10/27/11			1,975		1,992,072
Roundy’s, Inc., Term B	Ba	8.11	%	10/27/11			5		5,005
Telesat Canada, Inc., Term B	B(d)	2.50	%	02/14/08			2,000		2,000,938
Thompson Learning	B+(d)	5.00	%	06/27/14			2,100		2,079,000
Travelport Synthetic	Ba-	7.86	%	08/01/13			268		269,202
Travelport Term Loan	Ba-	7.82	%	08/22/13			2,525		2,539,380
Tribune Co., Term B	Ba	8.38	%	05/30/14			1,475		1,445,500
Tribune Co., Term X	Ba	7.82	%	05/30/09			875		876,641
Univision Communications, Inc., Term B	Ba-	7.61	%	09/15/14			1,879		1,857,240
Univision Communications, Inc., Term DD	Ba-	6.25	%	09/15/14			121		119,394
UPC Broadband Holdings, Term M (Netherlands)	Ba-	5.94	%	12/31/14	EUR		1,883		2,552,358
VNU-Nielse Finance LLC, Term B	B+(d)	7.61	%	08/09/13			2,985		3,006,456
Wind Acquisitions Finance, Term B(g)	B-(d)	12.61	%	12/21/11			414		428,094
TOTAL BANK NOTES
(cost $37,575,465)									37,907,770
CORPORATE BONDS — 81.8%
Advertising — 0.7%
R.H. Donnelley Corp., Sr. Notes	B3	8.875	%	01/15/16			3,750		3,900,000
Aerospace & Defense — 1.5%
Armor Holdings, Inc., Gtd. Notes	B1	8.25	%	08/15/13			1,020		1,073,550
DRS Technologies, Inc., Gtd. Notes(a)	B3	7.625	%	02/01/18			1,025		1,035,250
K & F Acquisition, Inc., Gtd. Notes	Caa1	7.75	%	11/15/14			2,680		2,840,800
L-3 Communications Corp., Gtd. Notes	Ba3	6.375	%	10/15/15			250		236,250
L-3 Communications Corp., Gtd. Notes	Ba3	7.625	%	06/15/12			1,250		1,279,687
TransDigm, Inc., Sr. Sub. Notes, 144A	B3	7.75	%	07/15/14			1,470		1,484,700
									7,950,237
Airlines — 0.1%
United AirLines, Inc., Pass-Thru Certs	Ba2	6.071	%	09/01/14			430		432,414
Apparel — 0.1%
Quicksilver, Inc., Gtd. Notes	Ba3	6.875	%	04/15/15			740		695,600
Automotive — 3.2%
Advanced Accessory Systems LLC, Sr. Notes	NR	10.75	%	06/15/11			250		254,688
ArvinMeritor, Inc., Sr. Unsec’d. Notes(a)	B1	8.125	%	09/15/15			2,300		2,228,125
ArvinMeritor, Inc., Unsec’d. Notes(a)	B1	8.75	%	03/01/12			2,950		2,979,500
Cooper-Standard Automotive, Inc., Gtd. Notes(a)	B3	7.00	%	12/15/12			850		796,875
Ford Motor Co., Unsec’d. Notes(a)	Caa1	7.45	%	07/16/31			75		59,906
General Motors Corp., Debs.(a)	Caa1	8.25	%	07/15/23			5,100		4,647,375
General Motors Corp., Debs.	Caa1	8.80	%	03/01/21			600		567,000

SEE NOTES TO FINANCIAL STATEMENTS.

A121

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Automotive (cont’d.)
General Motors Corp., Unsec’d. Notes	Caa1	8.10	%	06/15/24		$	400	$	353,000
Goodyear Tire & Rubber Co. (The), Sr. Notes(a)	Ba3	9.00	%	07/01/15			1,563		1,683,660
Tenneco Automotive, Inc., Gtd. Notes(a)	B3	8.625	%	11/15/14			1,375		1,416,250
Tenneco Automotive, Inc., Sec’d. Notes	B1	10.25	%	07/15/13			375		403,125
TRW Automotive, Inc., Gtd. Notes, 144A	Ba3	7.00	%	03/15/14			1,225		1,166,812
TRW Automotive, Inc., Gtd. Notes, 144A	Ba3	7.25	%	03/15/17			225		214,313
									16,770,629
Building Materials — 0.2%
Grohe Holding GMBH, Gtd. Notes (Germany)	B3	8.625	%	10/01/14	EUR		850		1,184,950
Business Services — 4.6%
Buhrmann US, Inc., Gtd. Notes	B2	7.875	%	03/01/15			1,575	1,551,375
CDX North America High Yield, Pass-Thru Certs., 144A(a)(g)	B3	7.625	%	06/29/12			20,500		19,384,800
Correction Corp. of America, Sr. Notes	Ba2	7.50	%	05/01/11			1,260		1,277,325
NSG Holdings LLC / NSG Holdings, Inc., Sec’d. Notes, 144A	Ba2	7.75	%	12/15/25			1,180		1,191,800
Petroplus Finance Ltd., Gtd. Notes, 144A (Bermuda)	B1	6.75	%	05/01/14			425		409,062
Petroplus Finance Ltd., Gtd. Notes, 144A (Bermuda)	B1	7.00	%	05/01/17			425		409,063
									24,223,425
Cable — 3.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Notes	Caa1	8.75	%	11/15/13			7,250		7,376,875
CSC Holdings, Inc., Sr. Unsec’d. Notes	B2	6.75	%	04/15/12			2,450		2,327,500
Echostar DBS Corp., Gtd. Notes	Ba3	7.125	%	02/01/16			5,640		5,513,100
Telenet Group Holdings NV, Disc. Notes, (Zero Coupon
callable 12/15/08), 144A (Belgium)	B3	11.50	%(v)	06/15/14			2,125		2,008,125
UPC Holding BV, Sec’d. Notes (Netherlands)	B3	7.75	%	01/15/14	EUR		1,500		2,014,956
UPC Holding BV, Sr. Notes (Netherlands)	B3	8.625	%	01/15/24	EUR		1,000		1,383,907
									20,624,463
Capital Goods – Others — 0.4%
Dresser-Rand Group, Inc., Gtd. Notes. (Canada)	B1	7.375	%	11/01/14			1,931		1,938,241
Chemicals — 3.2%
Chemtura Corp., Gtd. Notes	Ba2	6.875	%	06/01/16			500		472,500
Equistar Chemicals LP, Gtd. Notes	B1	10.125	%	09/01/08			633		658,314
Ineos Group Holdings PLC, Gtd. Notes (United Kingdom)	B2	7.875	%	02/15/16	EUR		750		951,648
Ineos Group Holdings PLC, Gtd. Notes, 144A (United Kingdom)	B2	8.50	%	02/15/16			2,675		2,614,812
KRATON Polymers LLC, Gtd. Notes(a)	B3	8.125	%	01/15/14			2,000		1,950,000
Lyondell Chemical Co., Gtd. Notes	B1	8.00	%	09/15/14			1,600		1,644,000
Lyondell Chemical Co., Gtd. Notes	B1	8.25	%	09/15/16			1,525		1,593,625
Nalco Co., Sr. Sub. Notes(a)	B3	8.875	%	11/15/13			2,125		2,204,688
PQ Corp., Gtd. Notes	B3	7.50	%	02/15/13			1,500		1,590,000
Rockwood Specialties Group, Inc., Gtd. Notes	B3	7.625	%	11/15/14	EUR		2,000		2,828,720
									16,508,307
Commercial Services — 0.7%
Aramark Corp., Sr. Notes, 144A(a)	B3	8.50	%	02/01/15			3,500		3,561,250
Consumer Products
Sleepmaster LLC, Gtd. Notes(g)(i)	NR	11.00	%	05/15/09			1,000		0
Consumer Products & Services — 0.3%
Yankee Acquisition Corp., Gtd. Notes	B3	8.50	%	02/15/15			1,500		1,455,000
Containers & Packaging — 2.1%
Berry Plastics Holding Corp., Sec`d. Notes(a)	B3	8.875	%	09/15/14			300		303,750
Crown Americas, Inc., Gtd. Notes	B1	7.75	%	11/15/15			3,300		3,316,500

SEE NOTES TO FINANCIAL STATEMENTS.

A122

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

							Principal
	Moody’s	Interest			Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate			Date		(000)#		(Note 2)
Containers & Packaging (cont’d.)
Owens-Brockway Glass Container, Inc., Gtd. Notes(a)	B3	6.75	%		12/01/14		$	2,250	$	2,193,750
Owens-Brockway Glass Container, Inc., Gtd. Notes	Ba2	8.875	%		02/15/09			2,000		2,035,000
Russell-Stanley Holdings, Inc., Sr. Sub. Notes, 144A(g)(i)	NR	9.00	%		11/30/08			356		0
Smurfit-Stone Container Enterprises, Inc., Sr. Notes(a)	B3	8.375	%		07/01/12			2,390		2,392,988
Smurfit-Stone Container Enterprises, Inc., Sr. Unsec’d. Notes(a)	B3	8.00	%		03/15/17			575		557,750
										10,799,738
Diversified — 1.1%
Actuant Corp., Sr. Notes, 144A	Ba2	6.875	%		06/15/17			1,100		1,089,000
TRAINS HY-1-2006, Sec’d. Notes, 144A	B1	7.548	%		05/01/16			4,546		4,467,952
										5,556,952
Diversified Financial Services — 4.3%
Chukchansi Economic Development Authority, Sr. Notes, 144A	B2	8.00	%		11/15/13			1,320		1,346,400
Ford Motor Credit Co. LLC, Notes	B1	7.80	%		06/01/12			7,395		7,214,022
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes(a)	B1	8.00	%		12/15/16			1,875		1,795,965
General Motors Acceptance Corp. LLC, Bonds	Ba1	8.00	%		11/01/31			1,400		1,431,613
General Motors Acceptance Corp. LLC, Notes(a)	Ba1	7.00	%		02/01/12			7,350		7,208,557
General Motors Acceptance Corp. LLC, Unsub. Notes	Ba1	6.625	%		05/15/12			3,000		2,897,043
Sally Holdings LLC, Sr. Notes, 144A(a)	B2	9.25	%		11/15/14			775		776,938
										22,670,538
Diversified Manufacturing Operations — 0.6%
Bombardier, Inc., Sr. Unsec’d. Notes, 144A (Canada)	Ba2	7.25	%		11/15/16	EUR		2,150		3,037,237
Electric — 3.5%
AES Corp., Sec’d. Notes, 144A	Ba3	8.75	%		05/15/13			3,800		4,009,000
NRG Energy, Inc., Gtd. Notes	B1	7.375	%	02/01/16-01/15/17				6,900		6,917,750
PSE&G Energy Holdings LLC, Sr. Notes	Ba3	8.50	%		06/15/11			1,240		1,313,362
Reliant Energy, Inc., Gtd. Notes	B2	6.75	%		12/15/14			2,690		2,743,800
Sierra Pacific Resources, Sr. Unsec’d. Notes	B1	6.75	%		08/15/17			1,575		1,548,319
Tenaska Alabama Partners LP, Sec’d. Notes, 144A	Ba2	7.00	%		06/30/21			1,523		1,558,496
										18,090,727
Electronic Components — 0.8%
Celestica, Inc., Sr. Sub. Notes (Canada)(a)	B3	7.625	%		07/01/13			400		374,000
Celestica, Inc., Sr. Sub. Notes (Canada)(a)	B3	7.875	%		07/01/11			2,675		2,594,750
Communications & Power Industries, Inc., Gtd. Notes	B2	8.00	%		02/01/12			750		757,500
Solectron Global Finance Ltd., Gtd. Notes(a)	B3	8.00	%		03/15/16			550		588,500
										4,314,750
Energy — 0.2%
Peabody Energy Corp., Gtd. Notes	Ba1	7.375	%		11/01/16			900		918,000
Energy – Exploration & Production — 1.0%
Chesapeake Energy Corp., Gtd. Notes	Ba2	6.875	%		01/15/16			2,720		2,658,800
Chesapeake Energy Corp., Gtd. Notes(a)	Ba2	7.00	%		08/15/14			2,400		2,382,000
Chesapeake Energy Corp., Gtd. Notes	Ba2	7.50	%		06/15/14			100		101,250
										5,142,050
Energy – Services — 0.1%
Pride International, Inc., Sr. Unsec’d. Notes	Ba2	7.375	%		07/15/14			688		689,720

SEE NOTES TO FINANCIAL STATEMENTS.

A123

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Entertainment & Leisure — 0.4%
Choctaw Resort Development Enterprise, Sr. Notes, 144A	Ba2	7.25	%	11/15/19		$	1,550	$	1,526,750
Universal City Development Partners, Unsec’d. Notes	B1	11.75	%	04/01/10			500		530,000
									2,056,750
Environmental — 1.1%
Allied Waste North America, Inc., Gtd. Notes	B1	7.125	%	05/15/16			1,000		977,500
Allied Waste North America, Inc., Gtd. Notes	B1	7.25	%	03/15/15			4,870		4,821,300
									5,798,800
Financial Services — 1.0%
Idearc, Inc., Gtd. Notes	B2	8.00	%	11/15/16			3,575		3,610,750
TNK-BP Finance SA, Gtd. Notes, 144A (Luxembourg)	Baa2	7.50	%	07/18/16			1,300		1,340,300
TNK-BP Finance SA, Gtd. Notes, 144A (Luxembourg)	Baa2	6.625	%	03/20/17			300		290,640
Universal City Florida Holding Co. I/II, Sr. Notes	B3	10.106	%(c)	05/01/10			100		102,000
									5,343,690
Food — 2.8%
Albertsons LLC, Debs.	B1	7.75	%	06/15/26			3,200		3,227,360
Albertsons LLC, Debs.	B1	8.00	%	05/01/31			1,000		1,022,089
Delhaize America, Inc., Gtd. Notes	Baa3	9.00	%	04/15/31			2,309		2,789,616
Ingles Markets, Inc., Sr. Sub. Notes(a)	B3	8.875	%	12/01/11			1,700		1,761,625
Pilgrim’s Pride Corp., Sr. Unsec’d. Notes	B1	7.625	%	05/01/15			3,695		3,685,763
Supervalu, Inc., Sr. Unsec’d. Notes	B1	7.50	%	11/15/14			2,275		2,331,875
									14,818,328
Gaming — 3.7%
Codere Finance Luxembourg SA, Gtd. Notes (Luxembourg)	B2	8.25	%	06/15/15	EUR		1,000		1,414,360
Herbst Gaming, Inc., Gtd. Notes	B3	7.00	%	11/15/14			1,750		1,640,625
MGM Mirage, Gtd. Notes	Ba2	6.625	%	07/15/15			1,925		1,749,344
MGM Mirage, Gtd. Notes	Ba2	6.875	%	04/01/16			1,200		1,104,000
MGM Mirage, Gtd. Notes(a)	Ba2	7.50	%	06/01/16			5,400		5,123,250
Station Casinos, Inc., Sr. Sub. Notes	Ba3	6.875	%	03/01/16			1,975		1,742,938
Station Casinos, Inc., Sr. Unsec’d. Notes	Ba2	7.75	%	08/15/16			1,350		1,336,500
Wynn Las Vegas LLC, First Mortgage(a)	B1	6.625	%	12/01/14			5,450		5,252,437
									19,363,454
Healthcare & Pharmaceuticals — 5.1%
DaVita, Inc., Gtd. Notes(a)	B2	7.25	%	03/15/15			2,710		2,676,125
Fresenius Medical Care Capital Trust, Gtd. Notes	B1	7.875	%	06/15/11			1,600		1,656,000
HCA, Inc., Notes	Caa1	6.75	%	07/15/13			1,350		1,228,500
HCA, Inc., Notes	Caa1	7.69	%	06/15/25			3,375		2,935,555
HCA, Inc., Sec’d. Notes, 144A	B2	9.25	%	11/15/16			7,320		7,795,800
HCA, Inc., Sec’d. Notes, PIK, 144A(a)	B2	9.625	%	11/15/16			3,350		3,601,250
Rotech Healthcare, Inc., Gtd. Notes(a)	Caa3	9.50	%	04/01/12			2,700		2,551,500
Tenet Healthcare Corp., Sr. Notes	Caa1	9.875	%	07/01/14			1,500		1,485,000
Tenet Healthcare Corp., Sr. Unsec’d. Notes	Caa1	7.375	%	02/01/13			450		406,688
Triad Hospitals, Inc., Sr. Sub. Notes	B2	7.00	%	11/15/13			2,163		2,273,743
									26,610,161
Healthcare Services — 0.2%
Service Corp. International, Sr. Unsec’d. Notes	B1	7.375	%	10/01/14			500		502,500
Service Corp. International, Sr. Unsec’d. Notes	B1	7.625	%	10/01/18			800		810,000
									1,312,500

SEE NOTES TO FINANCIAL STATEMENTS.

A124

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Lodging — 0.6%
Royal Caribbean Cruises Ltd., Sr. Notes (Liberia)	Ba1	7.25	%	06/15/16		$	1,250	$	1,235,005
Royal Caribbean Cruises Ltd., Sr. Unsub. Notes (Liberia)	Ba1	7.25	%	03/15/18			1,500		1,468,749
Royal Caribbean Cruises Ltd., Sr. Unsub. Notes (Liberia)	Ba1	7.50	%	10/15/27			300		285,506
									2,989,260
Machinery & Equipment — 0.3%
Chart Industries, Inc., Sr. Sub. Notes	B3	9.125	%	10/15/15			1,700		1,785,000
Media & Entertainment — 0.8%
Lighthouse International Co. SA, Gtd. Notes (Luxembourg)	B2	8.00	%	04/30/14	EUR		1,850		2,647,865
Primedia, Inc., Gtd. Notes	B2	8.00	%	05/15/13			1,000		1,052,500
Primedia, Inc., Gtd. Notes	B2	8.875	%	05/15/11			600		618,000
Sinclair Broadcast Group, Inc., Gtd. Notes	B1	8.00	%	03/15/12			32		32,788
									4,351,153
Metals & Mining — 1.1%
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes	Ba3	8.25	%	04/01/15			1,775		1,872,625
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes	Ba3	8.375	%	04/01/17			2,575		2,748,813
Novelis, Inc., Gtd. Notes (Canada)	B3	7.25	%	02/15/15			1,013		1,039,591
									5,661,029
Oil & Field Services — 0.1%
Complete Production Services, Inc., Sr. Notes, 144A	B2	8.00	%	12/15/16			725		732,250
Oil & Gas Exploration/Production — 0.7%
Citic Resources Finance Ltd., Gtd. Notes, 144A	Ba2	6.75	%	05/15/14			500		482,500
OPTI Canada, Inc., Gtd. Notes, 144A (Canada)	B1	8.25	%	12/15/14			2,625		2,664,375
Williams Partners LP, Gtd. Notes	Ba3	7.25	%	02/01/17			525		527,625
									3,674,500
Oil, Gas & Consumable Fuels — 0.1%
Forest Oil Corp., Sr. Notes, 144A	B1	7.25	%	06/15/19			25		24,250
Plains Exploration & Production Co., Gtd. Notes	B1	7.00	%	03/15/17			275		260,562
									284,812
Paper & Forest Products — 3.2%
Abitibi-Consolidated, Inc., Unsub. Notes (Canada)(a)	B3	8.55	%	08/01/10			2,600		2,483,000
Bowater Canada Finance Corp., Gtd. Notes (Canada)(a)	B3	7.95	%	11/15/11			1,345		1,265,981
Cascades, Inc., Sr. Notes (Canada)	Ba3	7.25	%	02/15/13			1,020		991,950
Georgia-Pacific Corp., Debs.	B2	7.375	%	12/01/25			3,035		2,845,312
Georgia-Pacific Corp., Gtd. Notes, 144A	Ba3	7.00	%	01/15/15			125		120,313
Georgia-Pacific Corp., Gtd. Notes, 144A(a)	Ba3	7.125	%	01/15/17			1,500		1,440,000
Georgia-Pacific Corp., Sr. Unsec’d. Notes(a)	B2	8.00	%	01/15/24			1,990		1,930,300
Norampac, Inc., Gtd. Notes (Canada)	Ba3	6.75	%	06/01/13			850		810,688
Smurfit Capital Funding PLC, Gtd. Notes (Ireland)	Ba2	7.50	%	11/20/25			900		906,750
Smurfit Kappa Funding PLC, Sr. Notes (Ireland)	B2	9.625	%	10/01/12			452		473,470
Smurfit Kappa Funding PLC, Sr. Sub. Notes (Ireland)	B2	7.75	%	04/01/15			150		150,188
Verso Paper Holdings LLC, Sec`d. Notes, 144A(a)	B2	9.125	%	08/01/14			3,025		3,123,312
									16,541,264
Pipelines & Other — 5.8%
AmeriGas Partners LP, Sr. Notes	B1	7.125	%	05/20/16			4,600		4,519,500
Dynegy Holdings, Inc., Sr. Unsec’d. Notes	B2	7.125	%	05/15/18			1,500		1,335,000
Dynegy Holdings, Inc., Sr. Unsec’d. Notes	B2	8.375	%	05/01/16			5,200		5,083,000
El Paso Corp., Sr. Notes	Ba3	7.42	%	02/15/37			500		481,841
El Paso Corp., Sr. Notes	Ba3	9.625	%	05/15/12			1,250		1,391,950
El Paso Corp., Sr. Unsec’d. Notes	Ba3	7.80	%	08/01/31			2,000		2,025,314

SEE NOTES TO FINANCIAL STATEMENTS.

A125

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Pipelines & Other (cont’d.)
El Paso Corp., Sr. Unsec’d. Notes(a)	Ba3	8.05	%	10/15/30		$	2,210	$	2,321,627
Hanover Compressor Co., Sr. Unsec’d. Notes	B2	9.00	%	06/01/14			875		925,312
Roseton/Danskammer, Pass-Thru Certs.	Ba3	7.27	%	11/08/10			550		556,188
SemGroup LP, Sr. Notes, 144A(a)	B1	8.75	%	11/15/15			4,550		4,572,750
Southern Natural Gas Co., Notes	Baa3	8.00	%	03/01/32			875		992,375
Williams Cos., Inc., Debs.(a)	Ba2	7.50	%	01/15/31			2,500		2,587,500
Williams Cos., Inc., Sr. Notes	Ba2	7.625	%	07/15/19			3,500		3,692,500
									30,484,857
Real Estate — 0.1%
Forest City Enterprises, Inc., Sr. Unsec’d. Notes	Ba3	6.50	%	02/01/17			850		805,375
Real Estate Investment Trusts — 0.6%
Host Marriott LP, Gtd. Notes	Ba1	7.125	%	11/01/13			1,250		1,248,437
Ventas Realty LP, Gtd. Notes(a)	Ba2	6.75	%	04/01/17			1,850		1,826,875
									3,075,312
Retail — 2.4%
Bon-Ton Department Stores, Inc., Gtd. Notes(a)	B3	10.25	%	03/15/14			4,550		4,606,875
Ferrellgas Escrow LLC, Sr. Unsec’d. Notes	Ba3	6.75	%	05/01/14			3,250		3,079,375
Ferrellgas Partners LP, Sr. Notes	B2	8.75	%	06/15/12			1,450		1,493,500
Suburban Propane Partners LP, Sr. Notes(a)	B1	6.875	%	12/15/13			3,615		3,488,475
									12,668,225
Semiconductors — 2.0%
Advanced Micro Devices, Inc., Sr. Notes, 144A	B-(d)	6.00	%	05/01/15			850		818,125
Freescale Semiconductor, Inc., Sr. Notes, 144A	B1	8.875	%	12/15/14			4,275		4,082,625
Freescale Semiconductor, Inc., Sr. Notes, 144A, PIK	B1	9.125	%	12/15/14			2,000		1,880,000
Sensata Technologies BV, Gtd. Notes (Netherlands)	Caa1	8.00	%	05/01/14			3,725		3,594,625
									10,375,375
Services Cyclical – Rental Equipment — 0.9%
Hertz Corp., Gtd. Notes	B1	8.875	%	01/01/14			4,290		4,472,325
Technology — 1.1%
Sanmina-SCI Corp., Sr. Sub. Notes(a)	B2	8.125	%	03/01/16			1,650		1,534,500
Sungard Data Systems, Inc., Gtd. Notes(a)	Caa1	9.125	%	08/15/13			4,202		4,301,797
									5,836,297
Telecommunications — 10.8%
Cincinnati Bell, Inc., Gtd. Notes(a)	Ba3	7.25	%	07/15/13			1,000		1,025,000
Cincinnati Bell, Inc., Gtd. Notes(a)	B2	8.375	%	01/15/14			2,700		2,727,000
Citizens Communications Co., Debs.	Ba2	7.00	%	11/01/25			400		359,000
Citizens Communications Co., Sr. Unsec’d. Notes	Ba2	7.125	%	03/15/19			4,650		4,394,250
Hawaiian Telecom Communications, Inc., Gtd. Notes(a)	Caa1	9.75	%	05/01/13			2,800		2,933,000
Intelsat Corp., Gtd. Notes	B1	9.00	%	08/15/14			813		847,552
Intelsat Corp., Gtd. Notes	B2	9.00	%	06/15/16			950		995,125
Intelsat Subsidiary Holding Co. Ltd., Gtd. Notes (Bermuda)	B2	8.625	%	01/15/15			2,480		2,542,000
Intelsat Subsidiary Holding Co. Ltd., Sr. Notes (Bermuda)	B2	8.25	%	01/15/13			1,300		1,319,500
Nextel Communications, Inc., Gtd. Notes(a)	Baa3	7.375	%	08/01/15			1,850		1,849,206
Nordic Telephone Co. Holdings, Sec’d. Notes, 144A (Denmark)	B2	8.25	%	05/01/16	EUR		500		725,790
Nordic Telephone Co. Holdings, Sec’d. Notes, 144A(a) (Denmark)	B2	8.875	%	05/01/16			3,400		3,604,000
Nortel Networks Corp., Gtd. Notes, 144A (Canada)	B3	2.125	%(c)	04/15/14			825		805,406
Nortel Networks Ltd., Gtd. Notes, 144A (Canada)(a)	B3	10.125	%	07/15/13			3,175		3,405,188
Qwest Communications International, Inc., Gtd. Notes	Ba3	7.50	%	02/15/14			2,025		2,050,313

SEE NOTES TO FINANCIAL STATEMENTS.

A126

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
CORPORATE BONDS (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Telecommunications (cont’d.)
Qwest Communications International, Inc., Gtd. Notes(a)	Ba3	7.50	%	02/15/14		$	1,975	$	1,999,688
Qwest Corp., Debs.(a)	Ba1	7.20	%	11/10/26			3,800		3,733,500
Qwest Corp., Debs.(a)	Ba1	7.50	%	06/15/23			6,600		6,600,000
Qwest Corp., Notes	Ba1	8.875	%	03/15/12			1,750		1,885,625
Qwest Corp., Unsec’d. Notes	Ba1	7.25	%	09/15/25			100		99,750
Rural Cellular Corp., Sr. Unsec’d. Notes(a)	B3	9.875	%	02/01/10			2,080		2,173,600
Time Warner Telecom Holdings, Inc., Gtd. Notes	B3	9.25	%	02/15/14			2,750		2,915,000
West Corp., Gtd. Notes	Caa1	9.50	%	10/15/14			600		615,000
West Corp., Gtd. Notes(a)	Caa1	11.00	%	10/15/16			600		627,000
Wind Acquisition Finance SA, Sec’d. Notes (Luxembourg)	B2	9.75	%	12/01/15	EUR		1,000		1,547,743
Wind Acquisition Finance SA, Sec’d. Notes, 144A (Luxembourg)	B2	10.75	%	12/01/15			4,000		4,590,000
									56,369,236
Tobacco — 0.8%
Reynolds American, Inc., Bonds	Ba1	7.25	%	06/15/37			550		566,194
Reynolds American, Inc., Gtd. Notes	Ba1	7.625	%	06/01/16			3,300		3,494,010
									4,060,204
Transportation — 0.3%
Horizon Lines LLC, Gtd. Notes	B2	9.00	%	11/01/12			1,300		1,374,750
Utilities — 3.2%
AES Corp., Sec’d. Notes, 144A	Ba3	9.00	%	05/15/15			1,075		1,138,156
Dynegy Holdings, Inc., Sr. Notes, 144A	B2	7.50	%	06/01/15			2,250		2,117,812
Edison Mission Energy, Sr. Notes, 144A	B1	7.00	%	05/15/17			4,875		4,594,687
Edison Mission Energy, Sr. Notes, 144A	B1	7.20	%	05/15/19			2,625		2,467,500
Nevada Power Co., General Refinance Mortgage	Ba1	6.75	%	07/01/37			300		304,541
Nevada Power Co., Mortgage Backed	Ba1	6.65	%	04/01/36			1,850		1,856,133
Reliant Energy, Inc., Sr. Notes(a)	B3	7.625	%	06/15/14			3,700		3,607,500
Sierra Pacific Power Co., General Refinance Mortgage	Ba1	6.75	%	07/01/37			500		507,568
									16,593,897
TOTAL CORPORATE BONDS
(cost $429,905,319)									427,903,032
							Shares
COMMON STOCKS
Chemicals
General Chemicals Industry Products*							386		107,621
Containers & Packaging
Pliant Corp.*							5		—
Packaging
Russell-Stanley Holdings, Inc., 144A*(g)							39,000		—
TOTAL COMMON STOCKS
(cost $1,377,628)									107,621
PREFERRED STOCKS — 0.4%
Metals & Mining — 0.2%
Freeport-McMoRan Copper & Gold, Inc., 6.75%, CVT							3,700		475,450
Vale Capital Ltd., 5.5%, CVT							14,600		717,225
									1,192,675

SEE NOTES TO FINANCIAL STATEMENTS.

A127

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Value
PREFERRED STOCKS (Continued)	Shares		(Note 2)
Publishing
Ziff Davis Holdings, Inc., Series E, 10.00%(g)	11	$	216
Utilities — 0.2%
Cheasepeake Energy Corp., 5.0%, CVT	8,700		1,013,811
TOTAL PREFERRED STOCKS
(cost $2,086,604)			2,206,702
	Units
WARRANTS* — 0.1%
Chemicals
General Chemical Industry Product, Inc., Series A, Expiring 04/30/2011	223		—
General Chemical Industry Product, Inc., Series B, Expiring 04/30/2011	165		—
			—
Metals
ACP Holding Corp., Expiring 10/07/2013(g)	80,488		102,622
Paper — 0.1%
MDP Acquisitions PLC, Expiring 10/01/2013, 144A(g)	900		116,911
Publishing
Advanstar Holdings Corp., Expiring 10/15/2011, 144A(g)	1,100		99,000
Ziff Davis Holdings, Inc., Expiring 08/12/2012(g)	19,800		198
			99,198
TOTAL WARRANTS
(cost $1,003)			318,731
RIGHTS *
Consumer Products – Household & Leisure
Sleepmaster Membership Interests (cost $0)	1,055		—
TOTAL LONG-TERM INVESTMENTS
(cost $470,946,019)			468,443,856
SHORT-TERM INVESTMENTS — 24.4%
	Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 24.2%
Dryden Core Investment Fund – Taxable Money Market Series (cost $126,782,728; includes $117,982,682 of cash collateral for securities on loan)(b)(w) (Note 4)	126,782,728		126,782,728

				Principal
	Interest		Maturity	Amount
	Rate		Date	(000)#
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill(k)(n)
(cost $827,028)	4.645	%	09/13/07	$	835		827,308
TOTAL SHORT-TERM INVESTMENTS
(cost $127,609,756)							127,610,036
TOTAL INVESTMENTS — 114.0%
(cost $598,555,775; Note 6)(o)							596,053,892
Liabilities in excess of other assets(x) — (14.0)%							(73,068,769	)
NET ASSETS — 100.0%						$	522,985,123

SEE NOTES TO FINANCIAL STATEMENTS.

A128

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
CVT	Convertible Security
NR	Not Rated by Moody’s or Standard & Poor’s
PIK	Payment-in-kind
EUR	Euro
GBP	British Pound
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $114,461,458; cash collateral of $117,982,682 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(i)	Represents issuer in default on interest payments and / or principal repayment, where applicable. Non-income producing security.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rate shown is the effective yields at purchase date.
(o)	As of June 30, 2007, 5 securities representing $107,621 and 0.02% of the net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes net unrealized appreciation (depreciation) on forward foreign currency contracts, interest rate and credit default swaps as follows:

Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional		6/30/07
		Amount	Value at Settlement	Current	Unrealized
Purchase Contracts		(000)	Date Payable	Value	Appreciation
Euros,
Expiring 07/26/07	EUR	2,056	$ 2,764,635	$ 2,784,016	$  19,381

		Notional		6/30/07
		Amount	Value at Settlement	Current	Unrealized
Sales Contracts		(000)	Date Receivable	Value	(Depreciation)
Euros,
Expiring 07/03/07	EUR	1,027	$  1,383,290	$  1,390,336	$   (7,046)
Expiring 07/26/07	EUR	17,836	23,933,217	24,162,999	(229,782)
Pound Sterling,
Expiring 07/26/07	GBP	744	1,485,363	1,493,194	(7,831)
			$26,801,870	$27,046,529	$(244,659)

SEE NOTES TO FINANCIAL STATEMENTS.

A129

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007:
Counterparty	Termination Date			Notional Amount		Fixed Rate			Floating Rate		Unrealized (Depreciation)
UBS AG(1)		12/19/08		$	1,600,000		5.00	%		3 Month LIBOR		$	(6,038	)
Morgan Stanley Capital Services, Inc.(1)		01/02/12	BRL		23,000,000		10.12	%		Brazilian interbank lending rate			(238,473	)
Citigroup(1)		05/14/09	MXN		29,000,000		7.91	%		28 day Mexican interbank rate			(10,144	)
Morgan Stanley Capital Services, Inc.(1)		05/14/09	MXN		36,000,000		7.91	%		28 day Mexican interbank rate			(12,463	)
												$	(267,118	)
(1) Portfolio pays the floating rate and receives the fixed rate.
Credit default swap agreements outstanding at June 30, 2007:

Counterparty	Termination Date		Notional Amount		Fixed Rate			Underlying Bond		Unrealized Appreciation (Depreciation)
Bank of America(1)		06/20/12	$	200,000		2.30	%		Aramark Corp., 8.5%, due 02/01/15	$	(5,582	)
Lehman Brothers, Inc.(1)		06/20/12	$	1,000,000		1.09	%		Chesapeake Energy Corp.,
									6.875%, due 01/15/16		—
Morgan Stanley Capital Services, Inc.(1)		03/20/12	$	1,000,000		1.05	%		Chesapeake Energy Corp.,
									6.875%, due 01/15/16		(5,771	)
Morgan Stanley Capital Services, Inc.(1)		06/20/12	$	400,000		2.08	%		CSC Holdings, Inc., 7.625%,
									due 07/15/18		(9,836	)
UBS AG(1)		06/20/12	$	30,000,000		2.75	%		Dow Jones CDX NA IG 8		(671,530	)
Barclays Bank PLC(1)(g)		02/20/12	$	3,000,000		0.90	%		Federal Republic of Brazil,
									12.25%, due 03/06/30		39,649
Barclays Bank PLC(1)(g)		09/20/11	$	5,000,000		3.87	%		Ford Motor Credit Corp., 7.00%,
									due 10/01/13		175,831
Barclays Bank PLC(1)		06/20/12	$	200,000		1.77	%		Forest Oil Corp., 7.75%, due 05/01/14		(3,037	)
Barclays Bank PLC(1)		06/20/12	$	500,000		1.70	%		Forest Oil Corp., 7.75%, due 05/01/14		(8,899	)
Credit Suisse International(1)		06/20/12	$	700,000		1.61	%		Forest Oil Corp., 7.75%, due 05/01/14		(15,067	)
Barclays Bank PLC(1)		06/20/12	$	200,000		3.62	%		Freescale Semiconductor, 8.875%,
									due 12/15/14		(4,179	)
Goldman Sachs(2)(g)		06/20/10	$	2,500,000		2.08	%		Freescale Semiconductor, 8.875%,
									due 12/15/14		35,534
Goldman Sachs(1)		06/20/12	$	2,500,000		3.38	%		Freescale Semiconductor, 8.875%,
									due 12/15/14		(77,655	)
Bear Stearns International(1)		06/20/12	$	200,000		1.95	%		Georgia-Pacific Corp., 8.125%,
									due 05/15/11		(6,520	)
Citigroup, Inc.(1)		03/20/12	$	1,800,000		1.03	%		GMAC LLC, 6.875%, due 08/02/12		(52,452	)
Citigroup, Inc.(1)		03/20/12	$	2,000,000		1.60	%		GMAC LLC, 6.875%, due 08/02/12		(15,170	)
Citigroup, Inc.(1)(g)		06/20/12	$	3,000,000		2.00	%		GMAC LLC, 6.875%, due 08/02/12		20,121
Citigroup, Inc.(1)		03/20/12	$	4,000,000		1.05	%		GMAC LLC, 6.875%, due 08/02/12		(113,537	)
JPMorgan Chase Bank(1)(g)		02/20/12	$	4,000,000		0.77	%		JSC “GAZPROM”		44,909
Barclays Bank PLC(1)		06/20/12	$	200,000		2.36	%		Nortel Networks, 4.25%, due 09/01/08		(3,806	)
Lehman Brothers, Inc.(1)		06/20/12	$	350,000		1.75	%		Pride International, Inc., 7.375%,
									due 07/15/14		(4,135	)

SEE NOTES TO FINANCIAL STATEMENTS.

A130

AST HIGH YIELD PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Counterparty	Termination Date		Notional Amount		Fixed Rate			Underlying Bond		Unrealized Appreciation (Depreciation)
Royal Bank of Scotland PLC(1)(g)		03/20/12	$	3,000,000		1.10	%		Republic of Indonesia, 6.75%,
									due 03/10/14		$	10,529
Morgan Stanley Capital Services, Inc.(1)		06/20/08	$	200,000		0.25	%		Russian Federation, 7.5%,
									due 03/31/30			(57	)
Credit Suisse International(1)(g)		03/20/12	$	1,000,000		2.85	%		Solectron Global, 8.00%,
									due 03/15/16			47,798
Barclays Bank PLC(1)		06/20/12	$	200,000		2.60	%		Sungard Data Systems, Inc.,
									9.125%, due 08/15/13			(4,062	)
											$	(626,924	)
(1) Portfolio pays the counterparty par in the event that the underlying bond defaults and receives the fixed rate.
(2) Portfolio pays the fixed rate and receives from the counterparty, par in the event that the underlying bond defaults.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (22.6% represents investments purchased with collateral from securities on loan)	24.2	%
Telecommunications	10.8
Bank Notes	7.3
Pipelines & Other	5.8
Healthcare & Pharmaceuticals	5.1
Business Services	4.6
Diversified Financial Services	4.3
Cable	3.9
Gaming	3.7
Electric	3.5
Utilities	3.4
Automotive	3.2
Chemicals	3.2
Paper & Forest Products	3.2
Food	2.8
Retail	2.4
Containers & Packaging	2.1
Semiconductors	2.0
Aerospace & Defense	1.5
Metals & Mining	1.3
Technology	1.1
Environmental	1.1
Diversified	1.1
Financial Services	1.0
Energy – Exploration & Production	1.0
Services Cyclical – Rental Equipment	0.9
Media & Entertainment	0.8
Electronic Components	0.8
Tobacco	0.8
Advertising	0.7
Oil & Gas Exploration/Production	0.7
Commercial Services	0.7
Real Estate Investment Trusts	0.6
Diversified Manufacturing Operations	0.6
Lodging	0.6
Entertainment & Leisure	0.4
Capital Goods – Others	0.4
Machinery & Equipment	0.3
Consumer Products & Services	0.3
Transportation	0.3
Healthcare Services	0.2
Building Materials	0.2
Energy	0.2
U.S. Treasury Obligations	0.2
Real Estate	0.1
Oil & Field Services	0.1
Apparel	0.1
Energy – Services	0.1
Airlines	0.1
Oil, Gas & Consumable Fuels	0.1
Paper	0.1
	114.0	%
Liabilities in excess of other assets	(14.0	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A131

AST HIGH YIELD PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $114,461,458:
Unaffiliated investments (cost $471,773,047)	$	469,271,164
Affiliated investments (cost $126,782,728)		126,782,728
Cash		74,837
Receivable for investments sold		55,793,918
Dividends and interest receivable		8,791,329
Receivable for fund share sold		1,388,258
Foreign currency, at value (cost $909,770)		915,201
Unrealized appreciation on swap agreements		374,371
Swap contracts, outstanding		201,125
Unrealized appreciation on foreign currency forward contracts		19,381
Prepaid expenses		4,445
Total Assets		663,616,757
LIABILITIES:
Payable to broker for collateral for securities on loan		117,982,682
Payable for investments purchased		20,939,415
Unrealized depreciation on swap agreements		1,268,413
Unrealized depreciation on foreign currency forward contracts		244,659
Advisory fees payable		146,688
Accrued expenses and other liabilities		42,735
Shareholder servicing fees payable		5,050
Payable for fund share repurchased		1,992
Total Liabilities		140,631,634
NET ASSETS	$	522,985,123
Net assets were comprised of:
Paid-in capital	$	651,242,550
Retained earnings		(128,257,427	)
Net assets, June 30, 2007	$	522,985,123
Net asset value and redemption price per share, $522,985,123/61,150,552 outstanding shares of beneficial interest	$	8.55

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	22,650,665
Affiliated dividend income		397,215
Affiliated income from securities lending, net		228,671
Unaffiliated dividend income		456
		23,277,007
EXPENSES
Advisory fees		2,257,072
Shareholder servicing fees and expenses		210,660
Custodian and accounting fees		90,000
Audit fee		12,000
Insurance expenses		10,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		8,000
Legal fees and expenses		4,000
Shareholders’ reports		1,000
Miscellaneous		7,890
Total expenses		2,609,622
NET INVESTMENT INCOME		20,667,385
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		6,948,886
Futures transactions		(1,297,290	)
Options written		(4,132	)
Swap agreements		433,569
Foreign currency transactions		596,632
		6,677,665
Net change in unrealized appreciation (depreciation) on:
Investments		(14,877,973	)
Futures		614,056
Swap agreements		(1,227,688	)
Foreign currencies		(550,512	)
		(16,042,117	)
NET LOSS ON INVESTMENTS AND FOREIGN CURRENCIES		(9,364,452	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,302,933

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended June 30, 2007				Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	20,667,385			$	42,560,202
Net realized gain (loss) on investments and foreign currencies			6,677,665				(3,015,450	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(16,042,117	)			20,898,605
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			11,302,933				60,443,357
DISTRIBUTIONS			—				(52,430,986	)
FUND SHARE TRANSACTIONS:
Fund share sold [10,816,434 and 41,763,183 shares, respectively]			93,226,569				336,152,436
Fund share issued in reinvestment of distributions [0 and 6,704,729 shares, respectively]			—				52,430,986
Fund share repurchased [26,707,719 and 45,143,643 shares, respectively]			(229,614,745	)			(359,726,298	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(136,388,176	)			28,857,124
TOTAL INCREASE (DECREASE) IN NET ASSETS			(125,085,243	)			36,869,495
NET ASSETS:
Beginning of period			648,070,366				611,200,871
End of period		$	522,985,123			$	648,070,366

SEE NOTES TO FINANCIAL STATEMENTS.

A132

AST INTERNATIONAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 95.0%		Value
COMMON STOCKS	Shares	(Note 2)
Australia — 6.0%
Allco Finance Group Ltd.	713,407	$	6,435,372
CSL Ltd.	113,330		8,455,168
Macquarie Bank Ltd.	787,553		56,753,599
Macquarie Infrastructure Group	1,903,476		5,809,578
QBE Insurance Group Ltd.	839,200		22,198,047
Toll Holdings Ltd.	1,218,600		14,970,084
Woolworths Ltd.	1,565,700		35,839,918
WorleyParsons Ltd.	188,000		5,419,154
			155,880,920
Austria — 0.9%
Erste Bank der Oesterreichischen Sparkassen AG	145,977		11,377,580
Raiffeisen International Bank Holding AG	80,500		12,714,908
			24,092,488
Belgium — 1.2%
InBev NV	382,800		30,319,945
Brazil — 3.1%
Cia Vale Do Rio Doce, ADR	751,900		33,497,145
Gafisa SA	300,800		4,692,106
Gol-Linhas Aereas Inteligentes SA, ADR(a)	113,858		3,756,175
JHSF Participacoes SA*	530,800		3,095,645
Petroleo Brasileiro SA	456,300		12,182,193
Petroleo Brasileiro SA, ADR	66,688		8,087,254
Unibanco – Uniao de Bancos Brasileiros, GDR	130,267		14,703,236
			80,013,754
Canada — 3.8%
Brookfield Asset Management, Inc. (Class A Stock)	579,200		23,168,000
Canadian National Railway Co.	140,131		7,136,872
Research in Motion Ltd.*	90,642		18,127,493
Rogers Communications, Inc.(Class B Stock)	621,300		26,490,914
Shoppers Drug Mart Corp.	512,390		23,732,760
			98,656,039
Chile — 0.4%
Cescosud SA, ADR, 144A	158,700		9,874,504
China — 1.2%
China Communications Construction Co. Ltd. (Class H Stock)	6,665,000		11,933,446
China Merchants Holdings International Co. Ltd. (Class H Stock)	1,766,000		8,548,585
Focus Media Holding Ltd., ADR*(a)	215,800		10,897,900
			31,379,931
Egypt — 0.1%
Egyptian Financial Group – Hermes Holding	212,886		1,717,299

France — 10.2%
Accor SA	254,659	22,512,054
Axa SA	1,116,010	47,972,430
Cie de Saint Gobain	104,117	11,663,459
Electricite de France	76,451	8,263,063
Essilor International SA	151,900	18,092,171
Eurazeo	100,170	14,474,855
Iliad SA	97,579	9,828,929
JC Decaux SA	357,923	11,334,163
L’Oreal SA	299,300	35,377,466
Schneider Electric SA	257,500	36,077,880
Veolia Environnement	653,218	51,304,340
		266,900,810
Germany — 5.4%
Beiersdorf AG	60,386	4,307,140
Continental AG	213,815	30,185,219
Daimler-Chrysler AG	548,524	50,745,054
Linde AG	34,600	4,175,969
MTU Aero Engines Holding AG	2,288	149,106
Q-Cells AG*	72,200	6,228,094
Siemens AG	313,900	45,171,421
		140,962,003
Greece — 0.7%
National Bank of Greece SA	312,504	17,793,817
Guernsey — 0.2%
Amdocs Ltd.*	114,798	4,571,256
Hong Kong — 4.8%
China Merchants Bank Co. Ltd.	4,324,500	13,162,868
China Mobile Ltd.	2,448,000	26,282,689
CNOOC Ltd.	9,103,100	10,314,798
Esprit Holdings Ltd.	2,578,900	32,717,782
Hopson Development Holdings Ltd.	494,000	1,386,753
Li & Fung Ltd.	5,596,600	20,148,390
Melco PBL Entertainment Ltd., ADR*(a)	794,046	9,973,218
Nine Dragons Paper Holdings Ltd.	1,420,000	3,308,829
Shandong Weigao Group Medical Polymer Co. Ltd. (Class H Stock)	132,100	297,340
Shangr-La Asia Ltd.	2,974,000	7,188,536
		124,781,203
India — 1.6%
Bharti Tele-Ventures Ltd.*	845,900	17,372,070
ICICI Bank Ltd., ADR(a)	161,504	7,937,922
Infosys Technologies Ltd., ADR	355,400	17,905,052
		43,215,044
Indonesia — 0.8%
Bank Rakyat Indonesia	13,587,500	8,647,275
Telekomunikasi Indonesia	11,789,500	12,852,969
		21,500,244
Ireland — 0.7%
Anglo Irish Bank Corp. PLC	914,400	18,766,654

SEE NOTES TO FINANCIAL STATEMENTS.

A133

AST INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Italy — 1.4%
Saipem SpA	1,046,200	$	35,696,804
Japan — 11.8%
Aeon Mall Co. Ltd.	380,400		11,709,369
Chugai Pharmaceutical Co. Ltd.	627,800		11,294,026
Daikin Industries Ltd.	228,000		8,314,477
Fanuc Ltd.	268,900		27,779,963
Fujitsu Ltd.	262,000		1,932,150
Fukuoka Financial Group, Inc.	3,304,000		21,843,298
Honeys Co. Ltd.	96,900		3,911,415
Jupiter Telecommunications Co. Ltd.*	12,972		10,746,347
K.K. DaVinci Advisors*	4,170		3,657,746
Komatsu Ltd.	796,100		23,147,517
Marubeni Corp.	1,785,000		14,714,924
Mitsui Trust Holdings, Inc.	1,014,000		8,844,962
Mizuho Financial Group, Inc.	601		4,163,679
NGK Insulators Ltd.	953,000		23,452,508
Nintendo Co. Ltd.	90,500		33,149,645
Nippon Electric Glass Co. Ltd.	263,500		4,654,721
ORIX Corp.	153,900		40,560,853
Shin-Etsu Chemical Co. Ltd.	254,300		18,196,004
Suruga Bank Ltd.	810,000		10,216,690
Toyota Motor Corp.	255,100		16,160,650
Yamada Denki Co. Ltd.	100,600		10,523,679
			308,974,623
Malaysia — 0.5%
Bumiputra – Commerce Holdings BHD	2,414,600		8,182,714
Kuala Lumpur Kepong BHD	1,613,800		6,029,839
			14,212,553
Mexico — 3.9%
America Movil SAB de CV, Series L	10,325,800		31,884,916
America Movil SAB de CV, Series L, ADR	194,725		12,059,319
Cemex SAB de CV, ADR*	234,856		8,666,187
Fomento Economico Mexicano SAB de CV, ADR	222,891		8,764,074
Grupo Televisa SA, ADR	547,994		15,130,114
Wal-Mart de Mexico SAB de CV, Series V	6,421,500		24,370,019
			100,874,629
Netherlands — 1.7%
Heineken NV	146,935		8,613,591
Randstad Holdings NV	222,200		17,586,853
Schlumberger Ltd.	232,324		19,733,601
			45,934,045
Russia — 0.3%
PIK Group*(a)	330,400		8,260,000
Singapore — 2.0%
Capitaland Ltd.	9,741,000		51,544,733
South Africa — 0.9%
MTN Group Ltd.	1,112,500		15,122,097
Naspers Ltd. (Class N Stock)	331,400		8,514,453
			23,636,550
South Korea — 0.8%
NHN Corp.*	56,632		10,329,049
POSCO	10,970		5,266,217
Samsung Electronics Co. Ltd.	8,020		4,913,482
			20,508,748
Spain — 1.0%
Industria de Diseno Textil SA	426,400		25,097,531
Switzerland — 11.2%
ABB Ltd.	2,629,136		59,281,180
Actelion Ltd.*	104,090		4,636,548
EFG International	237,800		10,934,294
Geberit AG	49,500		8,434,169
Holcim Ltd.	194,882		21,046,791
Julius Baer Holding AG	218,800		15,655,086
Kuehne & Nagel International AG	173,200		15,952,237
Lonza Group AG	133,947		12,289,740
Nestle SA	106,667		40,530,637
Nobel Biocare Holding AG	28,000		9,140,072
Roche Holding AG	224,205		39,726,115
SGS Societe Generale	10,800		12,770,630
Swiss Re	119,796		10,925,409
Syngenta AG*	79,507		15,499,950
UBS AG	241,772		14,459,009
			291,281,867
Taiwan — 1.9%
Hon Hai Precision Industry Co. Ltd.	2,904,091		25,094,683
MediaTek, Inc.	873,000		13,599,951
Taiwan Semiconductor Manufacturing Co. Ltd.	5,054,000		10,902,714
			49,597,348
United Kingdom — 16.5%
Acergy SA	376,700		8,480,535
BG Group PLC	2,757,700		45,205,785
British Sky Broadcasting Group PLC	1,497,729		19,202,628
Capita Group PLC	1,466,500		21,288,949
Carphone Warehouse Group	1,152,800		7,577,466
HBOS PLC	1,933,100		38,022,759
Man Group PLC	2,778,593		33,798,589
Northern Rock PLC	394,150		6,820,061
Reckitt Benckiser PLC	1,048,516		57,401,593
Rio Tinto PLC	220,130		16,840,786
Rolls Royce Group PLC*	3,655,800		39,363,844
Rolls Royce Group PLC (Class B Stock)	206,175,840		458,739
Rotork PLC	327,436		5,982,165
Serco Group PLC	1,068,700		9,633,949
Tesco PLC	9,022,067		75,484,923

SEE NOTES TO FINANCIAL STATEMENTS.

A134

AST INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
United Kingdom (cont’d.)
Vedanta Resources PLC	598,000	$	19,275,809
Xstrata PLC	415,300		24,724,045
			429,562,625
TOTAL COMMON STOCKS
(cost $2,017,548,437)			2,475,607,967
	Units
RIGHTS*
Brazil
Gol Linhas Rights (cost $0)	1,594		—
TOTAL LONG-TERMINVESTMENTS
(cost $2,017,548,437)			2,475,607,967

SHORT-TERM INVESTMENT — 6.8%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $177,897,114; includes $40,903,155 of cash collateral for securities on loan)(b)(w) (Note 4)	177,897,114		177,897,114
TOTAL INVESTMENTS(o) — 101.8%
(cost $2,195,445,551; Note 6)			2,653,505,081
Liabilities in excess of other assets(x) — (1.8)%			(47,563,320	)
NET ASSETS — 100.0%		$	2,605,941,761

The following abbreviations are used in portfolio descriptions:
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 Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $40,038,269; cash collateral of $40,903,155 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(o)	As of June 30, 2007, 60 securities representing $1,285,756,906 and 48.5% of the total market value were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized appreciation (depreciation) on forward foreign currency contracts as follows:
Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional					Unrealized
		Amount	Value at Settlement		Current		Appreciation
Purchase Contracts		(000)	Date Payable		Value		(Depreciation)
Brazilian Real,
Expiring 07/03/07	BRC	219	$	113,647	$	113,559	$	(88	)
Euros,
Expiring 07/03/07	EUR	447		605,527		605,641		114
South Korean Won,
Expiring 07/03/07	WON	421,741		455,026		456,504		1,478
Swiss Francs,
Expiring 07/03/07	CHF	973		796,867		796,932		65
Pound Sterling,
Expiring 07/03/07	GBP	297		595,746		596,047		301
			$	2,566,813	$	2,568,683	$	1,870
		Notional
		Amount	Value at Settlement		Current		Unrealized
Sale Contracts		(000)	Date Receivable		Value		(Depreciation)
Pound Sterling,
Expiring 07/03/07	GBP	723	$	1,446,615	$	1,452,142	$	(5,527	)

SEE NOTES TO FINANCIAL STATEMENTS.

A135

AST INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Financial – Bank & Trust	10.8	%
Telecommunications	7.5
Oil & Gas	7.3
Affiliated Money Market Mutual Fund (1.6% represents investments purchased with collateral from securities on loan)	6.8
Retail & Merchandising	6.5
Automobile Manufacturers	4.0
Electronic Components & Equipment	3.8
Financial Services	3.6
Food	3.4
Metals & Mining	3.2
Insurance	3.1
Diversified Operations	2.7
Real Estate Investment Trust	2.6
Water	2.0
Beverages	1.9
Pharmaceuticals	1.8
Commercial Banks	1.8
Entertainment & Leisure	1.7
Building Materials	1.4
Transportation	1.4
Consumer Products & Services	1.4
Broadcasting	1.3
Real Estate	1.2
Chemicals	1.2
Automotive Parts & Equipment	1.2
Lodging	1.2
Media	1.1
Semiconductors	1.1
Machinery	1.1
Computer Services & Software	1.1
Health Care	1.0
Telecommunications – Cellular	1.0
Building & Construction	0.9
Machinery & Equipment	0.9
Construction	0.9
Support – Services	0.8
Building Products	0.7
Industrial Products	0.7
Software	0.7
Business Services	0.7
Medical Supplies & Equipment	0.6
Agriculture	0.6
Advertising	0.4
Internet Services	0.4
Commercial Services	0.4
Banks	0.3
Oil, Gas and Consumable Fuels	0.3
Railroads	0.3
Utilities	0.2
Farming & Agriculture	0.2
Construction and Engineering	0.2
Clothing & Apparel	0.1
Airlines	0.1
Paper & Forest Products	0.1
Computer Hardware	0.1
	101.8
Liabilities in excess of other assets	(1.8	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A136

AST INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $40,038,269:
Unaffiliated investments (cost $2,017,548,437)	$	2,475,607,967
Affiliated investments (cost $177,897,114)		177,897,114
Receivable for investments sold		102,879,896
Dividends and interest receivable		5,688,812
Tax reclaim receivable		3,302,895
Receivable for fund share sold		1,654,104
Foreign currency, at value (cost $224,078)		224,309
Prepaid expenses		12,103
Unrealized appreciation on foreign currency forward contracts		1,958
Total Assets		2,767,269,158
LIABILITIES:
Payable for investments purchased		97,850,920
Payable to broker for collateral for securities on loan		40,903,155
Payable for fund share repurchased		13,870,540
Payable to custodian		6,998,894
Accrued expenses and other liabilities		871,871
Advisory fees payable		811,424
Shareholder servicing fees payable		14,978
Unrealized depreciation on foreign currency forward contracts		5,615
Total Liabilities		161,327,397
NET ASSETS	$	2,605,941,761
Net assets were comprised of:
Paid-in capital	$	1,823,629,137
Retained earnings		782,312,624
Net assets, June 30, 2007	$	2,605,941,761
Net asset value and redemption price per share, $2,605,941,761/144,568,666 outstanding shares of beneficial interest	$	18.03

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income (net of $3,380,158 foreign withholding tax)	$	30,563,006
Affiliated dividend income		2,148,041
Affiliated income from securities lending, net		43,659
		32,754,706
EXPENSES
Advisory fees		12,035,860
Shareholder servicing fees and expenses		842,510
Custodian and accounting fees		583,000
Insurance expenses		21,000
Trustees’ fees		16,000
Audit fee		11,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Miscellaneous		23,980
Total expenses		13,548,350
NET INVESTMENT INCOME		19,206,356
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		130,285,036
Foreign currency transactions		(1,307,125	)
		128,977,911
Net change in unrealized appreciation (depreciation) on:
Investments		60,177,397
Foreign currencies		400,053
		60,577,450
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		189,555,361
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	208,761,717

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended			Year Ended
	June 30, 2007			December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	19,206,356		$	11,380,225
Net realized gain on investments and foreign currencies		128,977,911			323,344,678
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		60,577,450			51,769,990
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		208,761,717			386,494,893
DISTRIBUTIONS		—			(25,553,705	)
FUND SHARE TRANSACTIONS:
Fund share sold [20,888,576 and 56,825,315 shares, respectively]		357,274,155			844,006,058
Fund share issued in reinvestment of distributions [0 and 1,725,431 shares, respectively]		—			25,553,705
Fund share repurchased [14,081,169 and 51,524,453 shares, respectively]		(240,565,533	)		(761,265,683	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS		116,708,622			108,294,080
TOTAL INCREASE IN NET ASSETS		325,470,339			469,235,268
NET ASSETS:
Beginning of period		2,280,471,422			1,811,236,154
End of period	$	2,605,941,761		$	2,280,471,422

SEE NOTES TO FINANCIAL STATEMENTS.

A137

AST INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 96.9%		Value
COMMON STOCKS	Shares	(Note 2)

Australia — 2.3%
AWB Ltd.	700,100	$	2,558,186
BHP Billiton Ltd.	111,900		3,323,265
Bluescope Steel Ltd.	494,900		4,338,431
Commonwealth Bank of Australia	76,700		3,592,711
CSR Ltd.	287,100		847,046
Minara Resources Ltd.	329,300		2,032,440
Pacific Brands Ltd.	838,600		2,452,837
Qantas Airways Ltd.	916,300		4,350,312
Santos Ltd.	233,300		2,757,225
SMorgon Steel Group Ltd.	1,373,100		3,119,835
Telstra Corp. Ltd.	632,200		2,460,152
Zinifex Ltd.	223,500		3,566,086
			35,398,526
Austria — 0.2%
Voestalpine AG	35,200		2,958,930
Brazil — 0.9%
Empresa Brasileira de Aeronautica SA, ADR	292,800		14,115,888
Canada — 3.9%
Canadian Natural Resources Ltd.	307,000		20,398,460
Potash Corporation of Saskatchewan, Inc.	230,000		17,933,100
Rogers Communications, Inc. (Class B Stock)	497,300		21,203,817
			59,535,377
China — 3.8%
China Coal Energy Co.*	6,730,100		10,087,575
China Merchants Bank Co., Ltd.	7,560,000		23,011,050
China Petroleum & Chemical Corp.	16,476,507		18,227,157
Country Garden Holdings Co. Ltd.*	7,686,700		6,488,160
			57,813,942
Denmark — 1.7%
Danske Bank SA	84,600		3,459,479
Novo Nordisk SA (Class B Stock)	214,800		23,364,908
			26,824,387
Finland — 3.2%
Fortum Oyj	593,990		18,560,695
Nokia Oyj	789,900		22,184,566
Rautaruukki Oyj	54,100		3,455,993
Stora Enso Oyj (Class R Stock)*	225,400		4,240,982
			48,442,236
France — 8.6%
Air Liquide	160,774		21,097,164
Air New Zealand Ltd.	946,500		1,926,287
Arkema*	610		39,876
BNP Paribas SA	87,000		10,334,174
Ciments Francais SA	5,600		1,283,170
CNP Assurances	7,300		932,788

Compagnie Generale des
Establissements Michelin (Class B Stock)	50,100	7,001,180
Credit Agricole SA	101,600	4,122,727
France Telecom SA	713,548	19,570,074
JC Decaux SA	318,333	10,080,487
Lafarge SA	8,200	1,494,474
LVMH Moet Hennessy Louis Vuitton SA	169,867	19,545,709
Natexis Banques Populaires	40,000	974,871
PSA Peugeot Citroen SA	54,000	4,350,278
Rallye SA	27,900	1,884,155
Renault SA	25,100	4,025,767
Sanofi-Aventis SA	27,900	2,253,966
Schneider Electric SA	15,600	2,185,689
Societe Generale (Class A Stock)	13,900	2,575,370
Thales SA	50,800	3,104,242
Thomson Multimedia	133,700	2,556,921
Total SA	51,200	4,151,205
Valeo SA	44,000	2,360,843
Vivendi Universal SA	108,500	4,667,423
		132,518,840
Germany — 6.4%
Altana AG	18,700	451,680
BASF AG	240,500	31,588,271
DaimlerChrysler AG	59,700	5,522,966
Deutsche Bank AG	54,900	7,990,761
Deutsche Telekom AG	120,600	2,229,293
E.ON AG	156,700	26,311,233
Hannover Rueckversicherungs AG	50,700	2,458,447
Heidelberger Druckmachinen AG*	57,900	2,808,686
Muenchener Rueckversicherung AG	14,700	2,705,583
Siemens AG	13,100	1,885,140
ThyssenKrup AG	133,800	7,969,249
TUI AG*	35,800	992,164
Volkswagen AG	29,200	4,661,098
		97,574,571
Greece — 1.1%
Alpha Bank A.E.	78,200	2,451,582
Aluminium of Greece S.A.I.C.	65,500	1,252,825
OPAP SA	376,363	13,298,138
		17,002,545
Hong Kong — 3.5%
Cathay Pacific Air	714,000	1,776,964
Chaoda Modern Agriculture Holdings Ltd.	834,000	644,230
China Mobile Ltd.	2,270,106	24,372,749
Citic Pacific Ltd.	1,183,000	5,938,299
Hong Kong Electric Holdings Ltd.	573,500	2,893,464
Hong Kong Exchanges and Clearing Ltd.	1,187,200	16,777,369
Orient Overseas International Ltd.	119,307	1,165,727
		53,568,802

SEE NOTES TO FINANCIAL STATEMENTS.

A138

AST INTERNATIONAL VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

Ireland — 1.6%
Allied Irish Banks PLC	782,697	$	21,386,992
Irish Life & Permanent PLC	97,900		2,471,502
			23,858,494
Israel — 2.1%
Teva Pharmaceutical Industries Ltd., ADR	763,700		31,502,625
Italy — 2.8%
Banca Intesa SpA	2,512,200		18,730,305
Banche Popolari Unite Scrl	55,100		1,400,515
Banco Popolare di Verona e Novara Scrl	87,100		2,504,343
Benetton Group SpA	28,000		486,697
Eni SpA	456,461		16,550,093
Fondiaria – Sai SpA	47,400		2,291,601
Merloni Elettrodomestici SpA	70,200		1,635,559
Parmalat Finanziaria SpA, 144A*(g)	448,250		66,736
			43,665,849
Japan — 14.2%
Alpine Electronics, Inc.	57,400		880,638
Alps Electric Co. Ltd.	108,200		1,082,659
Asahi Breweries Ltd.	117,700		1,826,800
Asahi Kasei Corp.	290,000		1,907,817
Cosmo Oil Co. Ltd.	720,000		3,976,447
Daiwa Securities Group, Inc.	125,000		1,332,995
Denki Kagaku Kogyo Kabushiki Kiasha	501,000		2,258,315
Fanuc Ltd.	204,200		21,095,829
Fuji Heavy Industries Ltd.	817,000		3,914,964
Hitachi Information Systems	62,900		1,404,873
Hitachi Ltd.	116,000		824,366
Hokkaido Electric Power Co., Inc.	103,100		2,239,939
Honda Motor Co. Ltd.	197,300		7,210,964
Hosiden Corp.	36,200		479,825
JFE Holdings, Inc.	42,500		2,647,513
Kaken Pharmaceutical Co. Ltd.	16,000		116,564
Kansai Electric Power Co., Inc. (The)	171,500		4,060,284
Kurabo Industries Ltd.	129,000		364,605
Kureha Corp.	346,000		1,717,003
Kyushu Electric Power Co., Inc.	73,200		1,920,292
Marubeni Corp.	101,000		832,609
Mitsubishi Chemical Holdings Corp.	400,000		3,677,563
Mitsubishi Corp.	113,600		2,980,126
Mitsui & Co. Ltd.	222,000		4,426,477
Mitsui Chemicals, Inc.	217,000		1,651,403
NEC Corp.	590,000		3,033,259
Nifco	100,000		2,188,833
Nintendo Co. Ltd.	58,788		21,533,716
Nippon Oil Corp.	715,000		6,654,944
Nippon Paper Group, Inc.	1,000		3,329,949
Nippon Steel Corp.	295,000		2,079,675
Nippon Telegraph and Telephone Corp.	1,200		5,331,168

Nipro Corp.	103,800	2,137,121
Nissan Motor Co. Ltd.	696,700	7,474,848
Nomura Holdings, Inc.	140,800	2,744,528
NTT Docomo, Inc.	3,400	5,384,772
Oji Paper Co. Ltd.	179,000	870,830
Okasan Holdings, Inc.	33,000	219,509
Promise Co. Ltd.	15,100	466,030
QP Corp.	106,300	1,022,207
Rengo Co. Ltd.	142,000	701,206
Ricoh Co. Ltd.	128,000	2,962,843
Santen Pharmaceutical Co. Ltd.	16,900	411,777
Sanwa Shutter Corp.	544,000	3,154,648
Shiseido Co. Ltd.	745,100	15,915,639
SMK Corp.	138,000	920,187
Sumitomo Corp.	183,800	3,358,782
Takefuji Corp.	24,500	823,797
Tanabe Seiyaku Co. Ltd.	178,000	2,122,266
Tokai Tokyo Securities Co.	285,000	1,631,878
Tokyo Electric Power Co.	92,600	2,978,242
Toppan Printing Co. Ltd.	145,000	1,560,406
Toyota Motor Corp.	415,200	26,303,025
Uniden Corp.	106,000	776,544
Yamada Denki Co. Ltd.	109,506	11,455,328
Yokohama Rubber Co. Ltd.	534,200	4,026,295
		218,405,122
Mexico — 3.3%
America Movil, Series L, ADR	325,500	20,158,215
Grupo Mexico SA de CV	2,620,000	16,102,929
Wal-Mart de Mexico SA de CV	3,806,600	14,446,300
		50,707,444
Netherlands — 3.1%
ABN AMRO Holding NV	69,200	3,172,982
Aegon NV	117,400	2,310,669
Fortis Bank	120,500	5,112,114
ING Groep NV	166,100	7,310,694
Koninklijke (Royal) KPN NV	310,500	5,151,441
Koninklijke Luchtvaart Maatschappij NV, 144A*(g)	24,790	364,712
Oce NV	126,300	2,463,309
Royal Dutch Shell PLC (Class A Stock)	40,600	1,652,350
Schlumberger Ltd.	234,900	19,952,406
		47,490,677
Norway — 0.4%
Norsk Hydro ASA	91,500	3,509,518
Yara International ASA	74,900	2,245,955
		5,755,473
Portugal — 0.3%
Banco Comerical Portugues SA	510,200	2,851,270
Energias de Portugal SA	365,100	2,018,869
		4,870,139

SEE NOTES TO FINANCIAL STATEMENTS.

A139

AST INTERNATIONAL VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

Russia — 1.5%
Gazprom Oao	342,400	$	14,346,560
Sberbank	2,200		8,580,000
			22,926,560
Singapore — 0.4%
MobileOne Ltd.	459,090		659,806
Neptune Orient Lines Ltd.	187,000		647,460
Singapore Airlines Ltd.	390,000		4,789,809
			6,097,075
South Korea — 1.3%
Shinhan Financial Group Co. Ltd.	319,500		19,435,947
Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA	219,000		5,355,624
Banco Santander Central Hispano SA	481,800		8,856,441
Repsol YPF SA	166,600		6,595,452
Telefonica SA	113,200		2,519,161
			23,326,678
Sweden — 0.9%
Electrolux AB, Series B	157,100		3,719,632
Husqvarna AB	13,710		193,566
Husqvarna AB	9,600		135,896
Nordea Bank AB	397,600		6,210,072
SSAB Svenskt Stal AB	88,800		3,364,934
			13,624,100
Switzerland — 8.3%
Baloise Holding Ltd.	30,200		2,978,764
Ciba Specialty Chemicals AG	12,200		792,699
Credit Suisse Group*	124,200		8,817,091
Georg Fischer AG*	4,800		3,622,406
Givaudan SA	11,169		11,013,801
Nestle SA	50,900		19,340,653
Novartis AG	299,333		16,804,730
Rieter Holdings AG	5,000		2,613,663
Roche Holding AG	126,837		22,473,813
Swiss Re	60,700		5,535,847
Swisscom AG	13,500		4,615,390
Syngenta AG	16,000		3,119,212
UBS AG	336,813		20,142,871
Verwaltungs und Privat Bank AG	4,600		1,201,310
Zurich Financial Services AG	13,800		4,266,000
			127,338,250
United Kingdom — 19.6%
Alliance & Leicester PLC	127,100		2,810,009
Amdocs Ltd.*	603,900		24,047,298
Anglo American PLC	36,500		2,142,981
Arm Holdings PLC	218,300		642,214
AstraZeneca PLC	165,500		8,869,288
Aviva PLC	91,300		1,355,323

Barclays PLC	584,700		8,134,879
Beazley Group PLC	619,500		1,819,186
BP PLC	835,700		10,055,405
Bradford & Bingley PLC	287,800		2,266,349
Brit Insurance Holdings PLC	459,500		3,156,756
BT Group PLC	1,465,000		9,750,375
Cadbury Schweppes PLC	666,403		9,044,702
Carnival PLC	263,595		12,597,674
Centrica PLC	186,400		1,448,194
Dairy Crest Group PLC	218,184		2,968,457
Davis Service Group PLC	243,900		3,036,086
DS Smith PLC	528,500		2,444,646
DSG International PLC	494,200		1,566,409
GKN PLC	535,700		4,264,421
GlaxoSmithKline PLC	104,300		2,717,015
HBOS PLC	494,500		9,726,478
Interserve PLC	69,300		659,357
Kingfisher PLC	3,304,806		14,969,023
Legal & General Group PLC	981,300		2,943,959
Lloyds TSB Group PLC	2,378,393		26,439,068
Next PLC	330,165		13,255,214
Northern Foods PLC	104,500		248,037
Old Mutual PLC	461,800		1,556,143
Premier Foods PLC	397,300		2,297,630
Reckitt Benckiser PLC	340,502		18,640,972
Rio Tinto PLC	235,352		18,005,327
Royal & Sun Alliance Insurance Group PLC	806,900		2,347,472
Royal Bank of Scotland Group PLC	517,500		6,548,179
Royal Dutch Shell PLC (Class B Stock)	399,900		16,670,235
SABMiller PLC	676,678		17,132,330
Tate & Lyle PLC	95,300		1,081,490
Taylor Woodrow PLC	187,700		1,351,281
Tomkins PLC	360,200		1,871,040
TT Electronics PLC	87,300		322,567
Vodafone Group PLC	3,513,400		11,772,740
Vodafone Group PLC, ADR	508,000		17,084,040
			300,060,249
TOTAL LONG-TERM INVESTMENTS
(cost $1,271,071,159)			1,484,818,726
SHORT-TERM INVESTMENT — 2.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $39,119,755)(w) (Note 4)	39,119,755		39,119,755
TOTAL INVESTMENTS(o) — 99.4%
(cost $1,310,190,914; Note 6)			1,523,938,481
Other assets in excess of liabilities(x) — 0.6%			9,040,084
NET ASSETS — 100.0%		$	1,532,978,565

SEE NOTES TO FINANCIAL STATEMENTS.

A140

AST INTERNATIONAL VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions:
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 Depositary Receipt
*	Non-income producing security.
(g)	Indicates a security that has been deemed illiquid.
(o)	As of June 30, 2007, 126 securities representing $838,903,235 and 54.7% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Other assets in excess of liabilities includes net unrealized appreciation (depreciation) on forward foreign currency contracts as follows:
Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional						Unrealized
Purchase		Amount	Value at Settlement			Current		Appreciation
Contracts		(000)	Date Payable			Value		(Depreciation)
Japanese Yen Expiring 07/03/07	JPY	486,691		$	3,951,537	$	3,952,821		$	1,284
Pound Sterling Expiring 07/03/07	GBP	754			1,514,314		1,514,097			(217	)
				$	5,465,851	$	5,466,918		$	1,067
		Notional
Sale		Amount	Value at Settlement			Current		Unrealized
Contract		(000)	Date Receivable			Value		Appreciation
Mexican Peso Expiring 12/06/07	MXN	323,000		$	29,690,229	$	29,607,074		$	83,155

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:

Financial – Bank & Trust	11.0	%
Telecommunications	10.3
Pharmaceuticals	6.4
Chemicals	6.2
Oil, Gas And Consumable Fuels	4.9
Oil & Gas	4.5
Automobile Manufacturers	4.4
Consumer Products & Services	3.6
Diversified Financial Services	3.6
Entertainment & Leisure	3.1
Electronic Components & Equipment	3.0
Retail & Merchandising	2.8
Financial Services	2.6
Affiliated Money Market Mutual Fund	2.5
Insurance	2.5
Metals & Mining	2.3
Utilities	2.1
Food	2.0
Telecommunications – Cellular	1.6
Communication Equipment	1.5
Beverages	1.2
Electric–Integrated	1.2
Steel Producers/Products	1.1
Aerospace/defense	1.1
Diversified Operations	1.1
Commercial Banks	1.1
Metals	1.1
Exploration & Production	0.9
Airlines	0.9
Medical Products	0.9
Clothing & Apparel	0.9
Advertising	0.6
Manufacturing	0.5
Paper & Forest Products	0.5
Conglomerates	0.5
Machinery & Equipment	0.5
Real Estate Investment Trust	0.4
Agriculture	0.4
Office Equipment	0.4
Food Products	0.3
Steel Producers	0.3
Rubber & Tire	0.3
Building & Construction	0.3
Mining	0.2
Trading Companies & Distributors	0.2

SEE NOTES TO FINANCIAL STATEMENTS.

A141

AST INTERNATIONAL VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Building Products	0.2	%
Machinery	0.2
Containers & Packaging	0.2
Auto Components	0.1
Automotive Parts	0.1
Industrial Conglomerates	0.1
Diversified Manufacturing	0.1
Financial – Brokerage	0.1
Forest Products	0.1
Commercial Services	0.1
Building Materials	0.1
Computer Services	0.1
Transportation	0.1
	99.4
Other assets in excess of liabilities	0.6
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A142

AST INTERNATIONAL VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value:
Unaffiliated investments (cost $1,271,071,159)	$	1,484,818,726
Affiliated investments (cost $39,119,755)		39,119,755
Cash		5,992,162
Foreign currency, at value (cost $6,385,418)		6,422,166
Receivable for investments sold		4,920,928
Dividends and interest receivable		2,859,386
Tax reclaim receivable		1,596,393
Receivable for fund share sold		1,587,626
Unrealized appreciation on foreign currency forward contracts		84,439
Prepaid expenses		1,828
Total Assets		1,547,403,409
LIABILITIES:
Payable for investments purchased		13,213,409
Advisory fees payable		515,931
Payable for fund share repurchased		511,787
Accrued expenses and other liabilities		174,773
Shareholder servicing fees payable		8,727
Unrealized depreciation on foreign currency forward contracts		217
Total Liabilities		14,424,844
NET ASSETS	$	1,532,978,565
Net assets were comprised of:
Paid-in capital	$	1,293,566,011
Retained earnings		239,412,554
Net assets, June 30, 2007	$	1,532,978,565
Net asset value and redemption price per share, $1,532,978,565/71,482,200 outstanding shares of beneficial interest	$	21.45

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income (net of $2,767,388 foreign withholding tax)	$	22,814,949
Affiliated dividend income		1,079,665
Unaffiliated interest		33,020
		23,927,634
EXPENSES
Advisory fees		6,295,884
Shareholder servicing fees and expenses		440,712
Custodian and accounting fees		143,000
Audit fee		11,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		7,000
Legal fees and expenses		5,000
Insurance expenses		3,000
Shareholders’ reports		2,000
Miscellaneous		16,719
Total expenses		6,933,315
NET INVESTMENT INCOME		16,994,319
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		36,191,221
Foreign currency transactions		(1,680,687	)
		34,510,534
Net change in unrealized appreciation (depreciation) on:
Investments		117,540,195
Foreign currencies		149,415
		117,689,610
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		152,200,144
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	169,194,463

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	16,994,319			$	13,865,852
Net realized gain on investments and foreign currencies			34,510,534				81,341,854
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			117,689,610				70,276,196
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			169,194,463				165,483,902
DISTRIBUTIONS			—				(4,815,327	)
FUND SHARE TRANSACTIONS:
Fund share sold [19,669,010 and 50,262,289 shares, respectively]			390,684,401				830,719,013
Fund share issued in reinvestment of distributions [0 and 295,418 shares, respectively]			—				4,815,327
Fund share repurchased [3,326,131 and 12,748,157 shares, respectively]			(65,511,489	)			(216,151,070	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			325,172,912				619,383,270
TOTAL INCREASE IN NET ASSETS			494,367,375				780,051,845
NET ASSETS:
Beginning of period			1,038,611,190				258,559,345
End of period		$	1,532,978,565			$	1,038,611,190

SEE NOTES TO FINANCIAL STATEMENTS.

A143

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.6%		Value
COMMON STOCKS	Shares	(Note 2)

Australia — 1.7%
BHP Billiton Ltd.	309,200	$	9,182,783
Belgium — 1.0%
Dexia	169,200		5,285,153
Brazil — 2.8%
Companhia Vale Do Rio Doce, ADR(a)	200,738		8,942,878
Petroleo Brasileiro SA, ADR	53,207		6,452,413
			15,395,291
Egypt — 0.2%
Orascom Construction Industries*	6,334		828,933
Finland — 1.7%
Nokia Oyj	318,610		8,948,252
France — 14.0%
Accor SA	50,000		4,420,039
Axa SA	214,555		9,222,789
BNP Paribas SA	81,090		9,632,163
Compagnie de Saint-Gobain	58,900		6,598,132
Imerys SA	49,800		5,041,315
Lafarge SA	40,000		7,290,118
Pernod Ricard SA	25,600		5,652,158
Sanofi-Aventis SA	85,000		6,866,920
Total SA	266,000		21,566,808
			76,290,442
Germany — 5.5%
BASF AG	27,800		3,651,368
Deutsche Post AG	148,900		4,838,166
E.ON AG	35,200		5,910,373
Linde AG	22,509		2,716,673
SAP AG	71,800		3,691,288
Siemens AG	52,650		7,576,538
Symrise AG*	54,942		1,644,133
			30,028,539
Hong Kong — 4.2%
Esprit Holdings Ltd.	543,500		6,895,232
HSBC Holdings PLC	874,300		15,933,568
			22,828,800
Ireland — 0.8%
Bank of Ireland	214,000		4,322,898
Italy — 5.2%
Banca Intesa SpA	673,100		5,018,457
Eni SpA	435,300		15,782,850
UniCredito Italiano SpA	857,300		7,657,065
			28,458,372
Japan — 19.7%
Astellas Pharmaceutical Co. Ltd.	134,500		5,855,188
Bank of Yokohama Ltd.	482,000		3,382,319
Canon, Inc.	117,050		6,873,271
Daikin Industries Ltd.	115,200		4,200,999
East Japan Railway Co. Ltd.	380		2,931,980
Hirose Electric Co. Ltd.	22,200		2,924,540
Honda Motor Co. Ltd.	160,100		5,851,371
Mitsubishi Corp.	318,800		8,363,241
Mitsubishi Tokyo Financial Group, Inc.	761		8,405,766
Mitsui Fudosan Co. Ltd.	167,000		4,692,954
Mizuho Financial Group, Inc.	708		4,904,966
Nidec Corp.	73,900		4,345,470
Nissan Motor Co. Ltd.	356,000		3,819,501
Nitto Denko Corp.	78,500		3,965,645
Nomura Holdings, Inc.	146,900		2,863,431
Seven & I Holdings Co. Ltd.	117,400		3,356,329
Shin-Etsu Chemical Co. Ltd.	80,300		5,745,730
SMC Corp.	29,800		3,969,299
Sony Corp.	132,600		6,817,121
Sumitomo Corp.	390,700		7,139,695
Sumitomo Mitsui Financial Group, Inc.	711		6,640,812
			107,049,628
Korea — 0.7%
Samsung Electronics Co. Ltd., GDR*	12,300		3,767,616
Mexico — 0.4%
Fomento Economico Mexicano SA de CV, ADR	49,200		1,934,544
Netherlands — 4.7%
Fortis Bank	94,900		4,026,055
ING Groep NV	169,100		7,442,736
Koninklijke (Royal) Philips Electronics NV	128,900		5,462,389
Reed Elsevier NV	232,507		4,418,963
Wolters Kluwer NV	134,400		4,098,546
			25,448,689
Spain — 2.1%
Altadis SA	63,350		4,186,762
Banco Bilbao Vizcaya Argentaria SA	297,900		7,285,115
			11,471,877
Sweden — 1.4%
Ericsson, (L.M.) Telefonaktiebolaget (Class B Stock)	1,911,200		7,623,573
Switzerland — 11.4%
ABB Ltd.	238,400		5,375,391
Adecco SA	54,250		4,196,895
Holcim Ltd.	63,428		6,850,073
Nestle SA	25,300		9,613,330
Novartis AG	147,400		8,275,122
Roche Holding AG	49,250		8,726,439
UBS AG (virt - X)	200,200		11,972,824
Zurich Financial Services AG	21,900		6,769,956
			61,780,030
Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR*	266,724		2,968,642

SEE NOTES TO FINANCIAL STATEMENTS.

A144

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

United Kingdom — 21.6%
Barclays PLC	684,200	$	9,519,213
BG Group PLC	444,400		7,284,857
BHP Billiton PLC	73,900		2,052,857
British Land Co. PLC	137,800		3,687,432
Burberry Group PLC	294,366		4,032,164
Centrica PLC	395,976		3,076,448
GlaxoSmithKline PLC	422,000		10,993,100
ICAP PLC	464,379		4,576,935
Kingfisher PLC	798,568		3,617,091
Man Group PLC	339,900		4,134,517
Schroder PLC	167,700		4,284,341
Smith & Nephew PLC	516,144		6,395,025
Standard Chartered PLC	295,000		9,622,124
Tesco PLC	1,303,800		10,908,503
Vodafone Group PLC	3,936,750		13,191,306
William Morrison Supermarkets PLC	739,700		4,467,508
Wolseley PLC	330,600		7,934,303
WPP GROUP PLC	499,632		7,472,733
			117,250,457
TOTAL LONG-TERM INVESTMENTS
(cost $371,810,452)			540,864,519
SHORT-TERM INVESTMENT — 0.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $3,924,013; includes $2,271,261 of cash collateral for securities on loan)(b)(w) (Note 4)	3,924,013		3,924,013
TOTAL INVESTMENTS(o) — 100.3%
(cost $375,734,465; Note 6)			544,788,532
Liabilities in excess of other assets — (0.3)%			(1,528,005	)
NET ASSETS — 100.0%		$	543,260,527

The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $2,238,147; cash collateral of $2,271,261 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(o)	As of June 30, 2007, 56 securities representing $374,895,301 and 69.0% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Commercial Banks	15.8	%
Oil, Gas & Consumable Fuels	9.4
Pharmaceuticals	7.5
Trading Companies & Distributors	4.3
Food & Staples Retailing	3.5
Construction Materials	3.5
Metals & Mining	3.3
Financial Services	3.3
Communication Equipment	3.1
Media	2.9
Insurance	2.9
Diversified Financial Services	2.6
Chemicals	2.5
Telecommunications	2.4
Financial – Bank & Trust	2.2
Building Products	2.0
Specialty Retail	1.9
Automobiles	1.8
Food Products	1.8
Real Estate Management & Development	1.5
Beverages	1.4
Industrial Conglomerates	1.4
Electronic Equipment & Instruments	1.3
Office Electronics	1.3
Electronic Components & Equipment	1.2
Health Care Equipment & Supplies	1.2
Utilities	1.1
Household Durables	1.0
Oil & Gas	1.0
Air Freight & Logistics	0.9
Diversified Operations	0.8
Lodging	0.8
Capital Markets	0.8
Commercial Services & Supplies	0.8
Tobacco	0.8
Clothing & Apparel	0.7
Machinery	0.7
Affiliated Money Market Mutual Fund (0.4% represents investments purchased with collateral from securities on loan)	0.7
Semiconductor & Semiconductor Equipment	0.7
Software	0.7
Multi-utilities	0.6
Semiconductors	0.6
Railroads	0.5
Construction & Engineering	0.5
Diversified Minerals	0.4
Construction	0.2
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A145

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $2,238,147:
Unaffiliated investments (cost $371,810,452)	$	540,864,519
Affiliated investments (cost $3,924,013)		3,924,013
Cash		31,483
Foreign currency, at value (cost $2,464,856)		2,472,185
Tax reclaim receivable		1,421,702
Dividends and interest receivable		1,216,377
Receivable for fund share sold		12,139
Prepaid expenses		3,610
Total Assets		549,946,028
LIABILITIES:
Payable for fund share repurchased		2,815,436
Payable to broker for collateral for securities on loan		2,271,261
Payable for investments purchased		1,290,036
Advisory fees payable		187,701
Accrued expenses and other liabilities		117,957
Shareholder servicing fees payable		3,110
Total Liabilities		6,685,501
NET ASSETS	$	543,260,527
Net assets were comprised of:
Paid-in capital	$	423,764,964
Retained earnings		119,495,563
Net assets, June 30, 2007	$	543,260,527
Net asset value and redemption price per share, $543,260,527/20,383,970 outstanding shares of beneficial interest	$	26.65

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income (net of $987,610 foreign withholding tax)	$	8,544,896
Affiliated dividend income		248,734
Unaffiliated interest		4,722
Affiliated income from securities lending, net		431
		8,798,783
EXPENSES
Advisory fees		2,304,876
Shareholder servicing fees and expenses		185,217
Custodian and accounting fees		110,000
Audit fee		10,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		7,000
Insurance expenses		6,000
Loan interest expense (Note 7)		4,068
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Miscellaneous		9,087
Total expenses		2,651,248
NET INVESTMENT INCOME		6,147,535
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain on:
Investment transactions		19,568,350
Foreign currency transactions		38,271
		19,606,621
Net change in unrealized appreciation (depreciation) on:
Investments		21,179,506
Foreign currencies		12,417
		21,191,923
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		40,798,544
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,946,079

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	6,147,535			$	7,468,243
Net realized gain on investments and foreign currencies			19,606,621				34,657,465
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			21,191,923				56,814,473
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			46,946,079				98,940,181
DISTRIBUTIONS			—				(5,945,843	)
FUND SHARE TRANSACTIONS:
Fund share sold [1,650,072 and 4,071,353 shares, respectively]			41,796,388				90,889,176
Fund share issued in reinvestment of distributions [0 and 272,870 shares, respectively]			—				5,945,843
Fund share repurchased [2,771,406 and 6,192,260 shares, respectively]			(69,654,860	)			(135,045,036	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(27,858,472	)			(38,210,017	)
TOTAL INCREASE IN NET ASSETS			19,087,607				54,784,321
NET ASSETS:
Beginning of period			524,172,920				469,388,599
End of period		$	543,260,527			$	524,172,920

SEE NOTES TO FINANCIAL STATEMENTS.

A146

AST LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 94.7%		Value
COMMON STOCKS	Shares	(Note 2)
Aerospace & Defense — 2.3%
Goodrich Corp.	23,500	$	1,399,660
Northrop Grumman Corp.	364,800		28,406,976
United Technologies Corp.	262,800		18,640,404
			48,447,040
Agriculture — 1.0%
UST, Inc.(a)	412,900		22,176,859
Auto Components — 0.7%
Johnson Controls, Inc.	87,900		10,176,183
Magna International, Inc. (Class A Stock)	60,750		5,527,643
			15,703,826
Banks — 0.4%
Bank of New York Co., Inc. (The)*	195,100		8,084,944
Biotechnology — 0.6%
Amgen, Inc.*	236,000		13,048,440
Chemicals — 1.9%
Air Products & Chemicals, Inc.	83,900		6,743,043
Dow Chemical Co.	116,100		5,133,942
Eastman Chemical Co.	250,700		16,127,531
PPG Industries, Inc.	1,300		98,943
Praxair, Inc.	53,400		3,844,266
Rohm & Haas Co.(a)	178,400		9,754,912
			41,702,637
Commercial Banks — 5.6%
Bank of America Corp.(a)	1,322,309		64,647,687
BB & T Corp.	50,100		2,038,068
KeyCorp	194,600		6,680,618
State Street Corp.	65,500		4,480,200
TCF Financial Corp.(a)	146,600		4,075,480
U.S. BanCorp	645,000		21,252,750
UnionBanCal Corp.	73,800		4,405,860
Wells Fargo & Co.	367,700		12,932,009
Zions BanCorp	2,700		207,657
			120,720,329
Commercial Services — 0.1%
Avis Budget Group*	40,460		1,150,278
Computer Services & Software — 0.3%
Altera Corp.(a)	80,800		1,788,104
Hewlett-Packard Co.	94,100		4,198,742
			5,986,846
Computers — 1.3%
Affiliated Computer Services, Inc. (Class A Stock)*	7,200		408,384
Electronic Data Systems Corp.	749,750		20,790,567
International Business Machines Corp.(a)	64,100		6,746,525
			27,945,476
Computers & Peripherals — 0.1%
Sun Microsystems, Inc.*	323,100		1,699,506
Conglomerates — 0.1%
Textron, Inc.(a)	14,600		1,607,606
Construction — 0.2%
KB Home	22,600		889,762
Toll Brothers, Inc.*(a)	147,200		3,677,056
			4,566,818
Consumer Products & Services — 1.2%
Avon Products, Inc.	46,300		1,701,525
Procter & Gamble Co.	386,100		23,625,459
			25,326,984
Diversified — 0.1%
Vornado Realty Trust(a)	28,100		3,086,504
Diversified Financial Services — 5.6%
Capital One Financial Corp.	116,300		9,122,572
CIT Group, Inc.(a)	226,600		12,424,478
Citigroup, Inc.	875,500		44,904,395
E*Trade Financial Corp.*	37,100		819,539
Fannie Mae	531,100		34,696,763
JPMorgan Chase & Co.	372,400		18,042,780
			120,010,527
Electric Utilities — 4.1%
American Electric Power Co., Inc.	124,900		5,625,496
CMS Energy Corp.(a)	331,800		5,706,960
Consolidated Edison, Inc.(a)	63,800		2,878,656
Dominion Resources, Inc.	71,100		6,136,641
Edison International	222,100		12,464,252
Exelon Corp.	296,200		21,504,120
FirstEnergy Corp.	143,900		9,314,647
FPL Group, Inc.	176,350		10,006,099
Northeast Utilities	152,600		4,327,736
PG&E Corp.	29,700		1,345,410
Pinnacle West Capital Corp.	32,600		1,299,110
SCANA Corp.	59,300		2,270,597
Sierra Pacific Resources*	255,600		4,488,336
			87,368,060
Electronic Components — 0.1%
LSI Logic Corp.*	131,600		988,316
Entertainment & Leisure — 0.1%
Royal Caribbean Cruises Ltd.	63,000		2,707,740
Exchange Traded Fund — 0.7%
iShares Russell 1000 Value Index Fund	180,960		15,696,470
Financial – Bank & Trust — 2.9%
Comerica, Inc.(a)	146,000		8,682,620
Hudson City Bancorp, Inc.(a)	61,300		749,086
PNC Financial Services Group, Inc.	74,700		5,347,026
Sovereign Bancorp, Inc.(a)	316,649		6,693,960
SunTrust Banks, Inc.	87,800		7,527,972
Wachovia Corp.	658,451		33,745,614
			62,746,278

SEE NOTES TO FINANCIAL STATEMENTS.

A147

AST LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

Financial – Brokerage — 0.2%
MGIC Investment Corp.(a)	68,900	$	3,917,654
Financial Services — 2.8%
Bear Stearns Cos., Inc.(a)	24,900		3,486,000
Franklin Resources, Inc.	22,300		2,954,081
Freddie Mac	505,550		30,686,885
Morgan Stanley	259,200		22,756,644
TD Ameritrade Holding Corp.*(a)	52,500		1,050,000
			60,933,610
Food & Staples Retailing — 1.2%
Safeway, Inc.	165,900		5,645,577
SUPERVALU, Inc.	99,200		4,594,944
Wal-Mart Stores, Inc.	342,900		16,496,919
			26,737,440
Food Products — 0.6%
General Mills, Inc.	39,900		2,330,958
Kellogg Co.	77,200		3,998,188
Kraft Foods, Inc. (Class A Stock)	158,447		5,585,257
Sysco Corp.	36,000		1,187,640
			13,102,043
Forest & Paper Products — 0.2%
Domtar Corp. (Canada)*	469,994		5,245,133
Healthcare Providers & Services — 2.4%
Aetna, Inc.	312,000		15,412,800
Tenet Healthcare Corp.*(a)	1,092,900		7,114,779
UnitedHealth Group, Inc.	450,300		23,028,342
WellPoint, Inc.*	77,200		6,162,876
			51,718,797
Healthcare Services — 0.2%
Biogen Idec, Inc.*	38,200		2,043,700
Quest Diagnostics, Inc.	27,400		1,415,210
			3,458,910
Home Builders — 1.3%
Centex Corp.(a)	178,300		7,149,830
Lennar Corp. (Class A Stock)(a)	553,700		20,243,272
Lennar Corp. (Class B Stock)	40,550		1,425,738
			28,818,840
Hotels, Restaurants & Leisure — 1.1%
Carnival Corp. (Panama)(a)	79,500		3,877,215
McDonald’s Corp.	128,900		6,542,964
Starwood Hotels & Resorts
Worldwide, Inc.	27,500		1,844,425
Wyndham Worldwide Corp.*	167,320		6,067,023
Yum! Brands, Inc.	182,700		5,977,944
			24,309,571
Household Products — 0.2%
Colgate-Palmolive Co.	62,100		4,027,185
Industrial Conglomerates — 2.6%
3M Co.(a)	269,700		23,407,263
Tyco International Ltd. (Bermuda)*	947,600		32,019,404
			55,426,667
Insurance — 7.7%
AFLAC, Inc.	65,500		3,366,700
AMBAC Financial Group, Inc.(a)	121,700		10,611,023
American International Group, Inc.	117,400		8,221,522
Assurant, Inc.	81,000		4,772,520
Axis Capital Holdings Ltd.	50,700		2,060,955
Chubb Corp.	239,000		12,939,460
Genworth Financial, Inc. (Class A Stock)	725,300		24,950,320
Hanover Insurance Group, Inc. (The)	118,200		5,766,978
Hartford Financial Service Group, Inc.	128,900		12,697,939
Lincoln National Corp.	13,700		972,015
MBIA, Inc.	162,000		10,079,640
MetLife, Inc.	375,250		24,196,120
Protective Life Corp.	39,600		1,893,276
RenaissanceRe Holdings Ltd.	58,400		3,620,216
Travelers Cos., Inc. (The)	273,950		14,656,325
UnumProvident Corp.(a)	538,850		14,069,373
W.R. Berkley Corp.	48,000		1,561,920
XL Capital Ltd. (Class A Stock) (Cayman Islands)(a)	116,800		9,845,072
			166,281,374
IT Services
Cognizant Technology Solutions Corp. (Class A Shares)*	3,300		247,797
Machinery
Deere & Co.	7,200		869,328
Machinery & Equipment — 0.3%
Caterpillar, Inc.	57,300		4,486,590
Rockwell Automation, Inc.	33,000		2,291,520
			6,778,110
Media — 2.2%
CBS Corp. (Class B Stock)	160,400		5,344,528
Comcast Corp. (Class A Stock)*(a)	155,900		4,383,908
Idearc, Inc.	354,200		12,513,886
News Corp. (Class A Stock)	459,000		9,735,390
Time Warner, Inc.(a)	130,300		2,741,512
Walt Disney Co. (The)	369,500		12,614,730
			47,333,954
Medical Supplies & Equipment — 0.3%
Johnson & Johnson	61,400		3,783,468
McKesson Corp.	8,900		530,796
Sepracor, Inc.*(a)	24,500		1,004,990
			5,319,254

SEE NOTES TO FINANCIAL STATEMENTS.

A148

AST LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

Metals & Mining — 0.8%
Alcoa, Inc.	330,350	$	13,389,085
United States Steel Corp.	43,500		4,730,625
			18,119,710
Miscellaneous Manufacturers — 3.3%
Dover Corp.	90,800		4,644,420
Eaton Corp.	40,800		3,794,400
General Electric Co.	1,494,600		57,213,288
Illinois Tool Works, Inc.	38,200		2,070,058
Ingersoll-Rand Co. Ltd. (Class A Stock) (Bermuda)	57,600		3,157,632
			70,879,798
Multi-Utilities — 0.1%
Xcel Energy, Inc.	142,800		2,923,116
Oil & Gas Equipment & Services — 0.1%
Pride International, Inc.*	32,000		1,198,720
Oil, Gas & Consumable Fuels — 13.7%
Anadarko Petroleum Corp.	357,400		18,581,226
Apache Corp.(a)	259,000		21,131,810
BJ Services Co.	4,800		136,512
ChevronTexaco Corp.	574,000		48,353,760
ConocoPhillips	775,300		60,861,050
Devon Energy Corp.(a)	383,900		30,055,531
Encana Corp.	79,300		4,872,985
EOG Resources, Inc.(a)	30,100		2,199,106
Exxon Mobil Corp.	474,200		39,775,896
Halliburton Co.	2,200		75,900
Hess Corp.	89,100		5,253,336
Marathon Oil Corp.	16,500		989,340
Occidental Petroleum Corp.	457,700		26,491,676
Royal Dutch Shell PLC, ADR (United Kingdom)	136,000		11,335,600
Schlumberger Ltd. (Netherlands)	48,500		4,119,590
Sunoco, Inc.	80,200		6,390,336
Valero Energy Corp.	56,800		4,195,248
XTO Energy, Inc.	144,200		8,666,420
			293,485,322
Paper & Forest Products — 0.2%
Weyerhaeuser Co.	48,950		3,863,624
Pharmaceuticals — 5.4%
Abbott Laboratories	88,100		4,717,755
Eli Lilly & Co.	368,300		20,580,604
Merck & Co., Inc.	251,800		12,539,640
Pfizer, Inc.	1,438,600		36,785,002
Schering-Plough Corp.	257,900		7,850,476
Wyeth	596,000		34,174,640
			116,648,117
Real Estate Investment Trusts — 1.0%
Apartment Investment & Management Co. (Class A Stock)(a)	28,700		1,447,054
Boston Properties, Inc.(a)	26,000		2,655,380
Duke Realty Corp.	52,500		1,872,675
Health Care Property Investors, Inc.(a)	90,500		2,618,165
Hospitality Properties Trust(a)	101,400		4,207,086
Host Marriot Corp.	49,500		1,144,440
ProLogis	111,800		6,361,420
Simon Property Group, Inc.	4,900		455,896
			20,762,116
Retail & Merchandising — 1.0%
Abercrombie & Fitch Co. (Class A Stock)	12,400		904,952
CVS/Caremark Corp.	39,300		1,432,485
Family Dollar Stores, Inc.(a)	56,500		1,939,080
J.C. Penney Co., Inc.	34,400		2,489,872
Kohl’s Corp.*	38,700		2,748,861
Lowe’s Co., Inc. (a)	143,800		4,413,222
Macy’s, Inc.	137,800		5,481,684
Target Corp.(a)	21,900		1,392,840
TJX Cos., Inc.(a)	800		22,000
			20,824,996
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom Corp. (Class A Stock)*	20,800		608,400
Xilinx, Inc.(a)	75,900		2,031,843
			2,640,243
Software — 3.1%
BMC Software, Inc.*(a)	264,000		7,999,200
CA, Inc.(a)	895,604		23,133,451
First Data Corp.	269,700		8,811,099
Microsoft Corp.	924,550		27,246,489
			67,190,239
Specialty Retail — 2.6%
AutoNation, Inc.*(a)	213,300		4,786,452
Borders Group, Inc.	169,400		3,228,764
Gap, Inc.	401,900		7,676,290
Home Depot, Inc. (The)	786,600		30,952,710
Staples, Inc.	362,400		8,599,752
			55,243,968
Telecommunication Services — 0.1%
Crown Castle International Corp.*(a)	66,700		2,419,209
Telecommunications — 4.0%
AT&T, Inc.	921,400		38,238,100
Cisco Systems, Inc.*	140,400		3,910,140
Corning, Inc.*	140,200		3,582,110
Juniper Networks, Inc.*(a)	20,000		503,400
Motorola, Inc.	10,800		191,160
Sprint Nextel Corp.	157,800		3,268,038
Verizon Communications, Inc.(a)	888,100		36,563,077
			86,256,025

SEE NOTES TO FINANCIAL STATEMENTS.

A149

AST LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)

Textiles, Apparel & Luxury Goods — 0.4%
Jones Apparel Group, Inc.(a)	274,200	$	7,746,150
NIKE, Inc. (Class B Stock)	13,000		757,770
			8,503,920
Thrifts & Mortgage Finance — 1.6%
Countrywide Financial Corp.(a)	188,300		6,844,705
Washington Mutual, Inc.(a)	667,450		28,460,068
			35,304,773
Tobacco — 3.2%
Altria Group, Inc.	918,250		64,406,055
Imperial Tobacco Group, ADR (United Kingdom)	41,100		3,790,653
			68,196,708
Transportation — 0.6%
Burlington Northern Santa Fe Corp.	15,100		1,285,614
CSX Corp.	5,700		256,956
FedEx Corp.	21,300		2,363,661
Norfolk Southern Corp.	182,700		9,604,539
			13,510,770
Utilities — 0.7%
DTE Energy Co.	35,200		1,697,344
Dynegy, Inc.*	62,200		587,168
TXU Corp.	183,200		12,329,360
			14,613,872
TOTAL LONG-TERM INVESTMENTS
(cost $1,848,767,566)			2,037,882,397
SHORT-TERM INVESTMENT — 17.2%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $368,977,774; includes $261,207,725 cash collateral for securities on loan)(b)(w) (Note 4)	368,977,774		368,977,774
TOTAL INVESTMENTS — 111.9%
(cost $2,217,745,340; Note 6)			2,406,860,171
Liabilities in excess of other assets(x) — (11.9)%			(255,756,485	)
NET ASSETS — 100.0%		$	2,151,103,686

The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $251,805,926; cash collateral of $261,207,725 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes net realized depreciation on futures contracts as follows:
Futures contract open at June 30, 2007:

Number			Value at	Value at
of		Expiration	Trade	June 30,	Unrealized
Contracts	Type	Date	Date	2007	Depreciation
Long Positions:
174	S&P 500	Sept 07(1)	$66,813,247	$65,919,900	$(893,347)

(1)	Cash of $1,893,900 has been segregated with the custodian to cover requirements for the above open futures contracts at June 30, 2007.
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (12.1% represents investments purchased with collateral from securities on loan)	17.2	%
Oil, Gas & Consumable Fuels	13.7
Insurance	7.7
Commercial Banks	5.6
Diversified Financial Services	5.6
Pharmaceuticals	5.4
Electric Utilities	4.1
Telecommunications	4.0
Miscellaneous Manufacturers	3.3
Tobacco	3.2
Software	3.1
Financial – Bank & Trust	2.9
Financial Services	2.8
Industrial Conglomerates	2.6
Specialty Retail	2.6
Healthcare Providers & Services	2.4
Aerospace & Defense	2.3
Media	2.2
Chemicals	1.9
Thrifts & Mortgage Finance	1.6
Home Builders	1.3
Computers	1.3
Food & Staples Retailing	1.2
Consumer Products & Services	1.2
Hotels, Restaurants & Leisure	1.1
Agriculture	1.0
Retail & Merchandising	1.0
Real Estate Investment Trusts	1.0
Metals & Mining	0.8
Auto Components	0.7
Exchange Traded Funds	0.7
Utilities	0.7
Transportation	0.6
Food Products	0.6
Biotechnology	0.6
Textiles, Apparel & Luxury Goods	0.4

SEE NOTES TO FINANCIAL STATEMENTS.

A150

AST LARGE-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Banks	0.4	%
Machinery & Equipment	0.3
Computer Services & Software	0.3
Medical Supplies & Equipment	0.3
Forest & Paper Products	0.2
Construction	0.2
Household Products	0.2
Financial – Brokerage	0.2
Paper & Forest Products	0.2
Healthcare Services	0.2
Diversified	0.1
Multi-utilities	0.1
Entertainment & Leisure	0.1
Semiconductors & Semiconductor Equipment	0.1
Telecommunication Services	0.1
Computers & Peripherals	0.1
Conglomerates	0.1
Oil & Gas Equipment & Services	0.1
Commercial Services	0.1
Electronic Components	0.1
	111.9
Liabilities in excess of other assets	(11.9	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A151

AST LARGE-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $251,805,926:
Unaffiliated investments (cost $1,848,767,566)	$	2,037,882,397
Affiliated investments (cost $368,977,774)		368,977,774
Cash		1,893,900
Receivable for investments sold		7,301,297
Dividends and interest receivable		2,883,242
Receivable for fund share sold		2,132,476
Prepaid expenses		5,483
Total Assets		2,421,076,569
LIABILITIES:
Payable to broker for collateral for securities on loan		261,207,725
Payable for investments purchased		4,064,617
Payable to custodian		3,368,573
Advisory fees payable		583,632
Payable for fund share repurchased		317,479
Accrued expenses and other liabilities		246,988
Due to broker-variation margin		171,460
Shareholder servicing fees payable		12,409
Total Liabilities		269,972,883
NET ASSETS	$	2,151,103,686
Net assets were comprised of:
Paid-in capital	$	1,751,218,852
Retained earnings		399,884,834
Net assets, June 30, 2007	$	2,151,103,686
Net asset value and redemption price per share, $2,151,103,686/101,278,299 outstanding shares of beneficial interest	$	21.24

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income (net of $6,630 foreign withholding tax)	$	23,329,872
Affiliated dividend income		2,385,806
Affiliated income from securities lending, net		147,871
		25,863,549
EXPENSES
Advisory fees		7,954,306
Shareholder servicing fees and expenses		742,310
Custodian and accounting fees		130,000
Loan interest expense (Note 7)		15,473
Trustees’ fees		12,000
Insurance expenses		9,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Legal fees and expenses		5,000
Shareholders’ reports		4,000
Miscellaneous		12,347
Total expenses		8,901,436
NET INVESTMENT INCOME		16,962,113
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investment transactions		109,469,218
Futures transactions		1,093,232
		110,562,450
Net change in unrealized appreciation (depreciation) on:
Investments		(22,590,457	)
Futures		(1,557,610	)
		(24,148,067	)
NET GAIN ON INVESTMENTS		86,414,383
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	103,376,496

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	16,962,113			$	25,724,672
Net realized gain on investments			110,562,450				59,502,966
Net change in unrealized appreciation (depreciation) on investments			(24,148,067	)			182,912,028
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			103,376,496				268,139,666
DISTRIBUTIONS			—				(36,311,390	)
FUND SHARE TRANSACTIONS:
Fund share sold [18,153,703 and 69,892,109 shares, respectively]			377,192,887				1,278,884,493
Fund share issued in reinvestment of distributions [0 and 2,024,047 shares, respectively]			—				36,311,390
Fund share repurchased [23,614,636 and 9,868,946 shares, respectively]			(480,805,070	)			(180,909,076	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(103,612,183	)			1,134,286,807
TOTAL INCREASE (DECREASE) IN NET ASSETS			(235,687	)			1,366,115,083
NET ASSETS:
Beginning of period			2,151,339,373				785,224,290
End of period		$	2,151,103,686			$	2,151,339,373

SEE NOTES TO FINANCIAL STATEMENTS.

A152

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 96.0%					Principal
	Moody’s	Interest		Maturity	Amount		Value
	Ratings	Rate		Date	(000)#		(Note 2)
CONVERTIBLE BONDS — 14.2%
Aerospace/Defense — 1.1%
EDO Corp., Sr. Sub. Notes	NR	4.00	%	11/15/25		$1,750	$	2,014,687
L-3 Communications Corp., Gtd. Notes	Ba3	3.00	%	08/01/35		2,000		2,265,000
Lockheed Martin Corp., Sr. Notes, (3.018% until 8/15/08)	Baa1	5.11	%(v)	08/15/33		1,500		2,015,100
								6,294,787
Agriculture — 0.3%
Archer-Daniels-Midland Co., Sr. Notes, 144A(g)	A(d)	0.875	%	02/15/14		1,500		1,425,000
Beverages — 0.3%
Molson Coors Brewing Co., Sr. Unsec’d. Notes	BBB(d)	2.50	%	07/30/13		1,500		1,558,125
Building & Construction — 0.6%
Fluor Corp., Sr. Unsec’d. Notes	A3	1.50	%	02/15/24		1,800		3,593,250
Computer Services & Software — 0.4%
Intel Corp., Jr. Sub. Notes(a)	A-(d)	2.95	%	12/15/35		1,000		953,750
Trizetto Group, Inc., Sr. Notes, 144A(g)	NR	1.125	%	04/15/12		1,500		1,537,500
								2,491,250
Consulting Services — 0.5%
FTI Consulting, Inc., Sr. Sub. Notes	B1	3.75	%	07/15/12		2,000		2,820,000
Electronics — 0.9%
Cypress Semiconductor Corp., Sr. Notes, 144A(g)	NR	1.00	%	09/15/09		550		607,750
Flir Systems, Inc., Sr. Notes	NR	3.00	%	06/01/23		1,000		2,120,000
Millipore Corp., Sr. Notes	BB-(d)	3.75	%	06/01/26		2,000		2,142,500
								4,870,250
Energy — 0.4%
Quicksilver Resources, Inc., Bonds	NR	1.875	%	11/01/24		1,500		2,396,250
Financial – Bank & Trust — 0.1%
BNP Paribas, Notes, 144A(g)	Aa1	6.70	%	12/14/07		575		633,650
Financial Service — 0.4%
Lehman Brothers Holdings, Inc., Notes	A1	0.45	%	12/27/13		2,500		2,413,000
Health Services — 0.4%
Invitrogen Corp., Sr. Unsec’d. Notes	NR	3.25	%	06/15/25		2,000		2,032,500
Healthcare Services — 0.2%
Amgen, Inc., Sr. Unsec’d. Notes(a)	A2	0.125	%	02/11/11		1,500		1,357,500
Hotels — 0.3%
Hilton Hotels Corp., Sr. Notes	Ba1	3.375	%	04/15/23		1,000		1,506,250
Integrated Energy — 0.5%
Devon Energy Corp., Debs.	Baa2	4.90	%	08/15/08		1,750		2,751,875
Internet Services — 0.3%
Equinix, Inc., Sub. Notes	NR	2.50	%	04/15/12		1,500		1,560,000
Machinery — 0.6%
Roper Industries, Inc., Bonds (1.48% until 01/15/09)	B1	zero	%(v)	01/15/34		4,500		3,245,625
Media – Broadcasting — 0.3%
Sinclair Broadcast Group, Inc., Bonds	NR	6.00	%	09/15/12		1,500		1,440,000

SEE NOTES TO FINANCIAL STATEMENTS.

A153

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CONVERTIBLE BONDS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Media – Diversified — 0.7%
Liberty Media Corp. LLC, Sr. Notes	Ba2	3.50	%	01/15/31		$1,256	$	1,237,235
Liberty Media Corp. LLC, Debs.	Ba2	3.25	%	03/15/31		2,000		1,705,000
Walt Disney Co. (The), Sr. Unsec’d. Notes	A2	2.125	%	04/15/23		1,000		1,197,500
								4,139,735
Metals/Mining Excluding Steel — 0.5%
Placer Dome, Inc., Sr. Notes	Baa1	2.75	%	10/15/23		2,000		2,530,000
Oil Field Equipment & Services — 0.7%
Hanover Compress Co., Sr. Notes	B3	4.75	%	01/15/14		1,000		1,737,500
Schlumberger Ltd., Sr. Unsec’d. Notes	A1	1.50	%	06/01/23		1,000		2,346,250
								4,083,750
Pharmaceuticals — 1.2%
CV Therapeutics, Inc., Sr. Sub. Notes	NR	3.25	%	08/16/13		2,000		1,760,000
deCODE Genetics, Inc., Sr. Notes	NR	3.50	%	04/15/11		330		240,075
Genzyme Corp., Sr. Unsec’d. Notes	BBB(d)	1.25	%	12/01/23		2,250		2,362,500
Wyeth, Sr. Unsec’d. Notes	A3	4.877	%(c)	01/15/24		2,000		2,262,400
								6,624,975
Printing & Publishing — 0.2%
Omnicom Group, Inc., Sr. Notes(a)	Baa1	Zero		07/01/38		1,000		1,088,750
Railroads — 0.4%
CSX Corp., Debs.	Baa3	Zero		10/30/21		1,250		1,998,438
Software — 0.8%
Electronic Data Systems Corp., Sr. Notes	Ba1	3.875	%	07/15/23		2,500		2,531,250
Symantec Corp., Sr. Notes	NR	0.75	%	06/15/11		1,750		2,038,750
								4,570,000
Support-Services — 0.6%
CRA International, Inc., Sub. Debs.	NR	2.875	%	06/15/34		2,500		3,434,375
Telecom – Integrated/Services — 0.3%
Qwest Communications International, Inc., Sr. Unsec’d. Notes	B1	3.50	%	11/15/25		1,000		1,752,500
Telecom – Wireless — 0.9%
Nextel Communications, Inc., Gtd. Notes(a)	Baa3	7.375	%	08/01/15		5,000		4,997,855
Telecommunications — 0.3%
LSI Corp., Sub. Notes	B+(d)	4.00	%	05/15/10		1,500		1,453,125
TOTAL CONVERTIBLE BONDS
(cost $68,519,659)								79,062,815
CORPORATE OBLIGATIONS — 65.8%
Aerospace/Defense — 1.4%
DRS Technologies, Inc., Gtd. Notes	B3	6.875	%	11/01/13		2,000		1,940,000
Hawker Beechcraft Acquistion Co. LLC, Sr. Notes, 144A(g)	B3	8.50	%	04/01/15		1,725		1,781,063
L-3 Communications Corp., Sr. Unsec’d. Notes	Ba3	6.125	%	01/15/14		3,500		3,298,750
Moog, Inc., Sr. Sub. Notes	Ba3	6.25	%	01/15/15		700		673,750
								7,693,563
Agency — 0.4%
Freddic Mac Corp., Notes	Aaa	5.125	%	04/18/11		2,500		2,490,848

SEE NOTES TO FINANCIAL STATEMENTS.

A154

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Apparel & Textile — 0.5%
INVISTA, Notes, 144A(g)	Ba3	9.25	%	05/01/12		$2,250	$	2,379,375
Quicksilver Resources, Inc., Gtd. Notes	B1	7.125	%	04/01/16		500		482,500
								2,861,875
Auto Loans — 0.9%
Ford Motor Credit Co. LLC, Sr. Notes(a)	B1	7.25	%	10/25/11		2,500		2,406,080
General Motors Acceptance Corp. LLC, Notes	Ba1	7.25	%	03/02/11		2,500		2,491,803
								4,897,883
Automotive — 1.3%
Ford Capital BV, Debs.	Caa1	9.50	%	06/01/10		1,250		1,268,750
General Motors Corp., Notes(a)	Caa1	7.20	%	01/15/11		4,235		4,070,894
General Motors Corp., Sr. Unsub. Notes(a)	Caa1	8.375	%	07/15/33		550		501,875
Hertz Corp., Gtd. Notes	B1	8.875	%	01/01/14		1,600		1,668,000
								7,509,519
Automotive Parts & Equipment — 1.1%
Cooper-Standard Automotive, Inc., Gtd. Notes(a)	Caa1	8.375	%	12/15/14		2,000		1,865,000
Lear Corp., Gtd. Notes	B3	8.50	%	12/01/13		1,350		1,296,000
Stanadyne Corp., Sr. Sub. Notes	Caa1	10.00	%	08/15/14		950		1,004,625
Tenneco, Inc., Gtd. Notes(a)	B3	8.625	%	11/15/14		1,000		1,030,000
TRW Automotive, Inc., Gtd. Notes, 144A(g)	Ba3	7.25	%	03/15/17		1,050		1,000,125
								6,195,750
Beverages — 0.3%
Cerveceria Nacional Dominicana C por A, Sr. Unsub. Notes, 144A(a)(g)	Ba3	8.00	%	03/27/14		675		695,250
Constellation Brands, Inc., Sr. Notes, 144A(g)	Ba3	7.25	%	05/15/17		1,150		1,121,250
								1,816,500
Building & Construction — 0.1%
William Lyon Homes, Inc., Gtd. Notes	Caa1	10.75	%	04/01/13		750		705,000
Building Materials — 0.8%
Associated Materials, Inc., (Zero Coupon until 03/01/09), Sr. Disc. Notes(a)	Caa2	11.25	%(v)	03/01/14		1,500		1,117,500
Belden, Inc., Sr. Sub. Notes, 144A(g)	Ba2	7.00	%	03/15/17		1,350		1,329,750
Interline Brands, Inc., Sr. Sub. Notes(a)	B3	8.125	%	06/15/14		2,000		2,015,000
K Hovnanian Enterprises, Inc., Sr. Notes	Ba3	8.625	%	01/15/17		250		240,000
								4,702,250
Building Materials – Fixtures & Fittings — 0.2%
NTK Holdings, Inc., (Zero Coupon until 09/01/09), Sr. Disc. Notes(a)	Caa1	10.75	%(v)	03/01/14		1,200		870,000
Cable Television — 1.8%
CCH I Holdings LLC, Gtd. Notes(a)	Caa3	11.75	%	05/15/14		2,875		2,824,687
CCH I Holdings LLC/CCH I Holdings Capital Corp., Sec’d. Notes	Caa2	11.00	%	10/01/15		4,600		4,801,250
General Cable Corp., Sr. Notes, 144A(g)	B1	7.125	%	04/01/17		650		643,500
Univision Communications, Inc., PIK, Sr. Notes, 144A(a)(g)	B3	9.75	%	03/15/15		1,500		1,481,250
								9,750,687
Chemicals — 4.3%
Airgas, Inc., Gtd. Notes	Ba2	6.25	%	07/15/14		1,600		1,536,000
Equistar Chemicals LP, Debs.	B1	7.55	%	02/15/26		3,500		3,193,750
Hercules, Inc., Gtd. Notes	Ba3	6.75	%	10/15/29		2,500		2,425,000
Huntsman LLC, Gtd. Notes	Ba3	11.50	%	07/15/12		660		732,600

SEE NOTES TO FINANCIAL STATEMENTS.

A155

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Chemicals (cont’d.)
Ineos Group Holdings, PLC., Gtd. Notes, 144A(g) (United Kingdom)	B2	8.50	%	02/15/16		$3,250	$	3,176,875
Lyondell Chemical Co., Gtd. Notes(a)	B1	8.00	%	09/15/14		2,000		2,055,000
MacDermid, Inc., Sr. Sub. Notes, 144A(g)	Caa1	9.50	%	04/15/17		1,000		1,005,000
Mosaic Co. (The), Sr. Notes, 144A(g)	B1	7.375	%	12/01/14		425		429,250
Mosaic Global Holdings, Inc., Notes(a)	B2	7.30	%	01/15/28		1,800		1,728,000
Nalco Co., Sr. Sub. Notes(a)	B3	8.875	%	11/15/13		2,725		2,827,187
Nova Chemicals Corp., Sr. Unsec’d. Notes (Canada)(a)	Ba3	6.50	%	01/15/12		2,375		2,220,625
Rockwood Specialties Group, Inc., Gtd. Notes(a)	B3	7.50	%	11/15/14		2,500		2,512,500
								23,841,787
Clothing & Apparel — 0.1%
Levi Strauss & Co., Sr. Unsec’d. Notes	B2	8.875	%	04/01/16		300		307,500
Commercial Services — 0.2%
FTI Consulting, Inc., Gtd. Notes	Ba2	7.75	%	10/01/16		900		918,000
Computer Services & Software — 0.3%
Serena Software, Inc., Gtd. Notes	Caa1	10.375	%	03/15/16		1,500		1,616,250
Construction — 0.1%
Ply Gem Industries, Inc., Gtd. Notes(a)	Caa1	9.00	%	02/15/12		875		790,781
Consumer Products & Services — 1.5%
Elizabeth Arden, Inc., Gtd. Notes(a)	B1	7.75	%	01/15/14		4,250		4,281,875
Playtex Products, Inc., Gtd. Notes	Caa1	9.375	%	06/01/11		2,250		2,311,875
Vitro SA de CV, Sr. Unsec’d. Notes, 144A(g)	B2	9.125	%	02/01/17		1,500		1,537,500
								8,131,250
Diversified Capital Goods — 1.6%
Actuant Corp., Sr. Notes, 144A(g)	Ba2	6.875	%	06/15/17		425		420,750
Mueller Water Products, Inc., Sr. Sub. Notes, 144A(g)	B3	7.375	%	06/01/17		1,550		1,536,995
Park-Ohio Industries, Inc., Gtd. Notes(a)	B3	8.375	%	11/15/14		2,000		1,925,000
RBS Global, Inc. and Rexnord Corp., Gtd. Notes	B3	9.50	%	08/01/14		2,750		2,818,750
Sensus Metering Systems, Inc., Sr. Sub. Notes	B3	8.625	%	12/15/13		2,000		2,030,000
								8,731,495
Electric – Generation — 1.0%
Dynegy Holdings, Inc., Sr. Unsec’d. Notes(a)	B2	8.375	%	05/01/16		2,750		2,688,125
Reliant Energy, Inc., Gtd. Notes	B2	6.75	%	12/15/14		1,950		1,989,000
Reliant Energy, Inc., Sr. Notes	B3	7.875	%	06/15/17		850		826,625
								5,503,750
Electric – Integrated — 2.0%
Duke Energy Corp., Sr. Notes, Series B	A3	5.375	%	01/01/09		1,500		1,496,498
Mirant Americas Generation LLC, Sr. Unsec’d. Notes(a)	Caa1	9.125	%	05/01/31		2,250		2,463,750
Nevada Power Co., General Refinance Mortgage	Ba1	5.875	%	01/15/15		1,700		1,660,648
PPL Energy Supply LLC, Sr. Unsec’d. Notes	Baa2	6.40	%	11/01/11		500		507,842
PSEG Energy Holdings LLC, Sr. Notes	Ba3	8.50	%	06/15/11		2,500		2,647,907
Virginia Electric & Power Co., Notes	Baa1	4.50	%	12/15/10		2,400		2,322,408
								11,099,053
Electronic Components & Equipment — 0.8%
Advanced Micro Devices, Inc., Sr. Notes(a)	Ba2	7.75	%	11/01/12		2,000		1,885,000
NXP BV / NXP Funding LLC, Sec’d. Note	Ba2	7.875	%	10/15/14		2,475		2,437,875
								4,322,875
Electronics — 0.6%
Freescale SemiConductor, Inc., Sr. Notes, 144A(g)	B1	8.875	%	12/15/14		3,550		3,390,250

SEE NOTES TO FINANCIAL STATEMENTS.

A156

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount	Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#	(Note 2)
Energy — 0.5%
NRG Energy, Inc., Gtd. Notes	B1	7.375	%	02/01/16-01/15/17	$2,975	$	2,983,656
Energy – Exploration & Production — 2.2%
Chesapeake Energy Corp., Gtd. Notes(a)	Ba2	6.25	%	01/15/18	2,500		2,334,375
Chesapeake Energy Corp., Gtd. Notes(a)	Ba2	7.00	%	08/15/14	2,500		2,481,250
KCS Energy, Inc., Gtd. Notes	B3	7.125	%	04/01/12	2,000		1,975,000
Kerr-McGee Corp., Sec’d. Notes(a)	Baa3	6.95	%	07/01/24	2,550		2,645,622
Mirant North America LLC, Gtd. Notes	B2	7.375	%	12/31/13	1,750		1,789,375
Range Resources Corp., Sr. Sub. Notes	B1	7.375	%	07/15/13	1,025		1,035,250
							12,260,872
Energy Exploration — 0.7%
Cimarex Energy Co., Gtd. Notes(a)	B1	7.125	%	05/01/17	2,000		1,950,000
Pogo Producing Co., Sr. Unsec’d. Notes	B1	6.625	%	03/15/15	1,750		1,732,500
							3,682,500
Environmental — 1.2%
Aleris International, Inc., Sr. Sub. Notes, 144A(g)	Caa1	10.00	%	12/15/16	2,000		1,985,000
Allied Waste North America, Sec’d. Notes	B1	6.125	%	02/15/14	1,000		940,000
Allied Waste North America, Sr. Notes(a)	B1	7.875	%	04/15/13	3,500		3,539,375
							6,464,375
Equipment Services — 0.1%
Neff Corp., Sr. Notes, 144A(g)	Caa2	10.00	%	06/01/15	850		847,875
Food & Drug Retailers — 1.0%
Ingles Markets, Inc., Sr. Sub. Notes(a)	B3	8.875	%	12/01/11	1,000		1,036,250
Morgan Stanley (Nestle), Sr. Notes, 144A(g)	Aa3	2.00	%	06/28/12	1,300		1,313,585
Stater Brothers Holdings, Sr. Notes	B2	8.125	%	06/15/12	1,975		1,989,813
SUPERVALU, Inc., Sr. Unsec’d. Notes	B1	7.50	%	11/15/14	1,100		1,127,500
							5,467,148
Food – Wholesale — 0.5%
Dole Food Co., Inc., Debs.(a)	Caa1	8.75	%	07/15/13	3,000		2,925,000
Forestry/Paper — 1.5%
Abitibi-Consolidated, Inc., Unsub. Notes (Canada)(a)	B3	8.55	%	08/01/10	2,500		2,387,500
Buckeye Technologies, Inc., Sr. Sub. Notes	B3	8.00	%	10/15/10	1,000		1,000,000
Graphic Packaging International Corp., Sr. Unsec’d. Notes(a)	B3	9.50	%	08/15/13	1,375		1,428,281
JSG Funding PLC, Sr. Sub. Notes(a)	B2	7.75	%	04/01/15	2,500		2,503,125
Smurfit-Stone Container Corp., Inc., Sr. Unsec’d. Notes(a)	B3	8.00	%	03/15/17	1,000		970,000
							8,288,906
Gaming — 4.2%
Boyd Gaming Corp., Sr. Sub. Notes	Ba3	7.125	%	02/01/16	2,000		1,940,000
Isle of Capri Casinos, Inc., Gtd. Notes	B3	7.00	%	03/01/14	5,000		4,731,250
Isle of Capri Casinos, Inc., Gtd. Notes	B3	9.00	%	03/15/12	1,250		1,303,125
Las Vegas Sands Corp., Gtd. Notes	B3	6.375	%	02/15/15	3,500		3,329,375
MGM Mirage, Sr. Notes(a)	Ba2	6.75	%	09/01/12	2,000		1,910,000
Park Place Entertainment, Sr. Unsec’d. Notes	Baa3	7.50	%	09/01/09	350		357,875
River Rock Entertainment Authority, Sec’d. Notes	B2	9.75	%	11/01/11	2,005		2,105,250
Scientific Games Corp., Gtd. Notes	Ba3	6.25	%	12/15/12	1,525		1,465,906
Seneca Gaming Corp., Sr. Notes	Ba2	7.25	%	05/01/12	1,500		1,520,625
Snoqualmie Entertainment Authority, Sec’d. Notes, 144A(a)(g)	B3	9.125	%	02/01/15	1,300		1,332,500
Station Casinos, Inc., Sr. Sub. Notes	Ba3	6.50	%	02/01/14	1,000		885,000
Turning Stone Resort Casino Enterprise, Sr. Notes, 144A(g)	B1	9.125	%	12/15/10-09/15/14	2,450		2,492,875
							23,373,781

SEE NOTES TO FINANCIAL STATEMENTS.

A157

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
CORPORATE OBLIGATIONS (Continued)	Moody’s Rating	Interest Rate		Maturity Date	Amount (000)#	Value (Note 2)
Gas Distribution — 2.1%
Ferrellgas Escrow LP, Sr. Unsec’d. Notes	Ba3	6.75	%	05/01/14	$3,500	$	3,316,250
Inergy LP/Inergy Finance Corp., Gtd. Notes	B1	8.25	%	03/01/16	2,000		2,055,000
Markwest Energy Partners LP/Markwest Energy Finance Corp., Gtd. Notes	B2	6.875	%	11/01/14	2,000		1,890,000
Pacific Energy Partners LP/Pacific Energy Finance Corp., Gtd. Notes	Baa3	6.25	%	09/15/15	500		491,164
Williams Cos., Inc., Sr. Unsec’d. Notes(a)	Ba2	7.875	%	09/01/21	2,750		2,956,250
Williams Partners LP/Williams Partners Finance Corp., Gtd. Notes	Ba3	7.25	%	02/01/17	925		929,625
							11,638,289
Health Services — 3.5%
Advanced Medical Optics, Inc., Sr. Sub. Notes, 144A(g)	B1	7.50	%	05/01/17	1,350		1,275,750
Alliance Imaging, Inc., Sr. Sub. Notes(a)	B3	7.25	%	12/15/12	1,000		970,000
Bio-Rad Laboratories, Inc., Sr. Sub. Notes	Ba3	6.125	%	12/15/14	2,500		2,350,000
Centene Corp., Sr. Notes, 144A	Ba3	7.25	%	04/01/14	1,565		1,541,525
Hanger Orthopedic Group, Inc., Gtd. Notes	Caa1	10.25	%	06/01/14	875		940,625
HCA, Inc., Sr. Unsec’d. Notes	Caa1	6.375	%	01/15/15	4,500		3,825,000
Tenet Healthcare Corp., Sr. Notes(a)	Caa1	9.875	%	07/01/14	1,500		1,485,000
United Surgical Partners International, Inc., Sr. Sub. Notes, 144A(a)(g)	Caa1	8.875	%	05/01/17	1,750		1,754,375
UnitedHealth Group, Inc., Sr. Unsec’d. Notes	A3	4.875	%	04/01/13	1,500		1,430,500
Vanguard Health Holdings Co. II LLC, Sr. Sub. Notes(a)	Caa1	9.00	%	10/01/14	2,500		2,475,000
Varietal Distribution Merger Sub, Inc., Sr. Notes, PIK, 144A(g)	Caa1	10.25	%	07/15/15	1,500		1,496,250
							19,544,025
Healthcare Services — 0.5%
Psychiatric Solutions, Inc., Gtd. Notes	B3	7.75	%	07/15/15	1,000		988,750
Sun Healthcare Group, Inc., Sr. Sub. Notes, 144A(g)	B3	9.125	%	04/15/15	2,000		2,080,000
							3,068,750
Hotels — 1.1%
Felcor Lodging LP, Gtd. Notes	Ba3	8.50	%	06/01/11	1,200		1,261,500
Host Marriott LP, Gtd. Notes(a)	Ba1	7.00	%	08/15/12	5,000		5,006,250
							6,267,750
Insurance — 0.4%
HUB International Holdings, Inc., Sr. Notes, 144A(g)	B3	9.00	%	12/15/14	1,000		980,000
USI Holdings Corp, Sr. Notes, 144A(c)(g)	B3	9.23	%	11/15/14	1,250		1,243,750
							2,223,750
Integrated Energy — 0.2%
VeraSun Energy Corp., Sr. Notes, 144A(g)	B3	9.375	%	06/01/17	1,250		1,162,500
Leisure — 0.6%
Gaylord Entertainment Co., Gtd. Notes	B3	8.00	%	11/15/13	3,500		3,548,125
Machinery — 0.8%
Baldor Electric Co., Gtd. Notes(a)	B3	8.625	%	02/15/17	2,500		2,643,750
Gardner Denver, Inc., Gtd. Notes	B1	8.00	%	05/01/13	1,500		1,567,500
							4,211,250
Media — 0.3%
Idearc, Inc., Gtd. Notes	B2	8.00	%	11/15/16	1,500		1,515,000
Media – Broadcasting — 0.4%
Allbritton Communications Co., Sr. Sub. Notes	B1	7.75	%	12/15/12	2,000		2,010,000

SEE NOTES TO FINANCIAL STATEMENTS.

A158

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

	Moody’s	Interest		Maturity	Principal Amount	Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#	(Note 2)
Media – Cable — 1.6%
DirecTV Holdings LLC, Gtd. Notes(a)	Ba3	6.375	%	06/15/15	$2,500	$	2,350,000
Echostar DBS Corp., Gtd. Notes	Ba3	7.125	%	02/01/16	2,200		2,150,500
LIN Television Corp., Sr. Sub. Notes	B1	6.50	%	05/15/13	1,000		977,500
Mediacom LLC/Mediacom Capital Corp., Sr. Unsec’d. Notes(a)	B3	9.50	%	01/15/13	3,500		3,578,750
							9,056,750
Media – Services — 0.7%
Affinion Group, Inc., Gtd. Notes	Caa1	11.50	%	10/15/15	825		891,000
Interpublic Group of Cos., Inc., Unsec’d. Notes	Ba3	6.25	%	11/15/14	1,040		954,200
Warner Music Group Corp., Sr. Sub. Notes	B2	7.375	%	04/15/14	2,500		2,325,000
							4,170,200
Metals & Mining — 1.1%
Freeport-McMoRan Copper & Gold, Sr. Unsec’d. Notes(a)	Ba3	8.375	%	04/01/17	3,750		4,003,125
Noranda Aluminium Acquisition Corp., Sr. Unsec’d. Notes, PIK, 144A(g)	B3	9.359	%	05/15/15	2,000		1,930,000
							5,933,125
Metals/Mining Excluding Steel — 1.3%
Peabody Energy Corp., Gtd. Notes(a)	Ba1	5.875	%	04/15/16	3,250		3,038,750
SEMCO Energy, Inc., Sr. Notes(a)	Ba2	7.75	%	05/15/13	2,500		2,539,000
SEMCO Energy, Inc., Sr. Unsec’d. Notes	Ba2	7.125	%	05/15/08	1,500		1,505,918
							7,083,668
Non-Food & Drug Retailers — 0.2%
Brookstone Co., Inc., Gtd. Notes(a)	Caa1	12.00	%	10/15/12	1,000		1,030,000
Oil & Gas — 0.7%
Forest Oil Corp., Sr. Notes, 144A(g)	B1	7.25	%	06/15/19	1,675		1,624,750
Peabody Energy Corp., Gtd. Notes(a)	Ba1	7.375	%	11/01/16	500		510,000
Tesoro Corp., Gtd. Notes	Ba1	6.25	%	11/01/12	1,775		1,761,687
Tesoro Corp., Sr. Notes, 144A(g)	Ba1	6.50	%	06/01/17	275		268,813
							4,165,250
Oil Field Equipment & Services — 1.2%
Complete Production Services, Inc., Sr. Notes, 144A(g)	B2	8.00	%	12/15/16	1,150		1,161,500
Dresser-Rand Group, Inc., Gtd. Notes	B1	7.375	%	11/01/14	1,601		1,607,004
Grant Prideco, Sr. Unsec’d. Notes	Ba1	6.125	%	08/15/15	1,500		1,421,250
Hanover Compressor Co., Gtd. Notes	B2	8.625	%	12/15/10	1,000		1,031,250
Pride International, Inc., Sr. Unsec’d. Notes	Ba2	7.375	%	07/15/14	1,400		1,403,500
							6,624,504
Packaging — 1.5%
Ball Corp., Gtd. Notes	Ba1	6.625	%	03/15/18	250		240,000
Berry Plastics Holding Corp., Sec’d. Notes(a)	B3	8.875	%	09/15/14	1,500		1,518,750
Crown Cork & Seal Co., Inc., Debs.(a)	B2	7.375	%	12/15/26	4,500		4,140,000
Owens Brockway Glass Containers, Inc., Gtd. Notes	Ba2	8.875	%	02/15/09	2,198		2,236,465
							8,135,215
Paper & Forest Products — 1.0%
Bowater, Inc., Debs	B3	9.50	%	10/15/12	2,000		1,970,000
Bowater, Inc., Unsec’d. Notes(a)	B3	6.50	%	06/15/13	1,700		1,476,875
Domtar, Inc., Notes	B2	7.875	%	10/15/11	1,000		1,023,750
Norske Skog Canada, Gtd. Notes (Canada)	B2	7.375	%	03/01/14	1,275		1,145,906
							5,616,531

SEE NOTES TO FINANCIAL STATEMENTS.

A159

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount	Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#	(Note 2)
Pharmaceuticals — 0.4%
Warner Chilcott Corp., Gtd. Notes	Caa1	8.75	%	02/01/15	$1,951	$	2,004,653
Printing & Publishing — 0.7%
R.H. Donnelley Corp., Sr. Notes	B3	8.875	%	01/15/16	2,750		2,860,000
R.H. Donnelley Corp., Sr. Unsec’d. Notes	B3	6.875	%	01/15/13	1,250		1,184,375
							4,044,375
Restaurants — 0.7%
Denny’s Corp./Denny’s Holdings, Inc., Gtd. Notes	B3	10.00	%	10/01/12	2,200		2,321,000
Landry’s Restaurants, Inc., Gtd. Notes	B3	7.50	%	12/15/14	1,500		1,455,000
							3,776,000
Retail & Merchandising — 0.2%
Rite Aid Corp., Gtd. Notes, 144A(a)(g)	Caa1	9.375	%	12/15/15	1,000		960,000
Software/Services — 1.1%
PGS Solutions, Inc., Sr. Sub. Notes, 144A(g)	Caa1	9.625	%	02/15/15	1,500		1,516,721
Sungard Data Systems, Inc., Gtd. Notes(a)	Caa1	9.125	%	08/15/13	3,200		3,276,000
Sungard Data Systems, Inc., Gtd. Notes(a)	Caa1	10.25	%	08/15/15	1,000		1,057,500
							5,850,221
Steel Producers/Products — 0.7%
AK Steel Corp., Gtd. Notes(a)	B2	7.75	%	06/15/12	750		750,000
Algoma Acquisition Corp., Sr. Unsec’d. Notes, 144A(g)	Caa1	9.875	%	06/15/15	950		945,250
Allegheny Ludlum Corp., Debs.(a)	Ba1	6.95	%	12/15/25	2,000		2,080,000
							3,775,250
Support-Services — 1.8%
Ashtead Capital, Inc., Notes, 144A(g)	B3	9.00	%	08/15/16	1,175		1,230,812
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a)	Ba3	7.625	%	05/15/14	2,000		2,020,000
Iron Mountain, Inc., Gtd. Notes	B3	6.625	%	01/01/16	1,500		1,376,250
Rental Service Corp., Bonds, 144A(g)	Caa1	9.50	%	12/01/14	1,150		1,173,000
United Rentals North America, Inc., Gtd. Notes(a)	B3	7.75	%	11/15/13	2,500		2,503,125
Williams Scotsman, Inc., Gtd. Notes	B2	8.50	%	10/01/15	1,500		1,548,750
							9,851,937
Telecom – Integrated/Services — 2.2%
Cincinnati Bell, Inc., Gtd. Notes(a)	B2	8.375	%	01/15/14	4,500		4,545,000
Qwest Capital Funding, Inc., Gtd. Notes(a)	B1	7.90	%	08/15/10	3,000		3,052,500
Qwest Communications International, Inc., Gtd. Notes	Ba3	7.25	%	02/15/11	3,000		3,022,500
Syniverse Technologies, Inc., Gtd. Notes	B2	7.75	%	08/15/13	1,750		1,671,250
							12,291,250
Telecom – Wireless — 1.0%
Dobson Communications Corp., Sr. Notes(a)	Caa1	8.875	%	10/01/13	2,825		2,952,125
Intelsat Subsidiary Holding Co. Ltd., Sr. Notes (Bermuda)	B2	8.25	%	01/15/13	1,000		1,015,000
iPCS, Inc., Sec’d. Notes, PIK, 144A(g)	Caa1	8.605	%	05/01/14	375		375,937
Nextel Partners, Inc., Gtd. Notes	NR	8.125	%	07/01/11	1,400		1,460,241
							5,803,303
Telecommunications — 1.6%
Centennial Communications Corp., Sr. Notes(a)	Caa1	10.00	%	01/01/13	1,150		1,233,375
Hellas Telecommunications Luxembourg II, Sub. Notes, 144A(g)	Caa1	11.106	%(c)	01/15/15	1,275		1,313,250
Hughes Network Systems LLC/HNS Finance Corp., Gtd. Notes	B1	9.50	%	04/15/14	1,000		1,045,000

SEE NOTES TO FINANCIAL STATEMENTS.

A160

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

CORPORATE OBLIGATIONS (Continued)	Moody’s Rating	Interest Rate		Maturity Date	Principal Amount (000)#	Value (Note 2)
Telecommunications (cont’d.)
Intelsat Ltd., Sr. Unsec’d. Notes (Bermuda)	Caa1	6.50	%	11/01/13	$1,000	$	802,500
MasTec, Inc., Sr. Notes, 144A(g)	B1	7.625	%	02/01/17	500		501,250
Nordic Telephone Co. Holdings, Sec’d. Notes, 144A(a)(g)	B2	8.875	%	05/01/16	2,500		2,650,000
Rogers Wireless, Inc., Gtd. Notes (Canada)	Baa3	7.25	%	12/15/12	875		923,877
Windstream Corp., Gtd. Notes	Ba3	7.00	%	03/15/19	350		334,250
							8,803,502
Textile & Apparel — 0.3%
Quiksilver, Inc., Gtd. Notes	Ba3	6.875	%	04/15/15	1,925		1,809,500
Transportation — 1.5%
Bristow Group, Inc., Gtd. Notes,	Ba2	6.125	%	06/15/13	3,475		3,275,187
Bristow Group, Inc., Sr. Notes, 144A(g)	Ba2	7.50	%	09/15/17	1,000		1,002,500
CHC Helicopter Corp., Gtd. Notes (Canada)	B1	7.375	%	05/01/14	2,750		2,619,375
Hornbeck Offshore Services, Inc., Gtd. Notes	Ba3	6.125	%	12/01/14	1,680		1,537,200
							8,434,262
Utilities — 1.2%
Edison Mission Energy, Sr. Notes, 144A(g)	B1	7.00	%	05/15/17	2,700		2,544,750
Edison Mission Energy, Sr. Unsec’d. Notes	B1	7.75	%	06/15/16	4,000		3,980,000
							6,524,750
TOTAL CORPORATE OBLIGATIONS (cost $1368,742,720)							365,374,664

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 10.3%
Federal Home Loan Mortgage Corp.	6.00	%	04/01/33	2,492	2,468,860
Federal National Mortgage Assoc.	6.00	%	05/01/33-04/01/37	34,321	33,970,145
Federal National Mortgage Assoc.	6.50	%	05/01/35-02/01/37	20,416	20,611,341
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $57,721,242)					57,050,346

	Shares
COMMON STOCK — 0.1%
Telecom – Integrated/Services — 0.1%
Avaya, Inc.* (cost $697,495)	45,000	757,800
PREFERRED STOCKS — 5.6%
Automotive — 0.2%
Ford Motor Co. Capital Trust II, 6.50%, CVT	25,000	964,000
Banking — 0.5%
Marshall & Ilsley Corp., 6.50%, CVT	115,000	3,039,450
Electric – Generation — 0.8%
PNM Resources, Inc., 6.75%, CVT	85,000	4,250,000
Electronics — 0.7%
NRG Energy, 5.75%, CVT	10,000	3,693,300
Energy – Exploration & Production — 0.4%
Chesapeake Energy Corp., 4.50%, CVT	20,000	2,010,000
Financial Services — 0.5%
Morgan Stanley, 7.250%, CVT, 144A(g)	14,000	1,027,600
Morgan Stanley, 7.30%, CVT, 144A(g)	32,000	618,880
Vale Capital Ltd., 5.50%, CVT	25,000	1,228,125
		2,874,605

SEE NOTES TO FINANCIAL STATEMENTS.

A161

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

PREFERRED STOCKS (Continued)	Shares		Value (Note 2)
Insurance — 0.6%
MetLife, Inc., 6.375%, CVT	100,000	$	3,236,000
Integrated Energy — 0.8%
Williams Cos., Inc., 5.50%, CVT	30,000		4,451,250
Metals & Mining — 0.2%
Freeport-McMoRan Copper & Gold, Inc., 6.75%, CVT	8,500		1,092,250
Oil & Gas — 0.6%
El Paso Corp., 4.99%, CVT	2,430		3,550,838
Pharmaceuticals — 0.3%
Schering-Plough Corp., 6.00%, CVT	27,500		1,892,000
TOTAL PREFERRED STOCKS
(cost $26,117,317)			31,053,693
TOTAL LONG-TERM INVESTMENTS
(cost $521,798,433)			533,299,318
SHORT-TERM INVESTMENT — 22.4%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $124,191,865; includes $116,773,545 of cash collateral for securities on loan)(b)(w) (Note 4)	124,191,865		124,191,865
TOTAL INVESTMENTS — 118.4%
(cost $645,990,298; Note 6)			657,491,183
Liabilities in excess of other assets — (18.4)%			(101,955,993	)
NET ASSETS — 100.0%		$	555,535,190

The following abbreviations are used in portfolio descriptions:
144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
CVT	Convertible Security
NR	Not Rated by Moody’s or Standard & Poor’s.
PIK	Payment-in-kind
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $113,612,689; cash collateral of $116,773,545 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (21.0% represents investments purchased with collateral from securities on loan)	22.4	%
Convertible Bonds	14.2
U.S. Government Agency Mortgage-Backed Securities	10.3
Chemicals	4.3
Gaming	4.2
Health Services	3.5
Energy – Exploration & Production	2.6
Telecom – Integrated/Services	2.3
Gas Distribution	2.1
Electric – Integrated	2.0
Support-services	1.8
Electric – Generation	1.8
Cable Television	1.8
Media – Cable	1.6
Telecommunications	1.6
Diversified Capital Goods	1.6
Automotive	1.5
Transportation	1.5
Forestry/Paper	1.5
Packaging	1.5
Consumer Products & Services	1.5
Aerospace/Defense	1.4
Oil & Gas	1.3
Metals/mining Excluding Steel	1.3
Electronics	1.3
Metals & Mining	1.3
Oil Field Equipment & Services	1.2
Utilities	1.2
Environmental	1.2
Hotels	1.1
Automotive Parts & Equipment	1.1
Software/Services	1.1
Paper & Forest Products	1.0
Telecom – Wireless	1.0
Integrated Energy	1.0
Food & Drug Retailers	1.0
Insurance	1.0
Auto Loans	0.9
Building Materials	0.8
Electronic Components & Equipment	0.8
Machinery	0.8
Media – Services	0.7
Printing & Publishing	0.7
Pharmaceuticals	0.7
Restaurants	0.7
Steel Producers/Products	0.7
Energy Exploration	0.7
Leisure	0.6
Healthcare Services	0.5
Banking	0.5
Energy	0.5
Food – Wholesale	0.5
Financial Services	0.5

SEE NOTES TO FINANCIAL STATEMENTS.

A162

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Apparel & Textile	0.5	%
Agency	0.4
Media – Broadcasting	0.4
Beverages	0.3
Textile & Apparel	0.3
Computer Services & Software	0.3
Media	0.3
Non-food & Drug Retailers	0.2
Retail & Merchandising	0.2
Commercial Services	0.2
Building Materials – Fixtures & Fittings	0.2
Equipment Services	0.1
Construction	0.1
Building & Construction	0.1
Clothing & Apparel	0.1
	118.4
Liabilities in excess of other assets	(18.4	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A163

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $113,612,689:
Unaffiliated investments (cost $521,798,433)	$	533,299,318
Affiliated investments (cost $124,191,865)		124,191,865
Dividends and interest receivable		8,113,161
Receivable for fund share sold		7,266,001
Receivable for investments sold		5,125,601
Prepaid expenses		4,472
Total Assets		678,000,418
LIABILITIES:
Payable to broker for collateral for securities on loan		116,773,545
Payable to custodian		2,907,249
Payable for investments purchased		2,490,680
Advisory fees payable		160,199
Accrued expenses and other liabilities		122,108
Payable for fund share repurchased		8,280
Shareholder servicing fees payable		3,167
Total Liabilities		122,465,228
NET ASSETS	$	555,535,190
Net assets were comprised of:
Paid-in capital	$	484,192,158
Retained earnings		71,343,032
Net assets, June 30, 2007	$	555,535,190
Net asset value and redemption price per share, $555,535,190/45,777,111 outstanding shares of beneficial interest	$	12.14

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	18,052,906
Unaffiliated dividend income		783,015
Affiliated dividend income		288,524
Affiliated income from securities lending, net		96,099
		19,220,544
EXPENSES
Advisory fees		2,383,621
Shareholder servicing fees and expenses		208,567
Custodian and accounting fees		70,000
Loan interest expense (Note 7)		18,647
Audit fee		11,000
Trustees’ fees		9,000
Transfer agent’s fees and expenses		9,000
Insurance expenses		8,000
Legal fees and expenses		5,000
Shareholders’ reports		1,000
Miscellaneous		7,141
Total expenses		2,730,976
Less: advisory fee waivers		(90,346	)
Net expenses		2,640,630
NET INVESTMENT INCOME		16,579,914
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		8,643,411
Net change in unrealized appreciation (depreciation) on investments		(1,226,045	)
NET GAIN ON INVESTMENTS		7,417,366
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,997,280

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended June 30, 2007				Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	16,579,914			$	32,744,864
Net realized gain on investments and foreign currencies			8,643,411				3,519,251
Net change in unrealized appreciation (depreciation) on investments			(1,226,045	)			18,983,876
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			23,997,280				55,247,991
DISTRIBUTIONS			—				(37,158,942	)
FUND SHARE TRANSACTIONS:
Fund share sold [4,188,231 and 12,242,213 shares, respectively]			50,494,704				135,670,611
Fund share issued in reinvestment of distributions [0 and 3,405,955 shares, respectively]			—				37,158,942
Fund share repurchased [9,390,317 and 23,650,901 shares, respectively]			(113,643,894	)			(264,685,426	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(63,149,190	)			(91,855,873	)
TOTAL DECREASE IN NET ASSETS			(39,151,910	)			(73,766,824	)
NET ASSETS:
Beginning of period			594,687,100				668,453,924
End of period		$	555,535,190			$	594,687,100

SEE NOTES TO FINANCIAL STATEMENTS.

A164

AST MARSICO CAPITAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 95.4% COMMON STOCKS	Shares	Value (Note 2)
Aerospace — 7.1%
Boeing Co. (The)	984,615	$	94,680,579
General Dynamics Corp.	1,594,427		124,716,080
Lockheed Martin Corp.	1,355,855		127,626,631
			347,023,290
Automobile Manufacturers — 2.5%
Toyota Motor Corp., ADR (Japan)(a)	956,352		120,385,590
Banks — 1.9%
Wells Fargo & Co.	2,643,273		92,963,911
Beverages — 1.4%
Heinekin NV, ADR (Netherlands)	2,349,859		69,009,954
Chemicals — 2.1%
Praxair, Inc.(a)	1,393,159		100,293,516
Commercial Banks — 2.8%
Industrial and Commercial Bank of China (Class H Stock) (China)	245,249,000		136,123,985
Commercial Services — 0.8%
Moody’s Corp.(a)	662,816		41,227,155
Computer Hardware — 2.1%
Apple, Inc.*	854,560		104,290,502
Entertainment & Leisure — 4.6%
Las Vegas Sands Corp.*(a)	1,295,871		98,991,586
Station Casinos, Inc.	252,694		21,933,839
Wynn Resorts Ltd.(a)	1,185,639		106,339,962
			227,265,387
Farming & Agriculture — 2.3%
Monsanto Co.	1,637,134		110,572,030
Financial – Bank & Trust — 0.3%
China Merchants Bank Co., Ltd. (Class H Stock) (China)	4,058,000		12,351,698
Financial Services — 10.4%
Goldman Sachs Group, Inc.	740,937		160,598,094
Lehman Brothers Holdings, Inc.(a)	1,336,638		99,606,264
MasterCard, Inc.	746,100		123,755,607
UBS AG (Switzerland)	2,068,976		124,159,250
			508,119,215
Food — 1.2%
Kraft Foods, Inc. (Class A Stock)	1,713,458		60,399,395
Healthcare Services — 6.5%
UnitedHealth Group, Inc.	6,254,455		319,852,829
Hotels & Motels — 2.5%
MGM Mirage*(a)	1,459,778		120,402,489
Industrial Gases — 0.5%
Air Products & Chemicals, Inc.	297,967		23,947,608
Internet Services — 1.4%
Google, Inc. (Class A Stock)*	130,070		68,076,037
Media — 3.5%
Comcast Corp.*(a)	6,001,684		168,767,354
Medical Supplies & Equipment — 1.1%
Genzyme Corp.*	856,628		55,166,843
Metals & Mining — 1.7%
Freeport-McMoRan Copper & Gold, Inc.	985,646		81,631,202
Oil & Gas — 5.9%
Anadarko Petroleum Corp.	457,442		23,782,410
Apache Corp.	159,140		12,984,233
Baker Hughes, Inc.(a)	277,626		23,356,675
Cameron International Corp.*(a)	361,195		25,814,607
Devon Energy Corp.(a)	297,003		23,252,365
Marathon Oil Corp.	373,118		22,372,155
Schlumberger Ltd.(a)	1,856,764		157,713,534
			289,275,979
Pharmaceuticals — 5.4%
Amylin Pharmaceuticals, Inc.*(a)	1,215,884		50,045,785
Genentech, Inc.*	1,963,883		148,587,388
Schering-Plough Corp.	2,192,000		66,724,480
			265,357,653
Railroads — 5.1%
Burlington Northern Santa Fe Corp.(a)	1,554,670		132,364,604
Union Pacific Corp.	996,829		114,784,859
			247,149,463
Real Estate Operating Companies — 0.9%
CB Richard Ellis Group, Inc. (Class A Stock)*(a)	646,889		23,611,448
Saint Joe Co. (The)(a)	469,099		21,738,048
			45,349,496
Restaurants — 5.1%
McDonald’s Corp.	3,123,632		158,555,560
Yum! Brands, Inc.	2,738,916		89,617,332
			248,172,892
Retail & Merchandising — 4.0%
CVS Caremark Corp.	1,884,717		68,697,935
Lowe’s Cos., Inc.(a)	3,144,548		96,506,178
Macy’s, Inc.(a)	733,350		29,172,663
			194,376,776
Semiconductors — 2.2%
Intel Corp.(a)	4,503,963		107,014,161
Telecommunications — 7.7%
America Movil SA de CV, ADR (Mexico)	1,400,686		86,744,484
AT&T, Inc.	2,254,174		93,548,221
China Mobile Ltd. (Hong Kong)	9,350,000		100,385,270
Cisco Systems, Inc.*	3,427,044		95,443,175
			376,121,150

SEE NOTES TO FINANCIAL STATEMENTS.

A165

AST MARSICO CAPITAL GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS (Continued)	Shares		Value (Note 2)
Transportation — 2.4%
FedEx Corp.	1,065,343	$	118,221,112
TOTAL LONG-TERM INVESTMENTS
(cost $3,664,226,622)			4,658,908,672
SHORT-TERM INVESTMENT — 14.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $686,218,817; includes $449,508,931 of cash collateral for securities on loan)(b)(w) (Note 4)	686,218,817		686,218,817
TOTAL INVESTMENTS — 109.4%
(cost $4,350,445,439; Note 6)			5,345,127,489
Liabilities in excess of other assets — (9.4)%			(459,084,260	)
NET ASSETS — 100.0%		$	4,886,043,229

The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $438,858,671; cash collateral of $449,508,931 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (9.2% represents investments purchased with collateral from securities on loan)	14.0	%
Financial Services	10.4
Telecommunications	7.7
Aerospace	7.1
Healthcare Services	6.5
Oil & Gas	5.9
Pharmaceuticals	5.4
Restaurants	5.1
Railroads	5.1
Entertainment & Leisure	4.6
Retail & Merchandising	4.0
Media	3.5
Commercial Banks	2.8
Hotels & Motels	2.5
Automobile Manufacturers	2.5
Transportation	2.4
Farming & Agriculture	2.3
Semiconductors	2.2
Computer Hardware	2.1
Chemicals	2.1
Banks	1.9
Metals & Mining	1.7
Beverages	1.4
Internet Services	1.4
Food	1.2
Medical Supplies & Equipment	1.1
Real Estate Operating Companies	0.9
Commercial Services	0.8
Industrial Gases	0.5
Financial – Bank & Trust	0.3
	109.4
Liabilities in excess of other assets	(9.4	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A166

AST MARSICO CAPITAL GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $438,858,671:
Unaffiliated investments (cost $3,664,226,622)	$	4,658,908,672
Affiliated investments (cost $686,218,817)		686,218,817
Foreign currency, at value (cost $1,507,448)		1,507,778
Receivable for investments sold		44,023,392
Dividends and interest receivable		4,181,993
Receivable for fund share sold		3,024,068
Prepaid expenses		20,978
Total Assets		5,397,885,698
LIABILITIES:
Payable to broker for collateral for securities on loan		449,508,931
Payable for investments purchased		49,290,458
Payable for fund share repurchased		9,589,587
Advisory fees payable		1,756,260
Payable to custodian		1,060,748
Accrued expenses and other liabilities		608,322
Shareholder servicing fees payable		28,163
Total Liabilities		511,842,469
NET ASSETS	$	4,886,043,229
Net assets were comprised of:
Paid-in capital	$	3,806,827,958
Retained earnings		1,079,215,271
Net assets, June 30, 2007	$	4,886,043,229
Net asset value and redemption price per share, $4,886,043,229/224,994,811 outstanding shares of beneficial interest	$	21.72

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $1,430,760 foreign withholding tax)	$	15,651,199
Affiliated dividend income		4,353,630
Affiliated income from securities lending, net		784,774
Unaffiliated interest		67
		20,789,670
EXPENSES
Advisory fees		20,425,846
Shareholder servicing fees and expenses		1,588,677
Custodian and accounting fees		274,000
Insurance expenses		35,000
Trustees’ fees		27,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Legal fees and expenses		8,000
Shareholders’ reports		1,000
Miscellaneous		11,326
Total expenses		22,387,849
NET INVESTMENT LOSS		(1,598,179	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		159,442,489
Foreign currency transactions		(636	)
		159,441,853
Net change in unrealized appreciation (depreciation) on:
Investments		118,391,224
Foreign currencies		271
		118,391,495
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		277,833,348
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	276,235,169

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)		$	(1,598,179	)		$	9,498,236
Net realized gain on investments and foreign currencies			159,441,853				144,320,839
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			118,391,495				106,259,383
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			276,235,169				260,078,458
DISTRIBUTIONS			—				(1,826,532	)
FUND SHARE TRANSACTIONS:
Fund share sold [37,753,109 and 78,600,880 shares, respectively]			792,456,441				1,524,324,454
Fund share issued in reinvestment of distributions [0 and 92,156 shares, respectively]			—				1,826,532
Fund share repurchased [17,862,614 and 46,365,944 shares, respectively]			(376,895,403	)			(886,281,507	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			415,561,038				639,869,479
TOTAL INCREASE IN NET ASSETS			691,796,207				898,121,405
NET ASSETS:
Beginning of period			4,194,247,022				3,296,125,617
End of period		$	4,886,043,229			$	4,194,247,022

SEE NOTES TO FINANCIAL STATEMENTS.

A167

AST MFS GLOBAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.2%			Value
COMMON STOCKS	Shares		(Note 2)
Australia — 0.4%
QBE Insurance Group Ltd.	33,733	$	892,286
Austria — 0.6%
Erste Bank der Oesterreichischen Sparkassen AG	15,930		1,241,599
Bermuda — 0.8%
Accenture Ltd. (Class A Stock)(a)	39,790		1,706,593
Canada — 0.5%
Canadian National Railway Co.	22,472		1,144,499
Czech Republic — 0.4%
Komercni Banka AS	4,421		819,485
France — 13.5%
Air Liquide	23,180		3,041,737
AXA SA	69,580		2,990,942
Credit Agricole SA	54,840		2,225,299
Gaz de France	23,330		1,176,883
L’Oreal SA	5,490		648,922
Legrand SA	44,340		1,598,570
LVMH Moet Hennessy Louis Vuitton SA	38,760		4,459,911
Pernod Ricard SA	10,170		2,245,408
Schneider Electric SA	26,258		3,678,963
Societe Television Francaise	26,714		923,340
Total SA	48,110		3,900,674
Vivendi	41,680		1,792,979
			28,683,628
Germany — 6.6%
Bayer AG	36,290		2,747,796
Bayerische Motoren Werke AG	43,350		2,810,406
E.ON AG	20,350		3,416,934
Henkel KGaA	45,520		2,402,399
Linde AG	22,100		2,667,310
			14,044,845
Indonesia — 0.3%
PT Bank Central Asia Tbk	1,049,000		632,767
Italy — 1.3%
Assicurazioni Generali SpA	32,824		1,316,071
Intesa Sanpaolo SpA	186,801		1,392,739
			2,708,810
Japan — 9.3%
Aeon Credit Service Co. Ltd.	43,700		693,521
Asahi Glass Co. Ltd.	71,000		959,545
Bridgestone Corp.	55,600		1,192,154
Canon, Inc.	48,800		2,865,576
Fanuc Ltd.	12,400		1,281,040
Hirose Electric Co. Ltd.	6,300		829,937
Kao Corp.	154,000		3,989,929
Nomura Holdings, Inc.	103,200		2,011,614
Omron Corp.	42,200		1,110,481
Ricoh Co. Ltd.	75,000		1,736,041
Tokyo Gas Co. Ltd.	176,000		834,794
Toyota Motor Corp.	36,100		2,286,944
			19,791,576
Netherlands — 3.1%
Heineken NV	20,700		1,213,471
Royal Dutch Shell PLC (Class A Stock)	74,790		3,043,824
TNT NV	51,000		2,302,741
			6,560,036
Singapore — 0.6%
Singapore Telecommunications Ltd.	620,039		1,377,190
South Korea — 1.5%
Samsung Electronics Co. Ltd.	5,302		3,248,289
Spain — 0.5%
Banco Bilbao Vizcaya Argentaria SA	43,040		1,052,539
Sweden — 0.4%
Ericsson (L.M.) Telefonaktiebolaget (Class B Stock)	223,420		891,199
Switzerland — 11.2%
Actelion Ltd.*	15,354		683,822
Givaudan SA	2,610		2,573,733
Julius Baer Holding AG	26,091		1,866,804
Nestle SA	18,187		6,910,579
Roche Holding AG	28,950		5,129,551
Swiss Reinsurance	28,080		2,560,899
UBS AG	66,568		3,981,054
			23,706,442
Thailand — 0.4%
Bangkok Bank PCL	219,710		776,383
United Kingdom — 10.9%
Diageo PLC	187,245		3,891,871
GlaxoSmithKline PLC	166,220		4,330,031
Ladbrokes PLC	188,105		1,626,227
Next PLC	17,580		705,788
Reckitt Benckiser PLC	82,670		4,525,815
Smiths Group PLC	65,410		1,551,245
Tesco PLC	180,117		1,506,985
William Hill PLC	168,890		2,072,692
WPP Group PLC	190,820		2,853,994
			23,064,648
United States — 36.9%
3M Co.	38,850		3,371,792
AFLAC, Inc.	33,230		1,708,022
Alberto Culver Co.	42,820		1,015,690
American Express Co.	76,180		4,660,692
Amgen, Inc.*	31,870		1,762,092
Bank of New York Mellon Corp. (The)*	109,530		4,538,923
Chevron Corp.	22,380		1,885,291
DENTSPLY International, Inc.	38,060		1,456,176
DST Systems, Inc.*(a)	13,170		1,043,196
Exxon Mobil Corp.	33,210		2,785,655
General Mills, Inc.	17,380		1,015,340
Genworth Financial, Inc. (Class A Stock)	70,210		2,415,224
Goldman Sachs Group, Inc. (The)	7,140		1,547,595
Harley-Davidson, Inc.	44,610		2,659,202
Intel Corp.	116,720		2,773,267

SEE NOTES TO FINANCIAL STATEMENTS.

A168

AST MFS GLOBAL EQUITY PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
United States (cont’d.)
Johnson & Johnson	91,040	$	5,609,885
Lilly, (Eli) & Co.	26,150		1,461,262
Medtronic, Inc.	54,380		2,820,147
NIKE, Inc. (Class B Stock)	66,180		3,857,632
Oracle Corp.*	128,460		2,531,947
PepsiCo, Inc.	38,230		2,479,216
Pitney Bowes, Inc.	14,100		660,162
Praxair, Inc.	57,630		4,148,784
Procter & Gamble Co.	33,858		2,071,771
Rockwell Automation, Inc.	40,660		2,823,430
Sally Beauty Holdings, Inc.(a)*	51,410		462,690
Sigma Aldrich Corp.	25,200		1,075,284
State Street Corp.	48,540		3,320,136
Thermo Fisher Scientific, Inc.*	41,420		2,142,242
United Parcel Service, Inc. (Class B Stock)(a)	37,720		2,753,560
Viacom, Inc. (Class B Stock)*	39,220		1,632,729
Wal-Mart Stores, Inc.	40,730		1,959,520
Walt Disney Co. (The)	60,660		2,070,932
			78,519,486
TOTAL LONG-TERM INVESTMENTS
(cost $179,713,304)			210,862,300

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
SHORT-TERM INVESTMENTS — 4.1%
COMMERCIAL PAPER — 1.5%
CRC Funding(n) (cost $3,280,511)
5.36%	07/02/07	NR	$	3,281	$	3,280,511
				Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 2.6%
Dryden Core Investment Fund – Taxable Money Market Series (cost $5,545,797; includes 5,545,489 of cash collateral for securities on loan)(b)(w) (Note 4)				5,545,797		5,545,797
TOTAL SHORT-TERM INVESTMENTS
(cost $8,826,308)						8,826,308
TOTAL INVESTMENTS(o) — 103.3%
(cost $188,539,612; Note 6)						219,688,608
Liabilities in excess of other assets(x) — (3.3)%						(7,106,714	)
NET ASSETS — 100.0%					$	212,581,894

The following abbreviations are used in portfolio descriptions:
EUR	Euro
GBP	British Pound
NR	Not Rated by Moody’s or Standard & Poor’s
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $5,337,547; cash collateral of $5,545,489 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(n)	Rates shown are the effective yields at purchase date.
(o)	As of June 30, 2007, 43 securities representing $102,391,876 and 48.2% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized appreciation on forward foreign currency exchange contracts as follows:
Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional
Purchase		Amount	Value at Settlement			Current	Unrealized
Contracts		(000)	Date Payable			Value	Appreciation
Euros,
Expiring 07/03/07	EUR	61	$	82,365	$	82,881	$	516
Pounds Sterling,
Expiring 07/03/07	GBP	0		398		399		1
Swiss Francs,
Expiring 07/03/07	GBP	173		140,501		141,617		1,116
			$	223,264	$	224,897	$	1,633

SEE NOTES TO FINANCIAL STATEMENTS.

A169

AST MFS GLOBAL EQUITY PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Financial – Bank & Trust	11.8	%
Chemicals	7.5
Pharmaceuticals	5.7
Insurance	5.5
Consumer Products & Services	5.5
Electronic Components & Equipment	4.9
Beverages	4.7
Food	4.5
Oil, Gas & Consumable Fuels	4.4
Entertainment & Leisure	3.2
Semiconductors	2.8
Retail & Merchandising	2.6
Affiliated Money Market Mutual Fund (2.6% represents investments purchased with collateral from securities on loan)	2.6
Office Equipment	2.4
Automobile Manufacturers	2.4
Transportation	2.4
Diversified Manufacturing	2.1
Packaging	2.1
Financial Services	1.9
Telecommunications	1.8
Computer Services & Software	1.7
Utilities	1.6
Conglomerates	1.6
Commercial Paper	1.5
Oil, Gas & Consumable Fuels	1.4
Advertising	1.4
Medical Supplies & Equipment	1.3
Construction & Engineering	1.3
Machinery & Equipment	1.0
Diversified Financial Services	0.9
Retail	0.9
Biotechnology	0.8
Business Services	0.8
Broadcasting	0.8
Gaming	0.8
Aerospace	0.7
Precious Metals	0.7
Automotive Parts	0.6
Oil & Gas	0.6
Railroads	0.5
Building Materials	0.5
Media	0.4
Electronic Equipment & Instruments	0.4
Construction	0.3
	103.3
Liabilities in excess of other assets	(3.3	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A170

AST MFS GLOBAL EQUITY PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES

(Unaudited)

June 30, 2007

ASSETS:
Investments at value, including securities on loan of $5,337,547:
Unaffiliated investments (cost $182,993,815)	$	214,142,811
Affiliated investments (cost $5,545,797)		5,545,797
Cash		525
Receivable for investments sold		1,606,600
Dividends and interest receivable		666,701
Receivable for fund share sold		12,046
Unrealized appreciation on foreign currency forward contracts		1,633
Prepaid expenses		1,374
Total Assets		221,977,487
LIABILITIES:
Payable to broker for collateral for securities on loan		5,545,489
Payable for fund share repurchased		2,087,102
Payable for investments purchased		1,609,369
Advisory fees payable		89,369
Accrued expenses and other liabilities		63,033
Shareholder servicing fees payable		1,231
Total Liabilities		9,395,593
NET ASSETS	$	212,581,894
Net assets were comprised of:
Paid-in capital	$	134,699,017
Retained earnings		77,882,877
Net assets, June 30, 2007	$	212,581,894
Net asset value and redemption price per share, $212,581,894/13,545,621 outstanding shares of beneficial interest	$	15.69

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $316,427 foreign withholding tax)	$	2,779,774
Unaffiliated interest		81,371
Affiliated dividend income		1,983
Affiliated income from securities lending, net		1,723
		2,864,851
EXPENSES
Advisory fees		1,153,486
Shareholder servicing fees and expenses		80,744
Custodian and accounting fees		77,000
Loan interest expense (Note 7)		22,440
Audit fee		11,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		5,000
Legal fees and expenses		4,000
Shareholders’ reports		2,000
Insurance expenses		2,000
Miscellaneous		9,092
Total expenses		1,375,762
NET INVESTMENT INCOME		1,489,089
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain on:
Investment transactions		19,903,100
Foreign currency transactions		1,425
		19,904,525
Net change in unrealized appreciation (depreciation) on:
Investments		(6,217,025	)
Foreign currencies		(2,779	)
		(6,219,804	)
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		13,684,721
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,173,810

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	1,489,089			$	4,227,470
Net realized gain on investments and foreign currencies			19,904,525				21,386,497
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(6,219,804	)			14,266,527
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			15,173,810				39,880,494
DISTRIBUTIONS			—				(15,674,662	)
FUND SHARE TRANSACTIONS:
Fund share sold [1,860,350 and 8,408,177 shares, respectively]			28,165,260				113,758,107
Fund share issued in reinvestment of distributions [0 and 1,237,147 shares, respectively]			—				15,674,662
Fund share repurchased [5,481,235 and 4,237,443 shares, respectively]			(81,362,095	)			(55,691,550	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(53,196,835	)			73,741,219
TOTAL INCREASE (DECREASE) IN NET ASSETS			(38,023,025	)			97,947,051
NET ASSETS:
Beginning of period			250,604,919				152,657,868
End of period		$	212,581,894			$	250,604,919

SEE NOTES TO FINANCIAL STATEMENTS.

A171

AST MFS GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 100.4%		Value
COMMON STOCKS	Shares	(Note 2)
Aerospace & Defense — 3.0%
Boeing Co. (The)	17,800	$	1,711,648
Empresa Brasileira de Aeronautica SA, ADR (Brazil)(a)	53,680		2,587,913
United Technologies Corp.	119,560		8,480,391
			12,779,952
Beverages — 2.7%
Diageo PLC (United Kingdom)	220,500		4,583,073
PepsiCo, Inc.	108,320		7,024,552
			11,607,625
Biotechnology — 0.4%
Genentech, Inc.*	20,000		1,513,200
Business Services — 2.4%
Accenture Ltd. (Class A Stock)(a)	44,600		1,912,894
Amdocs Ltd.*	169,410		6,745,906
Fidelity National Information Services, Inc.	28,300		1,536,124
			10,194,924
Cable Television — 1.5%
Comcast Corp. (Class A Stock)*	219,950		6,184,994
Capital Markets — 0.2%
Franklin Resources, Inc.	6,700		887,549
Chemicals — 1.7%
Bayer AG (Germany)	30,900		2,339,677
Praxair, Inc.	70,200		5,053,698
			7,393,375
Commercial Services — 1.2%
Apollo Group, Inc. (Class A Stock)*(a)	87,100		5,089,253
Computer Hardware — 3.2%
Apple, Inc.*	35,120		4,286,045
Hewlett-Packard Co.	34,400		1,534,928
International Business Machines Corp.	40,900		4,304,725
Network Appliance, Inc.*	113,100		3,302,520
			13,428,218
Computer Services — 0.9%
EMC Corp.*	200,870		3,635,747
Computer Services & Software — 1.0%
GameStop Corp. (Class A Stock)*	43,000		1,681,300
Research in Motion Ltd.*	8,300		1,659,917
Western Union Co.	41,600		866,528
			4,207,745
Conglomerates — 3.5%
3M Co.	61,600		5,346,264
General Electric Co.	251,340		9,621,295
			14,967,559
Consumer Products & Services — 2.9%
Avon Products, Inc.	74,400		2,734,200
LVMH Moet Hennessy Louis Vuitton SA (France)	28,400		3,267,840
Procter & Gamble Co.	104,100		6,369,879
			12,371,919
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.	82,700		5,363,095
Electronic Components & Equipment — 0.6%
National Semiconductor Corp.	84,900		2,400,123
Energy Services — 1.0%
NRG Energy, Inc.*(a)	103,800		4,314,966
Entertainment & Leisure — 1.8%
International Game Technology Group, Inc.	63,900		2,536,830
Royal Caribbean Cruises Ltd.(a)	122,300		5,256,454
			7,793,284
Farming & Agriculture — 0.4%
Monsanto Co.	26,000		1,756,040
Financial – Bank & Trust — 3.6%
Mellon Financial Corp.(a)	131,000		5,764,000
State Street Corp.	137,500		9,405,000
			15,169,000
Financial – Securities/Asset Management — 0.5%
Affiliated Managers Group, Inc.*(a)	17,200		2,214,672
Financial Services — 4.3%
American Express Co.	52,009		3,181,911
Chicago Mercantile Exchange Holdings, Inc.	3,200		1,709,952
Deutsche Bank AG (Germany)	13,000		1,472,829
E*trade Financial Corp.*	88,200		1,948,338
Schwab, (Charles) Corp.	30,300		621,756
UBS AG (Switzerland)	153,694		9,191,565
			18,126,351
Food — 1.8%
Nestle SA (Switzerland)	19,847		7,541,335
Healthcare Services — 0.8%
Allscripts Healthcare Solutions*(a)	41,600		1,059,968
Millipore Corp.*(a)	29,800		2,237,682
			3,297,650
Hotels & Motels — 0.2%
MGM Mirage*	12,900		1,063,992
Industrial Products — 0.6%
Precision Castparts Corp.	20,600		2,500,016
Insurance — 1.5%
AFLAC, Inc.	66,700		3,428,380
WellPoint, Inc.*	39,000		3,113,370
			6,541,750

SEE NOTES TO FINANCIAL STATEMENTS.

A172

AST MFS GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Internet Services — 3.4%
Google, Inc. (Class A Stock)*	27,700	$	14,497,626
Machinery & Equipment — 2.5%
Rockwell Automation, Inc.	85,300		5,923,232
Thermo Fisher Scientific, Inc.*	90,000		4,654,800
			10,578,032
Media — 1.2%
McGraw-Hill Cos., Inc.	77,900		5,303,432
Medical Products — 0.2%
Cooper Cos., Inc. (The)	19,800		1,055,736
Medical Supplies & Equipment — 8.9%
Abbott Laboratories	40,400		2,163,420
Advanced Medical Optics*(a)	28,540		995,475
Amgen, Inc.*	30,830		1,704,591
Baxter International, Inc.	75,700		4,264,938
Cytyc Corp.*	111,100		4,789,521
DENTSPLY International, Inc.	115,300		4,411,378
Genzyme Corp.*	150,980		9,723,112
Medtronic, Inc.	144,690		7,503,623
St. Jude Medical, Inc.*(a)	49,800		2,066,202
			37,622,260
Miscellaneous Manufacturing — 1.8%
Danaher Corp.	99,100		7,482,050
Multimedia — 0.4%
News Corp. (Class A Stock)	78,200		1,658,622
Network/Hardware — 3.6%
Cisco Systems, Inc.*	327,060		9,108,621
Corning, Inc.*	66,300		1,693,965
Juniper Networks, Inc.*	70,700		1,779,519
QUALCOMM, Inc.	62,360		2,705,800
			15,287,905
Oil & Gas — 4.1%
Exxon Mobil Corp.	38,900		3,262,932
Halliburton Co.	92,500		3,191,250
Hess Corp.	37,700		2,242,773
Noble Corp. (Cayman Islands)	30,100		2,935,352
Oceaneering International, Inc.*	20,700		1,089,648
Schlumberger Ltd.	25,000		2,123,500
XTO Energy, Inc.	42,600		2,560,260
			17,405,715
Oil Well Services & Equipment — 1.4%
Baker Hughes, Inc.	73,000		6,141,490
Petroleum Exploration & Production — 0.2%
Ultra Petroleum Corp.*	15,400		850,696
Pharmaceuticals — 8.2%
Allergan, Inc.	65,800		3,792,712
Cardinal Health, Inc.	36,100		2,550,104
Celgene Corp.*(a)	25,900		1,484,847
Elan Corp. PLC, ADR (United Kingdom)*	60,800		1,333,344
Gilead Sciences, Inc.*	54,000		2,093,580
Johnson & Johnson	52,268		3,220,754
Medco Health Solutions, Inc.*	22,000		1,715,780
Merck & Co., Inc.	63,800		3,177,240
Roche Holding AG (Switzerland)	37,640		6,669,303
Teva Pharmaceutical Industries Ltd., ADR (Israel)	43,700		1,802,625
Wyeth	124,200		7,121,628
			34,961,917
Retail & Merchandising — 6.7%
CVS Corp.	170,318		6,208,091
Kohl’s Corp.*	15,600		1,108,068
Lowe’s Cos., Inc.(a)	162,400		4,984,056
NIKE, Inc. (Class B Stock)	39,400		2,296,626
Nordstrom, Inc.(a)	85,300		4,360,536
Staples, Inc.	106,100		2,517,753
Target Corp.	82,240		5,230,464
Wal-Mart Stores, Inc.	35,600		1,712,716
			28,418,310
Semiconductors — 4.6%
ASML Holding NV (Netherlands)*(a)	26,900		738,405
Intel Corp.	484,300		11,506,968
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	399,269		4,443,866
Texas Instruments, Inc.	74,400		2,799,672
			19,488,911
Software — 5.9%
Adobe Systems, Inc.*	133,300		5,351,995
Electronic Arts, Inc.*	25,160		1,190,571
Microsoft Corp.	281,370		8,291,974
Oracle Corp.*	510,620		10,064,320
			24,898,860
Telecommunications — 3.3%
America Movil SA de CV (Class LStock), ADR (Mexico)	85,560		5,298,731
American Tower Corp. (Class A Stock)*	50,800		2,133,600
AT&T, Inc.	108,100		4,486,150
Nokia Oyj (Finland)	76,300		2,142,907
			14,061,388
Transportation — 1.0%
FedEx Corp.	39,200		4,350,024
TOTAL LONG-TERM INVESTMENTS
(cost $400,000,541)			426,407,308

SEE NOTES TO FINANCIAL STATEMENTS.

A173

AST MFS GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount		Value
Rate	Date	Ratings	(000)#		(Note 2)
SHORT-TERM INVESTMENTS — 10.7%
COMMERCIAL PAPER — 1.8%
CRC Funding(h) (cost $7,710,852; purchased 06/27/07)
5.36%	07/02/07	NR	$	7,712	$	7,710,852
				Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 8.9%
Dryden Core Investment Fund – Taxable Money Market Series (cost $37,554,308; includes $37,554,142 of cash collateral for securities on loan)(b)(w) (Note 4)				37,554,308		37,554,308
TOTAL SHORT-TERM INVESTMENTS
(cost $45,265,160)						45,265,160
TOTAL INVESTMENTS — 111.1%
(cost $445,265,701; Note 6)						471,672,468
Liabilities in excess of other assets — (11.1)%						(47,184,515	)
NET ASSETS — 100.0%					$	424,487,953

The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
NR	Not Rated by Moody’s or Standard & Poor’s
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $36,682,437; cash collateral of $37,554,142 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(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. At the end of the current reporting period, the aggregate cost of such securities was $7,710,852. The aggregate market value of $7,710,852 is approximately 1.8% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Medical Supplies & Equipment	8.9	%
Affiliated Money Market Mutual Fund (8.8% represents investments purchased with collateral from securities on loan)	8.9
Pharmaceuticals	8.2
Retail & Merchandising	6.7
Software	5.9
Semiconductors	4.6
Financial Services	4.3
Oil & Gas	4.1
Network/Hardware	3.6
Financial – Bank & Trust	3.6
Conglomerates	3.5
Internet Services	3.4
Telecommunications	3.3
Computer Hardware	3.2
Aerospace & Defense	3.0
Consumer Products & Services	2.9
Beverages	2.7
Machinery & Equipment	2.5
Business Services	2.4
Entertainment & Leisure	1.8
Commercial Paper	1.8
Food	1.8
Miscellaneous Manufacturing	1.8
Chemicals	1.7
Insurance	1.5
Cable Television	1.5
Oil Well Services & Equipment	1.4
Cosmetics & Toiletries	1.3
Media	1.2
Commercial Services	1.2
Transportation	1.0
Energy Services	1.0
Computer Services & Software	1.0
Computer Services	0.9
Healthcare Services	0.8
Industrial Products	0.6
Electronic Components & Equipment	0.6
Financial – Securities/Asset Management	0.5
Farming & Agriculture	0.4
Multimedia	0.4
Biotechnology	0.4
Hotels & Motels	0.2
Medical Products	0.2
Capital Markets	0.2
Petroleum Exploration & Production	0.2
	111.1
Liabilities in excess of other assets	(11.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A174

AST MFS GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $36,682,437:
Unaffiliated investments (cost $407,711,393)	$	434,118,160
Affiliated investments (cost $37,554,308)		37,554,308
Cash		137
Receivable for investments sold		13,094,608
Dividends and interest receivable		522,591
Prepaid expenses		4,375
Receivable for fund share sold		781
Total Assets		485,294,960
LIABILITIES:
Payable to broker for collateral for securities on loan		37,554,142
Payable for investments purchased		19,612,930
Payable for fund share repurchased		3,416,840
Advisory fees payable		162,970
Accrued expenses and other liabilities		57,663
Shareholder servicing fees payable		2,462
Total Liabilities		60,807,007
NET ASSETS	$	424,487,953
Net assets were comprised of:
Paid-in capital	$	703,746,395
Retained earnings		(279,258,442	)
Net assets, June 30, 2007	$	424,487,953
Net asset value and redemption price per share, $424,487,953/41,702,149 outstanding shares of beneficial interest	$	10.18

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $103,128 foreign withholding tax)	$	2,521,186
Unaffiliated interest		435,354
Affiliated income from securities lending, net		28,208
Affiliated dividend income		1,149
		2,985,897
EXPENSES
Advisory fees		1,951,916
Shareholder servicing fees and expenses		151,816
Custodian and accounting fees		53,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		7,000
Insurance expenses		6,000
Legal fees and expenses		4,000
Shareholders’ reports		1,000
Miscellaneous		5,429
Total expenses		2,198,161
NET INVESTMENT INCOME		787,736
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		45,378,295
Foreign currency transactions		(37,779	)
		45,340,516
Net change in unrealized appreciation (depreciation) on:
Investments		(12,115,846	)
Foreign currencies		(1,087	)
		(12,116,933	)
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		33,223,583
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,011,319

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	787,736			$	123,441
Net realized gain on investments and foreign currencies			45,340,516				28,672,375
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(12,116,933	)			14,085,975
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			34,011,319				42,881,791
FUND SHARE TRANSACTIONS:
Fund share sold [457,408 and 1,503,076 shares, respectively]			4,451,586				13,304,313
Fund share repurchased [6,589,487 and 18,549,542 shares, respectively]			(64,419,498	)			(163,119,661	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(59,967,912	)			(149,815,348	)
TOTAL DECREASE IN NET ASSETS			(25,956,593	)			(106,933,557	)
NET ASSETS:
Beginning of period			450,444,546				557,378,103
End of period		$	424,487,953			$	450,444,546

SEE NOTES TO FINANCIAL STATEMENTS.

A175

AST MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 95.8%		Value
COMMON STOCKS	Shares	(Note 2)
Automotive Parts — 1.1%
BorgWarner, Inc.	30,700	$	2,641,428
Banks — 0.9%
Trust Northern Corp.	32,500		2,087,800
Business Services — 2.0%
URS Corp.*	98,100		4,762,755
Chemicals — 1.4%
Eastman Chemical Co.	28,700		1,846,271
International Flavors & Fragrances, Inc.	18,900		985,446
Valspar Corp.	14,700		417,627
			3,249,344
Clothing & Apparel — 2.0%
VF Corp.	52,700		4,826,266
Commercial Services — 1.0%
United Rentals, Inc.*(a)	74,600		2,427,484
Computer Hardware — 2.9%
Affiliated Computer Services, Inc. (Class A Stock)*	31,900		1,809,368
Cadence Design Systems, Inc.*(a)	226,800		4,980,528
			6,789,896
Computer Services & Software — 3.3%
Autodesk, Inc.*	42,100		1,982,068
Computer Sciences Corp.*	83,687		4,950,086
Global Payments, Inc.	24,300		963,495
			7,895,649
Construction — 1.6%
D.R. Horton, Inc.(a)	117,200		2,335,796
Pulte Homes, Inc.	64,900		1,457,005
			3,792,801
Consumer Non-Durables — 1.1%
Express Scripts, Inc.*(a)	51,200		2,560,512
Consumer Products & Services — 0.7%
Scotts Miracle-Gro Co., (The) (Class A Stock)	36,500		1,567,310
Containers & Packaging — 2.0%
Sonoco Products Co.	112,600		4,820,406
Diversified — 2.1%
AptarGroup, Inc.(a)	137,200		4,878,832
Diversified Financial Services — 1.9%
CIT Group, Inc.	47,200		2,587,976
Countrywide Financial Corp.(a)	52,900		1,922,915
			4,510,891
Drugs & Healthcare — 1.6%
MS Health, Inc.(a)	118,000		3,791,340
Electronic Components — 3.4%
Flextronics International Ltd. (Singapore)*(a)	462,800		4,998,240
Harman International Industries, Inc.	11,600		1,354,880
Integrys Energy Group, Inc.	33,300		1,689,309
			8,042,429
Entertainment & Leisure — 0.8%
Scientific Games Corp. (Class A Stock)*(a)	52,800		1,845,360
Financial – Bank & Trust — 2.7%
Astoria Financial Corp.(a)	70,400		1,762,816
Comerica, Inc.	77,900		4,632,713
			6,395,529
Financial – Brokerage — 1.1%
Edwards, (A.G.), Inc.	31,000		2,621,050
Financial Services — 3.7%
Eaton Vance Corp.	64,700		2,858,446
Jefferies Group, Inc.	67,700		1,826,546
MoneyGram International, Inc.	73,800		2,062,710
Raymond James Financial, Inc.	63,600		1,965,240
			8,712,942
Food Products — 1.0%
Sara Lee Corp.	69,200		1,204,080
Smucker, (J.M.) Co. (The)	16,200		1,031,292
			2,235,372
Gas Utilities — 0.1%
Energen Corp.	4,400		241,374
Healthcare Providers & Services — 2.1%
Covance, Inc.*	44,600		3,057,776
Coventry Health Care, Inc.*	32,600		1,879,390
			4,937,166
Hotels, Restaurants & Leisure — 1.9%
International Game Technology	62,100		2,465,370
Yum! Brands, Inc.	64,400		2,107,168
			4,572,538
Insurance — 9.0%
CIGNA Corp.	24,600		1,284,612
Lincoln National Corp.	51,400		3,646,830
Nationwide Financial Services, Inc. (Class A Stock)	35,100		2,219,022
Old Republic International Corp.	231,725		4,926,473
Protective Life Corp.	52,300		2,500,463
Reinsurance Group of America, Inc.	28,100		1,692,744
Safeco Corp.(a)	80,600		5,018,156
			21,288,300
Machinery — 2.2%
Cummins, Inc.	50,900		5,151,589
Machinery & Equipment — 1.3%
Eaton Corp.	27,700		2,576,100
Snap-on, Inc.	11,400		575,814
			3,151,914

SEE NOTES TO FINANCIAL STATEMENTS.

A176

AST MID-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Manufacturing — 1.1%
Harsco Corp.		48,100	$	2,501,200
Medical Supplies & Equipment — 4.0%
Bard (C.R.), Inc.		19,000		1,569,970
Beckman Coulter, Inc.(a)		98,500		6,370,980
Biomet, Inc.*		34,100		1,559,052
				9,500,002
Oil, Gas & Consumable Fuels — 6.4%
Chesapeake Energy Corp.		54,900		1,899,540
Newfield Exploration Co.*		46,600		2,122,630
Noble Corp. (Cayman Islands)		24,600		2,398,992
Pioneer Natural Resources Co.(a)		41,000		1,997,110
Questar Corp.		67,300		3,556,805
XTO Energy, Inc.		51,000		3,065,100
				15,040,177
Pharmaceuticals — 0.9%
Barr Pharmaceuticals, Inc.*		41,300		2,074,499
Printing & Publishing — 2.1%
Donnelley, (R.R.) & Sons Co.		114,000		4,960,140
Railroads — 0.9%
Union Pacific Corp.		17,700		2,038,155
Real Estate — 1.0%
Boston Properties, Inc.(a)		23,600		2,410,268
Real Estate Investment Trusts — 4.3%
Apartment Investment & Management Co. (Class A Stock)(a)		40,500		2,042,010
Duke Realty Corp.(a)		127,500		4,547,925
East West Bancorp, Inc.(a)		43,700		1,699,056
Simon Property Group, Inc.		21,100		1,963,144
				10,252,135
Restaurants — 3.5%
Brinker International, Inc.		45,700		1,337,639
Darden Restaurants, Inc.		158,700		6,981,213
				8,318,852
Retail & Merchandising — 3.4%
Family Dollar Stores, Inc.		70,700		2,426,424
Guitar Center, Inc.*(a)		28,900		1,728,509
Ruddick Corp.		77,400		2,331,288
TJX Cos., Inc.		60,000		1,650,000
				8,136,221
Semiconductors — 1.8%
International Rectifier Corp.*		49,100		1,829,466
Microchip Technology, Inc.(a)		66,900		2,477,976
				4,307,442
Telecommunication Services — 1.1%
Harris Corp.(a)		47,600		2,596,580
Telecommunications — 2.6%
American Tower Corp. (Class A Stock)*		85,600		3,595,200
Corning, Inc.*		100,800		2,575,440
				6,170,640
Transportation — 3.4%
CSX Corp.		49,800		2,244,984
GATX Corp.(a)		46,300		2,280,275
Werner Enterprises, Inc.		179,000		3,606,850
				8,132,109
Utilities — 4.4%
Consol Energy, Inc.		29,700		1,369,467
Idacorp, Inc.(a)		143,600		4,600,944
Pinnacle West Capital Corp.		111,600		4,447,260
				10,417,671
TOTAL LONG-TERM INVESTMENTS
(cost $202,366,454)				226,654,368
SHORT-TERM INVESTMENT — 25.3%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $60,007,277; includes $49,156,359 of cash collateral for securities on loan)(b)(w) (Note 4)		60,007,277		60,007,277
TOTAL INVESTMENTS — 121.1%
(cost $262,373,731; Note 6)				286,661,645
Liabilities in excess of other assets — (21.1)%				(49,963,922	)
NET ASSETS — 100.0%			$	236,697,723

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $47,352,582; cash collateral of $49,156,359 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A177

AST MID-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (20.8% represents investments purchased with collateral from securities on loan)	25.3	%
Insurance	9.0
Oil, Gas & Consumable Fuels	6.4
Utilities	4.4
Real Estate Investment Trusts	4.3
Medical Supplies & Equipment	4.0
Financial Services	3.7
Restaurants	3.5
Retail & Merchandising	3.4
Transportation	3.4
Electronic Components	3.4
Computer Services & Software	3.3
Computer Hardware	2.9
Financial – Bank & Trust	2.7
Telecommunications	2.6
Machinery	2.2
Printing & Publishing	2.1
Healthcare Providers & Services	2.1
Diversified	2.1
Clothing & Apparel	2.0
Containers & Packaging	2.0
Business Services	2.0
Hotels, Restaurants & Leisure	1.9
Diversified Financial Services	1.9
Semiconductors	1.8
Construction	1.6
Drugs & Healthcare	1.6
Chemicals	1.4
Machinery & Equipment	1.3
Automotive Parts	1.1
Financial – Brokerage	1.1
Telecommunication Services	1.1
Consumer Non-durables	1.1
Manufacturing	1.1
Commercial Services	1.0
Real Estate	1.0
Food Products	1.0
Banks	0.9
Pharmaceuticals	0.9
Railroads	0.9
Entertainment & Leisure	0.8
Consumer Products & Services	0.7
Gas Utilities	0.1
	121.1
Liabilities in excess of other assets	(21.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A178

AST MID-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $47,352,582:
Unaffiliated investments (cost $202,366,454)	$	226,654,368
Affiliated investments (cost $60,007,277)		60,007,277
Receivable for investments sold		1,820,356
Dividends and interest receivable		213,717
Receivable for fund share sold		130,823
Prepaid expenses		6,071
Tax reclaim receivable		4,796
Total Assets		288,837,408
LIABILITIES:
Payable to broker for collateral for securities on loan		49,156,359
Payable to custodian		1,789,015
Payable for investments purchased		841,870
Payable for fund share repurchased		243,705
Advisory fees payable		107,610
Shareholder servicing fees payable		1,126
Total Liabilities		52,139,685
NET ASSETS	$	236,697,723
Net assets were comprised of:
Paid-in capital	$	200,764,963
Retained earnings		35,932,760
Net assets, June 30, 2007	$	236,697,723
Net asset value and redemption price per share, $236,697,723/17,950,954 outstanding shares of beneficial interest	$	13.19

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income	$	1,517,542
Affiliated dividend income		249,317
Affiliated income from securities lending, net		18,021
		1,784,880
EXPENSES
Advisory fees		928,243
Shareholder servicing fees and expenses		68,397
Custodian and accounting fees		36,000
Audit fee		10,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		5,000
Trustees’ fees		5,000
Insurance expenses		2,000
Shareholders’ reports		1,000
Miscellaneous		5,402
Total expenses		1,070,042
NET INVESTMENT INCOME		714,838
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain on investment transactions		4,519,604
Net change in unrealized appreciation (depreciation) on:
Investments		11,903,375
Foreign currencies		61
		11,903,436
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		16,423,040
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,137,878

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	714,838			$	763,676
Net realized gain on investments and foreign currencies			4,519,604				5,780,188
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			11,903,436				12,907,433
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			17,137,878				19,451,297
DISTRIBUTIONS			—				(25,693,154	)
FUND SHARE TRANSACTIONS:
Fund share sold [8,102,678 and 1,807,342 shares, respectively]			102,125,310				21,181,417
Fund share issued in reinvestment of distributions [0 and 2,263,714 shares, respectively]			—				25,693,154
Fund share repurchased [2,667,363 and 4,327,318 shares, respectively]			(34,049,504	)			(50,443,517	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			68,075,806				(3,568,946	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			85,213,684				(9,810,803	)
NET ASSETS:
Beginning of period			151,484,039				161,294,842
End of period		$	236,697,723			$	151,484,039

SEE NOTES TO FINANCIAL STATEMENTS.

A179

AST MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

								Principal
	Moody’s		Interest			Maturity		Amount		Value
	Ratings		Rate			Date		(000)#		(Note 2)
COMMERCIAL PAPER(n) — 53.4%
Amsterdam Funding, 144A		P-1		5.26	%		08/17/07	$	40,000	$	39,731,155
Astrazeneca PLC, 144A		P-1		5.27	%		08/10/07		35,000		34,800,179
Astrazeneca PLC, 144A		P-1		5.28	%		08/20/07		9,000		8,935,320
Bank of America,		P-1		5.29	%		05/22/08		50,000		50,000,000
BP Capital Markets, 144A		P-1		5.40	%		07/02/07		34,436		34,436,000
Bryant Park Funding, 144A		P-1		5.29	%		07/17/07		40,167		40,078,465
Bryant Park Funding, 144A		P-1		5.34	%		07/23/07		6,093		6,074,020
Bryant Park Funding, 144A		P-1		5.29	%		08/28/07		6,536		6,481,256
Cafco LLC, 144A		P-1		5.26	%		08/02/07		46,725		46,513,362
Cafco LLC, 144A		P-1		5.26	%		08/06/07		17,800		17,708,973
Deutsche Bank		P-1		5.205	%		08/13/07		80,000		79,514,200
Edison Asset Securitization LLC, 144A		P-1		5.20	%		07/30/07		4,000		3,983,822
Falcon Asset Securitization Corp., 144A		P-1		5.30	%		07/24/07		24,000		23,922,267
Falcon Asset Securitization Corp., 144A		P-1		5.265	%		07/27/07		4,000		3,985,375
Falcon Asset Securitization Corp., 144A		P-1		5.28	%		08/08/07		20,441		20,330,073
General Electric Capital Corp.		P-1		5.20	%		07/23/07		78,000		77,763,604
General Electric Capital Corp.		P-1		5.16	%		10/26/07		12,000		11,800,480
ING America Insurance Holdings		P-1		5.23	%		07/19/07		35,000		34,913,560
Intesa Funding LLC		P-1		5.28	%		09/14/07		30,000		29,674,400
Jupiter Securitization Corp., 144A		P-1		5.32	%		07/27/07		20,000		19,926,111
Jupiter Securitization Corp., 144A		P-1		5.27	%		07/30/07		12,000		11,950,813
Jupiter Securitization Corp., 144A		P-1		5.32	%		07/30/07		14,944		14,882,165
Long Lane Master Trust, 144A		P-1		5.28	%		07/06/07		15,274		15,265,039
Long Lane Master Trust, 144A		P-1		5.30	%		07/11/07		9,545		9,532,353
Long Lane Master Trust, 144A		P-1		5.28	%		07/16/07		2,126		2,121,635
Long Lane Master Trust, 144A		P-1		5.31	%		07/23/07		30,170		30,076,548
Northern Rock PLC, 144A		P-1		5.235	%		08/10/07		66,596		66,218,317
Northern Rock PLC, 144A		P-1		5.29	%		09/26/07		10,000		9,873,628
Nyala Funding LLC, 144A		P-1		5.25	%		08/15/07		8,000		7,948,667
Old Line Funding Corp., 144A		P-1		5.27	%		07/12/07		46,312		46,244,204
Park Granada LLC, 144A		P-1		5.40	%		07/02/07		35,000		35,000,000
Prudential PLC, 144A		P-1		5.10	%		02/11/08		21,500		20,817,733
Sanofi-Aventis, 144A		P-1		5.31	%		07/31/07		20,000		19,914,450
St. George Bank Ltd., 144A		P-1		5.28	%		07/09/07		15,000		14,984,600
Swedbank Mortgage AB		P-1		5.15	%		09/13/07		21,000		20,780,696
Swedbank Mortgage AB, 144A		P-1		5.19	%		10/11/07		30,000		29,563,175
Triple A One Funding Corp., 144A		P-1		5.28	%		07/09/07		17,330		17,312,208
Tulip Funding Corp., 144A		P-1		5.30	%		07/05/07		9,000		8,996,025
Tulip Funding Corp., 144A		P-1		5.34	%		07/30/07		5,000		4,979,233
Tulip Funding Corp., 144A		P-1		5.34	%		07/31/07		47,000		46,797,822
Westpac Banking Corp., 144A		P-1		5.18	%		10/16/07		15,000		14,771,217
Windmill Funding Corp., 144A		P-1		5.27	%		07/19/07		20,000		19,950,228
Windmill Funding Corp., 144A		P-1		5.30	%		07/24/07		50,000		49,838,056
											1,108,391,434
CERTIFICATES OF DEPOSIT — 17.3%
Bank of The West		P-1		5.31	%(c)		11/19/07		37,350		37,352,844
Barclays Bank PLC		P-1		5.265	%		10/26/07		50,000		49,995,972
Barclays Bank PLC		P-1		5.35	%		05/09/08		40,000		40,000,000
BNP Paribas S.A.		P-1		5.26	%		10/03/07		50,000		49,996,174
Fortis Bank NY		P-1		5.27	%(c)		12/12/07		40,000		39,996,455
Societe Generale NY		P-1		5.271	%(c)		07/02/07		100,000		100,000,000
Suntrust Bank Altanta		P-1		5.265	%		09/14/07		21,000		20,999,159
Suntrust Bank Altanta		P-1		5.29	%		10/29/07		21,000		20,999,945
											359,340,549

SEE NOTES TO FINANCIAL STATEMENTS.

A180

AST MONEY MARKET PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

								Principal
	Moody’s		Interest			Maturity		Amount		Value
	Ratings		Rate			Date		(000)#		(Note 2)
CORPORATE OBLIGATIONS — 26.7%
American Express Centurion Bank		Aa3		5.29	%(c)		07/18/07	$	14,000	$	14,000,000
American Express Credit Corp., MTN		Aa3		5.42	%(c)		03/05/08		17,800		17,807,006
American General Finance Corp., 144A, MTN		A1		5.37	%(c)		07/15/08		5,000		5,000,000
Banco Espanol De Credito, Sr. Unsub. Notes, 144A, MTN		Aa3		5.335	%		04/18/08		50,000		50,000,000
Caja Madrid		Aa1		5.36	%(c)		05/12/08		24,000		24,000,000
Caterpillar Financial Services, MTN		A2		5.29	%		06/08/08		12,000		12,000,000
DNB Nor Bank ASA, 144A		Aa1		5.32	%(c)		07/25/08		50,000		50,000,000
HSBC Finance Corp., MTN		Aa3		5.33	%(c)		07/03/08		60,000		60,000,000
HSBC USA, Inc., Sr. Notes, MTN		Aa3		5.32	%(c)		07/15/08		500		500,000
Irish Life & Permanent PLC, 144A, MTN		A1		5.36	%(c)		07/21/08		2,000		2,000,000
JPMorgan Chase & Co., MTN		Aa2		5.30	%		07/11/08		47,000		47,000,000
JPMorgan Chase & Co., MTN		Aa2		5.29	%(c)		07/02/08		35,000		35,000,000
Kommunalkredit Austria, 144A		Aa3		5.34	%		07/22/08		11,000		11,000,000
Merrill Lynch & Co., Notes, MTN		Aa3		5.33	%(c)		07/15/08		500		500,076
Metropolitan Life Insurance Co.(h)
(cost $42,000,000 purchased 04/02/07)		A2		5.38	%		04/01/08		42,000		42,000,000
Morgan Stanley		Aa3		5.48	%		07/27/07		40,000		40,004,187
Morgan Stanley, Sr. Notes, MTN		Aa3		5.484	%		01/18/08		27,000		27,021,421
Nationwide Building Society, 144A		Aa3		5.44	%(c)		07/28/08		72,000		72,019,785
Nationwide Building Society, 144A, MTN		Aa3		5.37	%(c)		07/07/08		5,000		5,000,000
Nordea Bank AB, 144A		Aa1		5.31	%(c)		07/08/08		40,000		40,000,000
											554,852,475
LOAN PARTICIPATIONS — 2.2%
Cargill Global Funding PLC		P-1		5.32	%		07/20/07		37,000		37,000,000
Mcgraw-Hill Co. (The)		P-1		5.37	%		09/25/07		8,000		8,000,000
											45,000,000
TOTAL INVESTMENTS — 99.6%
(cost $2,067,584,458; Note 6) †											2,067,584,458
Other assets in excess of liabilities — 0.4%											8,585,437
NET ASSETS — 100.0%										$	2,076,169,895

	The following abbreviations are used in portfolio descriptions:
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.
MTN	Medium Term Note
#	Principal amount is shown in U.S. dollars unless otherwise stated.
†	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(c)	Indicates a variable rate security.
(h)	Security is restricted 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 security was $42,000,000. The aggregate market value of $42,000,000 is approximately 2.0% of net assets. This security has been deemed to be liquid under procedures established by the Board of Trustees.
(n)	Rates shown are the effective yields at purchase date.
The security classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:

Commercial Paper	53.4	%
Corporate Obligations	26.7
Certificates of Deposit	17.3
Loan Participation	2.2
	99.6
Other assets in excess of liabilities	0.4
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A181

AST MONEY MARKET PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Unaffiliated investments (cost $2,067,584,458)	$	2,067,584,458
Cash		727
Dividends and interest receivable		4,826,003
Receivable for fund share sold		4,402,883
Prepaid expenses		21,125
Total Assets		2,076,835,196
LIABILITIES:
Dividends and distributions		279,218
Accrued expenses and other liabilities		200,897
Advisory fees payable		165,380
Shareholder servicing fees payable		19,795
Payable for fund share repurchased		11
Total Liabilities		665,301
NET ASSETS	$	2,076,169,895
Net assets were comprised of:
Paid-in capital	$	2,076,458,777
Retained earnings		(288,882	)
Net assets, June 30, 2007	$	2,076,169,895
Net asset value and redemption price per share, $2,076,169,895/2,076,481,228 outstanding shares of beneficial interest	$	1.00

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	50,916,621
EXPENSES
Advisory fees		4,720,748
Shareholder servicing fees and expenses		660,905
Custodian and accounting fees		141,000
Insurance expenses		35,000
Trustees’ fees		12,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Shareholders’ reports		7,000
Legal fees and expenses		5,000
Miscellaneous		5,278
Total expenses		5,603,931
Less: advisory fee waivers		(352,868	)
Net expenses		5,251,063
NET INVESTMENT INCOME		45,665,558
NET REALIZED LOSS ON INVESTMENTS
Net realized loss on investment transactions		(1,856	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,663,702

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	45,665,558			$	90,027,492
Net realized loss on investments			(1,856	)			(70,810	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			45,663,702				89,956,682
DISTRIBUTIONS			(45,646,986	)			(90,022,359	)
FUND SHARE TRANSACTIONS:
Fund share sold [2,323,588,904 and 4,340,249,946 shares, respectively]			2,323,588,906				4,340,240,665
Fund share issued in reinvestment of distributions [45,377,237 and 90,013,079 shares, respectively]			45,377,237				90,022,359
Fund share repurchased [1,984,909,179 and 4,377,741,560 shares, respectively]			(1,984,909,179	)			(4,377,741,560	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			384,056,964				52,521,464
TOTAL INCREASE IN NET ASSETS			384,073,680				52,455,787
NET ASSETS:
Beginning of period			1,692,096,215				1,639,640,428
End of period		$	2,076,169,895			$	1,692,096,215

SEE NOTES TO FINANCIAL STATEMENTS.

A182

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 97.8%			Value
COMMON STOCKS	Shares		(Note 2)
Advertising — 2.7%
aQuantive, Inc.*		100,000	$	6,380,000
Focus Media Holding Ltd., ADR (Cayman Islands)*(a)		170,000		8,585,000
Lamar Advertising Co. (Class A Stock)		105,000		6,589,800
				21,554,800
Aerospace — 3.3%
AerCap Holdings NV* (Netherlands)		130,000		4,160,000
BE Aerospace, Inc.*		210,000		8,673,000
CAE, Inc. (Canada)		275,000		3,668,500
Rockwell Collins, Inc.		139,400		9,847,216
				26,348,716
Banks — 0.6%
Northern Trust Corp.		70,000		4,496,800
Beverages — 0.9%
Hansen Natural Corp.*		170,000		7,306,600
Biotechnology — 1.7%
Celgene Corp.*(a)		240,000		13,759,200
Broadcasting — 1.1%
Liberty Global, Inc. (Class A Stock)*(a)		220,000		9,028,800
Business Services — 3.6%
Alliance Data Systems Corp.*		125,000		9,660,000
Iron Mountain, Inc.*(a)		180,000		4,703,400
MasterCard, Inc. (Class A Stock)		60,000		9,952,200
NAVTEQ Corp.*(a)		100,000		4,234,000
				28,549,600
Cable Television — 0.5%
Virgin Media, Inc. (United Kingdom)(a)		160,000		3,899,200
Chemicals — 1.9%
Airgas, Inc.		189,500		9,077,050
Ecolab, Inc.(a)		150,000		6,405,000
				15,482,050
Clothing & Apparel — 2.4%
Coach, Inc.*		310,000		14,690,900
Polo Ralph Lauren Corp.		50,000		4,905,500
				19,596,400
Commercial Services — 1.9%
Corrections Corp. of America*(a)		100,000		6,311,000
Pharmaceutical Product Development, Inc.		227,500		8,706,425
				15,017,425
Computer Hardware — 1.9%
Cognizant Technology Solutions Corp. (Class A Stock)*		201,500		15,130,635
Computer Services & Software — 5.8%
Activision, Inc.*		315,000		5,881,050
Akamai Technologies, Inc.*(a)		150,000		7,296,000
Allscripts Healthcare Solutions, Inc.*(a)		250,000		6,370,000
Autodesk, Inc.*		168,300		7,923,564
Cerner Corp.*(a)		175,000		9,707,250
Equinix, Inc.*(a)		35,000		3,201,450
IHS, Inc. (Class A Stock)*		87,500		4,025,000
Salesforce.Com, Inc.*(a)		52,000		2,228,720
				46,633,034
Computer Software — 0.5%
Intuit, Inc.*		130,000		3,910,400
Consumer Products & Services — 1.5%
Bare Escentuals, Inc.*		140,000		4,781,000
Chattem, Inc.*(a)		115,000		7,288,700
				12,069,700
Diversified — 0.4%
Roper Industries, Inc.(a)		60,000		3,426,000
Diversified Financial Services — 1.7%
GFI Group, Inc.*(a)		80,000		5,798,400
Moody’s Corp.		130,000		8,086,000
				13,884,400
Electronic Components — 1.1%
Trimble Navigation Ltd.*		272,500		8,774,500
Electronic Components & Equipment — 0.4%
GSI Commerce, Inc.*(a)		125,000		2,838,750
Energy Equipment & Services — 0.2%
Input Output, Inc.*(a)		120,000		1,873,200
Engineering/R&D Services — 1.1%
Fluor Corp.		80,000		8,909,600
Entertainment & Leisure — 4.0%
Gaylord Entertainment Co.*(a)		142,500		7,643,700
Penn National Gaming, Inc.*(a)		200,000		12,018,000
Scientific Games Corp. (Class A Stock)*(a)		155,000		5,417,250
WMS Industries, Inc.*(a)		255,000		7,359,300
				32,438,250
Financial Services — 2.9%
Chicago Mercantile Exchange Holdings, Inc.(a)		24,000		12,824,640
Nuveen Investments, Inc. (Class A Stock)(a)		170,000		10,565,500
				23,390,140
Food Products — 0.5%
Corn Products International, Inc.		80,500		3,658,725
Healthcare Providers & Services — 0.4%
Express Scripts, Inc.*(a)		70,000		3,500,700

SEE NOTES TO FINANCIAL STATEMENTS.

A183

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Healthcare Services — 2.6%
Healthways, Inc.*(a)		105,000	$	4,973,850
Psychiatric Solutions, Inc.*(a)		172,200		6,243,972
VCA Antech, Inc.*		184,100		6,938,729
WebMD Health Corp. (Class A Stock)*(a)		60,000		2,824,200
				20,980,751
Hotels, Restaurants & Leisure — 2.2%
Hilton Hotels Corp.		164,700		5,512,509
Marriott International, Inc. (Class A Stock)		150,000		6,486,000
Orient-Express Hotels Ltd. (Class A Stock) (Bermuda)		110,000		5,874,000
				17,872,509
Industrial Products — 2.7%
Fastenal Co.(a)		130,000		5,441,800
Precision Castparts Corp.		132,000		16,019,520
				21,461,320
Internet Services — 1.3%
F5 Networks, Inc.*(a)		70,000		5,642,000
Juniper Networks, Inc.*(a)		200,000		5,034,000
				10,676,000
Machinery & Equipment — 0.5%
Terex Corp.*		50,000		4,065,000
Manufacturing — 1.0%
Danaher Corp.		104,500		7,889,750
Media & Entertainment — 0.2%
BigBand Networks, Inc.*(a)		116,400		1,526,004
Medical Supplies & Equipment — 6.8%
Bard, (C.R.), Inc.		85,000		7,023,550
Cytyc Corp.*(a)		278,600		12,010,446
Gen-Probe, Inc.*		126,500		7,643,130
Hologic, Inc.*(a)		126,700		7,007,777
IDEXX Laboratories, Inc.*		40,000		3,785,200
Intuitive Surgical, Inc.*		30,000		4,163,100
Kyphon, Inc.*(a)		184,500		8,883,675
ResMed, Inc.*(a)		100,000		4,126,000
				54,642,878
Metals & Mining — 0.5%
Freeport-McMoRan Copper & Gold, Inc.		50,000		4,141,000
Multi-Line Retail — 0.6%
Dollar Tree Stores, Inc.*		100,000		4,355,000
Oil & Gas Equipment & Services — 0.3%
Grant Prideco, Inc.*		50,000		2,691,500
Oil, Gas & Consumable Fuels — 7.6%
Denbury Resources, Inc.*		298,400		11,190,000
Dresser-Rand Group, Inc.*		200,000		7,900,000
Murphy Oil Corp.		65,000		3,863,600
National Oilwell Varco, Inc.*		133,600		13,926,464
Range Resources Corp.		249,500		9,333,795
Smith International, Inc.(a)		140,000		8,209,600
XTO Energy, Inc.		115,000		6,911,500
				61,334,959
Pharmaceuticals — 2.1%
Cephalon, Inc.*(a)		60,000		4,823,400
Gilead Sciences, Inc.*(a)		150,000		5,815,500
Shire PLC, ADR (United Kingdom)(a)		85,000		6,301,050
				16,939,950
Printing & Publishing — 0.7%
VistaPrint Ltd. (Bermuda)*(a)		155,000		5,928,750
Real Estate — 2.1%
CB Richard Ellis Group, Inc.*(a)		470,000		17,155,000
Retail & Merchandising — 2.8%
Nordstrom, Inc.(a)		175,000		8,946,000
PetSmart, Inc.(a)		150,000		4,867,500
Shoppers Drug Mart Corp.		180,000		8,337,600
				22,151,100
Retail Apparel — 0.6%
Abercrombie & Fitch Co. (Class A Stock)		64,000		4,670,720
Semiconductors — 3.7%
Altera Corp.(a)		102,500		2,268,325
MEMC Electronic Materials, Inc.*		115,000		7,028,800
Microchip Technology, Inc.(a)		206,800		7,659,872
Netlogic Microsystems, Inc.*(a)		110,000		3,502,400
NVIDIA Corp.*(a)		110,000		4,544,100
Varian Semiconductor Equipment Associates, Inc.*		120,000		4,807,200
				29,810,697
Software — 0.5%
Citrix Systems, Inc.*(a)		120,000		4,040,400
Telecommunications — 13.5%
American Tower Corp. (Class A Stock)*		241,100		10,126,200
Arris Group, Inc.*(a)		600,000		10,554,000
Clearwire Corp. (Class A Stock)*(a)		100,000		2,443,000
Dobson Communications Corp. (Class A Stock)*(a)		550,000		6,110,500
Foundry Networks, Inc.*(a)		171,200		2,852,192
Harris Corp.(a)		100,000		5,455,000
Leap Wireless International, Inc.*(a)		215,000		18,167,500
MetroPCS Communications, Inc.*		223,600		7,387,744
NeuStar, Inc. (Class A Stock)*(a)		225,000		6,518,250
NII Holdings, Inc.*(a)		278,700		22,502,238
SBA Communications Corp. (Class A Stock)*(a)		200,000		6,718,000
VeriFone Holdings, Inc.*(a)		275,000		9,693,750
				108,528,374

SEE NOTES TO FINANCIAL STATEMENTS.

A184

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Transportation — 1.4%
C.H. Robinson Worldwide, Inc.(a)		110,000	$	5,777,200
Expeditors International Washington, Inc.		130,000		5,369,000
				11,146,200
Utilities — 0.5%
Mirant Corp.*		100,000		4,265,000
Waste Management — 0.6%
Stericycle, Inc.*(a)		100,000		4,446,000
TOTAL LONG-TERM INVESTMENTS
(cost $543,929,864)				786,196,487
SHORT-TERM INVESTMENT — 40.3%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $323,765,406; includes $308,764,569 of cash collateral for securities on loan)(b)(w) (Note 4)		323,765,406		323,765,406
TOTAL INVESTMENTS — 138.1%
(cost $867,695,270; Note 6)				1,109,961,893
Liabilities in excess of other assets — (38.1)%				(306,063,091	)
NET ASSETS — 100.0%			$	803,898,802
The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $297,999,334; cash collateral of $308,764,569 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Fund also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (38.4% represents investments purchased with collateral from securities on loan)	40.3	%
Telecommunications	13.5
Oil, Gas & Consumable Fuels	7.6
Medical Supplies & Equipment	6.8
Computer Services & Software	5.8
Entertainment & Leisure	4.0
Semiconductors	3.7
Business Services	3.6
Aerospace	3.3
Financial Services	2.9
Retail & Merchandising	2.8
Advertising	2.7
Industrial Products	2.7
Healthcare Services	2.6
Clothing & Apparel	2.4
Hotels, Restaurants & Leisure	2.2
Pharmaceuticals	2.1
Real Estate	2.1
Chemicals	1.9
Commercial Services	1.9
Computer Hardware	1.9
Biotechnology	1.7
Diversified Financial Services	1.7
Consumer Products & Services	1.5
Transportation	1.4
Internet Services	1.3
Broadcasting	1.1
Electronic Components	1.1
Engineering/R&D Services	1.1
Manufacturing	1.0
Beverages	0.9
Printing & Publishing	0.7
Banks	0.6
Multi-Line Retail	0.6
Retail Apparel	0.6
Waste Management	0.6
Cable Television	0.5
Computer Software	0.5
Food Products	0.5
Machinery & Equipment	0.5
Metals & Mining	0.5
Software	0.5
Utilities	0.5
Diversified	0.4
Electronic Components & Equipment	0.4
Healthcare Providers & Services	0.4
Oil & Gas Equipment & Services	0.3
Energy Equipment & Services	0.2
Media & Entertainment	0.2
	138.1
Liabilities in excess of other assets	(38.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A185

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $297,999,334:
Unaffiliated investments (cost $543,929,864)	$	786,196,487
Affiliated investments (cost $323,765,406)		323,765,406
Cash		1,898,115
Receivable for investments sold		1,566,987
Dividends and interest receivable		239,950
Receivable for fund share sold		182,197
Prepaid expenses		5,616
Total Assets		1,113,854,758
LIABILITIES:
Payable to broker for collateral for securities on loan		308,764,569
Payable for fund share repurchased		848,985
Advisory fees payable		282,112
Accrued expenses and other liabilities		55,544
Shareholder servicing fees payable		4,746
Total Liabilities		309,955,956
NET ASSETS	$	803,898,802
Net assets were comprised of:
Paid-in capital	$	838,062,061
Retained earnings		(34,163,259	)
Net assets, June 30, 2007	$	803,898,802
Net asset value and redemption price per share, $803,898,802/37,578,482 outstanding shares of beneficial interest	$	21.39

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $12,898 foreign withholding tax)	$	2,824,672
Affiliated dividend income		230,847
Affiliated income from securities lending, net		174,572
Unaffiliated interest		400
		3,230,491
EXPENSES
Advisory fees		3,276,975
Shareholder servicing fees and expenses		254,876
Custodian and accounting fees		73,000
Loan interest expense (Note 7)		12,187
Insurance expenses		10,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Trustees’ fees		9,000
Legal fees and expenses		5,000
Shareholders’ reports		1,000
Miscellaneous		9,443
Total expenses		3,669,481
NET INVESTMENT LOSS		(438,990	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions		40,888,718
Net change in unrealized appreciation (depreciation) on investments		70,567,110
NET GAIN ON INVESTMENTS		111,455,828
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	111,016,838

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment loss		$	(438,990	)		$	(1,920,008	)
Net realized gain on investments			40,888,718				57,348,289
Net change in unrealized appreciation (depreciation) on investments			70,567,110				31,015,077
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			111,016,838				86,443,358
FUND SHARE TRANSACTIONS:
Fund share sold [6,514,495 and 3,256,993 shares, respectively]			126,484,019				57,055,690
Fund share repurchased [4,703,817 and 11,945,417 shares, respectively]			(92,564,501	)			(202,708,575	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			33,919,518				(145,652,885	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			144,936,356				(59,209,527	)
NET ASSETS:
Beginning of period			658,962,446				718,171,973
End of period		$	803,898,802			$	658,962,446

SEE NOTES TO FINANCIAL STATEMENTS.

A186

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.0%			Value
COMMON STOCKS	Shares		(Note 2)
Aerospace — 3.6%
Empresa Brasileira de
Aeronautica SA, ADR (Brazil)		464,300	$	22,383,903
Spirit Aerosystems Holdings, Inc.*		584,200		21,060,410
				43,444,313
Automotive Parts — 0.9%
Advance Auto Parts, Inc.		274,650		11,131,565
Beverages — 2.2%
Constellation Brands, Inc. (Class A Stock)*(a)		1,087,000		26,392,360
Clothing & Apparel — 1.7%
Liz Claiborne, Inc.(a)		550,600		20,537,380
Computer Hardware — 1.2%
Lexmark International, Inc. (Class A Stock)*(a)		296,800		14,635,208
Computer Software — 1.2%
Activision, Inc.*		778,500		14,534,595
Construction — 12.0%
Centex Corp.(a)		417,600		16,745,760
Chicago Bridge & Iron Co. NV (Netherlands)		594,700		22,443,978
Hovnanian Enterprises, Inc. (Class A Stock)*(a)		707,500		11,694,975
KB Home(a)		481,600		18,960,592
Lennar Corp. (Class A Stock)(a)		474,400		17,344,064
McDermott International, Inc.*		211,300		17,563,256
Meritage Homes Corp.*(a)		469,300		12,553,775
NVR, Inc.*(a)		34,900		23,723,275
Ryland Group, Inc. (The)(a)		163,700		6,117,469
				147,147,144
Consumer Products & Services — 1.0%
Whirlpool Corp.(a)		112,600		12,521,120
Diversified Operations — 0.7%
Walter Industries, Inc.		294,700		8,534,512
Electronic Components & Equipment — 2.6%
Avnet, Inc.*		325,200		12,890,928
L-3 Communications Holdings, Inc.(a)		190,700		18,572,273
				31,463,201
Energy – Coal — 0.7%
Arch Coal, Inc.(a)		244,700		8,515,560
Energy Services — 1.6%
NRG Energy, Inc.*(a)		487,000		20,244,590
Entertainment & Leisure — 1.4%
Harley-Davidson, Inc.(a)		280,000		16,690,800
Financial – Bank & Trust — 1.2%
Colonial BancGroup, Inc. (The)		567,800		14,177,966
Financial Services — 5.0%
Bear Stearns Cos., Inc.(a)		170,800		23,912,000
Fidelity National Financial, Inc. (Class A Stock)		845,000		20,026,500
IndyMac Bancorp, Inc.(a)		602,800		17,583,676
				61,522,176
Food — 3.5%
ConAgra Foods, Inc.		911,700		24,488,262
Smithfield Foods, Inc.*		597,800		18,406,262
				42,894,524
Healthcare Services — 2.4%
Aetna, Inc.		407,600		20,135,440
Coventry Health Care, Inc.*		152,350		8,782,977
				28,918,417
Insurance — 7.1%
CIGNA Corp.		398,400		20,804,448
Endurance Specialty Holdings Ltd. (Bermuda)		547,000		21,901,880
MGIC Investment Corp.(a)		328,100		18,655,766
PMI Group, Inc. (The)		414,200		18,502,314
StanCorp Financial Group, Inc.		124,000		6,507,520
				86,371,928
Internet Services — 1.2%
Check Point Software Technologies Ltd.*		637,500		14,541,375
Machinery & Equipment — 1.9%
Terex Corp.*		287,800		23,398,140
Metals & Mining — 9.4%
Cleveland-Cliffs, Inc.(a)		128,000		9,941,760
Freeport-McMoRan Copper & Gold, Inc.		357,300		29,591,586
Joy Global, Inc.		426,600		24,883,578
Peabody Energy Corp.(a)		139,300		6,739,334
Sterlite Industries India Ltd., ADR (India)*		789,500		11,581,965
Teck Cominco Ltd. (Class B Stock) (Canada)		426,400		18,122,000
United States Steel Corp.		129,400		14,072,250
				114,932,473
Oil & Gas — 9.2%
Canadian Natural Resources Ltd.		269,300		17,868,055
Denbury Resources, Inc.*		423,500		15,881,250
National Fuel Gas Co.		59,400		2,572,614
Noble Corp. (Cayman Islands)		199,700		19,474,744
Oceaneering International, Inc.*(a)		299,800		15,781,472
Quicksilver Resources, Inc.*(a)		151,950		6,773,931
Southwestern Energy Co.*(a)		144,100		6,412,450
Sunoco, Inc.		104,200		8,302,656
Talisman Energy, Inc. (Canada)		477,145		9,223,213
XTO Energy, Inc.		174,709		10,500,011
				112,790,396

SEE NOTES TO FINANCIAL STATEMENTS.

A187

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Pharmaceuticals — 3.1%
Endo Pharmaceuticals Holdings, Inc.*(a)		442,800	$	15,157,044
Shire Pharmaceuticals Group PLC, ADR (United Kingdom)(a)		310,600		23,024,778
				38,181,822
Real Estate Investment Trust — 6.7%
Annaly Mortgage Management, Inc.(a)		805,100		11,609,542
Colonial Properties Trust(a)		344,000		12,538,800
Developers Diversified Realty Corp.(a)		226,900		11,959,899
First Industrial Realty Trust, Inc.(a)		378,900		14,686,164
iStar Financial, Inc.		478,200		21,198,606
Ventas, Inc.		272,500		9,878,125
				81,871,136
Retail & Merchandising — 2.6%
Aeropostale, Inc.*(a)		174,800		7,285,664
Circuit City Stores, Inc.		580,500		8,753,940
TJX Cos., Inc.(a)		577,700		15,886,750
				31,926,354
Semiconductors — 1.4%
International Rectifier Corp.*(a)		464,900		17,322,174
Technology – Computer Software — 1.4%
Take-Two Interactive Software, Inc.*(a)		832,400		16,623,028
Telecommunications — 1.0%
Arris Group, Inc.*(a)		679,000		11,943,610
Transportation — 1.2%
Ship Finance International Ltd.(a)		491,022		14,573,533
Utilities — 9.9%
Atmos Energy Corp.		383,800		11,537,028
Constellation Energy Group		281,100		24,503,487
DPL, Inc.(a)		546,300		15,482,142
Edison International		192,200		10,786,264
FirstEnergy Corp.(a)		369,500		23,917,735
Mirant Corp.*(a)		427,300		18,224,345
PPL Corp.		339,500		15,885,205
				120,336,206
TOTAL LONG-TERM INVESTMENTS
(cost $1,086,365,083)				1,208,117,606
SHORT-TERM INVESTMENT — 32.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $391,569,623; includes $378,803,960 of cash collateral for securities on loan)(b)(w) (Note 4)		391,569,623		391,569,623
TOTAL INVESTMENTS — 131.1%
(cost $1,477,934,706; Note 6)				1,599,687,229
Liabilities in excess of other assets — (31.1)%				(379,373,246	)
NET ASSETS — 100.0%
			$	1,220,313,983

The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $362,332,518; cash collateral of $378,803,960 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A188

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (31.0% represents investments purchased with collateral from securities on loan)	32.1	%
Construction	12.0
Utilities	9.9
Metals & Mining	9.4
Oil & Gas	9.2
Insurance	7.1
Real Estate Investment Trust	6.7
Financial Services	5.0
Aerospace	3.6
Food	3.5
Pharmaceuticals	3.1
Retail & Merchandising	2.6
Electronic Components & Equipment	2.6
Healthcare Services	2.4
Beverages	2.2
Machinery & Equipment	1.9
Clothing & Apparel	1.7
Energy Services	1.6
Semiconductors	1.4
Entertainment & Leisure	1.4
Technology – Computer Software	1.4
Computer Hardware	1.2
Transportation	1.2
Internet Services	1.2
Computer Software	1.2
Financial – Bank & Trust	1.2
Consumer Products & Services	1.0
Telecommunications	1.0
Automotive Parts	0.9
Diversified Operations	0.7
Energy – Coal	0.7
	131.1
Liabilities in excess of other assets	(31.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A189

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $362,332,518:
Unaffiliated investments (cost $1,086,365,083)	$	1,208,117,606
Affiliated investments (cost $391,569,623)		391,569,623
Receivable for investments sold		29,009,343
Dividends receivable		1,792,944
Receivable for fund share sold		25,208
Prepaid expenses		11,126
Total Assets		1,630,525,850
LIABILITIES:
Payable to broker for collateral for securities on loan		378,803,960
Payable for investments purchased		25,160,094
Payable for fund share repurchased		4,613,492
Payable to custodian		697,044
Accrued expenses and other liabilities		478,706
Advisory fees payable		451,487
Shareholder servicing fees payable		7,084
Total Liabilities		410,211,867
NET ASSETS	$	1,220,313,983
Net assets were comprised of:
Paid-in capital	$	815,438,967
Retained earnings		404,875,016
Net assets, June 30, 2007	$	1,220,313,983
Net asset value and redemption price per share, $1,220,313,983/57,627,478 outstanding shares of beneficial interest	$	21.18

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income	$	12,796,673
Affiliated income from securities lending, net		892,800
Affiliated dividend income		307,357
		13,996,830
EXPENSES
Advisory fees		5,484,578
Shareholder servicing fees and expenses		431,222
Custodian and accounting fees		96,000
Insurance expenses		18,000
Trustees’ fees		13,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Shareholders’ reports		6,000
Legal fees and expenses		5,000
Loan interest expense (Note 7)		667
Miscellaneous		5,419
Total expenses		6,077,886
NET INVESTMENT INCOME		7,918,944
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions		123,189,016
Net change in unrealized appreciation (depreciation) on investments		(21,589,348	)
NET GAIN ON INVESTMENTS		101,599,668
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	109,518,612

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended			Year Ended
	June 30, 2007			December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	7,918,944		$	7,862,891
Net realized gain on investments		123,189,016			146,460,875
Net change in unrealized appreciation (depreciation) on investments		(21,589,348	)		(25,042,948	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		109,518,612			129,280,818
DISTRIBUTIONS		—			(211,854,099	)
FUND SHARE TRANSACTIONS:
Fund share sold [976,755 and 2,860,189 shares, respectively]		20,303,302			51,646,484
Fund share issued in reinvestment of distributions [0 and 11,476,385 shares, respectively]		—			211,854,099
Fund share repurchased [6,806,412 and 23,192,897 shares, respectively]		(138,958,570	)		(430,502,505	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS		(118,655,268	)		(167,001,922	)
TOTAL DECREASE IN NET ASSETS		(9,136,656	)		(249,575,203	)
NET ASSETS:
Beginning of period		1,229,450,639			1,479,025,842
End of period	$	1,220,313,983		$	1,229,450,639

SEE NOTES TO FINANCIAL STATEMENTS.

A190

AST NEUBERGER BERMAN SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.8%			Value
COMMON STOCKS	Shares		(Note 2)
Advertising — 2.7%
Valueclick, Inc.*(a)		185,100	$	5,453,046
Aerospace — 9.7%
AAR Corp.(a)		70,000		2,310,700
BE Aerospace, Inc.*		197,600		8,160,880
CAE, Inc.		682,000		9,097,880
				19,569,460
Business Services — 7.6%
Ctrip.com International Ltd.,
ADR (China)		25,500		2,005,065
FTI Consulting, Inc.*(a)		113,400		4,312,602
Icon PLC*		78,441		3,431,009
Kenexa Corp.*		69,700		2,628,387
Mobile Mini, Inc.*		102,800		3,001,760
				15,378,823
Commercial Services — 2.3%
Steiner Leisure Ltd.*		44,710		2,196,155
Watson Wyatt Worldwide, Inc.		49,800		2,513,904
				4,710,059
Computer Services & Software — 8.5%
Concur Technologies, Inc.*(a)		107,200		2,449,520
GameStop Corp. (Class A Stock)*		100,000		3,910,000
Nuance Communications, Inc.*(a)		169,600		2,837,408
Omnicell, Inc.*		134,800		2,801,144
Perot Systems Corp. (Class A Stock)*(a)		192,300		3,276,792
THQ, Inc.*(a)		62,300		1,901,396
				17,176,260
Consumer Products & Services — 3.2%
Geo Group, Inc., (The)*(a)		139,300		4,053,630
Sotheby’s Holdings, Inc. (Class A Stock)(a)		52,300		2,406,846
				6,460,476
Education — 4.0%
Capella Education Co.*		67,617		3,112,411
Career Education Corp.*		73,200		2,471,964
Strayer Education, Inc.		19,200		2,528,832
				8,113,207
Electronic Components & Equipment — 3.4%
Flir Systems, Inc.*(a)		56,700		2,622,375
Trimble Navigation Ltd.*(a)		129,800		4,179,560
				6,801,935
Entertainment & Leisure — 6.2%
Gaylord Entertainment Co.*(a)		120,947		6,487,597
Vail Resorts, Inc.*(a)		58,500		3,560,895
WMS Industries, Inc.*(a)		87,750		2,532,465
				12,580,957
Financial – Consumer — 0.5%
Unica Corp.*		53,648		885,192
Financial Services — 7.7%
Advanta Corp. (Class B Stock)		120,600		3,755,484
Affiliated Managers Group, Inc.*(a)		42,408		5,460,454
GFI Group, Inc.*		55,100		3,993,648
Huron Consulting Group, Inc.*(a)		32,000		2,336,320
				15,545,906
Healthcare Services — 5.5%
Allscripts Healthcare Solutions, Inc.*(a)		95,300		2,428,244
Bio-Reference Labs, Inc.*		89,200		2,439,620
Techne Corp.*		47,600		2,723,196
VCA Antech, Inc.*		92,600		3,490,094
				11,081,154
Hotels & Motels — 4.1%
Orient-Express Hotels Ltd. (Class A Stock) (Bermuda)		152,500		8,143,500
Insurance — 1.4%
ProAssurance Corp.*(a)		50,600		2,816,902
Internet Services — 9.1%
Atheros Communications, Inc.*(a)		104,400		3,219,696
DealerTrack Holdings, Inc.*(a)		83,000		3,057,720
Equinix, Inc.*(a)		41,200		3,768,564
Liquidity Services, Inc.*(a)		113,400		2,129,652
Navisite, Inc.*		277,600		2,109,760
Vocus, Inc.*		162,450		4,079,119
				18,364,511
Medical Supplies & Equipment — 3.4%
Arthrocare Corp.*(a)		73,027		3,206,616
Integra LifeSciences Holdings*(a)		38,200		1,887,844
Medcath Corp.*		56,700		1,803,060
				6,897,520
Oil & Gas — 5.0%
Arena Resources, Inc.*		40,700		2,365,077
Carrizo Oil & Gas, Inc.*(a)		75,800		3,143,426
Core Laboratories NV (Netherlands)*		44,800		4,555,712
				10,064,215
Personal Services — 3.5%
Cornell Cos., Inc.*		157,725		3,873,726
Service Corp. International		255,000		3,258,900
				7,132,626
Real Estate Investment Trust — 2.7%
Jones Lang LaSalle, Inc.(a)		48,400		5,493,400
Semiconductors — 2.5%
Microsemi Corp.*(a)		92,000		2,203,400
Varian Semiconductor Equipment Associates, Inc.*(a)		72,450		2,902,347
				5,105,747
Technology – Computer Software — 1.7%
Ultimate Software Group, Inc.*(a)		115,500		3,341,415

SEE NOTES TO FINANCIAL STATEMENTS.

A191

AST NEUBERGER BERMAN SMALL-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Telecommunications — 3.4%
Ciena Corp.*(a)		60,300	$	2,178,639
SBA Communications Corp.*		137,500		4,618,625
				6,797,264
Transportation — 1.7%
Kirby Corp.*		90,176		3,461,857
TOTAL LONG-TERM INVESTMENTS
(cost $194,379,459)				201,375,432
SHORT-TERM INVESTMENT — 36.6%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $73,878,001; includes $71,910,078 of cash collateral for securities on loan)(b)(w) (Note 4)		73,878,001		73,878,001
TOTAL INVESTMENTS — 136.4%
(cost $268,257,460; Note 6)				275,253,433
Liabilities in excess of other assets — (36.4)%				(73,485,532	)
NET ASSETS — 100.0%			$	201,767,901
The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $69,025,287; cash collateral of $71,910,078 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (35.6% represents investments purchased with collateral from securities on loan)	36.6	%
Aerospace	9.7
Internet Services	9.1
Computer Services & Software	8.5
Financial Services	7.7
Business Services	7.6
Entertainment & Leisure	6.2
Healthcare Services	5.5
Oil & Gas	5.0
Hotels & Motels	4.1
Education	4.0
Personal Services	3.5
Medical Supplies & Equipment	3.4
Electronic Components & Equipment	3.4
Telecommunications	3.4
Consumer Products & Services	3.2
Real Estate Investment Trust	2.7
Advertising	2.7
Semiconductors	2.5
Commercial Services	2.3
Transportation	1.7
Technology – Computer Software	1.7
Insurance	1.4
Financial – Consumer	0.5
	136.4
Liabilities in excess of other assets	(36.4	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A192

AST NEUBERGER BERMAN SMALL-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $69,025,287
Unaffiliated investments (cost $194,379,459)	$	201,375,432
Affiliated investments (cost $73,878,001)		73,878,001
Receivable for investments sold		349,043
Dividends and interest receivable		23,471
Receivable for fund share sold		11,387
Prepaid expenses		2,323
Total Assets		275,639,657
LIABILITIES:
Payable to broker for collateral for securities on loan		71,910,078
Payable for investments purchased		1,096,012
Payable for fund share repurchased		604,282
Payable to custodian		124,926
Advisory fees payable		84,952
Accrued expenses and other liabilities		50,339
Shareholder servicing fees payable		1,167
Total Liabilities		73,871,756
NET ASSETS	$	201,767,901
Net assets were comprised of:
Paid-in capital	$	382,631,517
Retained earnings		(180,863,616	)
Net assets, June 30, 2007	$	201,767,901
Net asset value and redemption price per share, $201,767,901/20,618,360 outstanding shares of beneficial interest	$	9.79

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income	$	328,282
Affiliated dividend income		102,835
Affiliated income from securities lending, net		63,287
Unaffiliated interest		11,521
		505,925
EXPENSES
Advisory fees		983,290
Shareholder servicing fees and expenses		72,453
Custodian and accounting fees		35,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		6,000
Legal fees and expenses		3,000
Insurance expenses		3,000
Shareholders’ reports		2,000
Loan interest expense (Note 7)		974
Miscellaneous		3,407
Total expenses		1,126,124
NET INVESTMENT LOSS		(620,199	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investment transactions		24,415,952
Futures transactions		242,019
		24,657,971
Net change in unrealized appreciation (depreciation) on:
Investments		(7,509,043	)
Futures		(12,200	)
		(7,521,243	)
NET GAIN ON INVESTMENTS		17,136,728
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,516,529

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment loss		$	(620,199	)		$	(900,413	)
Net realized gain on investments			24,657,971				25,961,017
Net change in unrealized appreciation (depreciation) on investments			(7,521,243	)			(8,628,263	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			16,516,529				16,432,341
FUND SHARE TRANSACTIONS:
Fund share sold [411,887 and 3,108,016 shares, respectively]			3,857,682				27,776,397
Fund share repurchased [3,520,970 and 10,025,856 shares, respectively]			(32,966,369	)			(86,783,536	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(29,108,687	)			(59,007,139	)
TOTAL DECREASE IN NET ASSETS			(12,592,158	)			(42,574,798	)
NET ASSETS:
Beginning of period			214,360,059				256,934,857
End of period		$	201,767,901			$	214,360,059

SEE NOTES TO FINANCIAL STATEMENTS.

A193

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

								Principal
	Moody’s		Interest			Maturity		Amount		Value
LONG-TERM INVESTMENTS — 60.3%	Ratings		Rate			Date		(000)#		(Note 2)
ASSET-BACKED SECURITIES — 4.4%
Argent Securities, Inc., Series 2006-M2, Class A2A		Aaa		5.37	%(c)		09/25/36	$	2,525	$	2,524,358
Argent Securities, Inc., Series 2006-W3, Class A2A		Aaa		5.39	%(c)		04/25/36		649		648,950
Centex Home Equity, Series 1999-3, Class A2		Aaa		5.72	%(c)		10/25/30		1,072		1,072,643
Countrywide Asset-Backed Certificates, Series 2006-8,
Class 2S1		Aaa		5.35	%(c)		01/25/46		310		309,891
Countrywide Asset-Backed Certificates, Series 2006-11,
Class 3AV1		Aaa		5.38	%(c)		09/25/46		1,418		1,417,161
Countrywide Asset-Backed Certificates, Series 2006-16,
Class 2A1		Aaa		5.37	%(c)		12/25/46		3,767		3,765,541
Countrywide Asset-Backed Certificates, Series 2006-25,
Class 2A1		Aaa		5.39	%(c)		06/25/37		3,989		3,988,353
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2001-HE30, Class A2		Aaa		6.02	%(c)		07/25/32		3		2,605
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2002-HE1, Class A2		Aaa		6.06	%(c)		08/25/32		99		98,847
Fieldstone Mortgage Investment Corp., Series 2006-1,
Class A1		Aaa		5.40	%(c)		05/25/36		1,934		1,934,011
First NLC Trust, Series 2007-1, Class A1		Aaa		5.39	%(c)		08/25/37		6,300		6,300,000
GS Auto Loan Trust, Series 2007-1, Class A1		P-1		5.363	%		07/15/08		4,600		4,600,000
Home Equity Asset Trust, Series 2005-8, Class 2A1		Aaa		5.43	%(c)		02/25/36		950		950,057
HSI Asset Securitization Corp. Trust, Series 2006-HE2,
Class 2A1		Aaa		5.37	%(c)		12/25/36		337		337,245
Indymac Residential Asset Backed Trust, Series 2006-D,
Class 2A1		Aaa		5.37	%(c)		11/25/36		947		947,223
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1		Aaa		5.60	%(c)		10/25/34		92		92,011
Merrill Lynch Mortgage Investors, Inc., Series 2006-FF1,
Class A2A		Aaa		5.39	%(c)		08/25/36		5,205		5,204,555
Nomura Home Equity Loan, Inc., Series 2006-HE1, Class A1		Aaa		5.40	%(c)		02/25/36		431		430,838
Renaissance Home Equity Loan Trust, Series 2003-3,
Class A		Aaa		5.82	%(c)		12/25/33		650		655,006
Renaissance Home Equity Loan Trust, Series 2004-3,
Class AV2A		Aaa		5.68	%(c)		11/25/34		445		446,495
Residential Asset Securities Corp., Series 2006-EMX4,
Class A1		Aaa		5.36	%(c)		06/25/36		273		273,239
Residential Asset Securities Corp., Series 2006-EMX9,
Class 1A1		Aaa		5.39	%(c)		11/25/36		304		303,921
Residential Asset Securities Corp., Series 2006-KS4,
Class A1		Aaa		5.36	%(c)		06/25/36		289		289,382
Securitized Asset Backed Receivables, Series 2007-BR5,
Class A2A		Aaa		5.44	%(c)		05/25/37		6,300		6,300,000
SLM Student Loan Trust, Series 2006-8, Class A2		Aaa		5.355	%(c)		10/25/16		6,300		6,300,000
Wells Fargo Home Equity Trust, Series 2005-2, Class AII2,
144A		Aaa		5.56	%(c)		10/25/35		7,200		7,206,177
TOTAL ASSET-BACKED SECURITIES
(cost $56,405,824)											56,398,509
BANK LOAN — 0.2%
HCA, Inc., Term B
(cost $2,992,500)		Ba-		7.61	%		11/16/13		2,993		3,011,437
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.9%
American Home Mortgage Investment Trust, Series 2004-4,
Class 5A		Aaa		4.44	%(c)		02/25/45		3,347		3,287,810
Banc of America Funding Corp., Series 2006-A, Class 1A1		AAA(d)		4.614	%(c)		02/20/36		3,586		3,527,394
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8,
Class 2A1		Aaa		4.773	%(c)		01/25/34		1,402		1,394,898

SEE NOTES TO FINANCIAL STATEMENTS.

A194

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

								Principal
	Moody’s		Interest			Maturity		Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)	Ratings		Rate			Date		(000)#		(Note 2)
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-10, Class A1		AAA(d)		4.75	%(c)		10/25/35	$	2,184	$	2,158,442
Citigroup Mortgage Loan Trust, Inc., Series 2005-11,
Class A2A		AAA(d)		4.70	%(c)		12/25/35		8,578		8,418,607
Countrywide Alternative Loan Trust, Series 2003-J3,
Class 2A1		AAA(d)		6.25	%		12/25/33		594		592,135
Countrywide Alternative Loan Trust, Series 2005-11,
Class 2A8		Aaa		4.50	%		06/25/35		507		499,494
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2003-J7, Class 4A2		AAA(d)		5.72	%(c)		08/25/18		558		561,512
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2003-R4, Class 1A3, 144A		Aaa		6.00	%		11/25/26		5,396		5,366,583
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2003-R4, Class 2A, 144A		Aaa		6.50	%		01/25/34		614		621,834
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-25, Class 2A1		Aaa		5.66	%(c)		02/25/35		1,691		1,697,805
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-3, Class 2A1		Aaa		5.61	%(c)		04/25/35		2,923		2,922,572
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-11, Class 3A1		Aaa		6.257	%(c)		04/25/35		1,341		1,353,300
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-R2, Class 1AF1, 144A		Aaa		5.66	%(c)		06/25/35		5,250		5,237,527
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-8, Class 5A1		Aaa		6.50	%		04/25/33		158		158,314
Fannie Mae, Series 1988-22, Class A		Aaa		5.543	%(c)		08/25/18		11		11,235
Fannie Mae, Series 1996-39, Class H		Aaa		8.00	%		11/25/23		103		107,556
Fannie Mae, Series 2003-67, Class GN		Aaa		3.50	%		01/25/25		521		512,185
Fannie Mae, Series 2003-83, Class A		Aaa		4.25	%		04/25/28		4,089		4,041,043
Fannie Mae, Series 2003-92, Class PC		Aaa		4.50	%		05/25/15		7,000		6,859,388
Fannie Mae, Series 2004-11, Class A		Aaa		5.44	%(c)		03/25/34		266		265,791
Fannie Mae, Series 2006-5, Class 3A2		Aaa		4.673	%(c)		05/25/35		1,000		986,538
FHLMC Structured Pass-Through Securities, Series T-57,
Class 1A1		Aaa		6.50	%		07/25/43		3,352		3,398,359
FHLMC Structured Pass-Through Securities, Series T-59,
Class 1A2		Aaa		7.00	%		10/25/43		1,894		1,942,817
FHLMC Structured Pass-Through Securities, Series T-61,
Class 1A		Aaa		6.427	%(c)		07/25/44		3,554		3,582,144
FHLMC Structured Pass-Through Securities, Series T-62,
Class 1A1		Aaa		6.227	%(c)		10/25/44		12,162		12,267,549
First Republic Mortgage Loan Trust, Series 2002-FRB1,
Class A		Aaa		5.62	%(c)		08/15/32		3,203		3,208,762
Freddie Mac, Series 2538, Class CA		Aaa		5.00	%		04/15/16		1,545		1,529,534
Freddie Mac, Series 2544, Class PN		Aaa		4.50	%		03/15/26		692		686,704
Freddie Mac, Series 2692, Class YB		Aaa		3.50	%		05/15/16		8,939		8,824,870
Freddie Mac, Series 2737, Class XG		Aaa		4.00	%		11/15/22		7,660		7,586,057
Freddie Mac, Series 2756, Class MA		Aaa		5.00	%		06/15/16		3,065		3,059,417
Freddie Mac, Series 2828, Class EN		Aaa		4.50	%		10/15/23		8,300		8,211,134
Freddie Mac, Series 2839, Class DG		Aaa		5.00	%		06/15/16		4		4,103
Freddie Mac, Series 2887, Class LB		Aaa		5.00	%		12/15/19		1,047		1,044,542
Freddie Mac, Series 2905, Class UY		Aaa		4.00	%		10/15/23		687		676,500
Freddie Mac, Series 2957, Class HA		Aaa		5.00	%		01/15/27		207		204,932
Freddie Mac, Series 2987, Class HD		Aaa		4.50	%		07/15/18		2,719		2,645,568
GE Capital Commerical Mortgage Corp., Series 2002-3A,
Class A1		AAA(d)		4.229	%		12/10/37		2,682		2,620,542
GMAC Mortgage Corp. Loan Trust, Series 2004-J4,
Class A1		Aaa		5.50	%		09/25/34		5,523		5,461,954
Government National Mortgage Assoc., Series 1998-15,
Class C		Aaa		6.50	%		06/20/28		2,245		2,279,449

SEE NOTES TO FINANCIAL STATEMENTS.

A195

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

								Principal
	Moody’s		Interest			Maturity		Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)	Ratings		Rate			Date		(000)#		(Note 2)
Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1		Aaa		5.55	%(c)		06/25/45	$	1,119	$	1,121,338
GSAA Home Equity Trust, Series 2004-CW1, Class 2A1		Aaa		6.00	%		04/01/34		10,020		9,843,448
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1		Aaa		5.354	%(c)		06/25/34		429		431,218
GSR Mortgage Loan Trust, Series 2005-AR2, Class 2A1		AAA(d)		5.457	%(c)		04/25/36		4,523		4,508,150
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1		AAA(d)		4.538	%(c)		09/25/35		3,791		3,734,092
JPMorgan Mortgage Trust, Series 2007-A1, Class 3A3		Aaa		5.008	%(c)		07/25/35		1,888		1,862,045
Lehman XS Trust, Series 2006-12N, Class A1A1		Aaa		5.40	%(c)		08/25/46		3,210		3,210,316
Structured Adjustable Rate Mortgage Loan, Series 2005-23, Class 1A3		AAA(d)		5.45	%(c)		01/25/36		1,617		1,607,469
Structured Asset Mortgage Investments, Inc.,
Series 2006-AR3, Class 2A1		Aaa		5.54	%(c)		05/25/36		3,565		3,570,311
Washington Mutual, Inc., Series 2002-AR11, Class A1		Aaa		5.094	%(c)		10/25/32		770		767,910
Washington Mutual, Inc., Series 2002-AR2, Class A		Aaa		5.474	%(c)		02/27/34		467		458,399
Washington Mutual, Inc., Series 2003-R1, Class A1		Aaa		5.86	%(c)		12/25/27		1,617		1,616,952
Washington Mutual, Inc., Series 2004-AR1, Class A		Aaa		4.229	%(c)		03/25/34		826		815,262
Washington Mutual, Inc., Series 2005-AR1, Class A1A		Aaa		5.64	%(c)		01/25/45		93		93,028
Washington Mutual, Inc., Series 2005-AR13, Class A1A1		Aaa		5.61	%(c)		10/25/45		700		701,160
Washington Mutual, Inc., Series 2005-AR15, Class A1A1		Aaa		5.58	%(c)		11/25/45		606		608,248
Washington Mutual, Inc., Series 2005-AR2, Class 2A1A		Aaa		5.63	%(c)		01/25/45		1,500		1,502,289
Washington Mutual, Inc., Series 2006-AR3, Class A1A		Aaa		6.029	%(c)		02/25/46		2,871		2,874,001
Washington Mutual, Inc., Series 2006-AR9, Class 1A		Aaa		6.029	%(c)		08/25/46		1,775		1,779,080
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR12, Class 2A4		Aaa		4.319	%(c)		07/25/35		4,400		4,333,152
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $165,161,405)											165,254,768
CORPORATE OBLIGATIONS — 22.3%
Airlines — 0.2%
United Airlines, Inc., Pass-Thru Cert., Series 01-1(i)(g)		B2		6.831	%		09/01/08		1,800		2,072,250
Automobile Manufacturers — 0.9%
DaimlerChrysler NA Holding Corp., Gtd. Notes		Baa1		5.79	%(c)		03/13/09		2,700		2,711,394
Ford Motor Credit Co. LLC, Notes		B1		5.625	%		10/01/08		5,400		5,330,216
Ford Motor Credit Co. LLC, Sr. Notes		B1		4.95	%		01/15/08		3,152		3,128,398
											11,170,008
Biotechnology — 0.7%
Amgen, Inc., Sr. Unsec’d. Notes		A2		5.44	%(c)		11/28/08		9,300		9,301,739
Cable Television — 0.2%
CSC Holdings, Inc., Sr. Notes		B2		7.875	%		12/15/07		377		379,356
CSC Holdings, Inc., Sr. Unsec’d. Notes		B2		7.25	%		07/15/08		1,900		1,914,250
											2,293,606
Chemicals — 0.1%
Equistar Chemicals LP, Notes		B1		8.75	%		02/15/09		1,600		1,656,000
Containers & Packaging — 0.3%
Owens Brockway Glass Container, Inc., Gtd. Notes		Ba2		8.75	%		11/15/12		3,200		3,344,000
Electronic Components & Equipment — 2.3%
Dominion Resources, Inc., Sr. Notes		Baa2		5.66	%(c)		09/28/07		11,100		11,102,553
Entergy Gulf States, Inc., 1st Mortgage, 144A		Baa3		6.11	%(c)		12/08/08		6,300		6,316,878
Nisource Finance Corp., Gtd. Notes		Baa3		5.93	%(c)		11/23/09		4,300		4,306,691
Progress Energy, Inc., Sr. Unsec’d. Notes		A3		5.76	%(c)		11/14/08		7,400		7,410,700
											29,136,822

SEE NOTES TO FINANCIAL STATEMENTS.

A196

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

							Principal
	Moody’s	Interest			Maturity		Amount	Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate			Date		(000)#	(Note 2)
Entertainment & Leisure — 0.3%
Time Warner, Inc., Notes	Baa2		8.18	%	08/15/07		$    4,200	$	4,214,309
Financial – Bank & Trust — 3.8%
Bank of America NA, Notes	Aaa		5.36	%(c)	06/12/09		800		799,900
Bank of America NA, Sr. Notes	Aaa		5.36	%(c)	12/18/08		3,400		3,400,782
Bank of Ireland, Sr. Unsec’d. Notes, MTN (Ireland)	Aa2		5.37	%(c)	12/19/08		5,500		5,505,088
Export-Import Bank Korea, Notes (Korea)	Aa3		5.45	%(c)	06/01/09		6,400		6,399,840
GMAC LLC, Unsub. Notes	Ba1		6.61	%(c)	05/15/09		1,400		1,399,941
HBOS Treasury Services PLC, Gtd. Notes, MTN (United Kingdom)	Aa1		5.32	%(c)	07/17/08		2,300		2,301,288
HSBC Finance Corp., Sr. Notes	Aa3		5.36	%(c)	05/21/08		5,200		5,202,480
HSBC Finance Corp., Sr. Unsec’d. Notes	Aa3		5.49	%(c)	09/15/08		7,000		7,012,677
Rabobank Nederland, Sr. Notes, 144A (Netherlands)	Aaa		5.35	%(c)	04/06/09		4,500		4,502,345
Royal Bank of Scotland PLC, Gtd. Notes, 144A	Aaa		5.36	%(c)	04/11/08		3,800		3,802,899
Royal Bank of Scotland, Sub. Notes, MTN (United Kingdom)	Aa1		5.75	%(c)	07/06/12		1,800		1,800,031
VTB Capital SA, Sr. Notes, 144A (Luxembourg)	A2		5.955	%(c)	08/01/08		2,600		2,602,600
VTB Capital SA, Sr. Notes, 144A (Luxembourg)	A2		6.11	%(c)	09/21/07		4,400		4,404,699
									49,134,570
Financial – Consumer — 0.3%
Bear Stearns Cos., Inc., Notes, MTN	A1		5.42	%(c)	01/15/08		3,800		3,800,114
Financial Services — 8.3%
Citigroup Global Markets Holdings, Inc., Notes, MTN	Aa1		5.46	%(c)	03/17/09		7,800		7,808,697
Citigroup, Inc., Notes	Aa1		5.388	%(c)	12/26/08		4,100		4,102,017
Federal Home Loan Mortgage Corp., Notes, MTN (4.50% until 02/25/08)	Aaa		5.50	%(v)	08/25/09		1,165		1,154,514
Ford Motor Credit Co. LLC, Unsec’d. Notes, MTN	B1		6.19	%(c)	09/28/07		1,500		1,499,910
Freddie Mac, Notes	Aaa		4.48	%	09/19/08		18,300		18,126,205
General Electric Capital Corp., Notes	Aaa		5.46	%(c)	06/15/09		2,400		2,405,371
General Electric Capital Corp., Sr. Unsec’d. Notes	Aaa		5.42	%(c)	10/06/10		3,600		3,600,187
General Electric Capital Corp., Sr. Unsec’d. Notes, MTN	Aaa		5.355	%(c)	10/24/08		1,700		1,700,690
General Electric Capital Corp., Unsec’d. Notes	Aaa		5.417	%(c)	05/10/10		6,500		6,506,364
Goldman Sachs Group, Inc., Notes	Aa3		5.66	%(c)	06/28/10		6,400		6,436,762
Goldman Sachs Group, Inc., Notes, MTN	Aa3		5.455	%(c)	07/29/08		1,700		1,702,069
Goldman Sachs Group, Inc., Sr. Notes	Aa3		5.45	%(c)	06/23/09		8,300		8,306,316
ICICI Bank Ltd., Bonds, 144A (India)	Baa2		5.895	%(c)	01/12/10		3,400		3,405,671
JPMorgan Chase & Co., Notes, MTN	Aa2		5.37	%(c)	05/07/10		5,300		5,299,406
Lehman Brothers Holdings, Inc., Notes, MTN	A1		5.57	%(c)	12/23/10		4,200		4,201,991
MBNA Europe Funding PLC, Gtd. Notes, 144A (United Kingdom)	Aa1		5.46	%(c)	09/07/07		9,800		9,802,597
Merrill Lynch & Co., Inc., Notes, MTN	Aa3		5.45	%(c)	08/14/09		3,800		3,802,257
Mizuho Corp. Bank, Subs. (Japan)	Baa+		1.43	%	10/27/49	JPY	200,000		1,644,345
Morgan Stanley, Sr. Unsec’d. Notes, MTN	Aa3		5.467	%(c)	02/09/09		3,900		3,904,992
National Australia Bank Ltd., Sr. Unsec’d. Notes, 144A	Aa1		5.40	%(c)	09/11/09		7,200		7,206,574
Royal Bank of Scotland PLC, Bonds (United Kingdom)	Aa3		9.118	%	03/31/49		1,700		1,848,170
Sumitomo Mitsui Banking Corp., Sub. Notes, MTN (Japan)	NR		1.521	%(c)	11/26/49	JPY	300,000		2,466,009
									106,931,114
Food — 0.4%
Heinz (H.J.) Co., Notes, 144A	Baa2		6.428	%	12/01/20		5,700		5,756,886
Hotels & Motels — 0.2%
Mandalay Resort Group, Sr. Unsec’d. Notes	Ba2		6.50	%	07/31/09		2,000		2,000,000
Mirage Resorts, Inc., Notes	Ba2		6.75	%	08/01/07		800		800,000
									2,800,000

SEE NOTES TO FINANCIAL STATEMENTS.

A197

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

							Principal
	Moody’s	Interest			Maturity		Amount	Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate			Date		(000)#	(Note 2)
Insurance — 0.2%
American International Group, Inc., Sr. Notes, 144A	Aa2		5.36	%(c)	06/23/08		$    2,000	$	2,000,372
Machinery & Equipment — 0.4%
Siemens Financieringsmaatschappij NV, Gtd. Notes, 144A	Aa3		5.41	%(c)	08/14/09		5,400		5,398,402
Oil & Gas — 0.7%
Transcontinental Gas Pipe Line Corp., Notes	Ba1		6.25	%	01/15/08		750		750,937
Transcontinental Gas Pipe Line Corp., Notes, 144A	Ba1		6.636	%(c)	04/15/08		1,000		996,250
Transocean, Inc., Unsec’d. Notes	Baa1		5.56	%(c)	09/05/08		7,200		7,204,702
Williams Cos., Inc., Notes	Ba2		6.375	%	10/01/10		700		701,750
									9,653,639
Retail & Merchandising — 1.3%
Home Depot, Inc., Sr. Unsec’d. Notes	Aa3		5.485	%(c)	12/16/09		7,000		6,989,115
JC Penney & Co., Notes, MTN	Baa3		6.50	%	12/15/07		2,910		2,919,126
Wal-Mart Stores, Inc., Sr. Notes	Aa2		5.265	%(c)	06/16/08		6,900		6,897,488
									16,805,729
Technology – Hardware — 0.3%
Xerox Corp., Gtd. Notes	Baa3		9.75	%	01/15/09		3,300		3,490,829
Telecommunications — 1.0%
Bellsouth Corp., Notes	A2		4.24	%	04/26/21		3,300		3,270,455
BellSouth Corp., Sr. Unsec’d. Notes	A2		5.46	%(c)	08/15/08		3,600		3,602,743
Quest Corp., Notes	Ba1		5.625	%	11/15/08		1,674		1,667,723
Qwest Corp., Sr. Notes	Ba1		7.875	%	09/01/11		1,200		1,251,000
Sprint Nextel Corp., Notes	Baa3		5.76	%(c)	06/28/10		3,100		3,099,157
									12,891,078
Utilities — 0.4%
CMS Energy Corp., Sr. Unsec’d. Notes	Ba1		9.875	%	10/15/07		1,750		1,766,266
Ohio Edison Co., Notes, 144A	Baa2		5.647	%	06/15/09		500		500,187
Ohio Edison Co., Sr. Notes	Baa2		4.00	%	05/01/08		1,205		1,190,207
TXU Energy Co. LLC, Sr. Unsec’d. Notes, 144A	Baa2		5.86	%(c)	09/16/08		1,400		1,400,542
									4,857,202
TOTAL CORPORATE OBLIGATIONS
(cost $286,642,325)									286,708,669
FOREIGN GOVERNMENT BONDS — 6.8%
Bundesobligation (Germany)	Aaa		4.50	%	08/17/07	EUR	60,500		81,908,574
Republic of Brazil (Brazil)	Ba2		10.25	%	01/10/28		6,600		3,809,798
Republic of Peru (Peru)	Ba3		9.125	%	01/15/08		1,000		1,010,000
Russian Federation (Russia)	Baa2		8.25	%	03/31/10		367		380,497
TOTAL FOREIGN GOVERNMENT BONDS
(cost $87,089,020)									87,108,869
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 8.0%
Federal Home Loan Mortgage Corp.			4.547	%(c)	01/01/34		238		235,381
Federal Home Loan Mortgage Corp.			6.00	%	08/01/29-04/01/33		5,807		5,753,296
Federal Home Loan Mortgage Corp.			7.378	%(c)	12/01/26		47		48,278
Federal Home Loan Mortgage Corp.			7.431	%(c)	07/01/29		120		121,698

SEE NOTES TO FINANCIAL STATEMENTS.

A198

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)	Interest			Maturity	Amount		Value
	Rate			Date	(000)#		(Note 2)
Federal Home Loan Mortgage Corp.		8.50	%	01/01/25	$	313	$	333,820
Federal National Mortgage Assoc.		3.845	%(c)	10/01/33		5,942		5,843,304
Federal National Mortgage Assoc.		5.00	%	10/01/17-07/17/22		26,427		25,543,862
Federal National Mortgage Assoc.		5.50	%	TBA		31,100		29,992,063
Federal National Mortgage Assoc.		5.50	%	12/01/34-10/01/35		30,391		29,319,132
Federal National Mortgage Assoc.		5.549	%(c)	03/01/17		320		323,030
Federal National Mortgage Assoc.		5.619	%(c)	04/01/24		105		106,209
Federal National Mortgage Assoc.		6.00	%	04/01/12-07/13/37		151		187,130
Federal National Mortgage Assoc.		6.50	%	TBA		2,500		2,523,438
Federal National Mortgage Assoc.		6.585	%(c)	04/01/32		33		33,070
Federal National Mortgage Assoc.		6.911	%(c)	01/01/25		13		13,500
Federal National Mortgage Assoc.		7.242	%(c)	12/01/29		71		71,771
Government National Mortgage Assoc.		5.375	%(c)	05/20/24-06/20/26		250		253,473
Government National Mortgage Assoc.		5.75	%(c)	07/20/17-07/20/24		112		113,051
Government National Mortgage Assoc.		6.125	%(c)	11/20/29		292		295,507
Government National Mortgage Assoc.		6.375	%(c)	01/20/26		155		155,947
Government National Mortgage Assoc.		6.50	%	04/15/26-06/15/29		211		214,049
Government National Mortgage Assoc.		7.00	%	01/15/24-08/15/25		69		71,797
Government National Mortgage Assoc.		8.00	%	06/20/30-01/20/32		1,037		1,094,271
Government National Mortgage Assoc.		8.50	%	10/15/29-01/15/31		298		320,233
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $105,468,200)								102,967,310
U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.6%
Federal Home Loan Bank		3.15	%	08/13/07		2,680		2,673,080
Federal Home Loan Bank		3.50	%	10/22/07-08/05/08		5,000		4,919,528
Federal Home Loan Bank		3.70	%	02/06/09		2,000		1,953,802
Federal Home Loan Bank		3.73	%	01/04/08		1,400		1,388,453
Federal Home Loan Bank		3.85	%	12/21/07		320		317,679
Federal Home Loan Bank		4.01	%	10/28/08		1,075		1,057,948
Federal Home Loan Bank		4.25	%	07/30/09		5,571		5,469,343
Federal Home Loan Bank		4.50	%	06/12/13		5,500		5,238,646
Federal Home Loan Bank		5.25	%	08/25/08		1,715		1,714,422
Federal Home Loan Bank (4.00% untill 07/17/07)		5.00	%(v)	07/17/08		1,000		996,288
Federal Home Loan Bank (4.50% until 03/17/08)		5.00	%(v)	03/17/09		2,000		1,983,106
Federal Home Loan Mortgage Corp.		4.00	%	05/23/08		1,400		1,383,994
Federal Home Loan Mortgage Corp.		4.24	%	07/30/09		19,700		19,327,611
Federal National Mortgage Assoc.		4.02	%	05/07/09		755		739,342
Federal National Mortgage Assoc.		4.25	%	07/30/09		23,525		23,088,517
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $72,326,472)								72,251,759
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Notes
(cost $1,409,617)		5.125	%	06/30/11		1,400		1,410,609
						Units
RIGHTS*
United Mexican States Value Recovery Rights, Series E (Mexico) (cost $0)						5,500,000		40,700
TOTAL LONG-TERM INVESTMENTS
(cost $777,495,363)								775,152,630

SEE NOTES TO FINANCIAL STATEMENTS.

A199

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

SHORT-TERM INVESTMENTS — 37.0%					Principal
	Moody’s	Interest		Maturity	Amount		Value
COMMERCIALPAPER(n) — 32.9%	Ratings	Rate		Date	(000)#		(Note 2)
Bank of America Corp.	A1+(d)	5.22	%	07/05/07	$	13,700	$	13,693,995
BNP Paribas	A1+(d)	5.33	%	07/02/07		41,700		41,693,826
Cox Communications, Inc.(h)(cost $3,900,000; purchased 01/10/07)	A3	5.57	%	07/16/07		3,900		3,900,000
Cox Communications, Inc.(h)(cost $5,300,000; purchased 03/12/07)	A3	5.57	%	09/17/07		5,300		5,300,000
Danske Corp.(h)(cost $62,618,176; purchased 04/04/07)	A1+(d)	5.22	%	07/10/07		62,700		62,627,128
Fortis Funding LLC(h)(cost $34,015,380; purchased 06/18/07)	A1+(d)	5.255	%	07/18/07		34,100		34,015,380
Fortis Funding LLC(h)(cost $3,887,428; purchased 06/21/07)	A1+(d)	5.275	%	07/23/07		3,900		3,887,428
HBOS Treasury	A1+(d)	5.225	%	07/03/07		700		699,898
Natixis(h)(cost $34,594,829; purchased 06/29/07)	A1+(d)	5.38	%	07/02/07		34,600		34,594,829
Rabobank Usa	A1+(d)	5.33	%	07/02/07		33,200		33,195,085
Societe Generale	A1+(d)	5.24	%	09/17/07		37,900		37,475,224
Societe Generale	A1+(d)	5.246	%	09/18/07		500		494,323
Swedbank	A1	5.23	%	07/26/07		36,800		36,670,929
Time Warner, Inc.(h)(cost $2,076,331; purchased 06/28/07)	A2	5.41	%	09/14/07		2,100		2,076,388
Total Finance Elf Capital(h)(cost $34,594,868; purchased 06/29/07)	A1+(d)	5.34	%	07/02/07		34,600		34,594,868
UBS Finance	A1+(d)	5.205	%	07/19/07		1,300		1,296,789
UBS Finance	A1+(d)	5.235	%	09/04/07		37,200		36,853,460
Westpac Banking Corp.(h)(cost $40,347,022; purchased 04/26/07)	A1+(d)	5.23	%	07/27/07		40,500		40,352,879
TOTAL COMMERCIAL PAPER
(cost $423,390,093)								423,422,429
U.S. TREASURY OBLIGATIONS(n)— 0.2%
U.S. Treasury Bills(k)		4.75	%	08/30/07		2,080		2,064,466
U.S. Treasury Bills(k)		4.65	%	09/13/07		770		762,907
TOTAL U.S. TREASURY OBLIGATIONS
(cost $2,826,173)								2,827,373
					Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 3.8%
Dryden Core Investment Fund — Taxable Money Market Series (cost $48,425,232)(Note 4)(w)						48,425,232		48,425,232

		Contracts/
		Notional
		Amounts
		(000)#
OUTSTANDING OPTIONS PURCHASED* — 0.1%
Call Options — 0.1%
Currency Option EUR VS. JPY, expiring 05/20/2010, @ Cross Currency FX Rate 148.30	EUR		2,100	163,572
Currency Option EUR VS. USD, expiring 05/21/2008 @ FX Rate 1.355	EUR		1,600	53,768
Currency Option EUR VS. USD, expiring 05/21/2008 @ FX Rate 1.355	EUR		3,300	110,896
Currency Option EUR VS. USD, expiring 06/03/2010 @ FX Rate 1.372	EUR		2,100	162,165
Currency Option EUR VS. USD, expiring 06/03/2010 @ FX Rate 1.375	EUR		3,200	162,757
Currency Option EUR VS. USD, expiring 05/21/2010 @ FX Rate 1.375	EUR		1,400	70,695
Currency Option EUR VS. USD, expiring 05/21/2010 @ FX Rate 1.375	EUR		1,400	70,357
Currency Option USD VS. JPY, expiring 03/31/2010, @ FX Rate 105.20			1,000	69,378
Currency Option USD VS. JPY, expiring 03/31/2010, @ FX Rate 105.40			3,000	204,624
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 5.00%			37,000	59,346
Swap on 3 Month LIBOR, expiring 09/26/2008 @ 4.75%			67,000	131,811
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 4.75%			30,000	68,092
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.00%			31,700	107,274
				1,434,735

SEE NOTES TO FINANCIAL STATEMENTS.

A200

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Contracts/
		Notional
		Amounts		Value
OUTSTANDING OPTIONS PURCHASED* (Continued)		(000)#		(Note 2)
Put Options — 0.1%
Currency Option EUR vs. JPY, expiring 05/20/2010, @ CrossCurrency FX Rate 148.30	EUR		2,100	$	110,021
Currency Option EUR vs. USD, expiring 05/21/2008 @ FX Rate 1.355	EUR		3,300		82,798
Currency Option EUR vs. USD, expiring 05/21/2008 @ FX Rate 1.355	EUR		1,600		40,145
Currency Option EUR vs. USD, expiring 05/21/2010 @ FX Rate 1.375	EUR		1,400		64,045
Currency Option EUR vs. USD, expiring 05/21/2010 @ FX Rate 1.375	EUR		1,400		63,706
Currency Option EUR vs. USD, expiring 06/03/2010 @ FX Rate 1.372	EUR		2,100		93,365
Currency Option EUR vs. USD, expiring 06/03/2010 @ FX Rate 1.375	EUR		3,200		145,610
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.20			1,000		28,848
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.40			3,000		87,732
Eurodollar Futures, expiring 06/16/2008, Strike Price $92.50			4,498		28,113
Eurodollar Futures, expiring 06/16/2008, Strike Price $92.75			569		3,556
					747,939
TOTAL OUTSTANDING OPTIONS PURCHASED
(cost $2,357,419)					2,182,674
TOTAL SHORT-TERM INVESTMENTS
(cost $476,998,917)					476,857,708
TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN — 97.3%
(cost $1,254,494,280; Note 6)					1,252,010,338
OUTSTANDING OPTIONS WRITTEN
Call Options(g)
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.20%			10,600		(104,044	)
Swap on 3 Month LIBOR, expiring 09/26/2008 @ 4.95%			29,000		(146,069	)
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.00%			10,000		(71,066	)
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 5.10%			16,100		(57,609	)
TOTAL OUTSTANDING OPTIONS WRITTEN
(premium received $654,060)					(378,788	)
TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN — 97.3%
(cost $1,253,840,220; Note 6)					1,251,631,550
Other assets in excess of liabilities(x) — 2.7%					34,358,264
NET ASSETS — 100.0%				$	1,285,989,814

The following abbreviations are used in portfolio descriptions:
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.
MTN	Medium Term Note
NR	Not Rated by Moody’s or Standard & Poor’s
TBA	To Be Announced
AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NOK	Norwegian Kroner
PLZ	Polish Zloty
RUB	Russian Ruble

SEE NOTES TO FINANCIAL STATEMENTS.

A201

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions (continued):
SGD	Singapore Dollar
ZAR	South African Rand
*	Non-incoming producing security
#	Principal amount is shown in U.S. dollars unless otherwise stated.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(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 $221,334,034. The aggregate market value of $221,348,900 is approximately 17.2% 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.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rates shown are the effective yields at purchase date.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Other assets in excess of liabilities includes net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts, interest rate and credit default swaps as follows:

Futures contracts open at June 30, 2007:
Number			Value at		Value at		Unrealized
of		Expiration	Trade		June 30,		Appreciation
Contracts	Type	Date	Date		2007		(Depreciation)
Long Positions:
5376	90 Day Euro Dollar	Mar 08	$	1,278,710,238	$	1,273,977,600	$	(4,732,638	)
3937	90 Day Euro Dollar	Jun 08		933,411,938		933,315,063		(96,875	)
4	90 Day Sterling	Mar 08		947,594		939,870		(7,724	)
516	90 Day Sterling	Dec 07		122,573,633		121,307,933		(1,265,700	)
								(6,102,937	)
Short Positions:
2,615	10 Year U.S. Treasury Notes	Sep 07		278,885,664		276,413,672		2,471,992
							$	(3,630,945	)

Forward foreign currency exchange contracts outstanding at June 30, 2007:
		Notional					Unrealized
		Amount	Value at Settlement		Current		Appreciation
Purchase Contracts		(000)	Date Payable		Value		(Depreciation)
Brazilian Real,
Expiring 03/04/08	BRL	14,047	$	6,535,809	$	7,083,005		$547,196
Chilean Peso,
Expiring 11/05/07	CLP	994,839		1,839,230		1,883,517		44,287
Expiring 03/13/08	CLP	131,806		249,632		249,295		(337	)
Chinese Yuan,
Expiring 01/10/08	CNY	92,598		12,548,544		12,475,182		(73,362	)
Expiring 03/07/08	CNY	98,359		13,424,000		13,348,339		(75,661	)
Expiring 03/02/09	CNY	15,611		2,227,000		2,229,226		2,226
Korean Won,
Expiring 09/21/07	KRW	1,701,443		1,830,000		1,846,243		16,243
Expiring 11/07/07	KRW	4,368,441		4,726,216		4,744,939		18,723
Mexican Peso,
Expiring 03/13/08	MXN	70,734		6,293,491		6,440,123		146,632

SEE NOTES TO FINANCIAL STATEMENTS.

A202

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2007 (continued):
		Notional						Unrealized
		Amount	Value at Settlement			Current		Appreciation
Purchase Contracts (continued)		(000)	Date Payable			Value		(Depreciation)
Norwegian Krone,
Expiring 09/06/07	NOK	140		$	23,386	$	23,770	$	384
Polish Zloty,
Expiring 09/28/07	PLZ	5,192			1,830,000		1,866,562		36,562
Expiring 03/13/08	PLZ	12,013			4,157,763		4,323,957		166,194
Russian Ruble,
Expiring 09/19/07	RUB	15,190			580,507		592,291		11,784
Expiring 11/02/07	RUB	6,567			247,337		256,133		8,796
Expiring 12/10/07	RUB	456,901			17,658,549		17,824,920		166,371
Singapore Dollar,
Expiring 07/18/07	SGD	5,762			3,812,159		3,770,381		(41,778	)
Expiring 09/21/07	SGD	2,746			1,830,000		1,806,271		(23,729	)
South African Rand,
Expiring 09/28/07	ZAR	3,590			491,727		501,919		10,192
Expiring 03/13/08	ZAR	6,540			906,176		893,438		(12,738	)
				$	81,211,526	$	82,159,511	$	947,985

		Notional						Unrealized
		Amount	Value at Settlement			Current		Appreciation
Sale Contracts		(000)	Date Payable			Value		(Depreciation)
Chinese Yuan,
Expiring 03/07/08	CNY	73,560		$	10,000,000	$	9,662,166	$	337,834
Euro,
Expiring 07/26/07	EUR	66,031			88,570,418		89,454,306		(883,888	)
Japanese Yen,
Expiring 07/24/07	JPY	909,479			7,518,095		7,386,631		131,464
British Pound
Expiring 08/09/07	GBP	1,949			3,891,091		3,911,606		(20,515	)
Russian Ruble,
Expiring 12/10/07	RUB	230,940			9,000,000		9,009,575		(9,575	)
				$	118,979,604	$	119,424,284	$	(444,680	)

SEE NOTES TO FINANCIAL STATEMENTS.

A203

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007:
								Unrealized
	Termination		Notional		Fixed		Floating	Appreciation
Counterparty	Date		Amount		Rate		Rate	(Depreciation)
Barclays Bank PLC(1)	12/19/09		$	194,100,000	5.00	%	3 Month LIBOR		$      (254,880	)
Barclays Bank PLC(1)	06/18/09		$	185,700,000	5.00	%	3 Month LIBOR		(956,097	)
Barclays Bank PLC(2)(g)	12/19/17		$	22,200,000	5.00	%	3 Month LIBOR		(144,357	)
Deutsche Bank AG(1)	06/18/09		$	365,000,000	5.00	%	3 Month LIBOR		(1,560,409	)
Deutsche Bank AG(1)	12/19/09		$	545,900,000	5.00	%	3 Month LIBOR		1,024,578
Deutsche Bank AG(2)(g)	12/19/17		$	20,300,000	5.00	%	3 Month LIBOR		(158,494	)
Goldman Sachs Capital Markets, L.P.(1)	12/19/09		$	244,700,000	5.00	%	3 Month LIBOR		(325,485	)
Royal Bank of Scotland PLC(2)(g)	12/19/17		$	188,200,000	5.00	%	3 Month LIBOR		(1,284,949	)
UBS AG(1)	06/21/08		$	46,400,000	5.00	%	3 Month LIBOR		(142,942	)
Deutsche Bank AG(1)	01/15/10	AUD		15,100,000	6.50	%	6 month Australian Bank Bill rate		(111,140	)
BNP Paribas(1)	03/15/12	EUR		5,000,000	1.98	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index		(42,116	)
Goldman Sachs Capital Markets, L.P.(1)	03/15/12	EUR		1,300,000	2.00	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index		(11,519	)
Barclays Bank PLC(1)	09/15/10	GBP		9,400,000	5.00	%	6 Month LIBOR		(425,883	)
Barclays Bank PLC(1)	03/20/09	GBP		8,200,000	6.00	%	6 Month LIBOR		(120,151	)
Barclays Bank PLC(2)(g)	12/15/35	GBP		3,700,000	4.00	%	6 Month LIBOR		293,447
Royal Bank of Scotland PLC(1)	09/15/10	GBP		3,000,000	5.00	%	6 Month LIBOR		(131,468	)
									$   (4,351,865	)

(1)	Portfolio pays the floating rate and receives the fixed rate.
(2)	Portfolio pays the fixed rate and receives the floating rate.

SEE NOTES TO FINANCIAL STATEMENTS.

A204

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Credit default swap agreements outstanding at June 30, 2007:
						Unrealized
	Termination	Notional	Fixed		Floating	Appreciation
Counterparty	Date	Amount	Rate		Rate	(Depreciation)
Lehman Brothers, Inc.(1)(g)	03/20/08	$6,600,000	0.06	%	AIG, 5.6%, due 10/18/16		$     343
Lehman Brothers, Inc.(1)(g)	03/20/08	900,000	1.55	%	GMAC LLC, 6.875%,
					due 08/2/12		4,302
Morgan Stanley Capital Services, Inc.(1)(g)	10/20/07	1,900,000	0.44	%	JSC “GAZPROM”		3,121
JP MorganChase Bank(1)	12/20/07	7,100,000	0.07	%	Morgan Stanley, 6.6%, due 04/01/12		(2,822	)
Lehman Brothers, Inc.(1)(g)	12/20/08	700,000	0.29	%	Petroeos Mexicanos, 9.5%,
					due 09/15/27		332
Barclays Bank PLC(1)(g)	12/20/08	1,600,000	0.29	%	Petroeos Mexicanos, 9.5%,
					due 09/15/27		760
Lehman Brothers, Inc.(1)(g)	12/20/08	1,600,000	0.40	%	Republic of Indonesia, 6.75%,
					03/10/14		220
Royal Bank of Scotland PLC(1)(g)	12/20/08	1,700,000	0.40	%	Republic of Indonesia, 6.75%,
					03/10/14		233
Deutsche Bank AG(1)(g)	12/20/08	700,000	0.42	%	Republic of Indonesia, 6.75%,
					due 03/10/14		302
Barclays Bank PLC(1)	12/20/08	700,000	0.26	%	Republic of Panama, 8.875%,
					due 09/30/27		(189	)
Deutsche Bank AG(1)	12/20/08	900,000	0.25	%	Republic of Panama, 8.875%,
					due 09/30/27		(375	)
Deutsche Bank AG(1)(g)	12/20/08	700,000	0.33	%	Republic of Peru, 8.75%,
					due 11/21/33		566
Lehman Brothers, Inc.(1)(g)	12/20/08	1,600,000	0.32	%	Republic of Peru, 8.75%,
					due 11/21/33		1,059
Lehman Brothers, Inc.(1)(g)	12/20/08	700,000	0.31	%	Russian Federation, 5.0%,
					due 03/31/30		212
Deutsche Bank AG(1)(g)	12/20/07	3,300,000	0.26	%	Russian Federation, 5.0%,
					due 03/31/30		681
Morgan Stanley Capital Services, Inc.(1)(g)	12/20/07	3,300,000	0.26	%	Russian Federation, 5.0%,
					due 03/31/30		681
Barclays Bank PLC(1)(g)	12/20/08	700,000	0.72	%	Ukraine Government, 7.65%,
					due 06/11/13		2,163
Barclays Bank PLC(1)(g)	12/20/08	1,700,000	0.71	%	Ukraine Government, 7.65%,
					due 06/11/13		5,007
Deutsche Bank AG(1)(g)	12/20/08	1,700,000	0.72	%	Ukraine Government, 7.65%,
					due 06/11/13		5,254
							$21,850

(1) Portfolio pays the counterparty par in the event that the underlying bond defaults and receives the fixed rate.

SEE NOTES TO FINANCIAL STATEMENTS.

A205

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:
Commercial Paper	32.9	%
Collateralized Mortgage Obligations	12.9
Financial Services	8.3
U.S. Government Agency Mortgage-Backed Securities	8.0
Foreign Government Bonds	6.8
U.S. Government Agency Obligations	5.6
Asset-Backed Securities	4.4
Financial – Bank & Trust	3.8
Affiliated Money Market Mutual Fund	3.8
Electronic Components & Equipment	2.3
Retail & Merchandising	1.3
Telecommunications	1.0
Automobile Manufacturers	0.9
Oil & Gas	0.7
Biotechnology	0.7
Food	0.4
Machinery & Equipment	0.4
Utilities	0.4
U.S. Treasury Obligation	0.3
Entertainment & Leisure	0.3
Financial – Consumer	0.3
Technology – Hardware	0.3
Containers & Packaging	0.3
Bank Loans	0.2
Hotels & Motels	0.2
Cable Television	0.2
Airlines	0.2
Insurance	0.2
Chemicals	0.1
Outstanding Options Purchased	0.1
	97.3
Other assets in excess of liabilities	2.7
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A206

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Unaffiliated investments (cost $1,206,069,048)	$	1,203,585,106
Affiliated investments (cost $48,425,232)		48,425,232
Foreign currency, at value (cost $10,298,195)		10,312,937
Cash		1,255,037
Receivable for investments sold		32,903,911
Receivable for fund share sold		26,560,684
Dividends and interest receivable		8,247,959
Swap contracts, outstanding		7,047,382
Unrealized appreciation on foreign currency forward contracts		1,644,888
Unrealized appreciation on swap agreements		1,343,261
Prepaid expenses		12,728
Total Assets		1,341,339,125
LIABILITIES:
Payable for investments purchased		46,595,206
Unrealized depreciation on swap agreements		5,673,276
Unrealized depreciation on foreign currency forward contracts		1,141,583
Due to broker-variation margin		1,071,717
Written options outstanding, at value (premium received $654,060)		378,788
Advisory fees payable		315,994
Accrued expenses and other liabilities		156,915
Shareholder servicing fees payable		9,651
Payable for fund share repurchased		6,181
Total Liabilities		55,349,311
NET ASSETS	$	1,285,989,814
Net assets were comprised of:
Paid-in capital	$	1,228,398,047
Retained earnings		57,591,767
Net assets, June 30, 2007	$	1,285,989,814
Net asset value and redemption price per share, $1,285,989,814/113,365,496 outstanding shares of beneficial interest	$	11.34

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	32,273,855
Affiliated dividend income		1,532,507
Unaffiliated dividend income		82,500
		33,888,862
EXPENSES
Advisory fees		4,277,580
Shareholder servicing fees and expenses		460,663
Custodian and accounting fees		142,000
Insurance expenses		21,000
Audit fee		15,000
Trustees’ fees		13,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		4,000
Shareholders’ reports		1,000
Miscellaneous		7,049
Total expenses		4,950,292
NET INVESTMENT INCOME		28,938,570
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		(1,280,257	)
Futures transactions		(1,638,330	)
Swap agreements		(1,245,380	)
Foreign currency transactions		5,912,141
		1,748,174
Net change in unrealized appreciation (depreciation) on:
Investments		(6,183,170	)
Futures		(3,116,107	)
Foreign currencies		1,639,625
Options written		190,768
Swap agreements		(3,399,175	)
		(10,868,059	)
NET LOSS ON INVESTMENTS		(9,119,885	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,818,685

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	28,938,570			$	59,984,396
Net realized gain (loss) on investments and foreign currencies			1,748,174				(10,304,794	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(10,868,059	)			5,357,370
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			19,818,685				55,036,972
DISTRIBUTIONS			—				(45,546,874	)
FUND SHARE TRANSACTIONS:
Fund share sold [5,690,291 and 47,987,178 shares, respectively]			64,399,131				139,661,781
Fund share issued in reinvestment of distributions [0 and 4,197,873 shares, respectively]			—				45,546,874
Fund share repurchased [14,641,899 and 9,486,308 shares, respectively]			(165,162,797	)			(511,003,013	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(100,763,666	)			(325,794,358	)
TOTAL DECREASE IN NET ASSETS			(80,944,981	)			(316,304,260	)
NET ASSETS:
Beginning of period			1,366,934,795				1,683,239,055
End of period		$	1,285,989,814			$	1,366,934,795

SEE NOTES TO FINANCIAL STATEMENTS.

A207

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
LONG-TERM INVESTMENTS — 91.1%	Ratings	Rate		Date	(000)#		(Note 2)
ASSET-BACKED SECURITIES — 14.2%
ACE Securities Corp., Series 2006-ASP5, Class A2A	Aaa	5.40	%(c)	10/25/36	$	3,880	$	3,880,278
ACE Securities Corp., Series 2006-HE4, Class A2A	Aaa	5.38	%(c)	10/25/36		6,343		6,342,957
ACE Securities Corp., Series 2006-NC3, Class A2A	Aaa	5.37	%(c)	12/25/36		2,257		2,258,034
American Express Credit Account Master Trust, Series 2005-3, Class A	Aaa	5.32	%(c)	01/18/11		22,330		22,303,644
Argent Securities, Inc., Series 2006-M2, Class A2A	Aaa	5.37	%(c)	09/25/36		2,164		2,163,736
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE6, Class A1	Aaa	5.595	%(c)	09/25/34		1,907		1,905,907
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A3	Aaa	5.38	%(c)	03/25/36		2,444		2,444,170
Bear Stearns Asset Backed Securities Trust, Series 2006-AQ1, Class 2A1	Aaa	5.40	%(c)	10/25/36		2,716		2,713,706
BNC Mortgage Loan Trust, Series 2007-2, Class A2	Aaa	5.42	%(c)	05/25/37		14,080		14,081,557
Chase Credit Card Master Trust, Series 2003-2, Class A	Aaa	5.43	%(c)	07/15/10		8,330		8,337,675
Chase Credit Card Master Trust, Series 2003-6, Class A	Aaa	5.43	%(c)	02/15/11		9,300		9,314,112
Chase Manhattan Auto Owner Trust, Series 2006-B, Class A2	Aaa	5.28	%	10/15/09		10,356		10,355,099
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH1, Class A1A	Aaa	5.39	%(c)	01/25/36		901		901,114
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A1	Aaa	5.36	%(c)	08/25/36		4,211		4,210,933
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class A1	Aaa	5.37	%(c)	11/25/36		2,489		2,488,943
Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC3, Class A2A	Aaa	5.43	%(c)	03/25/37		15,491		15,498,624
Countrywide Asset-Backed Certificates, Series 2006-13, Class 3AV1	Aaa	5.37	%(c)	01/25/37		6,106		6,104,388
Countrywide Asset-Backed Certificates, Series 2006-15, Class A1	Aaa	5.43	%(c)	10/25/46		4,950		4,949,676
Countrywide Asset-Backed Certificates, Series 2006-16, Class 2A1	Aaa	5.37	%(c)	12/25/46		2,099		2,098,826
Countrywide Asset-Backed Certificates, Series 2006-22, Class 2A1	Aaa	5.37	%(c)	05/25/37		3,899		3,902,572
Countrywide Asset-Backed Certificates, Series 2006-23, Class 2A1	Aaa	5.37	%(c)	05/25/37		29,972		29,962,173
Countrywide Asset-Backed Certificates, Series 2006-25, Class 2A1	Aaa	5.39	%(c)	06/25/37		5,723		5,722,420
Countrywide Asset-Backed Certificates, Series 2006-26, Class 2A1	Aaa	5.40	%(c)	06/25/37		4,948		4,946,764
Countrywide Asset-Backed Certificates, Series 2007-6, Class 2A1	Aaa	5.42	%(c)	09/25/37		14,274		14,273,543
Countrywide Asset-Backed Certificates, Series 2007-7, Class 2A1	Aaa	5.40	%(c)	10/25/37		16,252		16,254,770
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB9, Class A1	Aaa	5.38	%(c)	11/25/36		5,814		5,813,956
EMC Mortgage Loan Trust, Series 2001-A, Class A, 144A	Aaa	5.69	%(c)	05/25/40		5,073		5,081,905
Fannie Mae Grantor Trust, Series 2002-T10, Class A1	Aaa	5.56	%(c)	06/25/32		3,509		3,509,285
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF12, Class A2A	Aaa	5.41	%(c)	11/25/36		1,029		1,029,730
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF15, Class A3	Aaa	5.37	%(c)	11/25/36		8,866		8,866,186
First NLC Trust, Series 2007-1, Class A1	Aaa	5.39	%(c)	08/25/37		19,000		19,000,000
First USA Credit Card Master Trust, Series 1998-6, Class A	Aaa	5.48	%(c)	04/18/11		17,000		17,034,139
Fremont Home Loan Trust, Series 2006-3, Class 2A1	Aaa	5.39	%(c)	02/25/37		3,006		3,005,172
Fremont Home Loan Trust, Series 2006-A, Class 2A1	Aaa	5.37	%(c)	05/25/36		977		976,956
Fremont Home Loan Trust, Series 2006-E, Class 2A1	Aaa	5.38	%(c)	01/25/37		4,387		4,385,605

SEE NOTES TO FINANCIAL STATEMENTS.

A208

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
ASSET-BACKED SECURITIES (Continued)	Ratings	Rate		Date	(000)#			(Note 2)
GE-WMC Mortgage Securities LLC, Series 2005-1, Class A2A	Aaa	5.44	%(c)	10/25/35	$	1,729	$	1,728,656
GE-WMC Mortgage Securities LLC, Series 2006-1, Class A2A	Aaa	5.36	%(c)	08/25/36		2,255		2,255,417
HFC Home Equity Loan Trust, Series 2006-4, Class A1V	Aaa	5.39	%(c)	03/20/36		4,939		4,938,870
Honda Auto Receivables Owner Trust, Series 2007-1, Class A1	A-1+(d)	5.322	%	03/18/08		8,459		8,459,271
HSI Asset Securitization Corp., Series 2006-HE2, Class 2A1	Aaa	5.37	%(c)	12/25/36		3,372		3,372,454
Indymac Residential Asset Backed Trust, Series 2006-E, Class 2A1	Aaa	5.38	%(c)	04/25/37		4,026		4,024,435
JPMorgan Mortgage Acquisition Corp., Series 2006-CH2, Class AV2	Aaa	5.37	%(c)	10/25/36		34,172		34,118,500
JPMorgan Mortgage Acquisition Corp., Series 2006-WMC3, Class A2	Aaa	5.37	%(c)	08/25/36		2,309		2,309,391
JPMorgan Mortgage Acquisition Corp., Series 2007 HE-1, Class AV1	Aaa	5.38	%(c)	04/01/37		8,292		8,287,640
JPMorgan Mortgage Acquisition Corp., Series 2007-CH3, Class A2	Aaa	5.40	%(c)	03/25/37		8,630		8,630,642
Lehman XS Trust, Series 2006-9, Class A1A	Aaa	5.39	%(c)	05/25/46		2,278		2,277,780
Lehman XS Trust, Series 2006-16N, Class A1A	Aaa	5.40	%(c)	11/25/46		7,739		7,736,984
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1	Aaa	5.60	%(c)	10/25/34		502		502,995
Master Asset Backed Securities Trust, Series 2006-HE5, Class A1	Aaa	5.38	%(c)	11/25/36		6,025		6,025,290
MBNA Credit Card Master Note Trust, Series 2002-A9, Class A9	Aaa	5.446	%(c)	12/15/09		11,570		11,570,408
Merrill Lynch Mortgage Investors, Inc., Series 2006-FF1, Class A2A	Aaa	5.39	%(c)	08/25/36		20,883		20,883,277
Morgan Stanley ABS Capital I, Series 2006-HE8, Class A2A	Aaa	5.37	%(c)	10/25/36		2,536		2,535,775
Morgan Stanley ABS Captial I, Series 2006-NC5, Class A2A	Aaa	5.36	%(c)	10/25/36		2,652		2,649,840
Nelnet Student Loan Trust, Series 2006-3, Class A1	Aaa	5.34	%(c)	09/25/12		3,999		3,999,244
Newcastle Mortgage Securities Trust, Series 2006-1, Class A1	Aaa	5.39	%(c)	03/25/36		3,931		3,930,009
Nissan Auto Lease Trust, Series 2006-A, Class A1	P-1	5.347	%	12/14/07		99		99,300
Park Place Securities, Inc., Series 2004-MCW1, Class A1	Aaa	5.632	%(c)	10/25/34		10,006		10,024,341
Residential Asset Mortgage Products, Inc., Series 2006-RZ4, Class A1A	Aaa	5.40	%(c)	10/25/36		5,949		5,948,140
Residential Asset Securities Corp., Series 2006-KS6, Class A1	Aaa	5.36	%(c)	08/25/36		2,896		2,895,769
Residential Asset Securities Corp., Series 2006-KS9, Class AI1	Aaa	5.39	%(c)	11/25/36		6,132		6,132,700
Residential Asset Securities Corp., Series 2007-KS2, Class AI1	Aaa	5.39	%(c)	02/25/37		14,507		14,505,696
Residential Asset Securities Corp., Series 2007-KS3, Class AI1	Aaa	5.43	%(c)	04/25/37		13,286		13,288,373
Saxon Asset Securities Trust, Series 2006-3, Class A1	Aaa	5.38	%(c)	11/25/36		3,198		3,196,921
Securitized Asset Backed Receivables LLC Trust, Series 2007-HE1, Class A2A	Aaa	5.38	%(c)	12/25/36		1,069		1,068,896
SLC Student Loan Trust, Series 2007-1, Class A1	Aaa	5.313	%(c)	02/15/15		9,600		9,598,502
SLM Student Loan Trust, Series 2003-11, Class A7	Aaa	3.80	%	12/15/38		28,500		27,605,100
SLM Student Loan Trust, Series 2006-3, Class A2	Aaa	5.355	%(c)	01/25/16		3,496		3,496,717
SLM Student Loan Trust, Series 2006-6, Class A1	Aaa	5.345	%(c)	10/25/18		10,446		10,444,036
SLM Student Loan Trust, Series 2007-1, Class A1	Aaa	5.325	%(c)	04/25/12		1,439		1,439,713
Soundview Home Equity Loan Trust, Series 2006-EQ1, Class A1	Aaa	5.37	%(c)	10/25/36		4,632		4,632,470
Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A1	Aaa	5.40	%(c)	06/25/37		10,097		10,098,135

SEE NOTES TO FINANCIAL STATEMENTS.

A209

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
	Moody’s	Interest		Maturity		Amount		Value
ASSET-BACKED SECURITIES (Continued)	Ratings	Rate		Date		(000)#		(Note 2)
Structured Asset Securities Corp., Series 2005-WF3, Class A1	AAA(d)	5.42	%(c)	07/25/35		$	735	$	734,592
Structured Asset Securities Corp., Series 2006-BC3, Class A2	Aaa	5.37	%(c)	10/25/36			6,726		6,724,438
Wells Fargo Home Equity Trust, Series 2006-3, Class A1	Aaa	5.37	%(c)	01/25/37			4,775		4,775,388
TOTAL ASSET-BACKED SECURITIES
(cost $543,091,807)									543,064,660
BANK LOANS — 0.9%
Davita, Inc., Term B1	Ba	6.88	%	10/05/12			6,538		6,557,215
Freeport-McMoRan Copper & Gold, Inc., Term B(g)	Baa	9.00	%	03/19/14			431		431,679
JSG Packaging, Term C (Ireland)	B+(d)	6.72	%(c)	01/12/14	EUR		108		148,567
JSG Packaging, Term C (Ireland)	B+(d)	6.86	%(c)	01/12/14	EUR		122		167,599
JSG Packaging, Term C (Ireland)	B+(d)	6.90	%(c)	01/12/14	EUR		211		288,880
JSG Packaging, Term C (Ireland)	B+(d)	6.94	%(c)	01/12/14	EUR		163		222,850
JSG Packaging, Term C (Ireland)	B+(d)	7.05	%(c)	11/29/14	EUR		396		542,268
Kinder Morgan, Inc., Term A(g)	Ba	7.00	%	11/24/13			10,000		9,984,380
Lyondell Term(g)	BA+(d)	6.86	%	08/16/13			2,500		2,502,345
RH Donnelley, Inc., Term D(g)	BA+(d)	6.86	%	06/30/11			517		517,637
RH Donnelley, Inc., Term D(g)	BA+(d)	6.86	%	06/30/11			1,677		1,677,032
RH Donnelley, Inc., Term D(g)	BA+(d)	6.86	%	06/30/11			228		228,332
RH Donnelley, Inc., Term D(g)	BA+(d)	6.86	%	06/30/11			2,020		2,020,201
RH Donnelley, Inc., Term D(g)	BA+(d)	6.86	%	06/30/11			558		558,046
SLM Corp. Bridge Loan(g)	Ba	6.00	%	06/30/08			8,300		8,258,500
TOTAL BANK LOANS
(cost $34,034,303)									34,105,531
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.3%
ABN AMRO Mortgage Corp., Series 2003-13, Class A3	Aaa	5.50	%	01/25/34			3,210		3,047,985
American Home Mortgage Investment Trust, Series 2004-4, Class 4A	Aaa	4.39	%(c)	02/25/45			2,169		2,127,869
Banc of America Funding Corp., Series 2005-D, Class A1	AAA(d)	4.113	%(c)	05/25/35			3,281		3,211,172
Banc of America Mortgage Securities, Inc., Series 2004-1, Class 5A1	AAA(d)	6.50	%	09/25/33			541		541,265
Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A2	Aaa	5.329	%(c)	02/25/33			761		771,417
Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class A-1	Aaa	5.626	%(c)	02/25/33			559		555,698
Bear Stearns Alt-A Trust, Series 2005-4, Class 3A1	Aaa	5.377	%(c)	05/25/35			4,673		4,636,364
Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1	Aaa	5.48	%(c)	02/25/34			6,119		6,122,313
Bear Stearns Asset Backed Securities Trust, Series 2007-HE5, Class 1A1	Aaa	5.41	%(c)	06/25/37			4,795		4,794,692
Commercial Mortgage Pass-Through Certificates, Series 1999-1, Class A2	Aaa	6.455	%	05/15/32			6,000		6,037,993
Countrywide Alternative Loan Trust, Series 2007-OA7, Class A1A	Aaa	5.50	%(c)	01/25/47			4,967		4,977,155
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-HYB9, Class 3A2A	Aaa	5.25	%(c)	02/20/36			1,262		1,252,800
Fannie Mae, Series 1993-70, Class Z	Aaa	6.90	%	05/25/23			111		113,958
Fannie Mae, Series 2002-56, Class MC	Aaa	5.50	%	09/25/17			261		259,065
Fannie Mae, Series 2003-21, Class M	Aaa	5.00	%	02/25/17			1,816		1,791,411
Fannie Mae, Series 2003-25, Class KP	Aaa	5.00	%	04/25/33			8,653		8,236,271
Fannie Mae, Series 2003-33, Class PU	Aaa	4.50	%	05/25/33			277		260,408
Fannie Mae, Series 2003-122, Class TU	Aaa	4.00	%	05/25/16			502		495,782
Fannie Mae, Series 2006-118, Class 1A	Aaa	5.38	%(c)	12/25/36			3,528		3,520,708

SEE NOTES TO FINANCIAL STATEMENTS.

A210

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)	Moody’s	Interest		Maturity	Amount			Value
	Ratings	Rate		Date	(000)#			(Note 2)
Fannie Mae, Series 3346, Class FA	Aaa	5.55	%	07/15/37		$	47,800	$	47,796,284
Fannie Mae Whole Loan, Series 2003-W1, Class 1A1	Aaa	6.50	%	12/25/42			1,129		1,141,926
Fannie Mae Whole Loan, Series 2004-W2, Class 2A2	Aaa	7.00	%	02/25/44			372		382,033
Fannie Mae Whole Loan, Series 2004-W2, Class 5A	Aaa	7.50	%	03/25/44			360		373,783
FHLMC Structured Pass-Through Securities, Series T-63, Class 1A1	Aaa	6.227	%(c)	02/25/45			525		522,762
Freddie Mac, Series 2064, Class ZA	Aaa	6.50	%	05/15/28			2,699		2,754,719
Freddie Mac, Series 2145, Class MZ	Aaa	6.50	%	04/15/29			7,406		7,531,521
Freddie Mac, Series 2378, Class PE	Aaa	5.50	%	11/15/16			556		554,396
Freddie Mac, Series 2662, Class DG	Aaa	5.00	%	10/15/22			1,300		1,239,957
Freddie Mac, Series 2694, Class QH	Aaa	4.50	%	03/15/32			1,265		1,175,096
Freddie Mac, Series 2721, Class PE	Aaa	5.00	%	01/15/23			525		498,167
Freddie Mac, Series 2724, Class PT	Aaa	3.75	%	05/15/16			415		410,501
Freddie Mac, Series 2728, Class TC	Aaa	4.00	%	02/15/23			938		927,184
Freddie Mac, Series 2734, Class PG	Aaa	5.00	%	07/15/32			909		866,835
Freddie Mac, Series 2737, Class XG	Aaa	4.00	%	11/15/22			489		484,411
Freddie Mac, Series 2737, Class YD	Aaa	5.00	%	08/15/32			600		572,063
Freddie Mac, Series 2750, Class NB	Aaa	4.00	%	12/15/22			1,118		1,103,605
Freddie Mac, Series 2759, Class AU	Aaa	3.50	%	05/15/19			116		115,817
Freddie Mac, Series 2764, Class LZ	Aaa	4.50	%	03/15/34			9,952		7,495,890
Freddie Mac, Series 2950, Class NA	Aaa	4.25	%	09/15/24			14,966		14,730,959
Freddie Mac, Series 3149, Class LF	Aaa	5.62	%(c)	05/15/36			4,174		4,185,899
Freddie Mac, Series 3335, Class AF	Aaa	5.47	%(c)	10/15/20			72,200		72,132,312
Freddie Mac, Series 3335, Class BF	Aaa	5.47	%(c)	07/15/19			11,900		11,889,773
Freddie Mac, Series 3335, Class FT	Aaa	5.47	%(c)	08/15/19			54,200		54,157,656
Greenpoint Mortgage Funding Trust, Series 2006-AR6, Class A1A	Aaa	5.40	%(c)	10/25/46			6,428		6,429,163
Greenpoint Mortgage Funding Trust, Series 2006-AR8, Class 1A1A	Aaa	5.40	%(c)	01/25/47			6,845		6,843,171
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1	Aaa	5.354	%(c)	06/25/34			4,895		4,920,962
Harborview Mortgage Loan Trust, Series 2005-2, Class 2A1A	Aaa	5.54	%(c)	05/19/35			1,212		1,213,059
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A11	Aaa	5.41	%(c)	01/19/38			9,790		9,797,404
Indymac ARM Trust, Series 2001-H2, Class A2	Aaa	6.633	%(c)	01/25/32			52		51,793
Indymac Index Mortgage Loan Trust, Series 2006-AR14, Class 1A1A	Aaa	5.41	%(c)	11/25/46			4,350		4,352,613
Master Asset Backed Securities Trust, Series 2007-HE1, Class A1	Aaa	5.40	%(c)	05/25/37			6,903		6,903,693
Prime Mortgage Trust, Series 2004, Class 1A2	AAA(d)	5.72	%(c)	02/25/34			1,157		1,160,225
Prime Mortgage Trust, Series 2004, Class 2A2	AAA(d)	5.72	%(c)	02/25/19			262		262,584
Rothschild, (L.F.) Mortgage Trust, Series 2, Class Z	AAA(d)	9.95	%	08/01/17			96		95,231
Structured Asset Securities Corp., Series 2002-1A, Class 4A	Aaa	6.065	%(c)	02/25/32			103		103,219
Structured Asset Securities Corp., Series 2006-11, Class A1	AAA(d)	5.329	%(c)	10/25/35			6,263		6,257,267
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1	Aaa	5.44	%(c)	08/25/36			11,455		11,442,681
Thornburg Mortgage Securities Trust, Series 2006-6, Class A1	Aaa	5.43	%(c)	12/25/36			5,451		5,447,316
Washington Mutual, Inc., Series 2002-AR11, Class A1	Aaa	5.094	%(c)	10/25/32			717		714,335
Washington Mutual, Inc., Series 2004-CB1, Class 4A	Aaa	6.00	%	06/25/34			458		450,386
Washington Mutual, Inc., Series 2005-AR13, Class A1	Aaa	5.61	%(c)	11/25/35			1,027		1,028,368
Wells Fargo Mortgage Backed Securities, Series 2003-17, Class 1A12	AAA(d)	5.25	%	01/25/34			38,679		33,843,371
Wells Fargo Mortgage Backed Securities, Series 2006-AR2, Class 2A1	AAA(d)	4.95	%	03/25/36			5,520		5,442,703
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $397,116,884)									392,557,419

SEE NOTES TO FINANCIAL STATEMENTS.

A211

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS — 28.0%	Ratings	Rate		Date	(000)#		(Note 2)
Airlines
United Air Lines, Inc., Equipment Trust, Series 91C, 144A(g)(i)	NR	10.36	%	11/13/12	$	3,763	$	179,698
United Air Lines, Inc., Equipment Trust, Series 91E, 144A(g)(i)	NR	10.36	%	11/27/12		321		15,069
United Air Lines, Inc., Pass-Thru Cert., Series 91A2, 144A(g)(i)	NR	10.02	%	03/22/14		865		464,106
								658,873
Automobile Manufacturers — 0.5%
DaimlerChrysler NA Holding Corp., Gtd. Notes	Baa1	5.71	%(c)	03/13/09		3,400		3,406,324
DaimlerChrysler NA Holding Corp., Gtd. Notes	Baa1	5.79	%(c)	03/13/09		9,100		9,138,402
DaimlerChrysler NA Holding Corp., Unsub. Notes	Baa1	5.805	%(c)	08/03/09		5,100		5,126,586
								17,671,312
Beverages — 0.2%
Diageo Capital Co. PLC, Gtd. Notes (United Kingdom)	A3	5.457	%(c)	11/10/08		8,100		8,105,208
Electric — 0.4%
Ohio Power Co., Unsec’d. Notes	A3	5.54	%(c)	04/05/10		16,030		16,041,301
Financial – Bank & Trust — 6.9%
American Express Centurion Bank, Notes	Aa3	5.34	%	06/12/09		23,000		22,997,056
ANZ National International Ltd., Notes, 144A	Aa2	5.396	%(c)	08/07/09		12,200		12,194,120
Bank of America Corp., Notes	Aa1	5.45	%(c)	09/18/09		6,000		6,003,738
Bank of America Corp., Sr. Unsec’d. Notes	Aa1	5.366	%(c)	11/06/09		3,700		3,698,180
Bank of America NA, Sr. Notes	Aaa	5.355	%(c)	07/25/08		11,500		11,503,714
Bank of America NA, Sr. Notes	Aaa	5.36	%(c)	12/18/08		2,500		2,500,575
Bank of America NA, Sub. Notes	Aa1	6.00	%	10/15/36		1,900		1,833,853
Bank of Ireland, Sr. Unsec’d. Notes (Ireland)	Aa2	5.41	%(c)	12/18/09		15,900		15,922,244
China Development Bank, Notes (China)	A2	5.00	%	10/15/15		600		573,108
Credit Agricole SA, Sr. Unsec’d. Notes (France)	Aa1	5.36	%(c)	05/28/09		6,100		6,099,433
Credit Agricole SA, Sr. Unsec’d. Notes (France)	Aa1	5.41	%(c)	05/28/10		7,000		6,998,950
DBS Bank Ltd., Sub. Notes (Singapore)	Aa2	5.58	%(c)	05/16/17		1,000		999,950
DnB Nor Bank ASA, Sr. Notes, 144A (Norway)	Aa1	5.43	%(c)	10/13/09		5,400		5,400,092
Export-Import Bank of China, Notes, 144A (China)	A2	4.875	%	07/21/15		600		568,582
Export-Import Bank of Korea, Notes (Korea)	Aa3	5.45	%(c)	06/01/09		8,700		8,699,782
FleetBoston Financial Corp., Sub. Notes	Aa2	7.375	%	12/01/09		20,000		20,884,120
HBOS PLC, Sub. Notes, 144A (United Kingdom)	A1	5.92	%	09/29/49		700		656,506
HBOS Treasury Services PLC, Gtd. Notes, MTN, 144A (United Kingdom)	Aa1	5.397	%(c)	07/17/09		8,400		8,405,687
HSBC Bank USA, Sr. Notes	Aa2	5.50	%(c)	06/10/09		3,300		3,308,646
HSBC Finance Corp., Notes	Aa3	5.50	%(c)	12/05/08		4,800		4,810,829
HSBC Finance Corp., Sr. Notes	Aa3	5.415	%(c)	10/21/09		4,200		4,200,386
HSBC Finance Corp., Sr. Unsec’d. Notes	Aa3	5.49	%(c)	09/15/08		16,200		16,229,338
HSBC Holdings PLC, Sub. Notes (United Kingdom)	Aa3	6.50	%	05/02/36		5,100		5,241,122
RBS Capital Trust I, Gtd. Notes	Aa3	4.709	%	12/29/49		3,200		2,978,675
Residential Capital LLC, Gtd. Notes	Baa3	6.46	%(c)	05/22/09		8,100		8,062,254
Resona Bank Ltd., Notes, 144A (Japan)	A2	5.85	%(c)	09/29/49		900		860,510
Royal Bank of Scotland PLC, Notes, 144A (United Kingdom)	Aaa	5.405	%(c)	07/21/08		4,000		4,002,644
Royal Bank of Scotland PLC, Sub. Notes (United Kingdom)	Aa1	5.75	%(c)	07/06/12		21,300		21,300,362
Santander US Debt SA Unipersonal, Gtd. Notes (Spain)	Aa1	5.37	%(c)	09/21/07		4,000		4,000,472
Santander US Debt SA Unipersonal, Gtd. Notes (Spain)	Aa1	5.42	%(c)	11/20/09		10,200		10,201,612
State Street Capital Trust IV, Gtd. Notes	A1	6.355	%(c)	06/15/37		1,100		1,103,247
VTB Capital SA, Sr. Notes, 144A (Luxembourg)	A2	5.955	%(c)	08/01/08		5,500		5,505,500
Wells Fargo & Co., Notes	Aa1	5.46	%(c)	09/15/09		23,400		23,449,561
Wells Fargo & Co., Notes, MTN	Aa1	5.40	%(c)	03/10/08		7,110		7,114,337
Westpac Banking Corp., Sr. Unsec’d. Notes	Aa1	5.28	%(c)	06/06/08		3,800		3,800,589
								262,109,774

SEE NOTES TO FINANCIAL STATEMENTS.

A212

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Financial Services — 13.7%
American Express Credit Corp., Notes, MTN	Aa3	5.38	%(c)	11/09/09	$	9,100	$	9,103,067
American Express Credit Corp., Sr. Notes, MTN	Aa3	5.38	%(c)	03/02/09		6,000		6,005,964
American Honda Finance Corp., Notes, MTN, 144A (Australia)	Aa3	5.42	%(c)	03/09/09		13,600		13,612,893
Bear Stearns & Co., Inc., Notes	A1	5.45	%(c)	03/30/09		5,600		5,601,798
Bear Stearns & Co., Inc., Sr. Notes, MTN	A1	5.48	%(c)	05/18/10		18,800		18,774,319
Bear Stearns & Co., Inc., Sr. Unsec’d. Notes, MTN	A1	5.45	%(c)	08/21/09		11,400		11,385,682
C8 Capital SPV Ltd., Notes, 144A (Mexico)	BBB-(d)	6.64	%(c)	02/28/49		27,700		27,204,724
Caterpillar Financial Services Corp., Notes, MTN	A2	5.41	%(c)	10/09/09		22,100		22,105,459
Caterpillar Financial Services Corp., Notes, MTN	A2	5.42	%(c)	05/18/09		13,300		13,312,595
CCCA LLC, Notes, 144A(g)	AAA(d)	7.80	%	10/15/08		428		432,964
CIT Group, Inc., Notes	A2	5.51	%(c)	12/19/08		5,100		5,096,251
CIT Group, Inc., Sr. Notes	A2	5.505	%(c)	01/30/09		5,200		5,191,581
CIT Group, Inc., Sr. Notes, MTN	A2	5.48	%(c)	08/17/09		5,500		5,478,748
CIT Group, Inc., Sr. Notes, MTN	A2	5.51	%(c)	08/15/08		6,000		5,999,496
Citigroup Funding, Inc., Gtd. Notes, MTN	Aa1	5.35	%(c)	12/08/08		2,100		2,100,502
Citigroup Funding, Inc., Gtd. Notes, MTN	Aa1	5.36	%(c)	06/26/09		5,400		5,399,023
Citigroup Funding, Inc., Notes, MTN	Aa1	5.32	%(c)	04/23/09		5,500		5,499,730
Citigroup Global Markets Holdings, Inc., Notes	Aa1	5.46	%(c)	03/17/09		5,100		5,105,686
Citigroup, Inc., Notes	Aa1	5.40	%(c)	12/26/08		9,000		9,004,428
Citigroup, Inc., Notes	Aa1	5.50	%(c)	06/09/09		10,459		10,482,386
Citigroup, Inc., Sr. Notes	Aa1	5.39	%(c)	12/28/09		8,100		8,101,831
Citigroup, Inc., Sub. Notes	Aa2	6.125	%	08/25/36		11,000		10,801,098
Citigroup, Inc., Unsec’d. Notes	Aa1	5.395	%(c)	01/30/09		4,200		4,201,084
Credit Suisse First Boston USA, Inc., Notes	Aa1	5.56	%(c)	08/15/10		36,200		36,349,796
Ford Motor Credit Co., Notes	B1	7.875	%	06/15/10		160		159,969
General Electric Capital Corp., Notes, MTN	Aaa	5.428	%(c)	01/20/10		15,600		15,623,026
General Electric Capital Corp., Sr. Notes, MTN	Aaa	5.455	%(c)	10/21/10		8,900		8,910,698
General Electric Capital Corp., Sr. Unsec’d. Notes	Aaa	5.42	%(c)	10/06/10		8,600		8,600,447
General Electric Capital Corp., Sr. Unsec’d. Notes, MTN	Aaa	5.385	%(c)	10/26/09		9,200		9,201,840
General Electric Capital Corp., Sr. Unsec’d. Notes, MTN	Aaa	5.40	%(c)	01/05/09		10,000		10,004,780
General Electric Capital Corp., Sr. Unsec’d. Notes, MTN	Aaa	5.43	%(c)	08/15/11		7,200		7,191,245
General Motors Acceptance Corp. LLC, Notes, MTN	Ba1	4.375	%	12/10/07		380		377,260
General Motors Acceptance Corp. LLC, Unsub. Notes, MTN	Ba1	6.51	%(c)	09/23/08		4,000		4,000,036
General Motors Acceptance Corp., Sr. Unsub. Notes	Ba1	6.00	%	12/15/11		1,000		950,702
Goldman Sachs Group, Inc., Bonds	Aa3	5.40	%(c)	12/23/08		2,300		2,300,030
Goldman Sachs Group, Inc., Notes, MTN	Aa3	5.447	%(c)	11/10/08		5,700		5,706,925
Goldman Sachs Group, Inc., Notes, MTN	Aa3	5.45	%(c)	12/22/08		21,300		21,321,151
Goldman Sachs Group, Inc., Notes, MTN	Aa3	5.455	%(c)	07/29/08		2,500		2,503,042
Goldman Sachs Group, Inc., Notes, MTN	Aa3	5.685	%(c)	07/23/09		4,640		4,663,673
Goldman Sachs Group, Inc., Sr. Notes, MTN	Aa3	5.44	%(c)	11/16/09		3,900		3,902,426
Goldman Sachs Group, Inc., Sub. Notes	A1	5.625	%	01/15/17		5,400		5,175,430
John Deere Capital Corp., Notes, MTN	A2	5.406	%(c)	07/15/08		5,300		5,303,805
JPMorgan Chase & Co., Sr. Notes, MTN	Aa2	5.395	%(c)	05/07/10		10,000		9,999,770
JPMorgan Chase Capital, Jr. Sub. Notes	Aa3	6.55	%	09/15/66		1,000		963,046
Lehman Brothers Holdings, Inc., Bonds, MTN	A1	5.45	%(c)	04/03/09		2,300		2,302,224
Lehman Brothers Holdings, Inc., Notes, MTN	A1	5.41	%(c)	12/23/08		2,300		2,301,644
Lehman Brothers Holdings, Inc., Notes, MTN	A1	5.607	%(c)	11/10/09		3,500		3,509,156
Lehman Brothers Holdings, Inc., Sr. Notes, MTN	A1	5.37	%(c)	11/24/08		16,490		16,491,600
Lehman Brothers Holdings, Inc., Sr. Notes, MTN	A1	5.46	%(c)	11/16/09		14,300		14,305,734
Lehman Brothers Holdings, Inc., Sr. Notes, MTN	A1	5.50	%(c)	05/25/10		5,800		5,794,879
Lehman Brothers Holdings, Inc., Sr. Notes, MTN	A1	5.579	%(c)	07/18/11		3,900		3,905,343
Longpoint Re Ltd., Notes(g)	BB+(d)	10.609	%(c)	11/08/11		3,100		3,100,155
Merrill Lynch & Co., Inc., Notes, MTN	Aa3	5.395	%(c)	10/23/08		6,900		6,907,997
Merrill Lynch & Co., Inc., Notes, MTN	Aa3	5.45	%(c)	08/14/09		5,100		5,103,029
Merrill Lynch & Co., Inc., Notes, MTN	Aa3	5.555	%(c)	07/25/11		6,900		6,894,349
Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN	Aa3	5.406	%(c)	05/08/09		6,400		6,400,294

SEE NOTES TO FINANCIAL STATEMENTS.

A213

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Financial Services (cont’d.)
Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN	Aa3	5.44	%(c)	12/04/09	$	4,900	$	4,899,858
Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN	Aa3	5.445	%(c)	01/30/09		7,100		7,106,326
Morgan Stanley, Sr. Notes	Aa3	5.36	%(c)	11/21/08		4,600		4,598,891
MUFG Capital Finance 1 Ltd., Gtd. Notes (Cayman Islands)	A2	6.346	%(c)	07/29/49		900		884,199
Mystic Re Ltd., Notes(g)	B+(d)	15.36	%(c)	06/07/11		3,000		3,007,050
National Australia Bank Ltd., Sr. Unsec’d. Notes, 144A (Australia)	Aa1	5.40	%(c)	09/11/09		5,600		5,605,113
Phoenix Quake Ltd., Notes, 144A(g)	Baa3	7.81	%(c)	07/03/08		1,200		1,205,652
Phoenix Quake Wind Ltd., Notes, 144A(g)	Baa3	7.81	%(c)	07/03/08		1,200		1,202,808
Phoenix Quake Wind Ltd., Notes, 144A(g)	B3	8.86	%(c)	07/03/08		550		521,670
SLM Corp., Notes, MTN	A2	5.435	%(c)	01/25/08		5,500		5,473,946
SLM Corp., Unsec’d. Notes, MTN	A2	5.495	%(c)	07/27/09		22,000		21,450,440
SMFG Preferred Capital, Sub. Notes, 144A (Cayman Islands)	A2	6.078	%(c)	01/29/49		4,600		4,425,246
TNK-BP Finance SA, Notes, 144A (Luxembourg)	Baa2	6.125	%	03/20/12		1,500		1,465,500
UBS Preferred Funding Trust V, Gtd. Notes	Aa2	6.243	%(c)	05/29/49		8,100		8,131,979
UFJ Finance Aruba AEC, Gtd. Notes	Aa3	6.75	%	07/15/13		400		422,358
ZFS Finance USA Trust IV, Bonds	Baa2	5.875	%(c)	05/09/62		3,200		3,148,832
								523,776,678
Insurance — 0.2%
American International Group, Inc., Sr. Notes	Aa2	5.05	%	10/01/15		800		761,555
American International Group, Inc., Sr. Notes, 144A	Aa2	5.37	%(c)	06/16/09		4,400		4,418,259
Residental Reinsurance 2007 Ltd., Notes(g)	B	15.61	%(c)	06/07/10		1,700		1,701,275
								6,881,089
Machinery & Equipment — 0.2%
Siemens Financieringsmat, Gtd. Notes, 144A (Netherlands)	Aa3	5.41	%(c)	08/14/09		7,400		7,397,810
Media — 1.1%
Comcast Corp., Gtd. Notes	Baa2	6.45	%	03/15/37		1,600		1,541,959
Time Warner, Inc., Gtd. Notes	Baa2	5.59	%(c)	11/13/09		24,326		24,349,377
Walt Disney Co. (The), Sr. Notes, MTN	A2	5.46	%(c)	09/10/09		15,170		15,191,420
								41,082,756
Medical Supplies & Equipment — 0.4%
Amgen, Inc., Sr. Unsec’d. Notes	A2	5.44	%	11/28/08		14,400		14,402,693
Metals & Mining — 0.1%
Codelco, Inc., Unsec’d. Notes, 144A	Aa3	6.15	%	10/24/36		700		694,005
Vale Overseas Ltd., Gtd. Notes	Baa3	6.25	%	01/23/17		1,200		1,190,184
Vale Overseas Ltd., Gtd. Notes	Baa3	6.875	%	11/21/36		1,200		1,206,223
								3,090,412
Oil & Gas — 1.1%
BP AMI Leasing, Inc., Gtd. Notes	Aa1	5.37	%(c)	06/26/09		6,400		6,398,816
Citigroup Global Markets Deutschland AG for OAO Gazprom, Unsec’d. Notes (Germany)	A3	10.50	%	10/21/09		6,400		7,047,699
El Paso Corp., Sr. Notes, MTN	Ba3	7.75	%	01/15/32		11,000		11,080,410
Gaz Capital SA, Notes	A3	6.212	%	11/22/16		1,100		1,071,400
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	5.75	%	12/15/15		1,500		1,471,500
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.00	%	11/15/11		2,700		2,929,500
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.50	%	02/15/08		490		498,330
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.625	%	02/01/22		2,300		2,828,634
Petroleum Export Ltd., Sr. Notes, 144A (Cayman Islands)	Baa1	5.265	%	06/15/11		581		563,729
Ras Laffan Liquefied Natural Gas Co. Ltd. II, Bonds, 144A (Qatar)	Aa3	5.298	%	09/30/20		1,600		1,495,056
Transocean, Inc., Unsec’d. Notes	Baa1	5.56	%(c)	09/05/08		5,200		5,203,396
								40,588,470

SEE NOTES TO FINANCIAL STATEMENTS.

A214

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
CORPORATE OBLIGATIONS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
Real Estate — 0.3%
WEA Finance LLC/WCI Finance LLC, Sr. Notes, 144A (Australia)	A2	5.70	%	10/01/16	$	12,330	$	12,116,333
Retail & Merchandising — 0.6%
Wal-Mart Stores, Inc., Notes	Aa2	4.50	%	07/01/15		20,000		18,452,120
Wal-Mart Stores, Inc., Sr. Notes	Aa2	5.26	%(c)	06/16/08		5,600		5,597,962
								24,050,082
Telecommunications — 1.8%
AT&T, Inc., Notes	A2	5.456	%(c)	02/05/10		3,700		3,704,292
AT &T, Inc., Notes	A2	5.57	%(c)	11/14/08		3,400		3,410,149
BellSouth Corp., Notes	A2	4.24	%	04/26/21		5,800		5,748,072
BellSouth Corp., Sr. Unsec’d. Notes	A2	5.46	%(c)	08/15/08		8,400		8,406,401
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)	A3	5.54	%(c)	03/23/09		16,800		16,838,220
Qwest Capital Funding, Inc., Gtd. Notes	B1	7.25	%	02/15/11		153		152,235
Qwest Corp., Debs.	Ba1	7.20	%	11/10/26		8,950		8,793,375
Telecom Italia Capital SA, Gtd. Notes (Luxembourg)	Baa2	5.969	%(c)	07/18/11		6,900		6,950,370
Telefonica Emisiones SAU, Gtd. Notes (Spain)	Baa1	5.66	%(c)	06/19/09		6,700		6,721,447
Verizon Global Funding Corp., Notes	A3	7.25	%	12/01/10		900		948,730
Vodafone Group PLC, Unsec’d. Notes (United Kingdom)	Baa1	5.45	%(c)	12/28/07		7,600		7,603,207
								69,276,498
Transportation — 0.1%
FedEx Corp., Gtd. Notes	Baa2	5.436	%(c)	08/08/07		5,100		5,100,933
Utilities — 0.4%
Centerior Energy Corp., Notes	NR	7.13	%	07/01/07		1,570		1,570,000
TXU Electric Delivery Co., Bonds, 144A	Baa2	5.735	%(c)	09/16/08		12,490		12,494,122
								14,064,122
TOTAL CORPORATE OBLIGATIONS
(cost $1,073,630,723)								1,066,414,344
FOREIGN GOVERNMENT BONDS — 0.8%
Korea Development Bank (Korea)	Aa3	5.50	%(c)	04/03/10		24,700		24,705,607
Republic of Brazil (Brazil)	Ba2	10.25	%	01/10/28	BRL	5,600		3,232,556
Republic of Peru (Peru)	Ba3	9.125	%	01/15/08		2,600		2,626,000
Republic of South Africa Notes (South Africa)	Baa1	5.875	%	05/30/22		800		782,000
TOTAL FOREIGN GOVERNMENT BONDS
(cost $31,291,127)								31,346,163
MUNICIPAL BONDS — 0.4%
Illinois
State of Illinois General Obligation Bond	Aa3	4.95	%	06/01/23		570		526,976
Nevada
Truckee Meadows Water Authority Revenue Bonds, Series A	Aaa	7.798	%(e)	07/01/36		33		34,374
Truckee Meadows Water Authority Revenue Bonds, Series A(f)	Aaa	5.00	%	07/01/36		100		102,851
								137,225
New Jersey — 0.1%
City of Trenton General Obligation Bond (FSA Insured)	Aaa	4.80	%	04/01/14		990		946,945
Jersey City Municipal Utililty Authority Water Revenue Bond, Series A (MBIA Insured)	Aaa	4.81	%	05/15/14		1,000		958,930
								1,905,875

SEE NOTES TO FINANCIAL STATEMENTS.

A215

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
MUNICIPAL BONDS (Continued)	Ratings	Rate		Date	(000)#		(Note 2)
New Mexico
Jicarilla New Mexico Apache Nation Revenue Bonds	NR	3.85	%	12/01/08	$	435	$	426,583
Oregon
Portland Oregon River District Urban Renewal and Redevelopment Revenue Bonds, Series B (AMBAC Insured)	Aaa	3.35	%	06/15/10		1,020		967,205
Wisconsin — 0.3%
Badger Tobacco Asset Securitization Corp.	Baa3	6.00	%	06/01/17		10,100		10,854,066
Wisconsin State General Revenue Bond	Aaa	5.70	%	05/01/26		510		504,619
								11,358,685
TOTAL MUNICIPAL BONDS
(cost $14,664,070)								15,322,549
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 35.5%
Federal Home Loan Mortgage Corp.		5.00	%	10/01/18-09/01/35		5,311		5,126,733
Federal Home Loan Mortgage Corp.		5.50	%	01/01/34		2,661		2,575,887
Federal Home Loan Mortgage Corp.		5.50	%	TBA		43,000		41,468,125
Federal Home Loan Mortgage Corp.		6.00	%	02/01/16-02/01/33		5,292		5,262,998
Federal Home Loan Mortgage Corp.		6.00	%	TBA		21,000		20,803,125
Federal Home Loan Mortgage Corp.		8.25	%	08/01/17		8		8,608
Federal National Mortgage Assoc.		4.50	%	09/01/33		209		190,041
Federal National Mortgage Assoc.		4.673	%(c)	05/25/35		800		789,230
Federal National Mortgage Assoc.		5.00	%	03/01/14-07/01/37		235,910		224,624,706
Federal National Mortgage Assoc.		5.00	%	TBA		137,000		128,351,875
Federal National Mortgage Assoc.		5.50	%	08/01/16-07/12/37		436,848		421,784,628
Federal National Mortgage Assoc.		5.53	%(c)	08/01/29		175		176,608
Federal National Mortgage Assoc.		5.549	%(c)	01/01/28		142		142,807
Federal National Mortgage Assoc.		5.569	%(c)	05/01/36		10,451		10,535,381
Federal National Mortgage Assoc.		5.577	%(c)	11/01/35		3,295		3,321,576
Federal National Mortgage Assoc.		6.00	%	05/01/11-05/01/37		277,487		274,787,788
Federal National Mortgage Assoc.		6.00	%	TBA		186,000		183,965,532
Federal National Mortgage Assoc.		6.229	%	06/01/43		5,200		5,271,608
Federal National Mortgage Assoc.		6.50	%	09/01/16		597		608,434
Federal National Mortgage Assoc.		7.246	%	01/01/24		4		3,854
Government National Mortgage Assoc.		5.375	%	06/20/22-05/20/30		431		436,782
Government National Mortgage Assoc.		5.50	%	07/20/30		920		929,574
Government National Mortgage Assoc.		5.75	%	08/20/23-02/20/32		3,915		3,929,849
Government National Mortgage Assoc.		6.00	%	TBA		14,000		13,925,632
Government National Mortgage Assoc.		6.00	%	01/15/34		115		114,383
Government National Mortgage Assoc.		6.125	%	10/20/23-11/20/29		2,511		2,543,050
Government National Mortgage Assoc.		6.375	%	03/20/17-02/20/27		1,870		1,886,755
Government National Mortgage Assoc.		7.00	%	02/15/24		9		9,569
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $1,385,102,058)								1,353,575,138
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%
Small Business Administration		4.875	%	09/10/13		10,802		10,538,899
Small Business Administration		5.13	%	09/01/23		1,310		1,283,018
Small Business Administration		5.52	%	06/01/24		8,440		8,404,339
Small Business Administration		6.344	%	08/01/11		4,302		4,350,814
Small Business Administration		7.449	%	08/01/10		274		278,194
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $25,128,570)								24,855,264

SEE NOTES TO FINANCIAL STATEMENTS.

A216

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount		Value
U.S. TREASURY OBLIGATIONS — 0.3%	Ratings	Rate		Date	(000)#		(Note 2)
U.S. Treasury Inflationary Bonds, TIPS		2.00	%	01/15/26	$	5,900	$	5,565,140
U.S. Treasury Inflationary Bonds, TIPS		2.375	%	01/15/25		5,000		5,271,764
U.S. Treasury Inflationary Bonds, TIPS		3.625	%	04/15/28		1,000		1,480,456
TOTAL U.S. TREASURY OBLIGATIONS
(cost $12,952,641)								12,317,360
						Units
RIGHTS*
United Mexican States Value Recovery Rights Series E (Mexico) (cost $73,893)						35,410,000		262,034
TOTAL LONG-TERM INVESTMENTS
(cost $3,517,086,076)								3,473,820,462
SHORT-TERM INVESTMENTS — 19.0%
COMMERCIAL PAPER — 14.9%
Bank of America Corp.	A1+(d)	5.22	%	08/28/07		44,200		43,830,488
Bank of America Corp.	A1+(d)	5.23	%	10/02/07		24,400		24,071,386
Cox Communications, Inc.(h)(cost $2,300,000; purchased 01/10/07)	P-3	5.57	%	07/16/07		2,300		2,300,000
Danske Corp.(h)(cost $14,186,996; purchased 04/26/07)	A1+(d)	5.16	%	10/12/07		14,400		14,186,207
Fortis Funding LLC(h)(cost $18,321,813; purchased 06/28/07)	A1+(d)	5.275	%	07/30/07		18,400		18,321,813
General Electric Capital Corp.	A1+(d)	5.19	%	07/30/07		6,900		6,871,932
Natixis(h)(cost $103,108,310; purchased 05/21/07)	A1+(d)	5.24	%	07/27/07		103,500		103,124,023
Skandi Ensk Bank(h)(cost $12,111,889; purchased 04/19/07)	A1(d)	5.19	%	08/20/07		12,200		12,112,489
Skandi Ensk Bank(h)(cost $595,577; purchased 04/23/07)	A1(d)	5.19	%	08/21/07		600		595,608
Skandi Ensk Bank(h)(cost $99,540,674; purchased 04/11/07)	A1(d)	5.23	%	07/12/07		99,700		99,554,299
Societe Generale	A1+(d)	5.17	%	11/26/07		9,100		8,905,959
Societe Generale	A1+(d)	5.20	%	11/05/07		31,200		30,628,229
Swedbank Mortgage AB	A1(d)	5.19	%	09/28/07		43,700		43,137,048
UBS Finance LLC	A1+(d)	5.19	%	10/23/07		1,800		1,770,394
UBS Finance LLC	A1+(d)	5.20	%	07/19/07		2,400		2,394,072
UBS Finance LLC	A1+(d)	5.21	%	09/04/07		75,900		75,192,946
UBS Finance LLC	A1+(d)	5.22	%	10/02/07		21,700		21,409,413
UBS Finance LLC	A1+(d)	5.225	%	07/19/07		1,500		1,496,295
UBS Finance LLC	A1+(d)	5.23	%	07/12/07		3,400		3,395,060
Westpac Banking Corp.	A1+(d)	5.16	%	10/15/07		36,900		36,336,046
Westpac Trust	A1+(d)	5.23	%	07/26/07		17,800		17,737,926
TOTAL COMMERCIAL PAPER
(cost $567,320,889)								567,371,633
						Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 3.4%
Dryden Core Investment Fund – Taxable Money Market Series(w) (cost $129,805,537) (Note 4)						129,805,537		129,805,537

SEE NOTES TO FINANCIAL STATEMENTS.

A217

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
	Interest		Maturity	Amount		Value
SHORT-TERM INVESTMENTS (Continued)	Rate		Date	(000)#		(Note 2)
U.S. TREASURY OBLIGATIONS(n) — 0.5%
U.S. Treasury Bills	4.808	%	08/30/07	$	265	$	263,021
U.S. Treasury Bills(k)	4.496	%	09/13/07		230		227,881
U.S. Treasury Bills	4.594	%	09/13/07		60		59,447
U.S. Treasury Bills(k)	4.445	%	09/13/07		490		485,486
U.S. Treasury Bills	4.605	%	09/13/07		1,300		1,288,025
U.S. Treasury Bills(k)	4.645	%	09/13/07		9,385		9,298,545
U.S. Treasury Bills	4.65	%	09/13/07		8,245		8,169,047
TOTAL U.S. TREASURY OBLIGATIONS
(cost $19,785,061)							19,791,452

		Contracts/Notional
		Amounts
		(000)
OUTSTANDING OPTIONS PURCHASED* — 0.2%
Call Options(g) — 0.2%
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.20			3,000	208,134
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.40			10,000	682,080
Currency Option USD vs. JPY, expiring 03/17/2010, @ FX Rate 103.80			3,000	235,344
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 4.90%			150,000	39
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 5.00%			251,000	550
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 5.25%			72,000	59,636
Swap on 3 Month LIBOR, expiring 10/25/2007 @ 4.90%			99,000	48,150
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 4.75%			105,000	31,105
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 5.00%			192,000	307,958
Swap on 3 Month LIBOR, expiring 03/31/2008 @ 4.75%			1,479,700	1,827,282
Swap on 3 Month LIBOR, expiring 03/31/2008 @ 4.75%			138,900	171,528
Swap on 3 Month LIBOR, expiring 09/26/2008 @ 4.75%			292,000	574,460
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 4.75%			96,000	217,895
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.00%			204,000	690,346
Swap on 6 Month EUROBOR, expiring 07/02/2007 @ 3.96%	EUR		70,000	—
Swap on 6 Month EUROBOR, expiring 07/02/2007 @ 3.96%	EUR		46,000	—
Swap on 6 Month LIBOR, expiring 07/02/2007 @ 3.96%	EUR		22,000	—
Swap on 6 Month LIBOR, expiring 07/02/2007 @ 4.10%	EUR		47,000	—
				5,054,507
Put Options
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.20			3,000	86,544
Currency Option USD vs. JPY, expiring 03/31/2010, @ FX Rate 105.40			10,000	292,440
Eurodollar Futures, expiring 09/17/2007, Strike Price $90.50			1,719,000	10,744
Eurodollar Futures, expiring 09/17/2007, Strike Price $91.00			260,000	1,625
Eurodollar Futures, expiring 09/17/2007, Strike Price $91.25			1,441,000	9,006
Eurodollar Futures, expiring 12/17/2007, Strike Price $91.50			1,013,000	6,331
Eurodollar Futures, expiring 12/17/2007, Strike Price $92.00			20,000	125
Eurodollar Futures, expiring 12/17/2007, Strike Price $92.25			2,258,000	14,112
Eurodollar Futures, expiring 03/17/2008, Strike Price $91.75			5,864,000	36,650
Eurodollar Futures, expiring 03/17/2008, Strike Price $92.25			1,669,000	10,431
Eurodollar Futures, expiring 03/17/2008, Strike Price $92.50			1,901,000	11,881
Eurodollar Futures, expiring 03/17/2008, Strike Price $92.75			1,567,000	9,794
Eurodollar Futures, expiring 03/17/2008, Strike Price $93.00			1,467,000	9,169
Eurodollar Futures, expiring 03/17/2010, Strike Price $103.80			3,000	77,139
Swap on 3 Month LIBOR expiring 09/17/2008, Strike Price $92.50	GBP		319,000	48,002
				623,993

SEE NOTES TO FINANCIAL STATEMENTS.

A218

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Contracts/Notional
		Amounts		Value
SHORT-TERM INVESTMENTS (Continued)		(000)#		(Note 2)
TOTAL OUTSTANDING OPTIONS PURCHASED
(cost $16,482,666)				$	5,678,500
TOTAL SHORT-TERM INVESTMENTS
(cost $733,394,153)					722,647,122
TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN — 110.1%
(cost $4,250,480,229; Note 6)					4,196,467,584
OUTSTANDING OPTIONS WRITTEN — (0.1)%
Call Options — (0.1)%
Eurodollar Futures, expiring 09/26/2008 @ 4.95%			$127,000		(639,681	)
Swap on 3 Month EUROBOR, expiring 07/02/2007 @ 4.10%	EUR		8,000		—
Swap on 3 Month LIBOR, expiring 07/02/2007 @ 4.23%	EUR		20,000		—
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 4.90%			25,000		(781	)
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 4.90%			48,000		(2,797	)
Swap on 3 Month LIBOR, expiring 08/08/2007 @ 5.57%			18,000		(79,864	)
Swap on 3 Month LIBOR, expiring 10/25/2007 @ 5.01%			43,000		(57,389	)
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 4.10%			83,000		(296,991	)
Swap on 3 Month LIBOR, expiring 02/01/2008 @ 4.90%			23,000		(48,348	)
Swap on 3 Month LIBOR, expiring 03/31/2008 @ 4.90%			593,700		(1,814,258	)
Swap on 3 Month LIBOR, expiring 03/31/2008 @ 4.90%			60,000		(183,351	)
Swap on 3 Month LIBOR, expiring 03/31/2008 @ 4.95%			50,000		(170,993	)
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.00%			32,000		(227,412	)
Swap on 3 Month LIBOR, expiring 12/15/2008 @ 5.20%			68,000		(667,455	)
Swap on 6 Month EUROBOR, expiring 07/02/2007 @ 4.10%	EUR		30,000		—
Swap on 6 Month EUROBOR, expiring 07/02/2007 @ 4.10%	EUR		20,000		—
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $108.00			13,700		(14,984	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $109.00			19,300		(9,047	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $106.00			105,200		(641,063	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $107.00			57,000		(151,406	)
					(5,005,820	)
Put Options
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $104.00			79,700		(174,344	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $103.00			25,500		(27,891	)
U.S. Treasury Note Futures, expiring 08/24/2007, Strike Price $105.00			90,300		(423,281	)
					(625,516	)
TOTAL OUTSTANDING OPTIONS WRITTEN
(premium received $15,811,117)					(5,631,336	)
TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN — 110.0%
(cost $4,234,669,112; Note 6)(o)					4,190,836,248
Other liabilities in excess of other assets(p)(x) — (10.0)%					(379,473,515	)
NET ASSETS — 100.0%				$	3,811,362,733

SEE NOTES TO FINANCIAL STATEMENTS.

A219

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The following abbreviations are used in portfolio descriptions:

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.
AMBAC	American Municipal Bond Assurance Corporation
FSA	Financial Security Assurance
MBIA	Municipal Bond Investors Assurance Company
MTN	Medium Term Note
NR	Not Rated by Moody’s or Standard & Poor’s
TBA	To Be Announced
TIPS	Treasury Inflation Protected Securities
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PHP	Philippines Peso
PLZ	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
ZAR	South African Rand
#	Principal amount is shown in U.S. dollars unless otherwise stated.
*	Non-income producing security.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(e)	Inverse floating rate bond. The coupon is inversely indexed to a floating rate. The rate shown is the rate at June 30, 2007.
(f)	Represents all or partial amount utilized in the Municipal Tender Option Bond transaction. The aggregated principal amount of the inverse floaters and the floating rate notes (included in Liabilities) are $33,333 and $66,667, respectively.
(g)	Indicates a security that has been deemed illiquid.
(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 $250,165,259. The aggregate market value of $250,194,439 is approximately 6.6% 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.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rates shown are the effective yields at purchase date.
(o)	As of June 30, 2007, 3 securities representing $658,873 and 0.02% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(p)	Includes $66,667 payable for the floating rate note issued.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

SEE NOTES TO FINANCIAL STATEMENTS.

A220

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

(x) Liabilities in excess of other assets includes unrealized appreciation (depreciation) on futures contracts, forward foreign currency exchange contracts, interest rate and credit default swaps as follows:

Future contracts open at June 30, 2007:

Number				Value at		Value at
of		Expiration		Trade		June 30,		Unrealized
Contracts	Type	Date		Date		2007		Depreciation
Long Positions:
4,060	90 Day Euro Dollar		Dec 07	$	965,152,025	$	961,357,250		$	(3,794,775	)
7,741	90 Day Euro Dollar		Jun 07		1,843,224,251		1,835,100,813			(8,123,438	)
8,908	90 Day Euro Dollar		Mar 08		2,120,473,263		2,110,973,300			(9,499,963	)
1,488	90 Day Euro Dollar		Sep 08		353,652,575		352,711,800			(940,775	)
1,926	90 Day Euro Dollar		Dec 08		457,720,813		456,365,700			(1,355,113	)
187	90 Day Euro Dollar		Mar 09		44,562,025		44,290,950			(271,075	)
860	90 Day EUROBOR		Dec 07		278,375,696		277,141,632			(1,234,064	)
276	90 Day EUROBOR		Mar 08		89,389,344		88,840,622			(548,722	)
723	90 Day EUROBOR		Jun 08		234,172,095		232,613,953			(1,558,142	)
606	90 Day EUROBOR		Sep 08		195,722,093		194,971,031			(751,062	)
322	90 Day EUROBOR		Dec 08		104,333,664		103,609,340			(724,324	)
611	90 Day EUROYEN		Dec 07		122,515,457		122,446,142			(69,315	)
212	90 Day Sterling		Sep 07		50,358,810		49,892,861			(465,949	)
379	90 Day Sterling		Dec 07		89,960,516		89,100,207			(860,309	)
423	90 Day Sterling		Mar 08		100,164,528		99,391,251			(773,277	)
847	90 Day Sterling		Jun 08		200,334,955		198,974,986			(1,359,969	)
612	90 Day Sterling		Sep 08		144,834,086		143,769,411			(1,064,675	)
36	90 Day Sterling		Dec 08		8,520,424		8,457,927			(62,497	)
397	20 Year U.S. Treasury Notes		Sep 07		43,015,570		42,776,750			(238,820	)
										(33,696,264	)
Short Positions:
82	10 Year Euro-Bund		Sep 07		12,206,851		12,265,005			(58,154	)
13	10 Year U.S. Treasury Notes		Sep 07		1,362,766		1,374,141			(11,375	)
										(69,529	)
									$	(33,765,793	)

Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional							Unrealized
		Amount		Value at Settlement			Current		Appreciation
Purchase Contracts		(000)		Date Payable			Value		(Depreciation)
Australian Dollar,
Expiring 07/12/07	AUD		11,717		$	9,848,483	$	9,931,101		$	82,618
Expiring 07/26/07	AUD		2,288			1,935,648		1,938,389			2,741
Brazilian Real,
Expiring 10/02/07	BRL		113,216			55,798,013		57,990,818			2,192,805
Expiring 03/04/08	BRL		67,314			31,617,690		33,942,392			2,324,702
Canadian Dollar,
Expiring 08/09/07	CAD		9,402			8,795,917		8,835,077			39,160
Chilean Peso,
Expiring 03/13/08	CLP		525,447			997,337		993,822			(3,515	)
Chinese Yuan,
Expiring 09/25/07	CNY		3,265			425,000		433,940			8,940
Expiring 11/07/07	CNY		4,327			4,286,600		4,326,581			39,981
Expiring 11/21/07	CNY		2,111			2,100,000		2,110,851			10,851
Expiring 01/10/08	CNY		17,085			2,315,928		2,301,699			(14,229	)
Euros,
Expiring 07/26/07	EUR		4,043			5,424,267		5,477,181			52,914

SEE NOTES TO FINANCIAL STATEMENTS.

A221

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2007 (continued):

		Notional							Unrealized
		Amount		Value at Settlement			Current		Appreciation
Purchase Contracts		(000)		Date Payable			Value		(Depreciation)
Indian Rupee,
Expiring 10/03/07	INR		187,560		$	4,560,335	$	4,578,697		$	18,362
Expiring 05/12/08	INR		828,718			19,719,828		19,975,691			255,863
Indonesian Rupiah,
Expiring 05/27/08	IDR		24,872			2,820,000		2,700,586			(119,414	)
Korean Won,
Expiring 07/30/07	KRW		5,974,213			6,433,000		6,475,199			42,199
Expiring 08/27/07	KRW		4,954,453			5,374,759		5,373,186			(1,573	)
Expiring 09/21/07	KRW		2,774,700			3,000,000		3,010,840			10,840
Expiring 09/27/07	KRW		4,848,624			5,250,838		5,261,950			11,112
Malaysian Ringgit,
Expiring 05/21/08	MYR		28,952			8,644,000		8,520,603			(123,397	)
Mexican Peso,
Expiring 09/28/07	MXN		38,740			3,517,000		3,566,721			49,721
Expiring 03/13/08	MXN		152,299			13,762,058		13,866,314			104,256
New Zealand Dollar,
Expiring 07/12/07	NZD		1,724			1,294,724		1,327,639			32,915
Philippines Peso,
Expiring 05/19/08	PHP		393,649			8,581,000		8,469,872			(111,128	)
Polish Zloty,
Expiring 09/28/07	PLZ		34,130			12,064,835		12,270,778			205,943
Expiring 03/13/08	PLZ		7,109			2,528,000		2,558,714			30,714
Russian Ruble,
Expiring 09/19/07	RUB		92,077			3,544,615		3,590,355			45,740
Expiring 11/02/07	RUB		84,799			3,222,753		3,307,501			84,748
Expiring 12/07/07	RUB		181,524			6,918,865		7,081,617			162,752
Expiring 12/10/07	RUB		15,289			583,521		596,464			12,943
Expiring 01/11/08	RUB		396,424			15,399,441		15,466,415			66,974
Singapore Dollar,
Expiring 07/03/07	SGD		20,559			13,518,539		13,435,109			(83,430	)
Expiring 07/18/07	SGD		661			437,181		432,390			(4,791	)
Expiring 08/07/07	SGD		5,987			3,907,601		3,923,913			16,312
Expiring 09/21/07	SGD		860			567,357		565,598			(1,759	)
Expiring 10/03/07	SGD		24,588			16,123,408		16,185,120			61,712
South African Rand,
Expiring 09/28/07	ZAR		331			45,355		46,295			940
Swedish Krona,
Expiring 09/06/07	SEK		18,540			2,687,502		2,720,140			32,638
					$	288,051,398	$	293,589,558		$	5,538,160

SEE NOTES TO FINANCIAL STATEMENTS.

A222

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Forward foreign currency exchange contracts outstanding at June 30, 2007 (continued):

		Notional							Unrealized
		Amount		Value at Settlement			Current		Appreciation
Sale Contracts		(000)		Date Payable			Value		(Depreciation)
Australian Dollar,
Expiring 07/05/07	AUD		147		$	122,694	$	124,627		$	(1,933	)
Chinese Yuan,
Expiring 09/25/07	CNY		3,265			433,376		433,940			(564	)
Expiring 11/07/07	CNY		4,327			4,324,062		4,326,581			(2,519	)
Expiring 11/21/07	CNY		2,111			2,105,046		2,110,851			(5,805	)
Expiring 01/10/08	CNY		17,085			2,299,302		2,301,699			(2,397	)
Japanese Yen,
Expiring 07/24/07	JPY		702,350			5,805,889		5,723,537			82,352
Korean Won,
Expiring 07/30/07	KRW		704,952			760,548		764,068			(3,520	)
Expiring 09/21/07	KRW		654,199			695,727		709,874			(14,147	)
Pound Sterling,
Expiring 08/09/07	GBP		13,432			26,816,385		26,957,770			(141,385	)
Singapore Dollar,
Expiring 07/03/07	SGD		20,559			13,366,890		13,430,488			(63,598	)
					$	56,729,919	$	56,883,435		$	(153,516	)

Interest rate swap agreements outstanding at June 30, 2007:

								Unrealized
	Termination		Notional		Fixed		Floating	Appreciation
Counterparty	Date		Amount		Rate		Rate	(Depreciation)
Deutsche Bank AG(1)	12/19/09		$	1,016,500,000	5.00	%	3 Month LIBOR		$	354,400
Deutsche Bank AG(1)	12/19/08		$	234,800,000	5.00	%	3 Month LIBOR			(547,553	)
Deutsche Bank AG(2)(g)	12/19/17		$	57,500,000	5.00	%	3 Month LIBOR			(250,027	)
Morgan Stanley Capital Services, Inc.(1)	06/20/09		$	64,900,000	5.00	%	3 Month LIBOR			(478,893	)
Morgan Stanley Capital Services, Inc.(1)(g)	12/19/37		$	26,100,000	5.00	%	3 Month LIBOR			429,103
Morgan Stanley Capital Services, Inc.(2)	12/19/17		$	16,000,000	5.00	%	3 Month LIBOR			(104,185	)
Royal Bank of Scotland PLC(1)	12/19/37		$	6,800,000	5.00	%	3 Month LIBOR			110,031
Royal Bank of Scotland PLC(1)	12/19/08		$	234,800,000	5.00	%	3 Month LIBOR			(572,622	)
Royal Bank of Scotland PLC(1)	06/20/09		$	164,700,000	5.00	%	3 Month LIBOR			(1,327,750	)
Deutsche Bank AG(1)(g)	12/15/09	AUD		9,000,000	7.00	%	6 Month Australian Bank Bill rate			(4,640	)
Barclays Bank PLC(1)(g)	01/04/10	BRL		17,200,000	11.36	%	Brazilian interbank lending rate			99,918
Merrill Lynch & Co., Inc.(1)(g)	01/04/10	BRL		15,800,000	11.43	%	Brazilian interbank lending rate			104,833
Merrill Lynch & Co., Inc.(1)(g)	01/04/10	BRL		5,700,000	12.95	%	Brazilian interbank lending rate			115,289
Morgan Stanley Capital Services, Inc.(1)(g)	01/04/10	BRL		13,800,000	12.78	%	Brazilian interbank lending rate			257,822
Barclays Bank PLC(1)	10/15/10	EUR		5,300,000	2.10	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index			72,175
BNP Paribas(1)	10/15/10	EUR		1,200,000	2.09	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index			14,405
Deutsche Bank AG(1)(g)	12/19/09	EUR		27,500,000	5.00	%	6 Month Euribor			(7,789	)
Deutsche Bank AG(2)(g)	12/15/11	EUR		19,500,000	4.00	%	6 Month Euribor			39,012
Deutsche Bank AG(2)	12/19/17	EUR		6,500,000	5.00	%	6 Month Euribor			(33,784	)
Royal Bank of Scotland PLC(1)	03/28/12	EUR		4,100,000	1.96	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index			(38,886	)

SEE NOTES TO FINANCIAL STATEMENTS.

A223

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Interest rate swap agreements outstanding at June 30, 2007 (continued):

								Unrealized
	Termination		Notional		Fixed		Floating	Appreciation
Counterparty	Date		Amount		Rate		Rate	(Depreciation)
Royal Bank of Scotland PLC(1)	03/30/12	EUR		6,700,000	1.95	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index		$	(66,871	)
UBS AG(1)	10/15/10	EUR		1,200,000	2.15	%	FRC - Excluding Tobacco -
							Non-Revised Consumer Price Index			19,780
Barclays Bank PLC(1)	06/15/09	GBP		21,500,000	5.00	%	6 Month LIBOR			(285,207	)
Barclays Bank PLC(1)	03/20/09	GBP		14,300,000	6.00	%	6 Month LIBOR			(188,505	)
Barclays Bank PLC(1)	12/20/08	GBP		24,700,000	6.00	%	6 Month LIBOR			(226,196	)
Barclays Bank PLC(2)(g)	12/15/36	GBP		3,000,000	4.00	%	6 Month LIBOR			922,152
Credit Suisse International(1)	06/15/09	GBP		2,900,000	5.00	%	6 Month LIBOR			(65,735	)
Deutsche Bank AG(1)	12/20/08	GBP		14,800,000	6.00	%	6 Month LIBOR			(139,787	)
Deutsche Bank AG(2)(g)	12/15/36	GBP		9,400,000	4.00	%	6 Month LIBOR			778,606
HSBC Bank USA, N.A.(1)	12/20/07	GBP		34,100,000	4.50	%	6 Month LIBOR			(520,831	)
HSBC Bank USA, N.A.(2)(g)	12/15/36	GBP		5,300,000	4.00	%	6 Month LIBOR			1,324,262
Lehman Brothers, Inc.(1)	09/20/09	GBP		24,800,000	4.50	%	6 Month LIBOR			(1,665,299	)
Merrill Lynch & Co., Inc.(2)(g)	12/15/35	GBP		1,700,000	4.00	%	6 Month LIBOR			159,286
Royal Bank of Scotland PLC(1)	03/20/09	GBP		13,200,000	6.00	%	6 Month LIBOR			(179,594	)
Royal Bank of Scotland PLC(2)(g)	12/15/36	GBP		8,200,000	4.00	%	6 Month LIBOR			2,025,673
Barclays Bank PLC(1)	03/18/09	JPY		1,320,000,000	1.00	%	6 Month LIBOR			(24,393	)
Deutsche Bank AG(1)	03/18/09	JPY		2,110,000,000	1.00	%	6 Month LIBOR			(23,781	)
Deutsche Bank AG(1)	09/18/08	JPY		9,660,000,000	1.00	%	6 Month LIBOR			(79,829	)
UBS AG(1)	03/18/09	JPY		18,850,000,000	1.00	%	6 Month LIBOR			(247,613	)
UBS AG(1)	03/19/08	JPY		22,000,000,000	1.00	%	3 Month LIBOR			(62,959	)
UBS AG(1)	09/18/08	JPY		700,000,000	1.00	%	6 Month LIBOR			(4,960	)
Citigroup, Inc.(1)(g)	11/04/16	MXN		11,400,000	8.17	%	28 day Mexican interbank rate			5,116
									$	(315,826	)

(1)	Portfolio pays the floating rate and receives the fixed rate.
(2)	Portfolio pays the fixed rate and receives the floating rate.

SEE NOTES TO FINANCIAL STATEMENTS.

A224

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Credit default swap agreements outstanding at June 30, 2007:

								Unrealized
	Termination		Notional		Fixed		Underlying	Appreciation
Counterparty	Date		Amount		Rate		Bond	(Depreciation)
JPMorgan Chase Bank(1)(g)	12/20/07		$	21,300,000	0.05	%	AIG, Zero Coupon, due 11/09/31		$	1,424
JPMorgan Chase Bank(2)(g)	12/20/16		$	23,000,000	0.65	%	Dow Jones CDX IG7 Index			128,275
Deutsche Bank AG(2)(g)	06/20/14		$	5,500,000	0.60	%	Dow Jones CDX IG8 Index			17,290
Lehman Brothers, Inc.(1)(g)	03/20/16		$	1,800,000	1.98	%	Federative Republic of Brazil, 12.25%, due 03/06/30			128,524
HSBC Bank USA, N.A.(1)(g)	09/20/07		$	1,800,000	1.95	%	Ford Motor Credit Corp., 7.0%, due 10/01/13			6,125
Credit Suisse International(1)	12/20/07		$	400,000	0.95	%	Ford Motor Credit Corp., 7.0%, due 10/01/13			(434	)
Lehman Brothers, Inc.(1)	12/20/07		$	300,000	0.95	%	Ford Motor Credit Corp., 7.0%, due 10/01/13			(326	)
Lehman Brothers, Inc.(1)	12/20/07		$	400,000	0.95	%	Ford Motor Credit Corp., 7.0%, due 10/01/13			(434	)
Barclays Bank PLC(1)(g)	07/20/11		$	2,000,000	0.83	%	Petroleos Mexicanos, 9.5%, due 09/15/27			35,733
Royal Bank of Scotland PLC(1)	06/20/09		$	4,000,000	0.45	%	Republic of Indonesia, 6.75%, 03/10/14			(767	)
Lehman Brothers, Inc.(1)	12/20/08		$	2,200,000	0.40	%	Republic of Indonesia, 6.75%, 03/10/14			301
JPMorgan Chase Bank(1)(g)	01/20/17		$	400,000	1.25	%	Republic of Panama, 8.875%, due 09/30/27			9,006
Credit Suisse International(1)(g)	02/20/17		$	1,500,000	1.20	%	Republic of Panama, 8.875%, due 09/30/27			27,602
Morgan Stanley Capital Services, Inc.(1)(g)	12/20/08		$	8,000,000	0.31	%	Russian Federation, 5.0%, due 03/31/30			1,844
Morgan Stanley Capital Services, Inc.(1)	06/20/08		$	1,100,000	0.25	%	Russian Federation, 7.5%, due 03/31/30			(147	)
Deutsche Bank AG(1)(g)	12/20/07		$	12,000,000	0.26	%	Russian Federation, 7.5%, due 03/31/30			2,478
Deutsche Bank AG(1)(g)	09/20/07	JPY		213,000,000	2.30	%	Softbank Corp., 1.75%, due 03/31/14			8,682
HSBC Bank USA, N.A.(1)(g)	04/20/09		$	1,900,000	0.70	%	Ukraine Government, 7.65%, due 06/11/13			7,556
JPMorgan Chase Bank(1)(g)	03/20/16		$	100,000	0.92	%	United Mexican States, 7.5%, due 04/08/33			3,380
Lehman Brothers, Inc.(1)(g)	03/20/16		$	1,200,000	0.92	%	United Mexican States, 7.5%, due 04/08/33			40,561
									$	416,673

(1)	Portfolio pays the counterparty par in the event that the underlying bond defaults and receives the fixed rate.
(2)	Portfolio pays the fixed rate and receives from the counterparty par in the event that the underlying bond defaults.

SEE NOTES TO FINANCIAL STATEMENTS.

A225

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

The industry classification of investments and other liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

U.S. Government Agency Mortgage-Backed Securities	35.5	%
Commercial Paper	14.9
Asset-Backed Securities	14.2
Financial Services	13.7
Collateralized Mortgage Obligations	10.3
Financial – Bank & Trust	6.9
Affiliated Money Market Mutual Fund	3.4
Telecommunications	1.8
Media	1.1
Oil & Gas	1.1
Bank Loans	0.9
U.S. Treasury Obligations	0.8
Foreign Government Bonds	0.8
U.S. Government Agency Obligations	0.7
Retail & Merchandising	0.6
Automobile Manufacturers	0.5
Electric	0.4
Municipal Bonds	0.4
Medical Supplies & Equipment	0.4
Utilities	0.4
Real Estate	0.3
Beverages	0.2
Machinery & Equipment	0.2
Insurance	0.2
Outstanding Options Purchased	0.2
Transportation	0.1
Metals & Mining	0.1
	110.1
Written Options and Securities Sold Short	(0.1	)
Other liabilities in excess of other assets	(10.0	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A226

AST PIMCO TOTAL RETURN BOND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Unaffiliated investments (cost $4,120,674,692)	$	4,066,662,047
Affiliated investments (cost $129,805,537)		129,805,537
Foreign currency, at value (cost $31,078,328)		31,238,494
Receivable for investments sold		20,446,757
Receivable for fund share sold		16,926,836
Dividends and interest receivable		16,768,493
Unrealized appreciation on swap agreements		7,250,644
Unrealized appreciation on foreign currency forward contracts		6,083,748
Due from broker-varation margin		2,528,044
Prepaid expenses		14,873
Total Assets		4,297,725,473
LIABILITIES:
Payable for investments purchased		465,674,387
Unrealized depreciation on swap agreements		7,149,797
Payable to custodian		5,872,056
Written options outstanding, at value (premium received $15,811,117)		5,631,336
Advisory fees payable		955,121
Unrealized depreciation on foreign currency forward contracts		699,104
Accrued expenses and other liabilities		285,329
Payable for floating rate notes issued		66,667
Shareholder servicing fees payable		21,751
Payable for fund share repurchased		6,334
Interest payable		858
Total Liabilities		486,362,740
NET ASSETS	$	3,811,362,733
Net assets were comprised of:
Paid-in capital	$	3,737,080,022
Retained earnings		74,282,711
Net assets, June 30, 2007	$	3,811,362,733
Net asset value and redemption price per share, $3,811,362,733/332,601,997 outstanding shares of beneficial interest	$	11.46

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	89,671,084
Affiliated dividend income		6,146,409
Unaffiliated dividend income		531,150
		96,348,643
EXPENSES
Advisory fees		11,617,242
Shareholder servicing fees and expenses		1,251,087
Custodian and accounting fees		284,000
Trustees’ fees		23,000
Insurance expenses		21,000
Audit fee		11,000
Transfer agent’s fees and expenses		9,000
Legal fees and expenses		5,000
Shareholders’ reports		2,000
Interest expense and fees		1,303
Miscellaneous		9,653
Total expenses		13,234,285
NET INVESTMENT INCOME		83,114,358
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		(5,617,421	)
Futures transactions		(18,162,737	)
Options written		1,073,061
Swap agreements		(14,049,729	)
Foreign currency transactions		7,819,130
		(28,937,696	)
Net change in unrealized appreciation (depreciation) on:
Investments		(40,756,627	)
Futures		(26,264,809	)
Foreign currencies		7,345,640
Options written		7,969,619
Swap agreements		1,907,953
		(49,798,224	)
NET LOSS ON INVESTMENTS		(78,735,920	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,378,438

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	83,114,358			$	105,990,840
Net realized gain (loss) on investments and foreign currencies			(28,937,696	)			2,015,669
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(49,798,224	)			(15,334,912	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			4,378,438				92,671,597
DISTRIBUTIONS			—				(78,851,182	)
FUND SHARE TRANSACTIONS:
Fund share sold [67,149,952 and 166,328,745 shares, respectively]			774,440,171				1,877,159,474
Fund share issued in reinvestment of distributions [0 and 7,116,534 shares, respectively]			—				78,851,182
Fund share repurchased [27,319,708 and 37,015,080 shares, respectively]			(314,689,601	)			(413,275,826	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			459,750,570				1,542,734,830
TOTAL INCREASE (DECREASE) IN NET ASSETS			464,129,008				1,556,555,245
NET ASSETS:
Beginning of period			3,347,233,725				1,790,678,480
End of period		$	3,811,362,733			$	3,347,233,725

SEE NOTES TO FINANCIAL STATEMENTS.

A227

AST PRESERVATION ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 99.4%
			Value
	Shares		(Note 2)
AFFILIATED MUTUAL FUNDS
AST AllianceBernstein Growth & Income Portfolio*		1,339,435	$	33,298,356
AST Federated Aggressive Growth Portfolio*		520,741		6,707,150
AST High Yield Portfolio*		1,016,731		8,693,049
AST International Growth Portfolio*		1,409,637		25,415,749
AST International Value Portfolio*		1,167,616		25,045,374
AST Large-Cap Value Portfolio*		1,558,386		33,100,111
AST Marsico Capital Growth Portfolio*		2,064,171		44,833,796
AST Mid-Cap Value Portfolio*		152,727		2,014,469
AST Money Market Portfolio		18,137,108		18,137,108
AST Neuberger Berman Mid-Cap Growth Portfolio*		111,717		2,389,635
AST PIMCO Total Return Bond Portfolio*		22,020,628		252,356,402
AST Small-Cap Value Portfolio*		192,182		3,515,004
AST T. Rowe Price Global Bond Portfolio*		1,039,327		12,160,125
AST T. Rowe Price Large-Cap Growth Portfolio*		2,534,711		29,580,083
AST T. Rowe Price Natural Resources Portfolio*		109,747		3,938,802
TOTAL LONG-TERM INVESTMENTS
(cost $480,246,630)				501,185,213
SHORT-TERM INVESTMENT — 0.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $2,329,143)		2,329,143		2,329,143
TOTAL INVESTMENTS(w) — 99.9%
(cost $482,575,773; Note 6)				503,514,356
Other assets in excess of liabilities — 0.1%				386,309
NET ASSETS — 100.0%			$	503,900,665

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager/co-manager of the underlying portfolios in which the Portfolio invests.

The investment allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:

Investment Type
Core Bonds	50.1	%
Large/Mid-Cap Growth	14.8
Large/Mid-Cap Value	13.1
International Growth	5.0
International Value	5.0
Money Market	3.6
Global Bonds	2.4
High Yield	1.7
Small-Cap Growth	1.3
Sector	0.8
Small-Cap Value	0.7
Mid-Cap Growth	0.5
Mid-Cap Value	0.4
	99.4
Short-Term Investment	0.5
Other assets in excess of liabilities	0.1
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A228

AST PRESERVATION ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Affiliated investments (cost $482,575,773)	$	503,514,356
Cash		14,495
Receivable for fund share sold		3,995,248
Dividends and interest receivable		14,665
Prepaid expenses		448
Total Assets		507,539,212
LIABILITIES:
Payable for investments purchased		3,461,316
Payable for fund share repurchased		130,016
Accrued expenses and other liabilities		39,011
Advisory fees payable		8,204
Total Liabilities		3,638,547
NET ASSETS	$	503,900,665
Net assets were comprised of:
Paid-in capital	$	475,170,843
Retained earnings		28,729,822
Net assets, June 30, 2007	$	503,900,665
Net asset value and redemption price per share, $503,900,665/45,000,043 outstanding shares of beneficial interest	$	11.20

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	175,681
EXPENSES
Advisory fees		289,776
Custodian and accounting fees		40,000
Transfer agent’s fees and expenses		9,000
Audit fee		9,000
Trustees’ fees		4,000
Legal fees and expenses		3,000
Insurance expenses		3,000
Shareholders’ reports		1,000
Miscellaneous		4,829
Total expenses		363,605
NET INVESTMENT LOSS		(187,924	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions		6,780,029
Net change in unrealized appreciation (depreciation) on investments		5,959,468
NET GAIN ON INVESTMENTS		12,739,497
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,551,573

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)		$	(187,924	)		$	1,487,173
Net realized gain (loss) on investments			6,780,029				(288,039	)
Net change in unrealized appreciation (depreciation) on investments			5,959,468				14,955,192
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			12,551,573				16,154,326
FUND SHARE TRANSACTIONS:
Fund share sold [20,764,268 and 35,892,473 shares, respectively]			229,711,477				369,288,458
Fund share repurchased [4,312,207 and 8,707,758 shares, respectively]			(47,740,228	)			(89,779,460	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			181,971,249				279,508,998
TOTAL INCREASE IN NET ASSETS			194,522,822				295,663,324
NET ASSETS:
Beginning of period			309,377,843				13,714,519
End of period		$	503,900,665			$	309,377,843

SEE NOTES TO FINANCIAL STATEMENTS.

A229

AST SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.4%
COMMON STOCKS			Value
	Shares		(Note 2)
Aerospace — 0.6%
Argon ST, Inc.*		46,200	$	1,072,302
Apparel & Textile — 1.8%
Volcom, Inc.*(a)		66,885		3,352,945
Automotive Parts — 2.3%
CLARCOR, Inc.		38,700		1,448,541
H&E Equipment Services, Inc.*		21,800		604,732
Monro Muffler Brake, Inc.		23,000		861,350
Regal-Beloit Corp.		18,800		874,952
US Auto Parts Network, Inc.*		45,900		434,214
				4,223,789
Broadcast & Cable/Satellite TV — 0.7%
Entravision Communications Corp. (Class A Stock)*		122,625		1,278,979
Broadcasting — 0.5%
Journal Communications, Inc. (Class A Stock)		77,800		1,012,178
Building Materials — 1.7%
Drew Industries, Inc.*(a)		30,500		1,010,770
NCI Building Systems, Inc.*(a)		10,900		537,697
Texas Industries, Inc.(a)		19,760		1,549,382
				3,097,849
Business Services — 3.2%
Advisory Board Co. (The)*(a)		22,600		1,255,656
Icon PLC*		23,070		1,009,082
Internet Capital Group, Inc.*(a)		71,519		886,835
Korn/Ferry International*		51,200		1,344,512
Watson Wyatt Worldwide, Inc.		27,000		1,362,960
				5,859,045
Chemicals — 4.2%
Cabot Microelectronics Corp.*(a)		33,000		1,171,170
Quaker Chemical Corp.		22,925		541,030
Rockwood Holdings, Inc.*		55,500		2,028,525
Terra Industries, Inc.*(a)		157,995		4,016,233
				7,756,958
Clothing & Apparel — 0.7%
Carter’s, Inc.		52,280		1,356,143
Commercial Services — 1.0%
Rollins, Inc.(a)		78,100		1,778,337
Computer Hardware — 0.4%
Trident Microsystems, Inc.*		45,410		833,273
Computer Services & Software — 4.7%
Ansys, Inc.*(a)		77,666		2,058,149
Avid Technology, Inc.*(a)		37,120		1,312,192
Computer Programs and Systems, Inc.		27,400		848,852
Factset Research Systems, Inc.(a)		22,762		1,555,783
LoJack Corp.*		38,400		855,936
MTS Systems Corp.(a)		15,869		708,868
ScanSource, Inc.*(a)		40,694		1,301,801
				8,641,581
Computer Networking — 0.4%
Ixia*(a)		81,015		750,199
Consumer Products & Services — 1.2%
Central Garden & Pet Co.*(a)		18,200		223,132
Chattem, Inc.*(a)		12,800		811,264
Geo Group, Inc. (The)*		25,270		735,357
Spartech Corp.		15,400		408,870
				2,178,623
Distribution/Wholesale — 0.4%
Pool Corp.(a)		18,695		729,666
Diversified Operations — 3.1%
Actuant Corp. (Class A Stock)(a)		51,645		3,256,734
Corrections Corp. of America*		37,777		2,384,106
				5,640,840
Education — 0.7%
Courier Corp.		31,350		1,254,000
Electronic Components & Equipment — 7.7%
Advanced Energy Industries, Inc.*(a)		25,865		586,101
Coherent, Inc.*		78,920		2,407,849
Cutera, Inc.*(a)		58,730		1,463,552
Daktronics, Inc.(a)		14,720		316,186
EnerNOC, Inc.*(a)		16,780		639,821
General Cable Corp.*		29,854		2,261,441
OYO Geospace Corp.*(a)		41,492		3,078,291
Universal Electronics, Inc.*		94,678		3,438,705
				14,191,946
Electronics — 0.7%
Dolby Laboratories, Inc. (Class A Stock)*		37,765		1,337,259
Entertainment & Leisure — 2.8%
International Speedway Corp. (Class A Stock)		25,300		1,333,563
RC2 Corp.*		18,600		744,186
The9 Ltd., ADR (China)*(a)		33,451		1,547,443
Vail Resorts, Inc.*(a)		24,685		1,502,576
				5,127,768
Environmental Services — 2.0%
Waste Connections, Inc.*		120,024		3,629,526
Farming & Agriculture — 0.2%
Central Garden & Pet Co. (Class A Stock)*(a)		36,500		428,145
Financial – Bank & Trust — 3.4%
Boston Private Financial Holdings, Inc.(a)		45,020		1,209,687
Cowen Group, Inc.*(a)		61,355		1,098,868
ITLA Capital Corp.		8,200		427,384
Texas Capital Bancshares, Inc.*(a)		41,900		936,465
Wilshire Bancorp, Inc.		59,000		718,620
Wintrust Financial Corp.(a)		41,243		1,808,506
				6,199,530

SEE NOTES TO FINANCIAL STATEMENTS.

A230

AST SMALL-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Financial – Consumer — 0.9%
Greenhill & Co, Inc.(a)		22,995	$	1,579,986
Financial Services — 3.9%
Cash America International, Inc.		55,012		2,181,226
Financial Federal Corp.(a)		28,050		836,451
Global Cash Access Holdings, Inc.*(a)		129,205		2,069,864
Investment Technology Group, Inc.*		25,860		1,120,514
Trimas Corp.*(a)		76,300		921,704
				7,129,759
Food — 1.0%
Middleby Corp.*(a)		32,000		1,914,240
Healthcare Services — 5.8%
Animal Health International, Inc.*		41,445		600,538
Centene Corp.*(a)		60,130		1,287,984
Eclipsys Corp.*(a)		111,860		2,214,828
Healthcare Services Group(a)		30,000		885,000
Landauer, Inc.		18,800		925,900
Matria Healthcare, Inc.*(a)		43,375		1,313,395
MWI Veterinary Supply, Inc.*(a)		43,135		1,720,655
Physicians Formula Holdings, Inc.*		58,852		925,448
Techne Corp.*		13,200		755,172
				10,628,920
Industrial Products — 2.7%
AMCOL International Corp.(a)		34,400		939,464
Claymont Steel, Inc.*(a)		41,115		879,450
Interline Brands, Inc.*		60,600		1,580,448
Ritchie Bros Auctioneers, Inc.		26,600		1,665,692
				5,065,054
Insurance — 2.2%
American Equity Investment Life Holding Co.(a)		42,700		515,816
American Safety Insurance Holding Ltd.*		27,510		655,563
Amerisafe, Inc.*		57,000		1,118,910
First Mercury Financial Corp.*		34,390		721,159
Hilb Rogal & Hobbs Co.		13,300		570,038
Tower Group, Inc.		12,300		392,370
				3,973,856
Internet Services — 2.8%
CNET Networks, Inc.*(a)		177,780		1,456,018
j2 Global Communication, Inc.*(a)		64,800		2,261,520
Online Resources Corp.*(a)		58,800		645,624
Switch & Data Facilities Co., Inc.*(a)		38,160		732,291
				5,095,453
Machinery & Equipment — 7.1%
Bucyrus International, Inc. (Class A Stock)(a)		77,837		5,509,303
IDEX Corp.		61,500		2,370,210
Kaydon Corp.(a)		30,125		1,570,115
Titan International, Inc.		78,875		2,493,239
Young Innovations, Inc.		39,681		1,157,891
				13,100,758
Medical Supplies & Equipment — 6.0%
American Medical Systems Holdings, Inc.*(a)		93,082		1,679,199
Arrow International, Inc.		55,005		2,105,591
DJO, Inc.*(a)		21,360		881,527
Haemonetics Corp.*		12,600		662,886
ICU Medical, Inc.*(a)		10,400		446,576
LCA-Vision, Inc.(a)		16,700		789,242
Myriad Genetics, Inc.*(a)		17,745		659,937
Owens & Minor, Inc.		13,400		468,196
Respironics, Inc.*(a)		35,225		1,500,233
Thoratec Corp.*(a)		55,415		1,019,082
Vital Images, Inc.*(a)		27,265		740,517
				10,952,986
Metals & Mining — 1.1%
Northwest Pipe Co.*		10,700		380,599
RBC Bearings, Inc.*		39,200		1,617,000
				1,997,599
Office Equipment — 0.5%
ACCO Brands Corp.*(a)		40,400		931,220
Oil & Gas — 7.3%
Berry Petroleum Co. (Class A Stock)(a)		40,300		1,518,504
Cal Dive International, Inc.*(a)		49,200		818,196
Carbo Ceramics, Inc.(a)		25,750		1,128,108
Comstock Resources, Inc.*(a)		18,800		563,436
Core Laboratories NV (Netherlands)*		13,360		1,358,578
Edge Petroleum Corp.*(a)		19,316		270,617
Goodrich Petroleum Corp.*(a)		46,380		1,606,140
Lufkin Industries, Inc.		11,220		724,251
Tetra Technologies, Inc.*(a)		153,456		4,327,459
Unit Corp.*		18,874		1,187,363
				13,502,652
Pharmaceuticals — 2.1%
Cubist Pharmaceuticals, Inc.*(a)		29,825		587,851
K-V Pharmaceutical Co. (Class A Stock)*(a)		61,500		1,675,260
STERIS Corp.(a)		50,000		1,530,000
				3,793,111
Printing & Publishing — 1.0%
Meredith Corp.		30,500		1,878,800
Restaurants — 1.3%
Bj’s Restaurants, Inc.*		32,540		642,339
Red Robin Gourmet Burgers, Inc.*		22,410		904,692
Ruby Tuesday, Inc.		29,100		766,203
				2,313,234
Retail & Merchandising — 3.9%
Build-A-Bear Workshop, Inc.*(a)		67,949		1,776,187
Genesco, Inc.*		57,379		3,001,495
Hibbett Sports, Inc.*(a)		26,700		731,046
Houston Wire & Cable Co.*(a)		56,900		1,616,529
				7,125,257

SEE NOTES TO FINANCIAL STATEMENTS.

A231

AST SMALL-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Semiconductors — 0.3%
Eagle Test Systems, Inc.*		40,346	$	647,957
Services – Industrial Services — 1.6%
Infrasource Services, Inc.*		46,835		1,737,578
School Specialty, Inc.*		36,340		1,287,890
				3,025,468
Telecommunications — 0.7%
EMS Technologies, Inc.*		48,478		1,069,425
Sirenza Microdevices, Inc.*(a)		22,860		271,348
				1,340,773
Transportation — 1.5%
Heartland Express, Inc.(a)		38,433		626,458
HUB Group, Inc. (Class A Stock)*(a)		27,100		952,836
Landstar System, Inc.		25,100		1,211,075
				2,790,369
Waste Disposable — 0.3%
Zoltek Cos., Inc.*		12,645		525,147
TOTAL LONG-TERM INVESTMENTS
(cost $139,823,311)				181,043,480
SHORT-TERM INVESTMENT — 46.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $84,683,608; includes $81,690,249 of cash collateral for securities on loan)(b)(w) (Note 4)		84,683,608		84,683,608
TOTAL INVESTMENTS — 144.5%
(cost $224,506,919; Note 6)				265,727,088
Liabilities in excess of other assets — (44.5)%				(81,779,592	)
NET ASSETS — 100.0%			$	183,947,496

The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $78,358,665; cash collateral of $81,690,249 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (44.4% represents investments purchased with collateral from securities on loan)	46.1	%
Electronic Components & Equipment	7.7
Oil & Gas	7.3
Machinery & Equipment	7.1
Medical Supplies & Equipment	6.0
Healthcare Services	5.8
Computer Services & Software	4.7
Chemicals	4.2
Financial Services	3.9
Retail & Merchandising	3.9
Financial – Bank & Trust	3.4
Business Services	3.2
Diversified Operations	3.1
Entertainment & Leisure	2.8
Internet Services	2.8
Industrial Products	2.7
Automotive Parts	2.3
Insurance	2.2
Pharmaceuticals	2.1
Environmental Services	2.0
Apparel & Textile	1.8
Building Materials	1.7
Services – Industrial Services	1.6
Transportation	1.5
Restaurants	1.3
Consumer Products & Services	1.2
Metals & Mining	1.1
Food	1.0
Printing & Publishing	1.0
Commercial Services	1.0
Financial – Consumer	0.9
Clothing & Apparel	0.7
Telecommunications	0.7
Electronics	0.7
Broadcast & Cable/Satellite TV	0.7
Education	0.7
Aerospace	0.6
Broadcasting	0.5
Office Equipment	0.5
Computer Hardware	0.4
Computer Networking	0.4
Distribution/Wholesale	0.4
Semiconductors	0.3
Waste Disposable	0.3
Farming & Agriculture	0.2
	144.5
Liabilities in excess of other assets	(44.5	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A232

AST SMALL-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $78,358,665:
Unaffiliated investments (cost $139,823,311)	$	181,043,480
Affiliated investments (cost $84,683,608)		84,683,608
Receivable for investments sold		2,424,863
Dividends and interest receivable		67,511
Prepaid expenses		1,627
Receivable for fund share sold		959
Total Assets		268,222,048
LIABILITIES:
Payable to broker for collateral for securities on loan		81,690,249
Payable for investments purchased		993,805
Payable to custodian		934,404
Payable for fund share repurchased		531,020
Advisory fees payable		79,616
Accrued expenses and other liabilities		44,000
Shareholder servicing fees payable		1,458
Total Liabilities		84,274,552
NET ASSETS	$	183,947,496
Net assets were comprised of:
Paid-in capital	$	301,004,485
Retained earnings		(117,056,989	)
Net assets, June 30, 2007	$	183,947,496
Net asset value and redemption price per share, $183,947,496/10,054,072 outstanding shares of beneficial interest	$	18.30

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $1,547 foreign withholding tax)	$	447,433
Affiliated income from securities lending, net		131,504
Affiliated dividend income		127,112
		706,049
EXPENSES
Advisory fees		798,531
Shareholder servicing fees and expenses		62,108
Custodian and accounting fees		36,000
Audit fee		10,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		5,000
Legal fees and expenses		4,000
Insurance expenses		2,000
Shareholders’ reports		1,000
Miscellaneous		7,539
Total expenses		935,178
NET INVESTMENT LOSS		(229,129	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions		8,622,850
Net change in unrealized appreciation (depreciation) on investments		14,750,859
NET GAIN ON INVESTMENTS		23,373,709
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,144,580

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment loss		$	(229,129	)		$	(878,954	)
Net realized gain on investments			8,622,850				11,876,163
Net change in unrealized appreciation (depreciation) on investments			14,750,859				10,239,019
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			23,144,580				21,236,228
FUND SHARE TRANSACTIONS:
Fund share sold [412,954 and 1,955,140 shares, respectively]			6,943,651				30,037,508
Fund share repurchased [1,263,443 and 4,182,863 shares, respectively]			(21,522,557	)			(63,404,010	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(14,578,906	)			(33,366,502	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			8,565,674				(12,130,274	)
NET ASSETS:
Beginning of period			175,381,822				187,512,096
End of period		$	183,947,496			$	175,381,822

SEE NOTES TO FINANCIAL STATEMENTS.

A233

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 95.6%
COMMON STOCKS — 95.5%			Value
	Shares		(Note 2)
Aerospace — 2.3%
AAR Corp.(a)		4,300	$	141,943
Armor Holdings, Inc.*		29,450		2,558,322
BE Aerospace, Inc.*		84,856		3,504,553
Curtiss-Wright Corp. (Class B Stock)(a)		93,750		4,369,687
DRS Technologies, Inc.		53,810		3,081,699
Esterline Technologies Corp.*(a)		30,700		1,483,117
Heico Corp. (Class A Stock)		36,135		1,270,145
Kaman Corp. (Class A Stock)		51,900		1,618,761
Moog, Inc. (Class A Stock)*(a)		73,950		3,261,935
Orbital Sciences Corp.*		63,020		1,324,050
Teledyne Technologies, Inc.*(a)		61,532		2,827,395
Triumph Group, Inc.		16,100		1,054,067
				26,495,674
Airlines — 0.7%
AirTran Holdings, Inc.*(a)		94,542		1,032,399
Alaska Air Group, Inc.*(a)		45,550		1,269,023
ExpressJet Holdings, Inc.*		110,400		660,192
Republic Airways Holdings*(a)		136,600		2,779,810
SkyWest, Inc.		105,500		2,514,065
				8,255,489
Apartment/Residential — 0.4%
Post Properties, Inc.(a)		84,200		4,389,346
Apparel & Textile — 0.1%
Maidenform Brands, Inc.*		55,700		1,106,202
Apparel/Shoes — 0.1%
Finish Line, Inc. (The) (Class A Stock)		103,742		945,090
Automotive Components — 0.1%
Lear Corp.*		13,700		487,857
Sauer-Danfoss, Inc.		29,610		881,194
				1,369,051
Automotive Parts — 1.9%
Aftermarket Technology Corp.*		128,776		3,822,072
American Axle & Manufacturing Holdings, Inc.(a)		61,093		1,809,575
Asbury Automative Group, Inc.		125,000		3,118,750
Cooper Tire & Rubber Co.(a)		112,130		3,097,030
CSK Auto Corp.*(a)		140,101		2,577,858
Group 1 Automotive, Inc.(a)		26,500		1,069,010
Keystone Automotive Industries, Inc.*		12,500		517,125
Modine Manufacturing Co.		39,000		881,400
Standard Motor Products, Inc.		40,900		614,727
Superior Industries International, Inc.		36,600		796,416
Tenneco Automotive, Inc.*		70,700		2,477,328
Visteon Corp.*		52,200		422,820
				21,204,111
Banking
Horizon Financial Corp.		16,275		354,632
Banks — 0.5%
TCF Financial Corp.		208,500		5,796,300
Biotechnology — 0.1%
Enzo Biochem, Inc.*(a)		40,700		608,465
Exelixis, Inc.*		33,100		400,510
Martek Biosciences Corp.*		1,800		46,746
Medivation, Inc.*(a)		8,700		177,741
Regeneron Pharmaceuticals, Inc.*		10,000		179,200
				1,412,662
Broadcasting — 0.4%
Belo Corp. (Class A Stock)		71,051		1,462,940
Cox Radio, Inc. (Class A Stock)*(a)		83,400		1,187,616
Lin TV Corp. (Class A Stock)*		28,500		536,085
Radio One, Inc. (Class D Stock)*		189,900		1,340,694
Sinclair Broadcast Group, Inc. (Class A Stock)		10,400		147,888
Westwood One, Inc.		70,500		506,895
				5,182,118
Building Materials — 1.0%
Ameron International Corp.(a)		12,600		1,136,394
Apogee Enterprises, Inc.(a)		28,300		787,306
Florida Rock Industries, Inc.		11,800		796,500
Genlyte Group, Inc.*(a)		11,100		871,794
Gibraltar Industries, Inc.		60,955		1,350,153
Lennox International, Inc.		54,700		1,872,381
NCI Building Systems, Inc.*(a)		65,500		3,231,115
Patrick Industries, Inc.*		50,159		790,506
Simpson Manufacturing Co., Inc.(a)		25,443		858,447
				11,694,596
Business Services — 1.0%
Avis Budget Group, Inc.*		52,215		1,484,472
CRA International, Inc.*		7,300		351,860
Forrester Research, Inc.*		33,700		947,981
infoUSA, Inc.		9,200		94,024
Kforce, Inc.*		40,900		653,582
Marlin Business Services Corp.*		4,000		85,240
School Specialty, Inc.*(a)		58,468		2,072,106
Spherion Corp.*		87,600		822,564
TeleTech Holdings, Inc.*(a)		51,600		1,675,968
Viad Corp.		35,900		1,513,903
Watson Wyatt & Co. Holdings		42,787		2,159,888
				11,861,588
Cable Television — 0.2%
Lodgenet Entertainment Corp.*(a)		68,400		2,192,904
Capital Markets — 0.1%
Investors Financial Services Corp.		13,120		809,110
Chemicals — 2.2%
Arch Chemicals, Inc.(a)		44,575		1,566,366
Compass Minerals International, Inc.(a)		26,300		911,558
Ferro Corp.		46,041		1,147,802
FMC Corp.		24,672		2,205,430
Fuller, (H.B.) Co.(a)		77,100		2,304,519
Grace, (W.R.) & Co.*(a)		51,400		1,258,786
Hercules, Inc.*		123,100		2,418,915

SEE NOTES TO FINANCIAL STATEMENTS.

A234

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Chemicals (cont’d.)
Innospec, Inc. (United Kingdom)		16,900	$	1,000,649
Minerals Technologies, Inc.		11,800		790,010
NewMarket Corp.		11,000		532,070
O.M. Group, Inc.*(a)		18,600		984,312
Olin Corp.(a)		86,507		1,816,647
Rockwood Holdings, Inc.*		40,400		1,476,620
Sensient Technologies Corp.		74,300		1,886,477
Spartech Corp.(a)		51,200		1,359,360
Terra Industries, Inc.*(a)		75,100		1,909,042
UAP Holding Corp.		38,900		1,172,446
USEC, Inc.*(a)		10,100		221,998
				24,963,007
Clothing & Apparel — 1.2%
Brown Shoe Co., Inc.		103,025		2,505,568
Deckers Outdoor Corp.*(a)		8,400		847,560
Hanesbrands, Inc.*		66,700		1,802,901
Kellwood Co.(a)		50,400		1,417,248
Skechers USA, Inc. (Class A Stock)*		48,300		1,410,360
Stride Rite Corp.		208,531		4,224,838
Warnaco Group, Inc. (The)*(a)		25,100		987,434
				13,195,909
Commercial Banks — 0.7%
Cascade Financial Corp.		46,423		734,876
Chittenden Corp.(a)		61,100		2,135,445
City National Corp.		8,690		661,222
First Security Group, Inc.		74,690		806,652
Midwest Banc Holdings, Inc.		40,941		593,644
Tompkins Trustco, Inc.(a)		6,780		253,572
UCBH Holdings, Inc.		159,880		2,921,008
				8,106,419
Commercial Services — 0.5%
AMN Healthcare Services, Inc.*(a)		48,000		1,056,000
Kelly Services, Inc. (Class A Stock)		58,050		1,594,053
TNS, Inc.		75,852		1,093,027
Vertrue, Inc.*		31,900		1,556,082
				5,299,162
Commercial Services & Supplies — 0.1%
Labor Ready, Inc.*(a)		42,460		981,251
Communications Equipment — 0.4%
Black Box Corp.		98,603		4,080,192
Dycom Industries, Inc.*		11,660		349,567
				4,429,759
Computer Hardware — 0.4%
Gateway, Inc.*		80,600		128,154
Hutchinson Technology, Inc.*(a)		20,600		387,486
Imation Corp.		36,000		1,326,960
Insight Enterprises, Inc.*		21,900		494,283
Komag, Inc.*(a)		20,400		650,556
Palm, Inc.*(a)		84,800		1,357,648
Quantum Corp.*(a)		77,000		244,090
				4,589,177
Computer Services & Software — 3.0%)
Agilysys, Inc.		61,100		1,374,750
Aspen Technology, Inc.*(a)		65,600		918,400
CACI International, Inc. (Class A Stock)*(a)		65,784		3,213,548
Checkfree Corp.*		25,922		1,042,064
Ciber, Inc.*		71,000		580,780
COMSYS IT Partners, Inc.*(a)		25,600		583,936
Covansys Corp.*		40,700		1,380,951
Gartner, Inc. (Class A Stock)*		56,800		1,396,712
Inter-Tel, Inc.		41,500		993,095
Jack Henry & Associates, Inc.		79,950		2,058,712
Lawson Software, Inc.*(a)		243,740		2,410,589
Magma Design Automation, Inc.*		36,600		513,864
Mantech International Corp. (Class A Stock)*		17,500		539,525
Parametric Technology Corp.*(a)		269,052		5,814,214
Progress Software Corp.*		26,300		836,077
QAD, Inc.		12,100		100,430
Quest Software, Inc.*		26,700		432,273
Radisys Corp.*		9,500		117,800
Si International, Inc.*		11,000		363,220
SPSS, Inc.*		5,200		229,528
STEC, Inc.*(a)		299,500		1,925,785
Sybase, Inc.*(a)		223,259		5,333,658
Sykes Enterprises, Inc.*		32,400		615,276
SYNNEX Corp.*		4,800		98,928
Systemax, Inc.(a)		38,700		805,347
TIBCO Software, Inc.*		38,300		346,615
				34,026,077
Computers & Peripherals
Rimage Corp.*		15,150		478,588
Computer Networking — 0.2%
Xyratex Ltd. (Bermuda)*		84,842		1,886,038
Conglomerates — 0.1%
Griffon Corp.*		54,978		1,197,421
Construction — 0.3%
Granite Construction, Inc.		23,900		1,533,902
Perini Corp.*		18,958		1,166,486
WCI Communities, Inc.*		23,000		383,640
				3,084,028
Consumer Cyclicals – Leisure & Entertainment — 0.1%
Callaway Golf Co.		48,920		871,265
Consumer Cyclicals – Motor Vehicle — 0.1%
ArvinMeritor, Inc.(a)		71,900		1,596,180
Consumer Products & Services — 2.6%
Aaron Rents, Inc.		10,500		306,600
American Greetings Corp. (Class A Stock)		42,968		1,217,283
AptarGroup, Inc.		100,564		3,576,056
Buckeye Technologies, Inc.*		157,300		2,433,431
Central Garden and Pet Co.*(a)		108,372		1,328,641
Electro Rental Corp.		8,000		116,320
Elizabeth Arden, Inc.*		33,900		822,414

SEE NOTES TO FINANCIAL STATEMENTS.

A235

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Consumer Products & Services (cont’d.)
FTD Group, Inc.		183,100	$	3,370,871
Jakks Pacific, Inc.*(a)		117,100		3,295,194
Regis Corp.(a)		107,702		4,119,601
Steinway Musical Instruments, Inc.		21,100		729,849
Tupperware Corp.		230,340		6,619,972
Universal Corp. (VA)		28,000		1,705,760
				29,641,992
Containers & Packaging — 0.6%
Bemis Co., Inc.		49,955		1,657,507
Greif, Inc. (Class A Stock)		39,100		2,330,751
Silgan Holdings, Inc.		56,700		3,134,376
				7,122,634
Distribution/Wholesale — 0.2%
Central European Distribution Corp.*(a)		71,300		2,468,406
Diversified Consumer Services — 0.1%
Steiner Leisure Ltd.*		21,292		1,045,863
Diversified Financial Services — 0.4%
Portfolio Recovery Associates, Inc.(a)		22,937		1,376,679
South Financial Group, Inc. (The)(a)		93,623		2,119,624
SWS Group, Inc.		34,200		739,404
United Community Financial Corp.		51,200		510,976
				4,746,683
Drugs & Medicine — 0.1%
Adams Respiratory Therapeutics, Inc.*(a)		14,500		571,155
Education
Nobel Learning Communities, Inc.*		6,808		99,261
Electric Utilities — 0.6%
MGE Energy, Inc.		7,040		229,997
Portland General Electric Co.		190,962		5,239,997
SJW Corp.(a)		26,600		885,780
				6,355,774
Electrical Equipment — 0.1%
Hubbell, Inc. (Class B Stock)		11,610		629,494
Electronic Components & Equipment — 3.3%
Advanced Energy Industries, Inc.*		25,000		566,500
Anixter International, Inc.*(a)		57,900		4,354,659
Arris Group, Inc.*(a)		243,600		4,284,924
Bel Fuse, Inc. (Class B Stock)		28,160		958,285
Belden CDT, Inc.(a)		42,219		2,336,822
Benchmark Electronics, Inc.*(a)		60,150		1,360,593
C-COR, Inc.*		11,700		164,502
Checkpoint Systems, Inc.*		26,700		674,175
Coherent, Inc.*(a)		92,479		2,821,534
CTS Corp.		60,300		763,398
Electro Scientific Industries, Inc.*		5,700		118,560
Electronics for Imaging, Inc.*(a)		60,700		1,712,954
Empire District Electric Co. (The)(a)		43,739		978,441
Genesis Microchip, Inc.*		13,900		130,104
GrafTech International Ltd.*		209,100		3,521,244
Littelfuse, Inc.*		60,999		2,059,936
Mentor Graphics Corp.*(a)		86,300		1,136,571
Park Electrochemical Corp.		27,600		777,768
Pericom Semiconductor Corp.*		12,200		136,152
Plexus Corp.*		13,700		314,963
Regal-Beloit Corp.		110,130		5,125,450
Synopsys, Inc.*		91,083		2,407,324
Technitrol, Inc.		16,800		481,656
TTM Technologies, Inc.*		35,400		460,200
				37,646,715
Electronic Equipment & Instruments — 0.2%
Tektronix, Inc.		64,882		2,189,119
Electronics — 0.2%
Greatbatch, Inc.*		9,000		291,600
Kemet Corp.*(a)		30,700		216,435
Varian, Inc.*		34,600		1,897,118
				2,405,153
Energy – Energy Resources — 0.2%
Parallel Petroleum Corp.*(a)		130,850		2,865,615
Energy Equipment & Services — 0.3%
Input Output, Inc.*(a)		74,590		1,164,350
National-Oilwell Varco, Inc.*		17,840		1,859,641
Superior Well Services, Inc.*		12,490		317,371
				3,341,362
Entertainment
Macrovision Corp.*(a)		18,200		547,092
Environmental Services — 0.3%
Clean Harbors, Inc.*(a)		38,102		1,883,001
Tetra Tech, Inc.*(a)		90,600		1,952,430
				3,835,431
Equipment Services — 0.5%
Bally Technologies, Inc.*		61,928		1,636,138
General Cable Corp.*(a)		24,700		1,871,025
RPC, Inc.(a)		27,825		474,138
Universal Compression Holdings, Inc.*(a)		15,200		1,101,544
Watsco, Inc.		12,500		680,000
				5,762,845
Exchange Traded Funds — 0.4%
iShares Nasdaq Biotechnology Index Fund(a)		15,527		1,213,280
iShares S&P Smallcap 600 Barra Value Index Fund(a)		37,531		2,979,211
				4,192,491
Farming & Agriculture — 0.4%
Alliance One International, Inc.*		448,700		4,509,435

SEE NOTES TO FINANCIAL STATEMENTS.

A236

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Financial – Bank & Trust — 9.1%
1st Source Corp.		20,100	$	500,892
Amcore Financial, Inc.(a)		63,692		1,846,431
AmericanWest Bancorp		7,300		133,079
Ameris Bancorp		22,520		506,024
Asta Funding, Inc.(a)		52,500		2,017,575
Bancfirst Corp.		13,900		595,198
Banco Latinoamericano de Exportaciones SA (Panama)		25,400		477,520
Bancorpsouth, Inc.		76,792		1,878,332
Bank Mutual Corp.		181,501		2,092,707
Bank of Granite Corp.		21,700		362,173
BankAtlantic Bancorp, Inc. (Class A Stock)		115,688		996,074
BankUnited Financial Corp. (Class A Stock)		32,700		656,289
Banner Corp.		8,700		296,322
Berkshire Hills Bancorp, Inc.		1,600		50,416
Boston Private Financial Holdings, Inc.(a)		63,950		1,718,337
Camden National Corp.		9,200		360,088
Capital Bancorp Ltd.(a)		16,800		459,144
Capital Corp. of The West		35,270		845,069
Cardinal Financial Corp.		96,691		954,340
Cathay General Bancorp(a)		18,400		617,136
Central Pacific Financial Corp.(a)		94,714		3,126,509
Chemical Financial Corp.(a)		25,185		651,536
Citizens Republic Bancorp, Inc.(a)		104,123		1,905,455
City Bank/Lynnwood (WA)		42,815		1,349,101
City Holding Co.		95,100		3,645,183
Colonial Bancgroup, Inc.		58,500		1,460,745
Columbia Banking System, Inc.		76,050		2,224,463
Community Bancorp NV*		6,000		167,880
Community Bank System, Inc.		26,300		526,526
Community Trust Bancorp, Inc.		48,042		1,551,757
Corus Bankshares, Inc.(a)		128,600		2,219,636
Cullen / Frost Bankers, Inc.		51,502		2,753,812
Farmers Capital Bank Corp.		4,900		141,757
First Bancorp (Puerto Rico)(a)		87,900		966,021
First Communtiy Bancshares, Inc.		17,200		536,468
First Financial Bancorp		126,759		1,900,117
First Financial Holdings, Inc.		20,000		654,200
First Merchants Corp.		19,400		466,182
First Niagara Financial Group, Inc.(a)		135,817		1,779,203
First Place Financial Corp. (OH)		18,500		390,720
First Regional Bancorp*		11,400		290,016
First Republic Bank (CA)		41,250		2,213,475
FirstFed Financial Corp.*(a)		18,600		1,055,178
FirstMerit Corp.		163,644		3,425,069
Flagstar Bancorp, Inc.(a)		39,500		475,975
FNB Co.		12,100		434,390
Great Southern Bancorp, Inc.		18,700		505,835
Greater Bay Bancorp		51,100		1,422,624
Greene County Bancshares, Inc.		7,100		221,946
Hancock Holding Co.(a)		52,872		1,985,344
Heartland Financial USA, Inc.		10,400		252,720
Hercules Offshore, Inc.*(a)		63,700		2,062,606
Heritage Commerce Corp.		4,900		116,032
IBERIABANK Corp.		62,992		3,114,954
Independent Bank Corp. (MA)		48,800		1,441,552
Independent Bank Corp. (MI)		54,958		945,827
Integra Bank Corp.		26,700		573,249
Intervest Bancshares Corp.		5,500		154,880
Irwin Financial Corp.		58,400		874,248
MAF Bancorp, Inc.		34,800		1,888,248
MainSource Financial Group, Inc.		33,070		555,245
MB Financial, Inc.(a)		51,600		1,792,584
Mercantile Bank Corp.		7,230		195,933
Nara Bancorp, Inc.		38,700		616,491
National Penn Bancshares, Inc.(a)		56,033		934,630
NewAlliance Bancshares, Inc.(a)		123,504		1,817,979
Ocwen Financial Corp.*(a)		38,100		507,873
PAB Bankshares, Inc.		10,630		203,565
Pacific Capital Bancorp		53,200		1,435,336
Peoples Bancorp, Inc.		18,900		511,623
Prosperity Bancshares, Inc.		22,200		727,272
Provident Bankshares Corp.(a)		32,800		1,075,184
R &G Financial Corp. (Class B Stock)*		57,600		213,120
Rainier Pacific Financial Group, Inc.		28,090		487,081
Renasant Corp.(a)		22,800		518,472
Republic Bancorp, Inc. (KY) (Class A Stock)		7,846		130,168
Royal Bancshares of Pennsylvania, Inc. (Class A Stock)		10,751		211,907
SCBT Financial Corp.		7,317		266,339
Security Bank Corp. (GA)		19,100		383,910
Sierra Bancorp		2,500		70,500
Signature Bank*		69,824		2,380,998
Simmons First National Corp. (Class A Stock)		14,100		389,019
Southwest Bancorp, Inc.		55,300		1,329,412
Sterling Financial Corp. (PA)(a)		30,050		316,126
Sterling Financial Corp. (WA)		169,260		4,898,384
Suffolk Bancorp		9,200		293,664
Superior Bancorp*(a)		103,540		1,059,214
Taylor Capital Group, Inc.		18,600		512,058
TierOne Corp.		39,400		1,185,940
Trico Bancshares		18,400		411,424
UMB Financial Corp.		78,858		2,907,495
Umpqua Holdings Corp.		94,137		2,213,161
Union Bankshares Corp.		10,800		250,560
United Bancshares, Inc.		14,900		473,820
Washington Trust Bancorp, Inc.		19,200		484,032
West Coast Bancorp		71,900		2,185,041
				103,180,145
Financial – Brokerage — 0.3%
Centerline Holding Co.		35,500		639,000
Knight Capital Group, Inc. (Class A Stock)*(a)		112,200		1,862,520
Piper Jaffray Cos., Inc.*(a)		9,300		518,289
Sterling Banchares, Inc. (TX)		86,000		972,660
				3,992,469

SEE NOTES TO FINANCIAL STATEMENTS.

A237

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Financial Services — 3.0%
Advance America Cash Advance Centers, Inc.		16,300	$	289,162
Advanta Corp. (Class B Stock)		57,800		1,799,892
Deluxe Corp.		173,200		7,033,652
Dime Community Bancshares		32,700		431,313
Dollar Financial Corp.*(a)		84,268		2,401,638
Federal Agricultural Mortgage Corp. (Class C Stock)		9,100		311,402
Financial Federal Corp.(a)		127,930		3,814,873
Friedman, Billings, Ramsey Group, Inc. (Class A Stock)		195,000		1,064,700
Hanmi Financial Corp.		174,000		2,968,440
ITLA Capital Corp.		9,500		495,140
Lakeland Financial Corp.		11,400		242,478
Max Capital Group Ltd. (Bermuda)		86,900		2,459,270
MCG Capital Corp.		60,000		961,200
NBT Bancorp, Inc.		35,900		809,904
Partners Trust Financial Group, Inc.		35,400		371,700
Santander Bancorp		3,900		57,954
Technology Investment Capital Corp.		114,521		1,808,286
W Holding Co., Inc.(a)		133,912		353,528
Waddell & Reed Financial, Inc. (Class A Stock)		86,400		2,247,264
World Acceptance Corp.*(a)		64,100		2,738,993
WSFS Financial Corp.(a)		15,600		1,020,708
				33,681,497
Food — 2.2%
Corn Products International, Inc.		27,439		1,247,103
Nash Finch Co.(a)		104,100		5,152,950
Performance Food Group Co.*(a)		69,037		2,243,012
Ralcorp Holdings, Inc.*(a)		96,496		5,157,711
Ruddick Corp.		73,350		2,209,302
Sanderson Farms, Inc.		53,650		2,415,323
Smithfield Foods, Inc.*		20,500		631,195
Smucker, (J.M.) Co. (The)		54,341		3,459,348
Spartan Stores, Inc.		84,000		2,764,440
				25,280,384
Food & Staples Retailing — 0.4%
Casey’s General Stores, Inc.		104,506		2,848,833
Weis Markets, Inc.		58,000		2,349,580
				5,198,413
Food Products — 0.5%
Del Monte Foods Co.		304,835		3,706,794
Pilgrim’s Pride Corp.		52,447		2,001,902
				5,708,696
Furniture — 0.2%
Furniture Brands International, Inc.(a)		80,860		1,148,212
Sealy Corp.(a)		40,200		664,104
				1,812,316
Gas Distribution — 0.3%
Petrohawk Energy Corp.*		190,550		3,022,123
Healthcare – Medical Providers — 0.2%
Psychiatric Solutions, Inc.*(a)		52,000		1,885,520
Heathcare Equipment & Services — 0.1%
National Dentex Corp.*		45,810		859,854
Healthcare Products — 0.3%
Symmetry Medical, Inc.*(a)		76,525		1,225,165
Syneron Medical Ltd. (Israel)*(a)		70,250		1,752,738
				2,977,903
Healthcare Services — 2.2%
Amedisys, Inc.*		55,500		2,016,315
American Dental Partners Inc*		23,700		615,489
AMERIGROUP Corp.*		90,500		2,153,900
AmSurg Corp.*		76,000		1,834,640
Apria Healthcare Group, Inc.*(a)		26,012		748,365
Cross Country Healthcare, Inc.*		47,550		793,134
Genesis HealthCare Corp.*		1,000		68,420
Gentiva Health Services, Inc*		121,300		2,433,278
Healthspring, Inc.*		132,000		2,515,920
Kindred Healthcare, Inc.*		35,000		1,075,200
LifeCell Corp.*(a)		14,000		427,560
LifePoint Hospitals, Inc.*		79,372		3,070,109
Magellan Health Services, Inc.*		29,700		1,380,159
Molina Healthcare, Inc.*		10,300		314,356
Pediatrix Medical Group, Inc.*		33,650		1,855,798
RehabCare Group, Inc.*		44,630		635,531
Res-Care, Inc.*		114,587		2,422,369
Sunrise Senior Living, Inc.*		14,800		591,852
				24,952,395
Hotels & Motels
Ameristar Casinos, Inc.		5,500		191,070
Hotels, Restaurants & Leisure — 0.3%
O’Charleys, Inc.		66,530		1,341,245
Ruby Tuesday, Inc.		68,850		1,812,820
Trump Entertainment Resorts, Inc.*(a)		29,960		375,998
				3,530,063
Household Durables — 0.1%
Snap-on, Inc.		17,010		859,175
Household Products — 0.3%
Central Garden and Pet Co.*(a)		81,500		955,995
Helen of Troy Ltd. (Bermuda)*		74,150		2,002,050
Prestige Brands Holdings, Inc.*		8,500		110,330
				3,068,375
Industrial Products — 3.4%
Actuant Corp. (Class A Stock)(a)		17,600		1,109,856
Acuity Brands, Inc.		34,500		2,079,660
Barnes Group, Inc.(a)		176,650		5,596,272
Brady Corp. (Class A Stock)(a)		87,569		3,252,313
Ceradyne, Inc.*(a)		46,500		3,439,140
CIRCOR International, Inc.		71,885		2,906,310
EnPro Industries, Inc.*(a)		79,000		3,380,410

SEE NOTES TO FINANCIAL STATEMENTS.

A238

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Industrial Products (cont’d)
Flanders Corp.*(a)		140,008	$	1,078,062
Interface, Inc. (Class A Stock)		77,421		1,460,160
Kaydon Corp.		106,491		5,550,311
Myers Industries, Inc.		160,750		3,554,182
UniFirst Corp. (MA)		32,399		1,427,176
Watts Water Technologies, Inc. (Class A Stock)(a)		58,311		2,184,913
WESCO International, Inc.*		25,833		1,561,605
				38,580,370
Insurance — 6.1%
Allied World Assurance Holdings Ltd. (Bermuda)		30,970		1,587,213
American Equity Investment Life Holding Co.(a)		99,543		1,202,479
American Physicians Capital, Inc.*		18,600		753,300
Amerisafe, Inc.*		33,500		657,605
Argonaut Group, Inc.(a)		101,900		3,180,299
Aspen Insurance Holdings Ltd. (Bermuda)		93,600		2,627,352
CNA Surety Corp.*		44,660		844,521
Delphi Financial Group, Inc. (Class A Stock)(a)		94,800		3,964,536
Employers Holdings, Inc.		76,781		1,630,828
Endurance Specialty Holdings Ltd. (Bermuda)		54,000		2,162,160
FPIC Insurance Group, Inc.*(a)		15,900		648,243
Hanover Insurance Group, Inc. (The)		39,250		1,915,008
Harleysville Group, Inc.		20,100		670,536
Horace Mann Educators Corp.		85,287		1,811,496
Infinity Property & Casual Corp.		65,703		3,333,113
IPC Holdings Ltd.		59,400		1,918,026
James River Group, Inc.		5,700		189,411
LandAmerica Financial Group, Inc.(a)		27,800		2,682,422
Midland Co.		11,680		548,259
Navigators Group, Inc.*		22,500		1,212,750
Odyssey Re Holdings Corp.		140,300		6,017,467
Ohio Casualty Corp.		48,000		2,078,880
Phoenix Cos., Inc. (The)		22,000		330,220
Platinum Underwriters Holdings Ltd. (Bermuda)		237,195		8,242,526
PMA Capital Corp. (Class A Stock)*		175,300		1,873,957
ProAssurance Corp.*(a)		70,625		3,931,694
RLI Corp.		6,300		352,485
Safety Insurance Group, Inc.		92,400		3,825,360
Seabright Insurance Holdings, Inc.*		29,800		520,904
Selective Insurance Group, Inc.		68,400		1,838,592
Stewart Information Services Corp.(a)		27,000		1,075,410
United Fire & Casualty Co.(a)		54,150		1,915,827
Zenith National Insurance Corp.(a)		82,150		3,868,443
				69,411,322
Internet Services — 0.3%)
Adaptec, Inc.*		43,300		164,973
Interwoven, Inc.*		60,600		850,824
iPass, Inc.*		6,900		37,398
SonicWall, Inc.*		49,200		422,628
United Online, Inc.(a)		135,600		2,236,044
				3,711,867
IT Services — 0.5%
Medquist, Inc.*		48,140		438,555
Perot Systems Corp. (Class A Stock)*(a)		300,998		5,129,006
				5,567,561
Leisure Equipment & Products — 0.5%
K2, Inc.*		356,000		5,407,640
Machinery — 0.7%
Albany International Corp. (Class A Stock)(a)		32,210		1,302,572
IDEX Corp.		31,261		1,204,799
Mueller Industries, Inc.		43,820		1,509,161
Wabtec Corp.		101,560		3,709,987
				7,726,519
Machinery & Equipment — 1.8%
Applied Industrial Technologies, Inc.		167,100		4,929,450
Astec Industries, Inc.*		10,300		434,866
Briggs & Stratton Corp.(a)		33,299		1,050,917
Cascade Corp.		19,600		1,537,424
Federal Signal Corp.		146,435		2,322,459
Gehl Co.*		9,900		300,564
Kadant, Inc.*		62,212		1,941,014
Kennametal, Inc.		42,860		3,515,806
Mueller Water Products, Inc.(a)		124,500		2,123,970
Nacco Industries, Inc. (Class A Stock)		7,400		1,150,626
Smith, (A.O.) Corp.(a)		20,800		829,712
Tennant Co.		20,200		737,300
				20,874,108
Manufacturing — 0.1%
Reddy Ice Holdings, Inc.		25,000		713,000
Marine — 0.1%
Kirby Corp.*		35,130		1,348,641
Media — 0.4%
Entercom Communications Corp.(a)		54,900		1,366,461
Lee Enterprises, Inc.		130,100		2,713,886
Media General, Inc. (Class A Stock)(a)		4,800		159,696
				4,240,043
Medical Products — 0.3%
Cooper Cos., Inc. (The)		71,808		3,828,803

SEE NOTES TO FINANCIAL STATEMENTS.

A239

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Medical Supplies & Equipment — 1.3%
Alliance Imaging, Inc.*		101,100	$	949,329
Applera Corp.- Celera Genomics Group*		18,700		231,880
Arena Pharmaceuticals, Inc.*		8,900		97,811
Bio-Rad Laboratories, Inc. (Class A Stock)*(a)		23,600		1,783,452
CONMED Corp.*(a)		67,400		1,973,472
Cypress Bioscience, Inc.*		45,000		596,700
DJO, Inc.*(a)		20,716		854,949
ICU Medical, Inc.*(a)		5,800		249,052
Invacare Corp.		14,700		269,451
Option Care, Inc.(a)		133,400		2,054,360
Orthofix International NV*		45,326		2,038,310
Owens & Minor, Inc.		43,238		1,510,736
PSS World Medical, Inc.*(a)		50,300		916,466
Savient Pharmaceuticals, Inc.*(a)		33,900		421,038
STERIS Corp.(a)		20,200		618,120
SurModics, Inc.*(a)		2,600		130,000
				14,695,126
Metals & Mining — 1.4%
Century Aluminum Co.*		79,000		4,315,770
Iamgold Corp. (Canada)(a)		238,100		1,823,846
NN, Inc.		22,100		260,780
Quanex Corp.(a)		60,325		2,937,828
RBC Bearings, Inc.*		13,480		556,050
RTI International Metals, Inc.*		21,949		1,654,296
Ryerson Tull, Inc.(a)		12,800		481,920
Schnitzer Steel Industries, Inc. (Class A Stock)(a)		16,200		776,628
Valmont Industries, Inc.		38,000		2,764,880
				15,571,998
Metals/Mining Excluding Steel — 0.2%
Uranium Resources, Inc.*		234,923		2,591,201
Office Equipment — 0.7%
Ennis, Inc.		85,050		2,000,376
HNI Corp.(a)		38,700		1,586,700
IKON Office Solutions, Inc.(a)		116,600		1,820,126
United Stationers, Inc.*(a)		31,910		2,126,482
				7,533,684
Oil & Gas — 2.9%
Alon USA Energy, Inc.(a)		73,100		3,217,131
Atwood Oceanics, Inc.*(a)		27,500		1,887,050
Berry Petroleum Co. (Class A Stock)		70,699		2,663,938
Bois D Arc Energy, Inc.*		27,000		459,810
Callon Petroleum Co.*		13,700		194,129
Comstock Resources, Inc.*		30,500		914,085
Delta Petroleum Corp.*(a)		99,750		2,002,980
Energy Partners Ltd.*		26,344		439,682
Hanover Compressor Co.*(a)		22,000		524,700
Harvest Natural Resources, Inc.*		52,400		624,084
Hornbeck Offshore Services, Inc.*(a)		63,450		2,459,322
Laclede Group, Inc. (The)		54,800		1,747,024
Nicor, Inc.		44,100		1,892,772
Northwest Natural Gas Co.		15,270		705,321
Oil States International, Inc.*(a)		50,300		2,079,402
Petroquest Energy, Inc.*		123,000		1,788,420
Rosetta Resources, Inc.*(a)		16,400		353,256
St. Mary Land & Exploration Co.(a)		52,900		1,937,198
Stone Energy Corp.*(a)		34,600		1,185,396
Superior Energy Services, Inc.*		46,100		1,840,312
Trico Marine Services, Inc.*(a)		76,200		3,115,056
Union Drilling, Inc.*		30,600		502,452
				32,533,520
Oil, Gas & Consumable Fuels — 0.3%
Denbury Resources, Inc.*		46,777		1,754,137
XTO Energy, Inc.		26,440		1,589,044
				3,343,181
Paper & Forest Products — 0.6%
Neenah Paper, Inc.		37,133		1,532,108
Rock-Tenn Co. (Class A Stock)		69,300		2,198,196
Schweitzer-Manduit International, Inc.		47,900		1,484,900
Universal Forest Products, Inc.		34,000		1,436,840
				6,652,044
Personal Services — 0.5%
CompuCredit Corp.*(a)		15,700		549,814
Geo Group, Inc.*(a)		110,200		3,206,820
Stewart Enterprises, Inc. (Class A Stock)(a)		168,100		1,309,499
Volt Information Sciences, Inc.*(a)		16,400		302,416
				5,368,549
Pharmaceuticals — 0.8%
Acadia Pharmaceuticals, Inc.*(a)		19,700		269,299
Alpharma, Inc. (Class A Stock)*		15,800		410,958
Auxilium Pharmaceuticals, Inc.*		19,300		307,642
Axcan Pharma, Inc. (Canada)*(a)		113,650		2,196,854
Bentley Pharmaceuticals, Inc.*(a)		85,200		1,034,328
Bradley Pharmaceuticals, Inc.*		14,800		321,308
Cubist Pharmaceuticals, Inc.*(a)		15,800		311,418
Nektar Therapeutics*(a)		11,100		105,339
Onyx Pharmaceuticals, Inc.*		41,300		1,110,970
Par Pharmaceutical Cos., Inc.*		11,300		318,999
Perrigo Co.		36,000		704,880
Progenics Pharmaceuticals, Inc.*(a)		20,300		437,871
United Therapeutics Corp.*(a)		8,700		554,712
Valeant Pharmaceuticals International*		17,000		283,730
Viropharma, Inc.*(a)		62,400		861,120
				9,229,428
Precious Metals
Meridian Gold, Inc.*		13,890		383,086
Printing & Publishing — 0.3%
Consolidated Graphics, Inc.*(a)		17,500		1,212,400
Courier Corp.		25,281		1,011,240
Scholastic Corp.*(a)		42,400		1,523,856
Valassis Communications, Inc.*(a)		18,400		316,296
				4,063,792

SEE NOTES TO FINANCIAL STATEMENTS.

A240

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Real Estate Investment Trust — 5.9%
American Financial Realty Trust		169,650	$	1,750,788
American Home Mortgage Investment Corp.(a)		36,400		669,032
American Land Lease, Inc.		18,294		457,350
Anthracite Capital, Inc.(a)		181,400		2,122,380
Arbor Realty Trust, Inc.(a)		84,260		2,174,750
Ashford Hospitality Trust(a)		233,150		2,741,844
Biomed Realty Trust, Inc.		90,597		2,275,797
Capital Trust, Inc. (Class A Stock)		17,000		580,380
Cousins Properties, Inc.(a)		30,580		887,126
Duke Realty Corp.(a)		12,780		455,862
Education Realty Trust, Inc.		106,809		1,498,530
Equity Inns, Inc.		154,800		3,467,520
Equity Lifestyle Properties, Inc.(a)		28,000		1,461,320
Equity One, Inc.(a)		97,034		2,479,219
Extra Space Storage, Inc.		18,100		298,650
FelCor Lodging Trust, Inc.(a)		197,700		5,146,131
First Potomac Realty Trust(a)		56,100		1,306,569
Gramercy Capital Corp.		19,600		539,784
Highland Hospitality Corp.		149,150		2,863,680
Home Properties, Inc.(a)		10,400		540,072
IMPAC Mortgage Holdings, Inc.(a)		75,100		346,211
Inland Real Estate Corp.(a)		65,800		1,117,284
Innkeepers USA Trust		275,116		4,877,807
LaSalle Hotel Properties(a)		24,940		1,082,895
Lexington Corp. Properties Trust(a)		202,700		4,216,160
Liberty Property Trust(a)		11,370		499,484
LTC Properties, Inc.		40,400		919,100
Maguire Properties, Inc.		26,100		896,013
Medical Properties Trust, Inc.(a)		114,900		1,520,127
MFA Mortgage Investments, Inc.(a)		52,200		380,016
Mid-America Apartment Communities, Inc.(a)		10,371		544,270
Omega Healthcare Investors, Inc.		13,300		210,539
Parkway Properties, Inc.		52,400		2,516,772
Pennsylvania Real Estate Investment Trust(a)		93,800		4,158,154
Saul Centers, Inc.		41,800		1,895,630
Senior Housing Properties Trust(a)		95,400		1,941,390
Spirit Finance Corp.		218,000		3,174,080
Sunstone Hotel Investors, Inc.(a)		100,500		2,853,195
Winston Hotels, Inc.*		48,200		723,000
				67,588,911
Restaurants — 0.7%
Applebee’s International, Inc.		37,899		913,366
Bob Evans Farms, Inc.		3,400		125,290
Brinker International, Inc.		42,211		1,235,516
Domino’s Pizza, Inc.(a)		81,000		1,479,870
Jack in the Box, Inc.*(a)		50,900		3,610,846
Papa John’s International, Inc.*(a)		13,800		396,888
				7,761,776
Retail — 0.5%
Dillard’s, Inc. (Class A Stock) Inc.		74,598		2,680,306
Ethan Allen Interiors, Inc.(a)		77,966		2,670,336
				5,350,642
Retail & Merchandising — 2.9%
Bebe Stores, Inc.(a)		83,859		1,342,583
Bon-Ton Stores, Inc.(a)		20,800		833,248
Cash America International, Inc.		86,800		3,441,620
Charming Shoppes, Inc.*		124,500		1,348,335
Dress Barn, Inc.*(a)		25,200		517,104
Lithia Motors, Inc. (Class A Stock)(a)		41,860		1,060,732
Men’s Wearhouse, Inc. (The)		58,685		2,997,043
Movado Group, Inc.		18,600		627,564
Oxford Industries, Inc.		3,900		172,926
Pacific Sunwear of California*(a)		107,730		2,370,060
Pantry, Inc. (The)*(a)		59,061		2,722,712
Payless Shoesource, Inc.*(a)		59,900		1,889,845
PC Connection, Inc.*		29,800		394,552
Penske Automotive Group, Inc.		86,000		1,830,940
Perry Ellis International, Inc.*		51,750		1,664,798
RC2 Corp.*(a)		28,800		1,152,288
Rent-A-Center, Inc.*(a)		85,000		2,229,550
Retail Ventures, Inc.*(a)		41,300		666,169
Shoe Carnival, Inc.*		11,400		313,386
Stage Stores, Inc.(a)		78,500		1,645,360
Tween Brands, Inc.*		5,100		227,460
Vector Group Ltd.(a)		106,950		2,409,583
West Marine, Inc.*		78,030		1,073,693
				32,931,551
Semiconductors — 2.5%
Actel Corp.*		22,300		310,193
AMIS Holdings, Inc.*		45,400		568,408
Amkor Technology, Inc.*		81,300		1,280,475
Applied Micro Circuits Corp.*		75,600		189,000
Asyst Technologies, Inc.*(a)		88,300		638,409
Axcelis Technologies, Inc.*(a)		75,900		492,591
Brooks Automation, Inc.*		75,600		1,372,140
Cirrus Logic, Inc.*		54,100		449,030
Cohu, Inc.		25,100		558,475
Credence Systems Corp.*		46,300		166,680
DSP Group, Inc.*		21,500		440,105
Eagle Test Systems, Inc.*		14,800		237,688
Emulex Corp.*		247,703		5,409,834
Entegris, Inc.*		204,821		2,433,273
Exar Corp.*(a)		75,462		1,011,191
Fairchild Semiconductor International, Inc.		75,620		1,460,978
Kulicke & Soffa Industries, Inc.*(a)		183,691		1,923,245
Lattice Semiconductor Corp.*		50,200		287,144
Mattson Technology, Inc.*		21,000		203,700
MKS Instruments, Inc.*(a)		42,100		1,166,170
MRV Communications, Inc.*		30,200		98,150
Omnivision Technologies, Inc.*(a)		44,700		809,517

SEE NOTES TO FINANCIAL STATEMENTS.

A241

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Semiconductors (cont’d.)
ON Semiconductor Corp.*(a)	62,500	$	670,000
Photronics, Inc.*	30,700		456,816
Richardson Electronics Ltd.	78,331		724,562
Silcon Storage Technology, Inc.*	30,400		113,392
Skyworks Solutions, Inc.*	51,300		377,055
Standard Microsystems Corp.*(a)	23,900		820,726
Verigy Ltd.*	55,600		1,590,716
Zoran Corp.*(a)	118,400		2,372,736
			28,632,399
Semiconductors & Semiconductor Equipment
Cabot Microelectronics Corp.*(a)	2,400		85,176
Software — 0.5%
CSG Systems International, Inc.*	32,500		861,575
Digi International, Inc.*	80,310		1,183,769
EPIQ System, Inc.*(a)	62,390		1,008,222
Fair Isaac Corp.	47,900		1,921,748
McAfee, Inc.*	33,118		1,165,754
			6,141,068
Specialty Chemicals — 0.4%
CF Industries Holdings, Inc.	74,400		4,455,816
Specialty Retail — 0.2%
Buckle, Inc. (The)	27,050		1,065,770
Cato Corp. (Class A Stock)	45,317		994,255
Deb Shops, Inc.	28,290		782,218
			2,842,243
Technology – Computer Hardware
Ditech Networks, Inc.*	26,200		214,578
Technology – Internet — 0.3%
Ariba, Inc.*(a)	35,100		347,841
Avocent Corp.*	117,940		3,421,439
			3,769,280
Telecommunications — 3.1%
Aeroflex, Inc.*	227,900		3,229,343
Alaska Communications Systems Group, Inc.	121,200		1,919,808
Atlantic Tele-Network, Inc.	10,800		309,312
Authorize. Net Holdings, Inc.*	26,000		465,140
Centennial Communications Corp.*	36,500		346,385
Cincinnati Bell, Inc.*(a)	737,300		4,261,594
CommScope, Inc.*(a)	50,400		2,940,840
CT Communications, Inc.	77,100		2,352,321
Dobson Communications Corp. (Class A Stock)*(a)	95,300		1,058,783
Finisar Corp.*(a)	53,200		201,096
Foundry Networks, Inc.*(a)	130,180		2,168,799
General Communication, Inc. (Class A Stock)*	36,000		461,160
Iowa Telecommunications Services, Inc.	134,950		3,067,413
Mastec, Inc.*	46,200		730,884
Newport Corp.*(a)	51,300		794,124
North Pittsburgh Systems, Inc.	17,000		361,250
Plantronics, Inc.	124,676		3,269,005
Polycom, Inc.*(a)	19,800		665,280
Powerwave Technologies, Inc.*(a)	251,053		1,682,055
Premiere Global Services, Inc.*	251,200		3,270,624
RF Micro Devices, Inc.*(a)	45,800		285,792
Surewest Communications	11,800		321,432
Sycamore Networks, Inc.*	57,000		229,140
UTStarcom, Inc.*(a)	36,100		202,521
			34,594,101
Textiles, Apparel & Luxury Goods — 0.1%
Timberland Co. (Class A Stock)*	44,585		1,123,096
Thrifts & Mortgage Finance — 0.4%
Downey Financial Corp.(a)	22,500		1,484,550
PMI Group, Inc. (The)	64,530		2,882,555
Triad Guaranty, Inc.*(a)	7,000		279,510
			4,646,615
Transportation — 1.7%
ABX Air, Inc.*	238,350		1,921,101
Arkansas Best Corp.(a)	6,200		241,614
Atlas Air Worldwide Holdings, Inc.*	31,200		1,838,928
Bristow Group, Inc.*(a)	17,000		842,350
Eagle Bulk Shipping, Inc.	49,400		1,107,054
GATX Corp.	40,300		1,984,775
Genco Shipping & Trading Ltd.(a)	30,600		1,262,556
Gulfmark Offshore, Inc.*(a)	109,900		5,629,078
Kansas City Southern*(a)	52,687		1,977,870
Knightsbridge Tankers Ltd. (Bermuda)(a)	29,800		909,198
TBS International Ltd. (Bermuda)*	48,500		1,377,400
			19,091,924
Utilities — 4.9%
AGL Resources, Inc.	63,251		2,560,401
Allete, Inc.(a)	37,700		1,773,785
American States Water Co.	12,100		430,397
Atlas America, Inc.	43,846		2,355,846
Atmos Energy Corp.(a)	61,779		1,857,077
Avista Corp.	138,100		2,976,055
Black Hills Corp.	9,500		377,625
CH Energy Group, Inc.	19,800		890,406
Cleco Corp.	55,900		1,369,550
El Paso Electric Co.*	89,300		2,193,208
EMCOR Group, Inc.*	28,180		2,054,322
Goodman Global, Inc.*	56,810		1,262,318
Idacorp, Inc.(a)	132,584		4,247,991
Integrys Energy Group, Inc.	34,100		1,729,893
New Jersey Resources Corp.(a)	71,346		3,640,073
PNM Resources, Inc.(a)	75,200		2,089,808
South Jersey Industries, Inc.	33,100		1,171,078
Southwest Gas Corp.	90,400		3,056,424
Swift Energy Co.*(a)	93,079		3,980,058
UIL Holdings Corp.	26,900		890,390
Unisource Energy Corp.	105,800		3,479,762

SEE NOTES TO FINANCIAL STATEMENTS.

A242

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Utilities (cont’d.)
W-H Energy Services, Inc.*	46,216	$	2,861,233
Westar Energy, Inc.(a)	245,855		5,969,359
WGL Holdings, Inc.(a)	43,139		1,408,057
Wisconsin Energy Corp.	18,806		831,789
			55,456,905
TOTAL COMMON STOCKS
(cost $947,104,902)			1,086,011,636

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Note(k) (cost $1,166,793)
4.25%	11/30/07	$1,170		1,166,893
TOTAL LONG-TERM INVESTMENTS
(cost $948,271,695)				1,087,178,529
		Shares
SHORT-TERM INVESTMENT — 30.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $340,403,225; includes $322,098,218 of cash collateral for securities on loan)(b)(w) (Note 4)		340,403,225		340,403,225
TOTAL INVESTMENTS — 125.6%
(cost $1,288,674,920; Note 6)				1,427,581,754
Liabilities in excess of other assets(x) — (25.6)%				(290,682,258	)
NET ASSETS — 100.0%			$	1,136,899,496

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $306,645,208; cash collateral of $322,098,218 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(k)	Securities segregated as collateral for futures contracts.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes unrealized depreciation on futures contract as follows:
Futures contract open at June 30, 2007:

Number			Value at	Value at
of		Expiration	Trade	June 30,	Unrealized
Contract	Type	Date	Date	2007	Depreciation
Long Position:
	Russell
63	2000	Sept 07	$26,909,700	$26,526,150	$(383,550)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (28.3% represents investments purchased with collateral from securities on loan)	30.0	%
Financial – Bank & Trust	9.1
Insurance	6.1
Real Estate Investment Trust	5.9
Utilities	4.9
Industrial Products	3.4
Electronic Components & Equipment	3.3
Telecommunications	3.1
Computer Services & Software	3.0
Financial Services	3.0
Retail & Merchandising	2.9
Oil & Gas	2.9
Consumer Products & Services	2.6
Semiconductors	2.5
Aerospace	2.3
Food	2.2
Chemicals	2.2
Healthcare Services	2.2
Automotive Parts	1.9
Machinery & Equipment	1.8
Transportation	1.7
Metals & Mining	1.4
Medical Supplies & Equipment	1.3
Clothing & Apparel	1.2
Business Services	1.0
Building Materials	1.0
Pharmaceuticals	0.8
Airlines	0.7
Commercial Banks	0.7
Restaurants	0.7
Machinery	0.7
Office Equipment	0.7
Containers & Packaging	0.6
Paper & Forest Products	0.6
Electric Utilities	0.6

SEE NOTES TO FINANCIAL STATEMENTS.

A243

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

Industry (cont’d.)
Software	0.5	%
Banks	0.5
Equipment Services	0.5
Food Products	0.5
IT Services	0.5
Leisure Equipment & Products	0.5
Personal Services	0.5
Retail	0.5
Commercial Services	0.5
Food & Staples Retailing	0.4
Broadcasting	0.4
Diversified Financial Services	0.4
Thrifts & Mortgage Finance	0.4
Computer Hardware	0.4
Farming & Agriculture	0.4
Specialty Chemicals	0.4
Communications Equipment	0.4
Apartment/Residential	0.4
Media	0.4
Exchange Traded Funds	0.4
Printing & Publishing	0.3
Financial – Brokerage	0.3
Environmental Services	0.3
Medical Products	0.3
Technology – Internet	0.3
Internet Services	0.3
Hotels, Restaurants & Leisure	0.3
Oil, Gas & Consumable Fuels	0.3
Energy Equipment & Services	0.3
Construction	0.3
Household Products	0.3
Gas Distribution	0.3
Healthcare Products	0.3
Energy – Energy Resources	0.2
Specialty Retail	0.2
Metals/Mining Excluding Steel	0.2
Distribution/Wholesale	0.2
Electronics	0.2
Cable Television	0.2
Electronic Equipment & Instruments	0.2
Computers – Networking	0.2
Healthcare – Medical Providers	0.2
Furniture	0.2
Commercial Services & Supplies	0.1
Consumer Cyclicals – Motor Vehicle	0.1
Biotechnology	0.1
Automotive Components	0.1
Marine	0.1
Conglomerates	0.1
U.S. Treasury Obligation	0.1
Textiles, Apparel & Luxury Goods	0.1
Apparel & Textile	0.1
Diversified Consumer Services	0.1
Apparel/Shoes	0.1
Consumer Cyclicals – Leisure & Entertainment	0.1
Healthcare Equipment & Services	0.1
Household Durables	0.1
Capital Markets	0.1
Manufacturing	0.1
Electrical Equipment	0.1
Drugs & Medicine	0.1
	125.6
Liabilities in excess of other assets	(25.6	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A244

AST SMALL-CAP VALUE PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $306,645,208:
Unaffiliated investments (cost $948,271,695)	$	1,087,178,529
Affiliated investments (cost $340,403,225)		340,403,225
Receivable for investments sold		59,232,536
Dividends and interest receivable		1,907,534
Prepaid expenses		8,030
Total Assets		1,488,729,854
LIABILITIES:
Payable to broker for collateral for securities on loan		322,098,218
Payable for fund share repurchased		16,292,010
Payable to custodian		11,625,080
Payable for investments purchased		727,870
Advisory fees payable		470,198
Accrued expenses and other liabilities		444,798
Due to broker-variation margin		159,550
Shareholder servicing fees payable		12,634
Total Liabilities		351,830,358
NET ASSETS	$	1,136,899,496
Net assets were comprised of:
Paid-in capital	$	813,314,048
Retained earnings		323,585,448
Net assets, June 30, 2007	$	1,136,899,496
Net asset value and redemption price per share, $1,136,899,496/62,148,935 outstanding shares of beneficial interest	$	18.29

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated dividend income (net of $3,840 foreign withholding tax)	$	8,204,227
Affiliated dividend income		828,418
Affiliated income from securities lending, net		552,552
Unaffiliated interest		18,748
		9,603,945
EXPENSES
Advisory fees		5,158,995
Shareholder servicing fees and expenses		401,222
Custodian and accounting fees		109,000
Insurance expenses		13,000
Audit fee		12,000
Trustees’ fees		11,000
Transfer agent’s fees and expenses		9,000
Shareholders’ reports		4,000
Legal fees and expenses		4,000
Loan interest expense (Note 7)		1,489
Miscellaneous		6,538
Total expenses		5,730,244
NET INVESTMENT INCOME		3,873,701
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investment transactions		67,667,073
Futures transactions		497,950
		68,165,023
Net change in unrealized appreciation (depreciation) on:
Investments		3,519,813
Futures		(204,475	)
		3,315,338
NET GAIN ON INVESTMENTS		71,480,361
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	75,354,062

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	3,873,701			$	9,709,288
Net realized gain on investments			68,165,023				107,779,411
Net change in unrealized appreciation (depreciation) on investments			3,315,338				81,664,891
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			75,354,062				199,153,590
DISTRIBUTIONS			—				(57,808,921	)
FUND SHARE TRANSACTIONS:
Fund share sold [4,147,766 and 12,768,265 shares, respectively]			73,254,893				203,052,040
Fund share issued in reinvestment of distributions [0 and 3,679,752 shares, respectively]			—				57,808,921
Fund share repurchased [7,762,881 and 21,662,297 shares, respectively]			(138,502,649	)			(343,189,483	)
DECREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			(65,247,756	)			(82,328,522	)
TOTAL INCREASE IN NET ASSETS			10,106,306				59,016,147
NET ASSETS:
Beginning of period			1,126,793,190				1,067,777,043
End of period		$	1,136,899,496			$	1,126,793,190

SEE NOTES TO FINANCIAL STATEMENTS.

A245

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.6%
COMMON STOCKS — 61.8%
		Value
	Shares	(Note 2)
Advertising — 0.3%
Aegis Group PLC (United Kingdom)	89,988	$	246,626
Getty Images, Inc.*	1,900		90,839
Lamar Advertising Co.	12,000		753,120
Omnicom Group, Inc.	13,600		719,712
Publicis Groupe SA (France)	7,686		339,647
WPP Group PLC (United Kingdom)	11,139		166,600
WPP Group PLC, ADR (United Kingdom)(a)	400		29,900
			2,346,444
Aerospace — 1.3%
BBA Aviation PLC (United Kingdom)	27,763		150,699
Boeing Co.	27,000		2,596,320
British Airways PLC (United Kingdom)*	17,208		143,926
DRS Technologies, Inc.	620		35,507
Finmeccanica SpA (Italy)	9,402		288,865
General Dynamics Corp.	27,400		2,143,228
MTC Technologies, Inc.*	2,500		61,400
Raytheon Co.	17,500		943,075
Rockwell Collins, Inc.	11,600		819,424
Teledyne Technologies, Inc.*(a)	1,900		87,305
Triumph Group, Inc.	1,900		124,393
United Technologies Corp.	32,500		2,305,225
			9,699,367
Airlines — 0.2%
AMR Corp.*(a)	2,500		65,875
Gol Linhas Aereas Inteligentes SA, ADR (Brazil)(a)	6,600		217,734
Republic Airways Holdings, Inc.*(a)	4,400		89,540
SkyWest, Inc.	2,500		59,575
Southwest Airlines Co.(a)	67,500		1,006,425
			1,439,149
Automobile Manufacturers — 0.6%
Bayerische Motoren Werke AG (Germany)	10,307		668,209
Ford Motor Co.*(a)	97,800		921,276
Honda Motor Co. Ltd. (Japan)	10,700		391,066
Johnson Controls, Inc.	3,700		428,349
Navistar International Corp.*	2,500		165,000
Oshkosh Truck Corp.	3,300		207,636
Piaggio & Co., SpA (Italy)	33,995		168,929
Rolls Royce Group PLC (United Kingdom)*	28,550		307,412
Rolls Royce Group PLC (Class B Stock) (United Kingdom)	1,065,008		2,182
Toyota Motor Corp. (Japan)	13,900		880,569
Volvo AB (Class B Stock) (Sweden)	20,300		403,614
			4,544,242
Automotive Parts — 0.1%
Aisin Seiki Co. Ltd. (Japan)	5,900		217,072
Autoliv AB (Sweden)	5,150		292,939
Koito Manufacturing Co. Ltd. (Japan)	14,000		169,762
			679,773
Beverages — 1.2%
Anheuser-Busch Cos., Inc.	30,400		1,585,664
Boston Beer Co., Inc. (Class A Stock)*	2,500		98,375
Coca-Cola Co.	46,600		2,437,646
Coca-Cola Enterprises, Inc.	7,400		177,600
Compania Cervecerias Unidas SA, ADR (Chile)	3,800		140,106
Kirin Brewery Co. Ltd. (Japan)	11,000		164,654
Lion Nathan Ltd. (New Zealand)	20,498		161,096
PepsiCo, Inc.	46,400		3,009,040
Pernod Ricard SA (France)	3,240		715,440
			8,489,621
Building & Construction — 0.1%
Foster Wheeler Ltd.*	3,700		395,863
JS Group Corp. (Japan)	6,700		136,041
Wacker Chemie AG (Germany)	859		202,315
			734,219
Building Materials — 0.3%
Boral Ltd. (Australia)	26,485		196,922
Bouygues SA (France)	7,355		616,241
Cemex SA de CV (Mexico)*	39,092		143,616
Holcim Ltd. (Switzerland)	3,418		369,136
Masco Corp.	16,100		458,367
Sherwin-Williams Co. (The)	2,300		152,881
Universal Forest Products, Inc.(a)	1,200		50,712
USG Corp.*	1,900		93,176
			2,081,051
Business Services — 0.5%
Accenture Ltd. (Class A Stock) (Bermuda)(a)	28,300		1,213,787
ChoicePoint, Inc.*	1,066		45,252
Corporate Executive Board Co. (The)	2,300		149,293
Fair Isaac Corp.	3,197		128,264
First Data Corp.	19,200		627,264
Informa Group PLC (United Kingdom)	15,759		175,610
Iron Mountain, Inc.*(a)	6,387		166,892
Manpower, Inc.	1,200		110,688
Navigant Consulting, Inc.*	1,900		35,264
Robert Half International, Inc.	6,000		219,000
Senomyx, Inc.*	6,800		91,800
TTM Technologies, Inc.*	7,500		97,500
Univar NV (Netherlands)	3,737		196,808
Wireless Facilities, Inc.*	21,200		35,616
			3,293,038

SEE NOTES TO FINANCIAL STATEMENTS.

A246

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Cable Television — 0.5%
Comcast Corp. (Class A Stock)*	67,650	$	1,902,318
Liberty Global, Inc. (Class A Stock)*(a)	4,832		198,305
Rogers Communications, Inc. (Class B Stock) (Canada)	31,100		1,321,439
			3,422,062
Chemicals — 0.8%
Air Products & Chemicals, Inc.	9,500		763,515
Arch Chemicals, Inc.(a)	3,750		131,775
Avery Dennison Corp.	5,600		372,288
BASF AG (Germany)	3,728		489,651
Cabot Corp.	2,000		95,360
Dow Chemical Co.	16,800		742,896
DuPont, (E.I.) de Nemours & Co.(a)	18,159		923,204
Ecolab, Inc.(a)	6,900		294,630
Lyondell Chemical Co.	3,700		137,344
Mitsubishi Gas Chemical Co., Inc. (Japan)	31,000		283,752
Mosaic Co. (The)*	4,400		171,688
Praxair, Inc.	10,800		777,492
Sigma-Aldrich Corp.	3,000		128,010
Symyx Technologies, Inc.*	3,700		42,587
Tosoh Corp. (Japan)	33,000		183,594
Valspar Corp.	1,700		48,297
			5,586,083
Clothing & Apparel — 0.2%
Adidas-Salomon AG (Germany)	5,521		348,952
Anvil Holdings, Inc.*	126		1,381
Aoyama Trading Co. Ltd. (Japan)	2,400		73,876
Chico’s FAS, Inc.*	3,700		90,058
Coach, Inc.*	14,400		682,416
Lotte Shopping Co. Ltd., GDR (Korea), 144A*(g)	6,569		127,981
NIKE, Inc. (Class B Stock)	5,400		314,766
Quiksilver, Inc.*	3,700		52,281
			1,691,711
Commercial Banks — 0.1%
Standard Chartered PLC (United Kingdom)	12,572		410,066
Commercial Services
Jackson Hewitt Tax Service, Inc.	3,100		87,141
Computer Hardware — 1.7%
Acer, Inc. (Taiwan)	60,260		122,845
Affiliated Computer Services, Inc. (Class A Stock)*	4,900		277,928
Apple, Inc.*	15,200		1,855,008
Dell, Inc.*	121,600		3,471,680
Hewlett-Packard Co.	77,000		3,435,740
Insight Enterprises, Inc.*	3,700		83,509
International Business Machines Corp.(a)	18,750		1,973,437
Network Appliance, Inc.*	20,900		610,280
Seagate Technology(a)	17,700		385,329
			12,215,756
Computer Services & Software — 3.2%
Activision, Inc.*	5,777		107,856
Autodesk, Inc.*	22,200		1,045,176
Automatic Data Processing, Inc.	26,700		1,294,149
Avid Technology, Inc.*(a)	3,700		130,795
CACI International, Inc. (Class A Stock)*(a)	600		29,310
Cadence Design Systems, Inc.*(a)	3,100		68,076
CDW Corp.*	1,200		101,964
Cisco Systems, Inc.*	116,400		3,241,740
Computer Sciences Corp.*	10,400		615,160
DST Systems, Inc.*(a)	2,500		198,025
Electronic Arts, Inc.*	6,900		326,508
Electronic Data Systems Corp.	29,800		826,354
EMC Corp.*	72,700		1,315,870
F5 Networks, Inc.*(a)	2,200		177,320
Factset Research Systems, Inc.(a)	1,400		95,690
Global Payments, Inc.	1,900		75,335
Henry, (Jack) & Associates, Inc.	1,900		48,925
Inforte Corp.*	9,300		38,781
Intuit, Inc.*	10,700		321,856
Logica CMG PLC (United Kingdom)	24,265		73,533
McAfee, Inc.*	21,800		767,360
Microsoft Corp.	262,900		7,747,663
NS Solutions Corp. (Japan)	5,000		144,975
Oracle Corp.*	55,300		1,089,963
Rackable Systems, Inc.*	1,900		23,484
Red Hat, Inc.*(a)	64,680		1,441,070
SRA International, Inc. (Class A Stock)*	2,500		63,150
Sun Microsystems, Inc.*	243,500		1,280,810
Taleo Corp. (Class A Stock)*	5,600		126,168
Tech Data Corp.*(a)	1,900		73,074
Websense, Inc.*	5,000		106,250
Western Union Co.	23,000		479,090
			23,475,480
Conglomerates — 1.2%
Altria Group, Inc.	41,500		2,910,810
Asahi Kasei Corp. (Japan)	24,000		157,888
DCC PLC (Ireland)	16,766		565,715
GKN PLC (United Kingdom)	30,712		244,482
Honeywell International, Inc.(a)	9,200		517,776
Hutchison Whampoa Ltd. (Hong Kong)	19,400		192,655
Jardine Cycle & Carriage Ltd. (Singapore)	12,000		123,077
Mitsui & Co. Ltd. (Japan)	21,000		418,721
Sumitomo Corp. (Japan)	17,100		312,487
Tyco International Ltd. (Bermuda)*	97,800		3,304,662
			8,748,273

SEE NOTES TO FINANCIAL STATEMENTS.

A247

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Construction — 0.4%
All Nippon Airways Co. Ltd. (Japan)	42,000	$	159,984
D.R. Horton, Inc.(a)	22,300		444,439
Fluor Corp.	2,400		267,288
Grupo Acciona SA (Spain)	3,403		925,779
Insituform Technologies, Inc. (Class A Stock)*	3,100		67,611
McDermott International, Inc.*	8,000		664,960
Meritage Homes Corp.*(a)	1,000		26,750
Technip-Coflexip SA (France)	4,197		346,892
Toll Brothers, Inc.*(a)	3,100		77,438
			2,981,141
Consumer Products & Services — 2.3%
Avon Products, Inc.	29,700		1,091,475
Clorox Co.	15,000		931,500
Colgate-Palmolive Co.	12,100		784,685
Dollar Thrifty Automotive Group, Inc.*(a)	3,700		151,108
Fortune Brands, Inc.	5,000		411,850
Fossil, Inc.*(a)	2,500		73,725
Harvey Norman Holdings Ltd. (Australia)	64,378		288,727
Johnson & Johnson	82,646		5,092,646
Kimberly-Clark Corp.	8,900		595,321
L’Oreal SA (France)	3,434		405,901
Orkla ASA (Class A Stock) (Norway)	29,600		562,189
Pacific Brands Ltd. (Australia)	53,787		157,323
Procter & Gamble Co.	99,105		6,064,235
			16,610,685
Containers & Packaging
Smurfit-Stone Container Corp.*(a)	5,500		73,205
Distribution/Wholesale
Fastenal Co.	4,100		171,626
Pool Corp.(a)	3,212		125,364
			296,990
Diversified Manufacturing — 0.3%
3M Co.	24,500		2,126,355
Diversified Operations — 1.2%
General Electric Co.	223,600		8,559,408
Tomkins PLC (United Kingdom)	33,944		176,320
			8,735,728
Electric – Integrated
AEM SpA (Italy)	65,772		241,409
Electronic Components & Equipment — 0.7%
Advanced Energy Industries, Inc.*(a)	3,100		70,246
Alpine Electronics, Inc. (Japan)	6,100		93,587
AVX Corp.	5,000		83,700
Belden CDT, Inc.(a)	2,350		130,072
CyberOptics Corp.*	4,400		59,224
Duke Energy Corp.	29,100		532,530
Eastman Kodak Co.(a)	12,700		353,441
Fanuc Ltd. (Japan)	3,500		361,584
FLIR Systems, Inc.*(a)	3,700		171,125
Gentex Corp.	3,700		72,853
Harman International Industries, Inc.	3,300		385,440
Mitsubishi Electric Corp. (Japan)	30,000		278,254
Neopost SA (France)	1,423		208,212
Nikon Corp. (Japan)	16,000		447,025
Plexus Corp.*	3,100		71,269
Sony Corp. (Japan)	10,300		529,535
Star Micronics Co. Ltd. (Japan)	9,900		264,536
Tokyo Electron Ltd. (Japan)	4,500		331,858
TomTom NV (Netherlands)*	4,233		215,865
Venture Corp. Ltd. (Singapore)	10,000		102,564
Wacom Co. Ltd. (Japan)	54		120,171
			4,883,091
Entertainment & Leisure — 0.7%
Brunswick Corp.	3,900		127,257
Carnival Corp.	7,000		341,390
DreamWorks Animation SKG, Inc. (Class A Stock)*	2,500		72,100
Harley-Davidson, Inc.(a)	8,800		524,568
International Game Technology Group, Inc.	21,100		837,670
Las Vegas Sands Corp.*(a)	1,600		122,224
Marvel Entertainment, Inc.*	3,100		78,988
Mattel, Inc.(a)	9,100		230,139
Progressive Gaming International*(g)	300		1,761
Shuffle Master, Inc.*(a)	1,900		31,540
Starwood Hotels & Resorts Worldwide, Inc.	2,100		140,847
Station Casinos, Inc.	1,700		147,560
Time Warner, Inc.	42,900		902,616
Walt Disney Co. (The)	49,200		1,679,688
Winnebago Industries, Inc.(a)	1,400		41,328
Wynn Resorts Ltd.(a)	1,500		134,535
			5,414,211
Environmental Services — 0.2%
Allied Waste Industries, Inc.*	51,300		690,498
Republic Services, Inc.	24,450		749,148
Waste Connections, Inc.*(a)	1,850		55,944
			1,495,590
Farming & Agriculture — 0.2%
Bunge Ltd. (Bermuda)(a)	2,500		211,250
Monsanto Co.	15,200		1,026,608
			1,237,858
Financial – Bank & Trust — 4.4%
Allied Irish Banks PLC (Ireland)	14,534		397,024
Australia & New Zealand Banking Group Ltd. (Australia)	25,303		621,892
Australia & New Zealand Banking Group Ltd., ADR (Australia)	900		110,817
Babcock & Brown Ltd. (Australia)	17,782		483,626

SEE NOTES TO FINANCIAL STATEMENTS.

A248

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Financial – Bank & Trust (cont’d.)
Banca Intesa SpA (Italy)	81,327	$	606,353
Banco Popolare di Verona e Novara Scrl (Italy)	17,218		495,061
Banco Santander Central Hispano SA (Spain)	22,345		410,745
Bank of America Corp.	79,876		3,905,138
Bank of Ireland (Ireland)	14,591		294,745
Bank of Yokohama Ltd. (Japan)	40,000		280,690
BankAtlantic Bancorp, Inc. (Class A Stock)	8,700		74,907
Barclays PLC (United Kingdom)	60,753		845,251
BNP Paribas SA (France)	6,470		768,530
Bradford & Bingley PLC (United Kingdom)	24,307		191,411
City National Corp.	600		45,654
Close Brothers Group PLC (United Kingdom)	9,243		158,776
Commerce Bancshares, Inc.	2,729		123,624
Danske Bank SA (Denmark)	10,900		445,725
DBS Groupo Holdings Ltd. (Singapore)	34,908		519,943
East West Bancorp, Inc.(a)	3,100		120,528
First Horizon National Corp.(a)	23,600		920,400
Foreningssparbanken NB (Sweden)	7,900		285,391
Fortis Bank (Belgium)	7,994		339,139
Freddie Mac	7,200		437,040
HBOS PLC (United Kingdom)	19,283		379,283
JCG Holdings Ltd. (Hong Kong)	178,000		134,993
KBC Bankverzekerings Holding (Belgium)	2,578		347,433
Macquarie Bank Ltd. (Australia)	6,590		474,897
Marshall & Ilsley Corp.	6,600		314,358
Milano Assicurazioni SpA (Italy)	23,451		194,554
Nippon Mining Holdings, Inc. (Japan)	19,500		187,200
Nordea Bank AB (Sweden)	33,631		525,279
Northern Trust Corp.	10,100		648,824
Popular, Inc.(a)	6,200		99,634
Resona Holdings, Inc. (Japan)	90		215,635
Royal Bank of Scotland Group PLC (United Kingdom)	106,505		1,347,660
Sovereign Bancorp, Inc.(a)	10,900		230,426
State Street Corp.	18,400		1,258,560
Sumitomo Trust & Banking Co. Ltd. (Japan)	83,000		792,081
Suncorp-Metway Ltd. (Australia)	24,799		424,067
SunTrust Banks, Inc.	28,100		2,409,294
Svenska Handlesbanken AB (Class A Stock) (Sweden)	13,853		387,378
Synovus Financial Corp.	27,400		841,180
TCF Financial Corp.(a)	1,200		33,360
U.S. Bancorp	66,400		2,187,880
UCBH Holdings, Inc.	6,800		124,236
Wachovia Corp.	30,900		1,583,625
Wells Fargo & Co.	107,400		3,777,258
Westamerica Bancorp(a)	600		26,544

Wilmington Trust Corp.	3,100	128,681
		31,956,730
Financial – Brokerage — 0.2%
Lazard Ltd. (Class A Stock)	8,000	362,800
Legg Mason, Inc.	6,700	659,146
NYSE Euronext, Inc.	1,600	117,792
TD Ameritrade Holding Corp.*	6,200	124,000
TradeStation Group, Inc.*	6,900	80,385
		1,344,123
Financial Services — 5.0%
Affiliated Managers Group, Inc.*(a)	3,200	412,032
AMBAC Financial Group, Inc.	5,400	470,826
American Express Co.	30,600	1,872,108
Ameriprise Financial, Inc.	19,900	1,265,043
Bear Stearns Cos., Inc. (The)(a)	5,200	728,000
Block, (H&R), Inc.	31,700	740,829
Capital One Financial Corp.	13,700	1,074,628
CBOT Holdings, Inc.*	800	165,280
Chicago Mercantile Exchange Holdings, Inc.(a)	2,370	1,266,433
Citigroup, Inc.	165,741	8,500,856
Countrywide Financial Corp.(a)	47,400	1,722,990
Eaton Vance Corp.	3,100	136,958
Franklin Resources, Inc.	4,300	569,621
Global Cash Access Holdings, Inc.*(a)	1,900	30,438
Goldman Sachs Group, Inc.	10,100	2,189,175
Grupo Financiero Banorte SA de C.V. (Mexico)	58,484	267,857
Heartland Payment Systems, Inc.(a)	1,900	55,727
Hypo Real Estate Holding AG (Germany)	4,549	294,926
IndyMac Bancorp, Inc.(a)	2,500	72,925
Interactive Brokers Group, Inc.*	15,600	423,228
IntercontinentalExchange, Inc.*(a)	5,300	783,605
Investors Financial Services Corp.	2,700	166,509
JPMorgan Chase & Co.	60,668	2,939,365
Lehman Brothers Holdings, Inc.	12,400	924,048
MasterCard, Inc.	600	99,522
Merrill Lynch & Co., Inc.	21,000	1,755,180
Mitsubishi Tokyo Financial Group, Inc. (Japan)	30	331,370
Moody’s Corp.(a)	8,300	516,260
Morgan Stanley	32,300	2,709,324
PNC Financial Services Group, Inc.	12,017	860,177
Schwab, (Charles) Corp.	21,500	441,180
SLM Corp.	6,200	356,996
Societe Generale (France)	3,159	585,294
Stifel Financial Corp.*	2,100	123,669
UBS AG (Switzerland)	10,943	654,439
Washington Mutual, Inc.(a)	14,100	601,224
		36,108,042

SEE NOTES TO FINANCIAL STATEMENTS.

A249

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Food — 1.1%
Archer-Daniels-Midland Co.	12,600	$	416,934
Associated British Foods PLC (United Kingdom)	22,358		396,827
General Mills, Inc.	13,700		800,354
Goodman Fielder Ltd. (Australia)	77,100		158,838
Kesko Oyj (Class B Stock) (Finland)	12,245		812,381
Kraft Foods, Inc. (Class A Stock)	54,085		1,906,496
Kroger Co. (The)	8,700		244,731
Nestle SA (Switzerland)	2,183		829,482
Performance Food Group Co.*(a)	1,900		61,731
Seven and I Holdings Co. Ltd. (Japan)	9,104		260,273
Sysco Corp.	25,100		828,049
Tesco PLC (United Kingdom)	78,871		659,890
Tootsie Roll Industries, Inc.	1,029		28,514
Unilever PLC (United Kingdom)	8,286		267,554
United Natural Foods, Inc.*	2,500		66,450
Whole Foods Market, Inc.	1,100		42,130
			7,780,634
Gaming/Lodging
Hilton Hotels Corp.	7,000		234,290
Healthcare Services — 0.9%
Advisory Board Co. (The)*(a)	1,900		105,564
Community Health Systems, Inc.*	2,500		101,125
DaVita, Inc.*	1,750		94,290
Edwards Lifesciences Corp.*	1,600		78,944
Fresenius AG (Germany)	4,862		370,301
Humana, Inc.*	6,400		389,824
Laboratory Corp. of America Holdings*(a)	11,300		884,338
LifePoint Hospitals, Inc.*	1,200		46,416
Manor Care, Inc.	5,000		326,450
Medco Health Solutions, Inc.*	6,100		475,739
Omnicare, Inc.	2,500		90,150
Symbion, Inc.*	2,700		58,617
Triad Hospitals, Inc.*	778		41,825
UnitedHealth Group, Inc.	27,600		1,411,464
WellPoint, Inc.*	25,000		1,995,750
			6,470,797
Hotels & Motels — 0.3%
Marriott International, Inc. (Class A Stock)	28,800		1,245,312
MGM Mirage*	11,900		981,512
			2,226,824
Industrial Products — 0.7%
Actuant Corp. (Class A Stock)(a)	3,700		233,322
Dover Corp.	14,700		751,905
Harsco Corp.	3,500		182,000
Hoya Corp. (Japan)	3,800		126,229
Illinois Tool Works, Inc.	28,300		1,533,577
Ingersoll-Rand Co. Ltd. (Class A Stock)	23,600		1,293,752
Mohawk Industries, Inc.*	1,000		100,790
Nichias Corp. (Japan)	18,000		191,367
Nucor Corp.	4,700		275,655
Precision Castparts Corp.	3,200		388,352
Steel Dynamics, Inc.	5,000		209,550
			5,286,499
Insurance — 3.0%
Aetna, Inc.	28,100		1,388,140
Allianz SE (Germany)	1,925		451,480
American International Group, Inc.	85,430		5,982,663
Aon Corp.(a)	31,100		1,325,171
Assurant, Inc.	2,100		123,732
Aviva PLC (United Kingdom)	32,929		488,822
AXA SA (France)	24,305		1,044,767
Axis Capital Holdings Ltd.	9,500		386,175
Gallagher, (Arthur J.) & Co.	2,500		69,700
Genworth Financial, Inc.	51,800		1,781,920
Hartford Financial Services Group, Inc. (The)	10,600		1,044,206
Infinity Property & Casualty Corp.	1,900		96,387
Loews Corp.	13,500		688,230
Markel Corp.*	400		193,824
Marsh & McLennan Cos., Inc.(a)	5,900		182,192
Mercury General Corp.	1,000		55,110
MetLife, Inc.	48,700		3,140,176
Ohio Casualty Corp.(a)	1,200		51,972
PMI Group, Inc. (The)	2,100		93,807
ProAssurance Corp.*(a)	600		33,402
Progressive Corp. (The)	26,700		638,931
Protective Life Corp.	2,500		119,525
QBE Insurance Group Ltd. (Australia)	16,207		428,698
Radian Group, Inc.	1,200		64,800
Selective Insurance Group, Inc.	1,200		32,256
StanCorp Financial Group, Inc.	2,500		131,200
Swiss Life Holdings (Switzerland)	1,644		433,437
T&D Holdings, Inc. (Japan)	4,650		314,595
Travelers Cos., Inc. (The)	10,299		550,996
Triad Guaranty, Inc.*(a)	1,900		75,867
Unipol SpA (Italy)	67,681		243,614
Willis Group Holdings Ltd.	5,500		242,330
XL Capital Ltd. (Class A Stock)(a)	2,500		210,725
			22,108,850
Internet Services — 1.4%
Amazon.com, Inc.*(a)	24,800		1,696,568
Blue Coat Systems, Inc.*	2,500		123,800
CyberSource Corp.*(a)	10,600		127,836
eBay, Inc.*	28,200		907,476
Expedia, Inc.*(a)	4,000		117,160
Google, Inc. (Class A Stock)*	7,200		3,768,336
Juniper Networks, Inc.*	67,700		1,704,009
Monster Worldwide, Inc.*(a)	23,400		961,740
NAVTEQ Corp.*(a)	11,200		474,208
Yahoo!, Inc.*	23,400		634,842
			10,515,975

SEE NOTES TO FINANCIAL STATEMENTS.

A250

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Lodging — 0.1%
Accor SA (France)	5,289	$	467,552
Machinery & Equipment — 1.1%
Boart Longyear Group (Australia)*	81,630		154,330
Briggs & Stratton Corp.	1,800		56,808
Caterpillar, Inc.	23,100		1,808,730
Danaher Corp.	35,900		2,710,450
Deere & Co.	2,400		289,776
Grant Prideco, Inc.*	22,500		1,211,175
Joy Global, Inc.	5,100		297,483
Nordson Corp.	1,400		70,224
NSK Ltd. (Japan)	22,000		227,996
Thermo Fisher Scientific, Inc.*	15,500		801,660
ThyssenKrup AG (Germany)	6,889		410,315
			8,038,947
Media — 0.5%
Cablevision Systems New York Corp. (Class A Stock)*	13,500		488,565
Cox Radio, Inc. (Class A Stock)*(a)	5,000		71,200
Discovery Holding Co. (Class A Stock)*	5,352		123,042
E.W. Scripps Co. (Class A Stock)	12,500		571,125
Liberty Media Holding Corp. (Class A Stock)*	3,755		441,888
Meredith Corp.	3,700		227,920
News Corp. (Class A Stock)	47,100		998,991
Radio One, Inc. (Class D Stock)*	6,200		43,772
SanomaWSOY Oyj (Finland)	8,253		260,792
Sirius Satellite Radio, Inc.*(a)	27,400		82,748
Viacom, Inc. (Class B Stock)*	6,150		256,025
			3,566,068
Medical Supplies & Equipment — 1.6%
Abbott Laboratories	28,300		1,515,465
Alcon, Inc. (Switzerland)(a)	4,200		566,622
Amgen, Inc.*	29,100		1,608,939
Aspect Medical Systems, Inc.*	3,100		46,376
Bard (C.R.), Inc.	5,600		462,728
Baxter International, Inc.	7,500		422,550
Becton, Dickinson & Co.	11,900		886,550
Boston Scientific Corp.*	26,500		406,510
Charles River Laboratories International, Inc.*	1,600		82,592
Computer Programs and Systems, Inc.	4,400		136,312
Covidien Ltd. (Bermuda)*	6,100		262,910
Cytyc Corp.*	4,300		185,373
DENTSPLY International, Inc.	3,100		118,606
Digene Corp.*	1,900		114,095
Elekta AB (Class B Stock) (Sweden)	15,485		267,915
Genzyme Corp.*	2,600		167,440
Invitrogen Corp.*	1,562		115,198
Martek Biosciences Corp.*	1,900		49,343
Medtronic, Inc.	44,200		2,292,212
Merit Medical Systems, Inc.*	6,200		74,152
Respironics, Inc.*(a)	1,100		46,849
St. Jude Medical, Inc.*	26,900		1,116,081
STERIS Corp.(a)	4,300		131,580
Techne Corp.*	1,000		57,210
Terumo Corp. (Japan)	4,900		189,433
Thoratec Corp.*(a)	3,100		57,009
Zimmer Holdings, Inc.*(a)	900		76,401
			11,456,451
Metals & Mining — 1.1%
Alcoa, Inc.	11,500		466,095
Allegheny Technologies, Inc.	3,900		409,032
Barrick Gold Corp. (Canada)	23,900		694,773
Consol Energy, Inc.	24,600		1,134,306
Freeport-McMoRan Copper & Gold, Inc. (Class B Stock)	11,645		964,439
Nippon Steel Corp. (Japan)	66,000		465,283
Peabody Energy Corp.(a)	12,000		580,560
Rio Tinto Ltd. (Australia)	11,049		925,403
Rio Tinto PLC, ADR (United Kingdom)	3,100		948,972
SSAB Svenska Stal AB (Class A Stock) (Sweden)	32,976		1,347,556
			7,936,419
Office Equipment — 0.1%
Canon, Inc. (Japan)	10,550		619,505
Herman Miller, Inc.	3,100		97,960
			717,465
Oil & Gas — 6.1%
Anadarko Petroleum Corp.	6,512		338,559
Baker Hughes, Inc.	19,200		1,615,296
BJ Services Co.	19,500		554,580
BP PLC (United Kingdom)	20,627		248,190
BP PLC, ADR (United Kingdom)	10,400		750,256
Cameron International Corp.*	2,300		164,381
ChevronTexaco Corp.	56,422		4,752,989
China Petroleum & Chemical Corp. (China)	286,000		316,388
Comstock Resources, Inc.*(a)	5,000		149,850
ConocoPhillips	29,800		2,339,300
Devon Energy Corp.	7,500		587,175
Eni SpA (Italy)	15,227		552,092
EOG Resources, Inc.	8,300		606,398
Exxon Mobil Corp.	128,966		10,817,668
FMC Technologies, Inc.*	12,059		955,314
Forest Oil Corp.*(a)	2,500		105,650
GlobalSantaFe Corp.	2,100		151,725
Grey Wolf, Inc.*	9,300		76,632
Helmerich & Payne, Inc.	4,400		155,848
Hong Kong & China Gas Co. (Hong Kong)	159,000		335,114
Murphy Oil Corp.	18,300		1,087,752
Nabors Industries Ltd.*	6,700		223,646
National Fuel Gas Co.	5,000		216,550
Newfield Exploration Co.*	3,200		145,760
Occidental Petroleum Corp.	15,300		885,564

SEE NOTES TO FINANCIAL STATEMENTS.

A251

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Oil & Gas (cont’d.)
Patterson-UTI Energy, Inc.	3,700	$	96,977
Petroleo Brasileiro SA, ADR (Brazil)	1,900		202,692
Pioneer Natural Resources Co.(a)	3,700		180,227
Royal Dutch Shell PLC (Class B Stock) (United Kingdom)	6,469		269,667
Royal Dutch Shell PLC (Class B Stock), ADR (United Kingdom)	11,378		948,356
Saipem SpA (Italy)	14,291		487,615
Schlumberger Ltd.	49,400		4,196,036
Smith International, Inc.(a)	600		35,184
Southwestern Energy Co.*(a)	2,900		129,050
Sunoco, Inc.	24,400		1,944,192
Tesoro Corp.	2,200		125,730
TGS NOPEC Geophysical Co. ASA (Norway)*	13,100		268,031
Total Fina SA, ADR (France)	17,400		1,409,052
Total SA (France)	12,599		1,021,505
Transocean, Inc. (Cayman Islands)*	15,839		1,678,617
Ultra Petroleum Corp.*	3,700		204,388
Valero Energy Corp.	10,900		805,074
WGL Holdings, Inc.(a)	3,700		120,768
Williams Cos., Inc.	54,200		1,713,804
XTO Energy, Inc.	10,533		633,033
			44,602,675
Paper & Forest Products — 0.2%
Bowater, Inc.	7,700		192,115
International Paper Co.(a)	22,300		870,815
Weyerhaeuser Co.	5,700		449,901
			1,512,831
Personal Services
Corinthian Colleges, Inc.*	3,700		60,273
Pharmaceuticals — 3.5%
Alkermes, Inc.*(a)	5,000		73,000
Allergan, Inc.	16,600		956,824
Barr Pharmaceuticals, Inc.*	11,500		577,645
Biogen Idec, Inc.*	13,200		706,200
Bristol-Meyers Squibb Co.	62,300		1,966,188
Cardinal Health, Inc.	22,000		1,554,080
Celesio AG (Germany)	4,834		314,125
Celgene Corp.*(a)	18,500		1,060,605
Cephalon, Inc.*(a)	3,628		291,655
CSL Ltd. (Australia)	7,172		535,079
Eisai Co. Ltd. (Japan)	4,800		209,738
Express Scripts, Inc.*(a)	4,600		230,046
Genentech, Inc.*	6,400		484,224
Gilead Sciences, Inc.*(a)	36,200		1,403,474
GlaxoSmithKline PLC (United Kingdom)	9,997		260,422
GlaxoSmithKline PLC, ADR (United Kingdom)	7,600		398,012
Kobayashi Pharmaceutical Co. Ltd. (Japan)	3,100		103,480
Lilly, (Eli) & Co.	32,300		1,804,924
Medicis Pharmaceutical Corp. (Class A Stock)	1,300		39,702
Merck & Co., Inc.	67,600		3,366,480
Neurocrine Biosciences, Inc.*(a)	2,500		28,075
Novartis AG (Switzerland)	17,795		999,022
Noven Pharmaceuticals, Inc.*	3,700		86,765
Pfizer, Inc.	108,285		2,768,847
Sanofi-Aventis SA (France)	9,862		796,724
Schering-Plough Corp.	54,000		1,643,760
Sepracor, Inc.*(a)	3,100		127,162
Takeda Chemical Industries Ltd. (Japan)	5,000		323,249
Wyeth	43,000		2,465,620
			25,575,127
Pipelines — 0.1%
Spectra Energy Corp.	33,900		880,044
Printing & Publishing — 0.1%
McGraw-Hill Cos., Inc.	7,700		524,216
Promotora de Informaciones SA (Spain)	14,569		319,642
Scholastic Corp.*(a)	1,900		68,286
Tribune Co.(a)	3,594		105,664
			1,017,808
Railroads — 0.3%
Canadian National Railway Co. (Canada)	14,000		713,020
Norfolk Southern Corp.	27,900		1,466,703
Union Pacific Corp.	900		103,635
			2,283,358
Real Estate — 0.3%
Atrium Co. Ltd. (Japan)	6,800		184,463
China Overseas Land & Investment Ltd. (Hong Kong)	244,000		380,704
Deutsche EuroShop AG (Germany)	3,103		220,485
Galileo Shopping America Trust (Australia)	194,623		198,827
Goldcrest Co. Ltd. (Japan)	3,100		158,871
Lennar Corp. (Class A Stock)(a)	15,000		548,400
Mirvac Group (Australia)	36,331		175,569
Persimmon PLC (United Kingdom)	8,843		204,489
			2,071,808
Real Estate Investment Trust — 0.8%
AMB Property Corp.	1,200		63,864
Boston Properties, Inc.(a)	7,600		776,188
Camden Property Trust(a)	2,500		167,425
Corporate Office Properties Trust	1,100		45,111
Duke-Weeks Realty Corp.(a)	3,100		110,577
EastGroup Properties, Inc.	1,800		78,876
Equity Residential Properties Trust	25,500		1,163,565
First Potomac Realty Trust	4,300		100,147
Host Marriott Corp.	5,600		129,472

SEE NOTES TO FINANCIAL STATEMENTS.

A252

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Real Estate Investment Trust (cont’d.)
Kite Realty Group Trust	5,600	$	106,512
LaSalle Hotel Properties(a)	6,200		269,204
Pennsylvania Real Estate Investment Trust(a)	1,100		48,763
Potlatch Corp.	2,760		118,818
ProLogis	8,800		500,720
Regency Centers Corp.	3,100		218,550
Simon Property Group, Inc.	13,200		1,228,128
SL Green Realty Corp.(a)	2,218		274,788
Weingarten Realty, Inc.	4,300		176,730
			5,577,438
Restaurants — 0.1%
California Pizza Kitchen, Inc.*(a)	4,650		99,882
Chang’s China Bistro, (P.F.), Inc.*	900		31,680
Cheesecake Factory, Inc. (The)*	650		15,938
Sonic Corp.*	3,725		82,397
Starbucks Corp.*(a)	13,900		364,736
			594,633
Retail & Merchandising — 3.0%
A.C. Moore Arts & Crafts, Inc.*	4,400		86,284
American Eagle Outfitters, Inc.	2,500		64,150
Bed Bath & Beyond, Inc.*(a)	52,200		1,878,678
Best Buy Co., Inc.	7,925		369,860
CarMax, Inc.*(a)	3,700		94,350
Cost Plus, Inc.*	5,000		42,400
Costco Wholesale Corp.	12,000		702,240
CVS / Caremark Corp.	62,576		2,280,895
Dick’s Sporting Goods, Inc.*(a)	800		46,536
Dollar Tree Stores, Inc.*	1,200		52,260
Drugstore.com, Inc.*	24,900		66,981
DSG International PLC (United Kingdom)	50,247		159,262
Esprit Holdings Ltd. (Hong Kong)	19,200		243,585
Hibbett Sports, Inc.*(a)	4,400		120,472
Home Depot, Inc. (The)	62,400		2,455,440
Hot Topic, Inc.*(a)	3,100		33,697
Kohl’s Corp.*	44,900		3,189,247
Lowe’s Cos., Inc.	47,400		1,454,706
Office Depot, Inc.*	17,500		530,250
Pacific Sunwear of California, Inc.*(a)	3,100		68,200
PETsMART, Inc.(a)	2,500		81,125
Rite Aid Corp.*	16,800		107,184
Ross Stores, Inc.	19,600		603,680
Target Corp.	32,300		2,054,280
TJX Cos., Inc.(a)	31,700		871,750
Wal-Mart Stores, Inc.	66,100		3,180,071
Walgreen Co.	16,100		700,994
Williams-Sonoma, Inc.(a)	1,800		56,844
			21,595,421
Semiconductors — 1.6%
Advanced Micro Devices, Inc.*(a)	57,700		825,110
Analog Devices, Inc.	22,100		831,844
Applied Materials, Inc.(a)	70,600		1,402,822
ASML Holding NV (Netherlands)*	18,278		502,195
ASML Holding NV, ADR (Netherlands)*(a)	19,200		527,040
ATMI, Inc.*	2,500		75,000
Broadcom Corp. (Class A Stock)*	49,200		1,439,100
Cymer, Inc.*	1,200		48,240
Entegris, Inc.*	8,126		96,537
Hamamatsu Photonics K.K. (Japan)	9,800		308,028
Intel Corp.	105,500		2,506,680
Intersil Corp. (Class A Stock)	5,600		176,176
Marvell Technology Group Ltd.*(a)	101,400		1,846,494
Microchip Technology, Inc.	2,500		92,600
Omnivision Technologies, Inc.*(a)	4,400		79,684
Semtech Corp.*(a)	5,000		86,650
Tessera Technologies, Inc.*(a)	2,500		101,375
Varian Semiconductor Equipment Associates, Inc.*(a)	2,800		112,168
Xilinx, Inc.(a)	16,700		447,059
Zoran Corp.*(a)	5,512		110,460
			11,615,262
Telecommunications — 3.3%
Alcatel-Lucent (France)	31,500		441,000
America Movil SA de CV (Class L Stock), ADR (Mexico)	6,500		402,545
American Tower Corp. (Class A Stock)*	45,835		1,925,070
AT&T, Inc.	192,517		7,989,455
Corning, Inc.*	58,500		1,494,675
Crown Castle International Corp.*(a)	41,100		1,490,697
EchoStar Communications Corp. (Class A Stock)*	15,400		667,898
Inter-Tel, Inc.	5,000		119,650
KDDI Corp. (Japan)	61		452,329
Leap Wireless International, Inc.*(a)	600		50,700
Level 3 Communications, Inc.*	27,400		160,290
MetroPCS Communications, Inc.*	32,100		1,060,584
Motorola, Inc.	86,800		1,536,360
NII Holdings, Inc.*(a)	2,500		201,850
Nokia Corp. (Class A Stock), ADR (Norway)	4,700		132,117
Nokia Oyj (Finland)	28,061		788,101
NTELOS Holdings Corp.	5,000		138,200
Ordina NV (Netherlands)	10,346		214,780
Polycom, Inc.*(a)	3,100		104,160
QUALCOMM, Inc.	34,300		1,488,277
StarHub Ltd. (Singapore)*	120,345		253,151
Telefonica SA (Spain)	40,264		896,038
Telenor ASA (Norway)*	23,200		453,488
Telestra Corp. Ltd. (Australia)	63,396		246,700
Television Broadcasts Ltd. (Hong Kong)	27,000		189,917
Vodafone Group PLC, ADR (United Kingdom)	27,687		931,114
			23,829,146

SEE NOTES TO FINANCIAL STATEMENTS.

A253

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS
(Continued)
		Value
	Shares	(Note 2)
Transportation — 0.5%
Arriva PLC (United Kingdom)	11,781	$	161,799
C.H. Robinson Worldwide, Inc.	4,500		236,340
Cargotec Corp. (Class B Stock) (Finland)	7,747		476,414
Expeditors International Washington, Inc.	23,000		949,900
General Maritime Corp.(a)	3,100		83,018
Nippon Yusen Kabushiki (Japan)	24,000		220,459
Old Dominion Freight Line, Inc.*(a)	4,600		138,690
Panalpina Welttransport Holding Co. (Switzerland)	1,968		415,186
United Parcel Service, Inc. (Class B Stock)(a)	10,700		781,100
UTi Worldwide, Inc. (British Virgin Islands)	5,900		158,061
Yusen Air & Sea Services, Co. (Japan)	6,200		132,938
			3,753,905
Utilities — 2.1%
AES Corp.*	64,400		1,409,072
Alliant Energy Corp.	4,400		170,940
Ameren Corp.(a)	6,800		333,268
Color Kinetics, Inc.*(a)	4,400		147,004
Constellation Energy Group, Inc.	7,700		671,209
Dynegy, Inc.*	86,300		814,672
E.ON AG (Germany)	8,752		1,469,534
Edison International	14,600		819,352
El Paso Electric Co.*(a)	1,900		46,664
Energy East Corp.	5,000		130,450
Entergy Corp.	11,500		1,234,525
Exelon Corp.(a)	27,300		1,981,980
Great Plains Energy, Inc.	5,000		145,600
Mirant Corp.*(a)	3,900		166,335
NRG Energy, Inc.*(a)	11,000		457,270
OGE Energy Corp.	5,600		205,240
PPL Corp.	23,600		1,104,244
Public Service Enterprise Group, Inc.	12,100		1,062,138
Reliant Energy, Inc.*	34,200		921,690
Sembcorp Industries Ltd. (Singapore)	122,911		457,679
Teco Energy, Inc.(a)	32,000		549,760
Tokyo Electric Power Co. (Japan)	11,900		382,733
United Utilities PLC (United Kingdom)	35,199		500,029
			15,181,388
TOTAL COMMON STOCKS
(cost $383,152,812)			449,406,522

		Principal
Interest	Maturity	Amount		Value
Rate	Date	(000)#		(Note 2)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%
Federal Home Loan Mortgage Corp.
4.457%(c)	09/01/32	$	34	$	33,536
4.50%	04/01/19-04/01/35		654		599,591
4.579%(c)	07/01/35		263		260,241
4.703%(c)	02/01/35		338		332,879
4.755%(c)	07/01/35		77		76,976
5.00%	12/01/08-08/01/35		1,801		1,712,800
5.049%(c)	11/01/35		177		173,630
5.068%(c)	03/01/36		246		240,735
5.134%(c)	01/01/36		611		604,663
5.347%(c)	02/01/37		1,075		1,062,862
5.36%(c)	04/01/37		2,325		2,307,305
5.388%(c)	01/01/36		83		81,991
5.406%(c)	02/01/37		281		278,463
5.465%(c)	02/01/37		890		882,821
5.50%	12/01/18-12/01/33		1,202		1,180,990
5.932%(c)	02/01/37		687		690,912
5.938%(c)	01/01/37		204		205,012
5.985%(c)	12/01/36		617		617,506
6.00%	08/01/09-12/01/33		1,082		1,075,664
6.014%(c)	11/01/36		314		315,104
6.046%(c)	10/01/36		289		288,580
6.13%(c)	10/01/36		293		293,084
6.222%(c)	08/01/36		596		599,271
7.00%	11/01/30-06/01/32		45		46,710
Federal National Mortgage Assoc.
4.50%	01/01/19-10/01/35		6,489		6,093,874
4.783%(c)	11/01/35		243		241,792
5.00%	03/01/18-03/01/36		8,837		8,370,686
5.00%	TBA		3,750		3,623,437
5.00%	TBA		1,550		1,455,062
5.321%(c)	12/01/35		150		148,114
5.349%(c)	12/01/35		185		182,820
5.50%	01/01/17-05/01/37		19,420		18,783,287
5.50%	TBA		4,813		4,740,955
5.50%	TBA		1,550		1,494,781
5.516%(c)	12/01/35		267		264,989
5.542%(c)	07/01/36		579		577,231
5.655%(c)	12/01/35		84		83,733
5.985%(c)	09/01/36		180		179,531
5.997%(c)	08/01/36		363		366,293
6.00%	TBA		2,865		2,877,534
6.00%	04/01/21-12/01/36		7,808		7,739,371
6.00%	TBA		250		247,305
6.047%(c)	12/01/36		270		271,743
6.50%	07/01/32-01/01/37		3,444		3,481,357
6.50%	TBA		5,400		5,450,625
7.00%	01/01/31-04/01/32		7		7,027
7.00%	TBA		300		307,969
Government National Mortgage Assoc.
5.00%	07/15/33-03/20/34		1,215		1,147,107
5.50%	10/20/32-05/20/34		358		347,912
5.50%	TBA		117		113,928
6.00%	05/15/26-01/20/33		45		44,831
6.50%	09/20/32-12/20/33		60		61,482

SEE NOTES TO FINANCIAL STATEMENTS.

A254

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount			Value
Rate	Date	Ratings		(000)#			(Note 2)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES (Continued)
Government National Mortgage Assoc. (cont’d.)
7.00%	03/15/13-12/15/13			$	156		$	160,319
8.00%	12/15/16-07/15/23				23			25,052
8.50%	06/15/16-10/15/26				54			58,141
9.50%	03/15/19-01/15/20				3			2,769
12.00%	09/15/13				—	(r)		69
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $84,198,060)								82,912,452
U.S. TREASURY OBLIGATIONS — 11.2%
U.S. Treasury Bonds
4.75%	02/15/37				2,295			2,163,935
5.50%	08/15/28				4,320			4,481,663
6.25%	08/15/23				190			210,974
8.00%	11/15/21				2,000			2,558,906
U.S. Treasury Inflationary Bonds,
TIPS
2.00%	07/15/14				2,740			2,883,999
2.50%	07/15/16				1,245			1,259,948
4.25%	01/15/10				5,045			6,432,518
U.S. Treasury Notes
3.625%	06/30/07				8,295			8,295,000
3.875%	09/15/10				1,020			989,559
4.00%	11/15/12(a)				17,400			16,680,893
4.25%	11/30/07				12,805			12,770,990
4.25%	11/15/13(a)				1,395			1,343,014
4.875%	02/15/12(a)				5,050			5,043,688
5.00%	08/15/11				9,140			9,179,987
5.125%	05/15/16(a)				4,285			4,309,103
5.75%	08/15/10				2,565			2,627,922
TOTAL U.S. TREASURY OBLIGATIONS
(cost $81,683,174)								81,232,099
CORPORATE OBLIGATIONS — 8.4%
Advertising — 0.1%
Lamar Media Corp.,
Sr. Unsec’d. Notes
6.625%	08/15/15		Ba3		400			379,000
Aerospace
United Technologies Corp.,
Sr. Unsub. Notes
5.40%	05/01/35		A2		80			72,951
Automobile Manufacturers — 0.1%
DaimlerChrysler NA Holding Corp.,
Unsub. Notes
5.805%(c)	08/03/09		Baa1		205			206,069
Ford Motor Credit Co.,
Sr. Notes
5.80%	01/12/09		B1		260			254,501
General Motors Corp.,
Notes(a)
7.20%	01/15/11		Caa1		500			480,625
								941,195
Automotive Parts — 0.1%
Goodyear Tire & Rubber Co.,
Sr. Notes, 144A
8.625%	12/01/11		Ba3		500			526,250
Tenneco Automotive, Inc.,
Gtd. Notes(a)
8.625%	11/15/14		B3		500			515,000
								1,041,250
Beverages
SABMiller PLC,
Notes, 144A(g) (United Kingdom)
6.20%	07/01/11		Baa1		210			213,548
Biotechnology
Genentech, Inc.,
Sr. Notes
4.75%	07/15/15		A1		165			154,203
Broadcasting — 0.1%
Cox Communications, Inc.,
Notes
7.125%	10/01/12		Baa3		90			95,083
Fisher Communications, Inc.,
Gtd. Notes
8.625%	09/15/14		B2		25			26,625
Sinclair Broadcasting Group, Inc.,
Gtd. Notes
8.00%	03/15/12		B1		221			227,630
								349,338
Building Materials — 0.1%
CRH America, Inc.,
Gtd. Notes
6.00%	09/30/16		Baa1		230			227,411
Lafarge SA,
Unsec’d. Notes
6.15%	07/15/11		Baa2		155			157,587
Owens Corning, Inc.
Gtd. Notes
6.50%	12/01/16		Baa3		110			110,068
								495,066
Business Services
Affinity Group, Inc.,
Sr. Sub. Notes
9.00%	02/15/12		B3		50			53,250
Invensys PLC,
Sr. Unsec’d. Notes, 144A (United Kingdom)
9.875%	03/15/11		B2		33			35,310
								88,560
Cable Television — 0.2%
AT&T Broadband Corp.,
Gtd. Notes
8.375%	03/15/13		Baa2		205			228,844
Charter Communications Operating LLC,
Sr. Notes, 144A
8.00%	04/30/12		B3		100			101,250

SEE NOTES TO FINANCIAL STATEMENTS.

A255

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Cable Television — 0.2%
Comcast Corp.,
Gtd. Notes
5.875%	02/15/18		Baa2	$	550	$	532,684
CSC Holdings, Inc.,
Sr. Unsec’d. Notes
7.25%	07/15/08		B2		400		403,000
EchoStar DBS Corp.,
Gtd. Notes
6.625%	10/01/14		Ba3		50		47,750
Rogers Cable, Inc.,
Gtd. Notes (Canada)
5.50%	03/15/14		Baa3		165		160,005
Time Warner Cable, Inc.,
Sr. Unsec’d. Notes
5.40%	07/02/12		Baa2		250		245,506
							1,719,039
Chemicals — 0.2%
Dow Chemical Co.,
Sr. Notes
6.125%	02/01/11		A3		115		116,600
DuPont, (E.I.) de Nemours & Co.,
Sr. Unsec’d. Notes
5.60%	12/15/36		A2		225		204,015
Hercules, Inc.,
Gtd. Notes
6.75%	10/15/29		Ba3		75		72,750
Huntsman International LLC,
Gtd. Notes
7.875%	11/15/14		B2		50		53,562
INVISTA,
Notes, 144A
9.25%	05/01/12		Ba3		400		423,000
Lyondell Chemical Co.,
Gtd. Notes
8.25%	09/15/16		B1		400		418,000
							1,287,927
Clothing & Apparel
Dyersburg Corp.,
Gtd. Notes, Series B(g)(i)
9.75%	09/01/07		NR		175		—
Computer Services & Software — 0.1%
Cisco Systems, Inc.,
Sr. Unsec’d. Notes
5.25%	02/22/11		A1		190		188,860
Oracle Corp.,
Unsec’d. Notes
5.00%	01/15/11		A2		225		221,759
							410,619
Construction
D.R. Horton, Inc.,
Sr. Unsub. Notes
6.50%	04/15/16		Baa3		165		157,866
Pulte Homes, Inc.,
Sr. Unsec’d. Notes
5.20%	02/15/15		Baa3		205		184,212
							342,078
Consumer Products & Services — 0.2%
Fortune Brands, Inc.,
Sr. Unsec’d. Notes
5.125%	01/15/11		Baa2		125		121,976
Idearc, Inc.,
Gtd. Notes, 144A
8.00%	11/15/16		B2		400		404,000
Jostens IH Corp.,
Gtd. Notes
7.625%	10/01/12		B1		50		49,750
McCormick & Co.,
Sr. Unsec’d. Notes
5.20%	12/15/15		A2		175		167,101
Procter & Gamble Co.,
Sr. Unsub. Notes
4.95%	08/15/14		Aa3		375		361,299
							1,104,126
Containers & Packaging — 0.1%
AEP Industries, Inc.,
Sr. Unsub. Notes
7.875%	03/15/13		B1		50		50,000
BWAY Corp.,
Gtd. Notes
10.00%	10/15/10		B3		50		52,062
Graphic Packaging International Corp.,
Gtd. Notes
8.50%	08/15/11		B2		25		25,562
Sr. Unsec’d. Notes
9.50%	08/15/13		B3		25		25,969
Jefferson Smurfit Corp.,
Gtd. Notes
8.25%	10/01/12		B3		25		24,813
Owens Brockway Glass Containers, Inc.,
Gtd. Notes
8.75%	11/15/12		Ba2		50		52,250
8.875%	02/15/09		Ba2		150		152,625
Owens-Illinois, Inc.,
Sr. Notes
7.35%	05/15/08		Caa1		25		25,063
Sealed Air Corp.,
Sr. Notes, 144A(g)
5.375%	04/15/08		Baa3		145		144,209
Silgan Holdings, Inc.,
Sr. Sub. Notes
6.75%	11/15/13		B1		25		24,438
							576,991
Distribution/Wholesale
3M Co.,
Notes, MTN(a)
5.70%	03/15/37		Aa1		205		197,330

SEE NOTES TO FINANCIAL STATEMENTS.

A256

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Diversified Operations — 0.2%
Bombardier, Inc.,
Notes, 144A(g)
6.30%	05/01/14		Ba2	$	500	$	475,000
Unsec’d. Notes, 144A (Canada)
6.75%	05/01/12		Ba2		200		197,000
Cooper US Inc.,
Gtd. Notes
6.10%	07/01/17		A3		270		273,403
Leucadia National Corp.,
Sr. Unsec’d. Notes
7.00%	08/15/13		Ba2		75		73,500
							1,018,903
Electric — 0.1%
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.00%	05/15/35		Baa2		190		178,219
Orion Power Holdings, Inc.,
Sr. Unsec’d. Notes
12.00%	05/01/10		B2		75		84,750
Pacific Gas & Electric Co.,
Unsec’d. Notes
4.80%	03/01/14		Baa1		115		108,686
Sierra Pacific Resources,
Sr. Unsec’d. Notes(g)
7.803%	06/15/12		B1		100		105,152
Southern California Edison Co.,
First Mortgage
4.65%	04/01/15		A2		135		125,219
Virginia Electric & Power Co.,
Notes
4.50%	12/15/10		Baa1		210		203,211
							805,237
Electronic Components & Equipment
Conexant Systems, Inc.,
Sec’d. Notes
9.11%(c)	11/15/10		B1		50		51,375
STATS ChipPAC Ltd.,
Gtd. Notes
6.75%	11/15/11		Ba1		25		25,188
							76,563
Energy — 0.2%
Chesapeake Energy Corp.,
Gtd. Notes(a)
6.50%	08/15/17		Ba2		425		402,687
NRG Energy, Inc.,
Gtd. Notes
7.25%	02/01/14		B1		150		150,375
7.375%	02/01/16		B1		250		250,625
Valero Energy Corp.,
Sr. Notes
6.125%	06/15/17		Baa3		320		318,969
							1,122,656
Entertainment & Leisure — 0.2%
AMF Bowling Worldwide, Inc.,
Gtd. Notes
10.00%	03/01/10		B3		75		78,750
K2, Inc.,
Gtd. Notes
7.375%	07/01/14		B1		75		78,938
Speedway Motorsports, Inc.,
Sr. Sub. Notes
6.75%	06/01/13		Ba2		50		48,750
Time Warner Entertainment Co. LP,
Debs.
7.25%	09/01/08		Baa2		250		254,555
Sr. Notes(a)
8.375%	07/15/33		Baa2		575		667,311
Time Warner, Inc.,
Gtd. Notes
5.50%	11/15/11		Baa2		130		128,555
Viacom, Inc.,
Gtd. Notes
5.625%	08/15/12		Baa3		105		103,234
							1,360,093
Environmental Control — 0.1%
Allied Waste North America, Inc.,
Gtd. Notes
6.875%	06/01/17		B1		500		483,750
Environmental Services
Casella Waste Systems, Inc.,
Sr. Sub. Notes
9.75%	02/01/13		B3		100		103,750
Farming & Agriculture
Bunge NA Finance,
Gtd. Notes
5.90%	04/01/17		Baa2		290		280,985
Financial – Bank & Trust — 0.7%
BAC Capital Trust VI,
Gtd. Notes(a)
5.625%	03/08/35		Aa2		380		343,082
Bank of America Corp.,
Sr. Notes
4.875%	09/15/12		Aa1		225		217,428
Sub. Notes
5.75%	08/15/16		Aa2		165		162,801
BB&T Capital Trust II,
Bank Gtd. Notes(a)
6.75%	06/07/36		A1		255		262,807
Capital One IV,
Gtd. Notes
6.745%	02/05/82		Baa1		365		335,838
Citigroup, Inc.,
Sub. Notes
5.00%	09/15/14		Aa2		375		356,723
Fannie Mae,
Notes
4.375%	10/15/15		Aaa		725		678,047

SEE NOTES TO FINANCIAL STATEMENTS.

A257

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Financial – Bank & Trust (cont’d.)
Freddie Mac,
Notes
6.00%	06/15/11		Aaa	$	1,000	$	1,026,565
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
5.375%	03/15/17		A2		215		206,523
HSBC Holdings PLC,
Sub. Notes (United Kingdom)
6.50%	05/02/36		Aa3		100		102,767
International Nederland Bank NV,
Sub. Notes , 144A(g) (Netherlands)
5.125%	05/01/15		Aa2		250		240,595
Kinder Morgan Finance Co.,
Gtd. Notes
5.70%	01/05/16		Baa2		190		175,119
Northern Trust Corp.,
Sub. Notes
4.60%	02/01/13		A1		115		110,047
Sr. Unsec’d. Notes
5.30%	08/29/11		A1		114		113,525
PNC Funding Corp.,
Gtd. Notes
5.625%	02/01/17		A2		165		161,639
Sovereign Capital Trust VI,
Gtd. Notes
7.908%	06/13/36		Baa1		140		149,601
Wells Fargo & Co.,
Sr. Unsec’d. Notes
4.875%	01/12/11		Aa1		190		186,487
							4,829,594
Financial – Brokerage
Legg Mason, Inc.,
Sr. Notes
6.75%	07/02/08		A2		100		100,992
Lehman Brothers Holdings, Inc.,
Sub. Notes
5.75%	01/03/17		A2		215		208,873
							309,865
Financial Institutions
Jefferies Group, Inc.,
Debs.
5.875%	06/08/14		Baa1		126		124,504
Sr. Unsec’d. Notes
6.25%	01/15/36		Baa1		150		140,557
							265,061
Financial Services — 1.4%
American Express Co.,
Sr. Unsec’d. Notes
5.25%	09/12/11		A1		175		173,130
American General Finance Corp.,
Gtd. Notes, 144A(g)
6.00%(c)	01/15/67		A3		100		95,633
Notes, MTN
5.40%	12/01/15		A1		230		221,655
Arch Western Finance LLC,
Gtd. Notes
6.75%	07/01/13		B1		50		48,000
Bank One Corp.,
Sub. Notes
5.25%	01/30/13		Aa3		635		621,781
Bear Stearns Cos., Inc. (The),
Sr. Unsec’d. Notes
5.50%	08/15/11		A1		155		153,503
Sub. Notes
5.55%	01/22/17		A2		80		75,678
CIT Group, Inc.,
Sr. Notes
6.00%	04/01/36		A2		130		121,057
Compton Petroleum Finance Corp.,
Gtd. Notes
7.625%	12/01/13		B2		500		493,750
Couche-Tard Corp.,
Sr. Sub. Notes
7.50%	12/15/13		Ba2		50		50,375
Countrywide Financial Corp.,
Sub. Notes
6.25%	05/15/16		Baa2		78		76,604
Countrywide Home Loans, Inc.,
Notes, MTN
4.125%	09/15/09		A3		425		412,218
Credit Agricole SA,
Jr. Sub. Notes (France),144A(g)
6.637%(c)	05/29/49		Aa3		225		218,715
Credit Suisse Guernsey Ltd.,
Jr. Sub. Notes
5.86%(c)	05/29/49		Aa3		210		202,327
Credit Suisse USA,
Sr. Unsub. Notes
5.50%	08/16/11		Aa1		135		134,918
ERAC USA Finance Co.,
Bonds, 144A(a),(g)
5.60%	05/01/15		Baa2		185		177,569
Franklin Resources, Inc.,
Notes
3.70%	04/15/08		A1		55		54,297
GAXT Financial Corp.,
Sr. Notes
5.50%	02/15/12		Baa1		125		121,733
General Electric Capital Corp.,
Sr. Notes, MTN
5.375%	10/20/16		Aaa		260		251,468
Sr. Unsec’d. Notes, MTN
6.00%	06/15/12		Aaa		1,000		1,017,835
Goldman Sachs Group, Inc.,
Gtd. Notes
6.345%	02/15/34		A1		750		715,288
HBOS PLC, (United Kingdom)
Sub. Notes, 144A(g)
5.92%(c)	09/29/49		A1		400		375,146
6.00%	11/01/33		Aa3		170		167,047

SEE NOTES TO FINANCIAL STATEMENTS.

A258

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Financial Services (cont’d.)
HSBC Finance Corp.,
Notes
5.00%	06/30/15		Aa3	$	240	$	224,793
International Lease Finance Corp.,
Notes
6.375%	03/15/09		A1		85		86,365
Unsec’d. Notes
5.125%	11/01/10		A1		100		98,808
John Deere Capital Corp.
Notes, MTN
5.50%	04/13/17		A2		280		272,851
JPMorgan Chase Capital,
Gtd. Notes
6.45%	01/15/87		Aa3		160		152,067
Lloyds TSB Group PLC,
Bonds (United Kingdom), 144A(g)
6.267%(c)	02/15/37		Aa3		210		199,223
Mangrove Bay Pass-Through Trust,
Notes, 144A(g)
6.102%(c)	07/15/33		Baa2		100		96,736
MBNA America Bank NA,
Notes
4.625%	08/03/09		Aaa		190		187,151
Sub. Notes
7.125%	11/15/12		Aa1		80		85,379
Merrill Lynch & Co., Inc.,
Sub. Notes
6.05%	05/16/16		A1		190		187,934
6.22%	09/15/26		A1		130		126,660
Mizuho Capital Investment 1 Ltd.,
Sub. Notes, 144A(g)
6.686%(c)	03/29/49		A2		66		65,260
Morgan Stanley,
Sr. Unsec’d. Notes, MTN
6.25%	08/09/26		Aa3		60		59,767
MUFG Capital Finance 1 Ltd.,
Gtd. Notes (Cayman Islands)
6.346%(c)	07/29/49		A2		100		98,244
Principal Financial Group, Inc.,
Gtd. Notes
6.05%	10/15/36		A2		120		116,310
Residential Capital LLC,
Gtd. Notes
6.125%	11/21/08		Baa3		360		356,714
Sr. Notes
6.50%	06/01/12		Baa3		180		175,643
SLM Corp.,
Notes
3.70%(c)	04/01/09		A2		155		145,145
Smurfit Kappa Funding PLC,
Sr. Sub. Notes
7.75%	04/01/15		B2		50		50,062
Swedish Export Credit,
Bonds (Sweden)
5.125%	03/01/17		Aa1		345		336,011
U.S. Bancorp,
Sr. Notes, MTN
4.50%	07/29/10		Aa2		275		267,855
Verizon Global Funding Corp.,
Notes
7.75%	12/01/30		A3		165		184,827
Wells Fargo Bank NA,
Sub. Notes
4.75%	02/09/15		Aa1		250		234,431
Xstrata Finance Canada Ltd.,
Gtd. Notes, 144A (Canada)(g)
5.50%	11/16/11		Baa2		165		163,228
							9,951,191
Food
B&G Foods Holding Corp.,
Gtd. Notes
8.00%	10/01/11		B3		125		125,000
Wrigley, (Wm., Jr.) Co.,
Sr. Unsec’d. Notes
4.65%	07/15/15		A1		75		69,616
							194,616
Furniture
Sealy Mattress Co.,
Gtd. Notes
8.25%	06/15/14		B2		50		51,250
Healthcare Services — 0.2%
Genesis HealthCare Corp.,
Sr. Sub. Notes
8.00%	10/15/13		B1		75		80,055
HCA, Inc.,
Sr. Unsec’d. Notes
8.75%	09/01/10		Caa1		450		469,688
Highmark, Inc.,
Notes, 144A(g)
6.80%	08/15/13		Baa2		145		150,199
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
5.375%	03/15/16		A3		375		361,230
Vanguard Health Holdings Co. LLC II,
Sr. Sub. Notes(a)
9.00%	10/01/14		Caa1		50		49,500
WellPoint, Inc.,
Sr. Unsub. Notes
5.00%	01/15/11		Baa1		120		117,333
							1,228,005
Hotels & Motels
Harrahs Operating Co., Inc.,
Gtd. Notes
5.50%	07/01/10		Baa3		100		96,875
Hospitality Properties Trust,
Sr. Unsec’d. Notes
5.625%	03/15/17		Baa2		130		124,056
							220,931

SEE NOTES TO FINANCIAL STATEMENTS.

A259

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Industrial Products
Enbridge, Inc.,
Sr. Unsec’d. Notes
5.60%	04/01/17		Baa1	$	185	$	177,935
Information Technology Services
Dun & Bradstreet Corp.,
Sr. Unsec’d. Notes
5.50%	03/15/11		A-(d)		100		99,540
Insurance — 0.3%
ACE INA Holdings, Inc.,
Gtd. Notes
5.70%	02/15/17		A3		165		160,496
5.875%	06/15/14		A3		155		154,119
Fund American Cos., Inc.,
Notes
5.875%	05/15/13		Baa2		195		191,754
Genworth Financial, Inc.,
Jr. Sub. Notes
6.15%(c)	11/15/66		A3		78		73,929
Unsec’d. Notes
5.75%(c)	06/15/14		A2		185		184,193
MetLife, Inc.,
Jr. Sub. Notes
6.40%	12/15/66		Baa1		175		162,112
Sr. Notes
6.125%	12/01/11		A2		200		204,245
Nationwide Mutual Insurance Co.,
Bonds, 144A(g)
6.60%	04/15/34		A2		105		100,179
NLV Financial Corp.,
Sr. Notes, 144A(g)
7.50%	08/15/33		Baa3		120		129,680
Principal Life Global Funding I,
Notes, 144A(g)
5.125%	10/15/13		Aa2		185		181,076
Security Benefit Life Insurance Co.,
Notes, 144A(g)
7.45%	10/01/33		Baa2		80		85,972
Sun Life Financial Global Funding LP,
Notes, 144A(g)
5.61%(c)	10/06/13		Aa3		190		190,289
Torchmark Corp.,
Sr. Unsec’d. Notes
6.375%	06/15/16		Baa1		125		128,116
Transatlantic Holdings, Inc.,
Sr. Unsub. Notes
5.75%	12/14/15		A2		150		146,280
Travelers Cos., Inc.,
Jr. Sub. Debs.
6.25%(c)	03/15/67		Baa1		175		168,166
Willis North America, Inc.,
Gtd. Notes
6.20%	03/28/17		Baa2		125		122,399
							2,383,005
Machinery & Equipment
Dresser-Rand Group, Inc.,
Gtd. Notes
7.375%	11/01/14		B1		22		22,083
Media — 0.1%
News America, Inc.,
Sr. Notes, 144A(g)
6.15%	03/01/37		Baa2		315		290,376
Gtd. Notes
6.40%	12/15/35		Baa2		200		190,463
Viacom, Inc.,
Sr. Notes
6.25%	04/30/16		Baa3		250		246,236
							727,075
Medical Supplies & Equipment — 0.2%
Davita, Inc.,
Gtd. Notes
6.625%	03/15/13		B1		500		488,125
Eli Lilly & Co.,
Unsub. Notes
5.55%	03/15/37		Aa3		175		161,245
Fresenius Medical Care Capital Trust II,
Gtd. Notes
7.875%	02/01/08		B1		250		251,250
Medtronic, Inc.,
Sr. Notes
4.75%	09/15/15		A1		260		242,051
Wyeth,
Notes
5.95%	04/01/37		A3		180		172,023
							1,314,694
Metals & Mining — 0.2%
BHP Bilton Finance Ltd.,
Gtd. Notes
5.40%	03/29/17		A1		205		197,069
Freeport-McMoRan Copper & Gold, Inc.,
Sr. Unsec’d. Notes
8.375%	04/01/17		Ba3		500		533,750
Hawk Corp.,
Sr. Notes(g)
8.75%	11/01/14		B3		50		51,500
Placer Dome, Inc.,
Unsub. Notes (Canada)
6.45%	10/15/35		Baa1		190		187,712
Russel Metals, Inc.,
Gtd. Notes (Canada)
6.375%	03/01/14		Ba2		75		72,000
Vale Overseas Ltd.,
Gtd. Notes
6.25%	01/23/17		Baa3		280		277,710

SEE NOTES TO FINANCIAL STATEMENTS.

A260

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

				Principal
Interest	Maturity	Moody’s		Amount		Value
Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Metals & Mining (cont’d.)
Valmont Industries, Inc.,
Gtd. Notes
6.875%	05/01/14		Ba3	$	25	$	24,562
							1,344,303
Office Equipment — 0.1%
Xerox Corp.,
Sr. Unsec’d. Notes
5.50%	05/15/12		Baa3		80		78,626
6.75%	02/01/17		Baa3		400		410,311
							488,937
Oil & Gas — 0.7%
Amerada Hess Corp.,
Unsec’d. Notes
7.875%	10/01/29		Baa3		235		264,886
Apache Corp.,
Sr. Unsec’d. Notes
6.00%	01/15/37		A3		75		71,517
Atmos Energy Corp.,
Sr. Unsub. Notes
4.00%	10/15/09		Baa3		210		202,936
Baker Hughes, Inc.,
Sr. Notes
6.875%	01/15/29		A2		200		215,173
Boardwalk Pipelines LLC,
Notes
5.50%	02/01/17		Baa2		55		52,401
ConocoPhillips,
Gtd. Notes
5.90%	10/15/32		A1		245		238,392
Denbury Resources, Inc.,
Gtd. Notes
7.50%	04/01/13		B1		75		75,000
Sr. Sub. Notes
7.50%	12/15/15		B1		25		24,937
Devon Financing Corp. ULC,
Gtd. Notes
6.875%	09/30/11		Baa2		130		135,712
7.875%	09/30/31		Baa2		120		139,003
Diamond Offshore Drilling, Inc.,
Sr. Notes
4.875%	07/01/15		Baa1		150		138,873
5.15%	09/01/14		Baa1		125		119,227
Dynegy Holdings, Inc.,
Sr. Notes, 144A
7.50%	06/01/15		B2		500		470,625
El Paso Natural Gas,
Sr. Unsec’d. Notes, 144A(g)
5.95%	04/15/17		Baa3		62		60,054
EnCana Holdings Finance Corp.,
Gtd. Notes (Canada)
5.80%	05/01/14		Baa2		200		199,037
Enterprise Products Operating LP,
Gtd. Notes
4.95%	06/01/10		Baa3		225		220,945
Ferrellgas Partners LP,
Sr. Notes
8.75%	06/15/12		B2		25		25,750
Forest Oil Corp.,
Gtd. Notes
8.00%	12/15/11		B1		25		25,750
Halliburton Co.,
Sr. Unsec’d. Notes
5.50%	10/15/10		A2		265		264,743
Hanover Compressor Co.,
Sr. Unsec’d. Notes
9.00%	06/01/14		B2		25		26,437
MidAmerican Energy Holdings,
Bonds
6.125%	04/01/36		Baa1		150		144,915
National Gas Co. of Trinidad
and Tobago Ltd., (Trinidad),
Notes, 144A(g)
6.05%	01/15/36		A3		100		95,272
Panhandle Eastern Pipe Line Co.,
Sr. Notes
4.80%	08/15/08		Baa3		70		69,371
Pemex Project Funding Master Trust,
Gtd. Notes
5.75%	12/15/15		Baa1		200		196,200
Gtd. Notes, 144A(g)
6.66%(c)	06/15/10		Baa1		190		194,940
Petro-Canada,
Notes (Canada)
5.95%	05/15/35		Baa2		185		170,341
Praxair, Inc.,
Bonds
5.20%	03/15/17		A2		175		168,159
Public Service Electric and Gas Co.,
Sec’d. Notes, MTN
5.70%	12/01/36		A3		225		211,208
Range Resources Corp.,
Gtd. Notes
6.375%	03/15/15		B1		500		473,750
Roseton Danskammer Corp.,
Pass-Thru Cert.
7.27%	11/08/10		Ba3		50		50,562
Southern Natural Gas Co.,
Notes, 144A(g)
5.90%	04/01/17		Baa3		62		59,968
Sunoco, Inc.,
Sr. Notes
5.75%	01/15/17		Baa2		150		144,567
XTO Energy, Inc.,
Sr. Unsec’d. Notes
5.65%	04/01/16		Baa2		115		111,674
							5,062,325

SEE NOTES TO FINANCIAL STATEMENTS.

A261

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
	Rate	Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Paper & Forest Products — 0.1%
Boise Cascade LLC,
	Gtd. Notes
	7.125%		10/15/14		B2	$	100	$	95,000
Celulosa Arauco y Constitucion SA,
	Notes (Chile)
	5.125%		07/09/13		Baa2		160		152,787
Georgia-Pacific Corp.,
	Gtd. Notes, 144A(a)
	7.125%		01/15/17		Ba3		400		384,000
									631,787
Pharmaceuticals
Cardinal Health, Inc.,
	Bonds, 144A(g)
	5.63% (c)		10/02/09		Baa2		140		140,084
Teva Pharmaceutical Finance LLC,
	Gtd. Notes
	5.55%		02/01/16		Baa2		100		95,819
Warner Chilcott Corp.,
	Gtd. Notes
	8.75%		02/01/15		Caa1		33		33,907
									269,810
Printing & Publishing
CanWest Media, Inc.,
	Gtd. Notes (Canada)
	8.00%		09/15/12		B3		137		136,466
Dex Media East LLC,
	Gtd. Notes
	9.875%		11/15/09		B1		25		25,906
	12.125%		11/15/12		B2		98		105,473
Sun Media Corp.,
	Gtd. Notes (Canada)
	7.625%		02/15/13		Ba2		50		50,250
									318,095
Railroads
Norfolk Southern Corp.,
	Sr. Notes
	6.00%		04/30/08		Baa1		250		250,788
Real Estate Investment Trust — 0.3%
Archstone-Smith Operating Trust,
	Sr. Unsec’d. Notes
	5.25%		05/01/15		Baa1		180		174,009
AvalonBay Communities, Inc.,
	Sr. Unsec’d. Notes, MTN
	6.125%		11/01/12		Baa1		125		127,632
Centex Corp.,
	Sr. Unsec’d. Notes
	5.45%		08/15/12		Baa2		200		190,830
ERP Operating LP,
	Notes
	5.25%		09/15/14		Baa1		150		144,513
Host Marriott LP,
	Sec’d. Notes
	6.75%		06/01/16		Ba1		500		490,000

Lennar Corp.,
	Gtd. Notes
	5.60%	05/31/15	Baa2	305	285,805
MDC Holdings, Inc.,
	Gtd. Notes
	5.50%	05/15/13	Baa3	260	248,050
NVR, Inc.,
	Sr. Unsec’d. Notes
	5.00%	06/15/10	Baa3	85	82,866
Reckson Operating Partnership LP,
	Sr. Unsec’d. Notes
	6.00%	03/31/16	Ba2	125	119,193
Regency Centers LP,
	Sr. Unsec’d. Notes
	5.875%	06/15/17	Baa2	85	83,589
Simon Property Group LP,
	Unsub. Notes(a)
	5.75%	12/01/15	A3	240	237,469
					2,183,956
Restaurants
McDonald’s Corp.,
	Bonds(a)
	5.30%	03/15/17	A2	175	167,814
Real Mex Restaurants, Inc.,
	Gtd. Notes
	10.00%	04/01/10	Ba2	25	26,250
					194,064
Retail & Merchandising — 0.3%
AmeriGas Partners LP / AmeriGas Eagle Finance Corp.,
	Sr. Notes
	7.125%	05/20/16	B1	400	393,000
AutoNation, Inc.,
	Gtd. Notes
	7.00%	04/15/14	Ba2	75	74,062
	7.356%(c)	04/15/13	Ba2	75	74,812
Costco Wholesale Corp.,
	Sr. Unsec’d. Notes
	5.30%	03/15/12	A2	155	153,840
Federated Retail Holdings,
	Gtd. Notes
	5.35%	03/15/12	Baa2	85	83,508
Home Depot, Inc. (The),
	Sr. Unsec’d. Notes
	5.40%	03/01/16	Aa3	210	196,852
Kroger Co.(The),
	Gtd. Notes
	8.05%	02/01/10	Baa2	180	189,807
Pantry, Inc. (The),
	Gtd. Notes
	7.75%	02/15/14	B3	50	48,750
Penney, (J.C.) Co., Inc.,
	Notes
	9.00%	08/01/12	Baa3	205	232,034
Target Corp.,
	Notes
	5.875%	07/15/16	A1	400	397,643

SEE NOTES TO FINANCIAL STATEMENTS.

A262

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
	Rate		Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Retail & Merchandising (cont’d.)
Wal-Mart Stores, Inc.,
	Bonds
	5.25%		09/01/35		Aa2	$	200	$	174,830
									2,019,138
Semiconductors — 0.1%
Freescale Semiconductor, Inc.,
	Sr. Notes, 144A
	8.875%		12/15/14		B1		400		382,000
National Semiconductor Corp.,
	Sr. Unsec’d. Notes
	6.15%		06/15/12		Baa1		115		116,312
									498,312
Software/Services — 0.1%
	Sungard Data Systems, Inc.,
	Gtd. Notes
	9.125%		08/15/13		Caa1		400		409,500
Telecommunications — 0.9%
America Movil SA de CV,
	Unsec’d. Notes (Mexico)
	6.375%		03/01/35		A3		215		211,195
AT&T, Inc.,
	Notes
	5.30%		11/15/10		A2		555		552,384
	5.625%		06/15/16		A2		865		845,391
	6.45%		06/15/34		A2		260		256,943
Centennial Cellular Operating Co.,
	Gtd. Notes
	10.125%		06/15/13		B2		50		53,625
CenturyTel, Inc.,
	Sr. Unsec’d. Notes
	6.00%		04/01/17		Baa2		120		116,758
Citizens Communications Co.,
	Sr. Unsec’d. Notes
	7.125%		03/15/19		Ba2		400		378,000
Cricket Communications, Inc.,
	Gtd. Notes
	9.375%		11/01/14		Caa1		500		516,250
MetroPCS Wireless, Inc.,
	Sr. Notes, 144A
	9.25%		11/01/14		Caa1		500		516,250
Nordic Telephone Co. Holdings ApS,
	Sec’d. Notes, 144A(a)
	8.875%		05/01/16		B2		400		424,000
Qwest Corp.,
	Sr. Unsec’d. Notes
	7.50%		10/01/14		Ba1		400		410,000
Rogers Wireless, Inc., (Canada)
	Gtd. Notes
	7.50%		03/15/15		Baa3		135		144,613
	Sec’d. Notes
	9.625%		05/01/11		Baa3		75		84,397
	Sr. Sub. Notes
	8.00%		12/15/12		Ba1		150		159,606

Sprint Capital Corp.,
	Gtd. Notes
	6.875%	11/15/28(a)	Baa3	182	173,239
	6.90%	05/01/19	Baa3	365	362,048
Telecom Italia Capital SA,
	Gtd. Notes (Luxembourg)
	5.25%	11/15/13	Baa2	490	466,908
Telefonica Emisones SAU,
	Gtd. Notes
	6.421%	06/20/16	Baa1	295	299,116
Telefonica Emisiones SAU,
	Gtd. Notes (Spain)
	6.221%	07/03/17	Baa1	170	169,574
Telefonos de Mexico SA,
	Sr. Notes
	5.50%	01/27/15	A3	150	145,798
Vodafone Group PLC. (United Kingdom),
	Unsec’d. Notes
	5.625%	02/27/17	Baa1	170	162,553
Windstream Corp.
	Gtd. Notes
	8.625%	08/01/16	Ba3	400	423,000
					6,871,648
Transportation — 0.1%
Burlington Northern Santa Fe Corp.,
	Unsec’d. Notes
	5.65%	05/01/17	Baa1	180	175,348
	6.15%	05/01/37	Baa1	333	323,647
Hertz Corp.,
	Gtd. Notes
	8.875%	01/01/14	B1	400	417,000
					915,995
Utilities — 0.5%
AES Corp.,
	Sec’d. Notes, 144A
	9.00%	05/15/15	Ba3	100	105,875
	Sr. Notes
	9.375%	09/15/10	B1	50	53,187
	Sr. Unsub. Notes
	8.875%	02/15/11	B1	75	79,031
Alabama Power Co.,
	Sr. Notes
	5.55% (c)	08/25/09	A2	85	85,262
Allegheny Energy Supply Co. LLC,
	Unsec’d. Notes
	7.80%	03/15/11	Ba3	25	25,937
Appalachian Power Co.,
	Notes
	6.375%	04/01/36	Baa2	105	104,877
Aquila Canada Finance Corp.,
	Gtd. Notes (Canada)
	7.75%	06/15/11	Ba3	25	26,413
Baltimore Gas & Electric Co.,
	Sr. Unsec’d. Notes, 144A(g)
	5.90%	10/01/16	Baa2	225	222,066

SEE NOTES TO FINANCIAL STATEMENTS.

A263

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity	Moody’s		Amount		Value
	Rate	Date	Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Utilities — (cont’d.)
Black Hills Corp.,
	Sr. Unsub. Notes
	6.50%	05/15/13	Baa3	$	125	$	124,589
CE Electric UK Funding Co.,
	Sr. Notes, 144A(g) (United Kingdom)
	6.995%	12/30/07	Baa1		155		156,064
Centerpoint Energy, Inc.,
	Sr. Notes
	7.25%	09/01/10	Ba1		135		140,979
CMS Energy Corp.,
	Sr. Notes
	8.50%	04/15/11	Ba1		400		425,448
Duke Energy Carolinas LLC,
	Sr. Unsub. Notes
	6.10%	06/01/37	A3		215		212,566
Exelon Generation Co. LLC,
	Notes
	5.35%	01/15/14	Baa1		115		110,201
Florida Power & Light Co.,
	First Mortgage, 144A
	6.20%	06/01/36	Aa3		75		75,875
Monongahela Power Co.,
	First Mortgage, 144A(g)
	5.70%	03/15/17	Baa2		170		166,458
Pacific Gas & Electric Co.,
	Sr. Unsub. Notes
	5.80%	03/01/37	Baa1		175		163,235
Progress Energy, Inc.,
	Sr. Unsec’d. Notes
	5.625%	01/15/16	Baa2		125		122,433
Public Service Co. of New Mexico,
	Sr. Notes
	4.40%	09/15/08	Baa2		245		241,160
Southern Co.,
	Sr. Unsub. Notes
	5.30%	01/15/12	A3		75		74,080
Tampa Electric Co.,
	Sr. Unsec’d. Notes
	6.15%	05/15/37	Baa2		235		227,713
Union Electric Co.,
	Sec’d. Notes
	5.40%	02/01/16	A3		225		214,379
Westar Energy, Inc.,
	First Mortgage
	5.10%	07/15/20	Baa2		110		98,972
Western Power Distribution Holdings Ltd.,
	Unsub. Notes (United Kingdom), 144A(g)
	6.875%	12/15/07	Baa3		110		110,411
Williams Cos., Inc.,
	Notes
	8.75%	03/15/32	Ba2		25		28,937
							3,396,148
TOTAL CORPORATE OBLIGATIONS
	(cost $62,663,646)						61,254,809

COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%
American Tower Trust,
	Series 2007-1A, Class D
	5.957%	04/15/37	Baa2	250	244,932
Banc of America Commercial Mortgage, Inc.,
	Series 2003-1, Class A2
	4.648%	09/11/36	AAA(d)	350	333,096
Banc of America Mortgage Securities, Inc.
	Series 2004-A, Class-2A2
	4.103%	02/25/34	AAA(d)	198	196,423
	Series 2004-D, Class 2A2
	4.197%	05/25/34	AAA(d)	84	83,660
	Series 2004-H, Class 2A2
	4.745%(c)	09/25/34	Aaa	111	109,737
	Series 2004-I, Class 3A2
	4.882%	10/25/34	Aaa	124	121,650
	Series 2005-J, Class 2A1
	5.089%	11/25/35	Aaa	447	441,305
	Series 2005-J, Class 3A1
	5.261%	11/25/35	Aaa	187	184,440
Bear Stearns Commercial Mortgage Securities,
	Series 2005-PWR8, Class A4
	4.674%	06/11/41	Aaa	300	279,070
	Series 2005-PWR9, Class AAB
	4.804%	09/11/42	Aaa	400	383,727
	Series 2005-T20, Class-A1
	4.94%	10/12/42	Aaa	359	355,110
	Series 2006-PW12, Class A4
	5.895%(c)	09/11/38	Aaa	900	895,965
	Series 2007-PW15, Class AAB
	5.315%	02/11/44	Aaa	525	510,032
Citigroup / Deutsche Bank Commercial Mortgage Trust,
	Series 2005-CD1, Class A4
	5.40%(c)	07/15/44	Aaa	575	556,787
	Series 2006-CD3, Class A5
	5.617%	10/15/48	Aaa	875	858,230
	Series 2007-CD4, Class ASB
	5.278%	12/11/49	Aaa	700	679,446
Commercial Mortgage Pass-Through Certification,
	Series 2005-LP5, Class-A1
	4.235%	05/10/43	Aaa	8	8,479
Credit Suisse First Boston Mortgage Securities Corp.,
	Series 2005-C2, Class A4
	4.832%	04/15/37	Aaa	775	728,649
Credit Suisse Mortgage Capital Certificates,
	Series 2006-C4, Class A3
	5.467%	09/15/39	Aaa	925	897,854
Federal Home Loan Mortgage Corp.
	Series 3195, Class PN
	6.50%	08/15/30	Aaa	573	582,889
Federal National Mortgage Assoc.,
	Series 2002-74, Class PJ
	5.00%	03/25/15	Aaa	443	440,370
	Series 2003-40, Class NI, IO(g)
	5.50%	11/25/28	Aaa	48	3,153

SEE NOTES TO FINANCIAL STATEMENTS.

A264

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
	Rate	Date		Ratings		(000)#		(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Federal National Mortgage Assoc., (cont’d.)
	Series 2003-92, Class NM
	3.50%		04/25/13		Aaa	$	164	$	162,175
	Series 2005-57, Class PA
	5.50%		05/25/27		Aaa		404		402,895
	Series 319, Class 2, IO(g)
	6.50%		02/01/32		Aaa		54		14,185
Freddie Mac,
	Series 2614, Class IH, IO(g)
	4.50%		05/15/16		Aaa		390		32,815
	Series 2631, Class IG, IO(g)
	4.50%		07/15/11		Aaa		239		870
	Series 2686, Class JG
	5.50%		04/15/28		Aaa		800		791,208
General Electric Capital Commercial Mortgage Corp.,
	Series 2001-1, Class A2
	6.531%		05/15/33		Aaa		390		401,567
	Series 2005-C4, Class A1
	5.082%		11/10/45		Aaa		279		276,799
GMAC Commercial Mortgage Securities, Inc.,
	Series 2001-C2, Class A2
	6.70%		04/15/34		AAA(d)		375		388,480
Greenwich Capital Commercial Funding Corp.,
	Series 2004-GG1A, Class A2
	3.835%		06/10/36		Aaa		26		26,396
	Series 2005-GG3, Class A2
	4.305%		08/10/42		Aaa		675		657,571
	Series 2005-GG3, Class AAB
	4.619%		08/10/42		Aaa		160		153,029
JPMorgan Chase Commercial Mortgage Corp.,
	Series 2001-CIB2, Class A2
	6.244%		04/15/35		AAA(d)		191		192,826
	Series 2001-CIBC, Class A3
	6.26%		03/15/33		AAA(d)		417		424,499
	Series 2005-LDP4, Class ASB
	4.824%(c)		10/15/42		Aaa		325		311,383
	Series 2005-LDP5, Class A4
	5.345%(c)		12/15/44		Aaa		750		722,277
	Series 2006-CB14, Class A4
	5.481%(c)		12/12/44		Aaa		900		877,895
	Series 2006-LDP9, Class A1
	5.17%		05/15/47		Aaa		1,095		1,086,020
LB-UBS Commercial Mortgage Trust,
	Series 2003-C8, Class A1
	3.636%		11/15/27		Aaa		471		463,151
	Series 2004-C2, Class-A2
	3.246%		03/15/29		Aaa		850		822,003
	Series 2004-C4, Class A2
	4.567%(c)		06/15/29		Aaa		750		739,769
	Series 2005-C1, Class A4
	4.742%		02/15/30		Aaa		325		304,933
	Series 2006-C1A, Class A4
	5.156%		02/15/31		AAA(d)		850		811,931
Wells Fargo Mortgage Backed Securities Trust,(c)
	Series 2003-0, Class 5A1
	4.797%		01/25/34		AAA(d)		277		268,541
	Series 2005-AR2, Class 2A2
	4.545%		03/25/35		Aaa		106		103,698

	Series 2006-AR12, Class 1A1
	6.031%	09/25/36	Aaa	637	638,951
	Series 2006-AR16, Class A1
	5.631%	10/25/36	Aaa	466	463,191
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(cost $20,977,822)				20,434,062
ASSET-BACKED SECURITIES — 1.7%
Bank of America Credit Card Trust,
	Series 2007-C1, Class C1
	5.61% (c)	06/16/14	Baa2	750	750,937
BankBoston Home Equity Loan Trust,
	Series 1998-1, Class A6
	6.35%	02/25/13	Aaa	35	35,026
Capital Auto Receivables Asset Trust(g),
	Series 2006-SN1A, Class A4A, 144A
	5.32%	03/20/10	AAA(d)	800	798,612
	Series 2006-SN1A, Class B, 144A
	5.50%	04/20/10	AA(d)	115	115,447
Capital One Multi-Asset Execution Trust,
	Series 2005-A7, Class A7
	4.70%	06/15/15	Aaa	4,150	4,010,585
	Series 2007-C3, Class C3
	5.03%	04/15/13	Baa2	445	445,000
CenterPoint Energy Transition Bond Co. LLC,
	Series 2001-1, Class A4
	5.63%	09/15/15	Aaa	350	351,555
Chase Funding Mortgage Loan Asset-Backed Certificates,
	Series 2002-2, Class 1M1
	5.599%	09/25/31	Aa2	32	31,166
Citibank Credit Card Issuance Trust
	Series 2007-A5, Class A5
	5.50%	06/22/12	Aaa	1,100	1,100,440
CNH Equipment Trust,
	Series 2007-A, Class B
	5.09%	06/16/14	A3	255	251,439
GE Capital Credit Card Master Note Trust,
	Series 2006-1, Class A
	5.08%	09/15/12	Aaa	200	199,094
	Series 2007-3, Class C
	5.62% (c)	06/15/13	Baa2	555	557,181
GE Equipment Small Ticket LLC,
	Series 2005-1A, Class A4, 144A(g)
	4.51%	12/22/14	Aaa	350	345,133
Hyundai Auto Receivables Trust,
	Series 2006-A, Class A4
	5.26%	11/15/12	Aaa	300	299,116
Marriott Vacation Club Owner Trust,(g)
	Series 2006-1A, Class A, 144A
	5.737%	04/20/28	Aaa	419	418,877
	Series 2006-2A, Class A, 144A
	5.362%	10/20/28	Aaa	140	137,928
MBNA Credit Card Master Note Trust
	Series 2006-C3, Class C3
	5.61% (c)	10/15/13	Baa2	240	240,082

SEE NOTES TO FINANCIAL STATEMENTS.

A265

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
	Rate	Date		Ratings		(000)#		(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
MBNA Credit Card Master Note Trust,
	Series 2005-A3, Class A3
	4.10%		10/15/12		Aaa	$	1,100	$	1,064,044
PECO Energy Transition Trust,
	Series 2001-A, Class A1
	6.52%		12/31/10		Aaa		475		488,915
PSE&G Transition Funding LLC,
	Series 2001-1, Class A6
	6.61%		06/15/15		Aaa		350		366,562
Triad Auto Receivables Owner Trust,
	Series 2006-B, Class A4
	5.52%		11/12/12		Aaa		625		625,695
TOTAL ASSET-BACKED SECURITIES
	(cost $12,740,390)								12,632,834
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.1%
Federal Home Loan Bank
	5.125%		08/14/13				740		730,890
	5.60%		06/28/11				300		303,629
Federal Home Loan Mortgage Corp.
	4.125%		10/18/10				665		643,567
	5.00%		07/15/14				1,000		981,271
	5.125%		02/27/09-07/15/12				460		458,681
	6.625%		09/15/09				1,000		1,029,318
Federal National Mortgage Assoc.
	3.25%		08/15/08-02/15/09				1,175		1,143,339
	4.375%		09/15/12(a)				450		431,241
	4.875%		12/15/16				270		258,373
	6.00%		05/15/08-05/15/11				2,020		2,063,024
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(cost $8,204,271)								8,043,333
FOREIGN GOVERNMENT BONDS — 0.1%
Republic of Italy,
	Sr. Unsub. Notes (Italy)
	5.25%		09/20/16		NR		335		330,051
Republic of South Africa,
	Notes (South Africa)
	6.50%		06/02/14		Baa1		265		272,950
United Mexican States,
	Unsub. Notes (Mexico)
	6.375%		01/16/13		Baa1		205		211,970
TOTAL FOREIGN GOVERNMENT BONDS
	(cost $814,419)								814,971
MUNICIPAL BONDS — 0.1%
Kansas
Kansas Development Finance Authority
	Revenue Bonds
	5.501%		05/01/34		Aaa		125		120,841
New York
New York City Housing Development Corp.
	Revenue Bonds
	6.42%		11/01/27		Aa2		125		126,148
Oregon
Oregon State Taxable Pension, General
	Obligation Unlimited
	5.892%		06/01/27		Aa3		60		60,756

West Virginia — 0.1%
Tobacco Settlement West Virginia Asset Backed,
	Revenue Bond
	7.467%	06/01/47	Baa3	280	284,253
TOTAL MUNICIPAL BONDS
	(cost $590,000)				591,998
				Units
WARRANTS *
Clothing & Apparel
	Anvil Holdings, Inc. (Class A Stock) expiring 02/05/12			1,395	1,744
	Anvil Holdings, Inc. (Class B Stock) expiring 02/05/12			1,550	1,085
TOTAL WARRANTS
	(cost $0)				2,829
RIGHTS*
Insurance
	Unipol SpA (cost $0) (Italy)			63,712	—
TOTAL LONG-TERM INVESTMENTS
	(cost $655,024,594)				717,325,909
				Shares

SHORT-TERM INVESTMENT — 14.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund –
Taxable Money Market Series
(cost $105,513,000; includes
$79,491,801 of cash collateral for
securities on loan)(b)(w)
(Note 4)	105,513,000	105,513,000
TOTAL INVESTMENTS, BEFORE SECURITIES
SOLD SHORT — 113.1%
(cost $760,537,594; Note 6)		822,838,909

				Principal
Interest		Maturity		Amount
	Rate	Date		(000)#
SECURITIES SOLD SHORT — (0.4)%
	Federal National Mortgage Assoc.
	5.50%		01/01/34	$	1,550		(1,494,781	)
	Federal National Mortgage Assoc.
	6.50%		01/01/34		1,125		(1,135,547	)
TOTAL SECURITIES SOLD SHORT
	(proceeds $2,626,981)						(2,630,328	)
TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT(o)— 112.7%
	(cost $757,910,613; Note 6)						820,208,581
Liabilities In excess of other assets — (12.7)%							(92,659,952	)
NET ASSETS — 100.0%						$	727,548,629

SEE NOTES TO FINANCIAL STATEMENTS.

A266

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007

The following abbreviations are used in portfolio descriptions:
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 Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
MTN	Medium Term Note
NR	Not rated by Moody’s or Standard& Poor’s
TBA	To Be Announced
TIPS	Treasury Inflation Protected Securities
*	Non-income producing security.
#	Principal amount is shown in U.S. dollars unless otherwise stated.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $77,164,324; cash collateral of $79,491,801 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(i)	Represents issuer in default on interest payments. Non-income producing security.
(o)	As of June 30, 2007, 89 securities representing $40,472,060 and 5.56% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(r)	Less than $1,000 par.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:
Affiliated Money Market Mutual Fund (10.9% represents investments purchased with collateral from securities on loan)	14.5	%
U.S. Government Agency Mortgage-Backed Securities	11.4
U.S. Treasury Obligation	11.2
Oil & Gas	6.8
Financial Services	6.4
Financial – Bank & Trust	5.1
Telecommunications	4.2
Pharmaceuticals	3.5
Insurance	3.3
Computer Services & Software	3.3
Retail & Merchandising	3.3
Collateralized Mortgage Obligations	2.8
Utilities	2.6
Consumer Products & Services	2.5

Medical Supplies & Equipment	1.8
Asset-Backed Securities	1.7
Computer Hardware	1.7
Semiconductors	1.7
Internet Services	1.4
Diversified Operations	1.4
Aerospace	1.3
Metals & Mining	1.3
Conglomerates	1.2
Beverages	1.2
Machinery & Equipment	1.1
U.S. Government Agency Obligations	1.1
Food	1.1
Real Estate Investment Trust	1.1
Healthcare Services	1.1
Chemicals	1.0
Entertainment & Leisure	0.9
Industrial Products	0.7
Automobile Manufacturers	0.7
Cable Television	0.7
Electronic Components & Equipment	0.7
Transportation	0.6
Media	0.6
Business Services	0.5
Construction	0.4
Advertising	0.4
Building Materials	0.4
Railroads	0.3
Hotels & Motels	0.3
Paper & Forest Products	0.3
Diversified Manufacturing	0.3
Real Estate	0.3
Clothing & Apparel	0.2
Financial – Brokerage	0.2
Environmental Services	0.2
Farming & Agriculture	0.2
Airlines	0.2
Office Equipment	0.2
Automotive Parts	0.2
Energy	0.2
Printing & Publishing	0.1
Pipelines	0.1
Electric	0.1
Restaurants	0.1
Building & Construction	0.1
Containers & Packaging	0.1
Municipal Bonds	0.1
Environmental Control	0.1
Lodging	0.1
Commercial Banks	0.1
Software/Services	0.1
Broadcasting	0.1
Foreign Government Bonds	0.1
	113.1
Securities Sold Short	(0.4	)
Liabilities in excess of other assets	(12.7	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A267

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value, including securities on loan of $77,164,324:
Unaffiliated investments (cost $655,024,594)	$	717,325,909
Affiliated investments (cost $105,513,000)		105,513,000
Cash		2,155,670
Foreign currency, at value (cost $2,468)		2,474
Receivable for investments sold		14,457,410
Dividends and interest receivable		3,451,946
Receivable for fund share sold		2,375,568
Prepaid expenses		3,723
Total Assets		845,285,700
LIABILITIES:
Payable to broker for collateral for securities on loan		79,491,801
Payable for investments purchased		35,330,020
Securities sold short, at value (proceeds received $2,626,981)		2,630,328
Advisory fees payable		184,711
Accrued expenses and other liabilities		91,110
Shareholder servicing fees payable		4,633
Payable for fund share repurchased		4,468
Total Liabilities		117,737,071
NET ASSETS
	$	727,548,629
Net assets were comprised of:
Paid-in capital	$	609,476,624
Retained earnings		118,072,005
Net assets, June 30, 2007	$	727,548,629
Net asset value and redemption price per share, $727,548,629/39,132,030 outstanding shares of beneficial interest	$	18.59

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Unaffiliated interest	$	5,340,592
Unaffiliated dividend income (net of $106,089 foreign withholding tax)		3,522,667
Affiliated dividend income		634,226
Affiliated income from securities lending, net		55,821
		9,553,306
EXPENSES
Advisory fees		2,457,756
Shareholder servicing fees and expenses		202,404
Custodian and accounting fees		96,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		7,000
Insurance expenses		6,000
Legal fees and expenses		3,000
Shareholders’ reports		1,000
Miscellaneous		10,500
Total expenses		2,801,660
NET INVESTMENT INCOME		6,751,646
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		14,624,675
Foreign currency transactions		(29,084	)
		14,595,591
Net change in unrealized appreciation (depreciation) on:
Investments		8,792,241
Foreign currencies		(166,319	)
Short sales		(5,410	)
		8,620,512
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		23,216,103
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,967,749

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	6,751,646			$	9,244,008
Net realized gain on investments and foreign currencies			14,595,591				26,850,765
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			8,620,512				14,768,920
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			29,967,749				50,863,693
DISTRIBUTIONS			—				(37,671,171	)
FUND SHARE TRANSACTIONS:
Fund share sold [13,377,757 and 3,912,263 shares, respectively]			243,528,577				66,791,470
Fund share issued in reinvestment of distributions [0 and 2,313,955 shares, respectively]			—				37,671,171
Fund share repurchased [1,058,925 and 4,599,513 shares, respectively]			(19,035,239	)			(75,714,983	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			224,493,338				28,747,658
TOTAL INCREASE IN NET ASSETS			254,461,087				41,940,180
NET ASSETS:
Beginning of period			473,087,542				431,147,362
End of period		$	727,548,629			$	473,087,542

SEE NOTES TO FINANCIAL STATEMENTS.

A268

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
LONG-TERM INVESTMENTS — 90.0%
FOREIGN BONDS — 48.5%
Australia — 0.1%
Australia & New Zealand Banking Group,
	Sub. Notes, MTN
	4.45%(c)		02/05/15	Aa2	EUR		150	$	201,201
Westpac Banking, Notes, MTN
	2.875%		06/25/08	Aa1	EUR		80		106,653
									307,854
Austria — 0.7%
Republic of Austria, Bonds
	6.25%		07/15/27	Aaa	EUR		850		1,368,536
	Notes, 144A(g)
	3.80%		10/20/13	Aaa	EUR		1,800		2,421,065
									3,789,601
Belgium — 1.5%
Belgium Government, Bonds
	5.00%		03/28/35	Aa1	EUR		5,835		8,147,835
Elia System Operator SA NV,
	Sr. Unsub. Notes
	4.75%		05/13/14	A-(d)	EUR		200		266,690
									8,414,525
Brazil — 1.2%
Nota do Tesouro Nacional
	Series B, Notes
	6.00%		05/15/15	Ba2	BRL		4,300		3,634,131
	Series F, Notes
	10.00%		01/01/12	NR	BRL		1,534		774,508
	10.00%		01/01/14	NR	BRL		5,148		2,582,516
									6,991,155
Canada — 1.8%
Canadian Government, Bonds
	5.25%		06/01/12	Aaa	CAD		1,905		1,842,606
	5.25%		06/01/13	Aaa	CAD		900		872,161
	5.75%		06/01/33	Aaa	CAD		2,220		2,485,295
EnCana Holdings Financial Corp.,
	Gtd. Notes
	5.80%		05/01/14	Baa2		$	280		278,652
Ford Credit Canada, Sr. Notes, MTN
	7.25%		12/07/07	B1	GBP		90		180,504
Inter-American Development Bank,
	Bonds
	4.40%		01/26/26	Aaa	CAD		1,625		1,411,980
Petro-Canada, Notes
	5.95%		05/15/35	Baa2			255		234,794
Placer Dome, Inc., Unsub. Notes
	6.45%		10/15/35	Baa1			200		197,592
Province of Ontario Canada, Debs.
	5.00%		03/08/14	Aa1			2,465		2,343,237
Rogers Cable, Inc., Gtd. Notes
	5.50%		03/15/14	Baa3		$	300		290,917
									10,137,738
Cayman Islands — 0.2%
Allstate Life Funding LLC, Sec’d.
	Notes, MTN
	6.375%		01/17/11	Aa2	GBP		250		500,572
Altria Finance Cayman Islands Ltd.,
	Gtd. Notes
	5.625%		06/24/08	Baa1	EUR		250		341,443
BES Finance Ltd., Gtd. Notes, MTN
	6.25%		05/17/11	A1	EUR		140		197,730
									1,039,745
Chile
Celulosa Arauco y Constitucion SA,
	Notes
	5.125%		07/09/13	Baa2			225		214,857
Denmark — 0.2%
Kingdom of Denmark, Bonds
	5.00%		11/15/13	Aaa	DKK		7,590		1,408,703
Finland — 2.9%
Finland Government, Bonds
	5.00%		07/04/07	NR	EUR		12,000		16,241,456
Nordea Bank Finland, Sub. Notes,
	MTN
	5.75%(c)		03/26/14	Aa2	EUR		200		274,976
									16,516,432
France — 7.7%
Aventis SA, Sr. Unsub. Notes, MTN
	4.25%		09/15/10	A1	EUR		200		266,060
BNP Paribas SA, Sub. Notes
	5.625%		08/07/08	Aa2	EUR		150		205,221
	Sub. Notes, MTN
	5.25%		12/17/12	Aa2	EUR		280		385,458
Casino Guichard-Perrachon SA,
	Notes, MTN
	4.875%		04/10/14	BBB-(d)	EUR		250		326,792
Credit Agricole SA,(c)
	Jr. Sub. Notes
	6.637%		05/29/49	Aa3			225		218,715
	Sub. Notes
	5.00%		06/20/49	Aa2	GBP		150		266,128
France Telecom SA, Sr. Unsub.
	Notes, MTN
	7.25%		01/28/13	A3	EUR		165		245,935
France Treasury Notes
	3.75%		01/12/12	Aaa	EUR		17,110		22,402,903

SEE NOTES TO FINANCIAL STATEMENTS.

A269

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
FOREIGN BONDS (Continued)
France (cont’d.)
French Government, Bonds
	5.00%		10/25/16	Aaa	EUR		4,880	$	6,792,965
	5.50%		04/25/29	Aaa	EUR		1,700		2,531,420
	5.75%		10/25/32	Aaa	EUR		3,525		5,462,712
French Government, Bonds
	5.50%		04/25/10	Aaa	EUR		2,589		3,591,767
GIE Suez Alliance, Notes, MTN
	5.125%		06/24/15	A2	EUR		160		219,289
Lafarge SA, Unsec’d. Notes
	6.15%		07/15/11	Baa2		$	110		111,836
Veolia Environment, Sr. Unsub. Notes, MTN
	5.875%		02/01/12	A3	EUR		115		160,974
									43,188,175
Germany — 7.4%
Bundesrepub. Deutschland, Bonds
	3.50%		01/04/16	Aaa	EUR		365		457,672
	3.75%		01/04/17	Aaa	EUR		7,715		9,796,384
	4.00%		01/04/37	Aaa	EUR		2,430		2,924,551
	4.50%		01/04/13	Aaa	EUR		12,620		17,032,943
	4.75%		07/04/28	Aaa	EUR		395		536,378
	5.50%		01/04/31	Aaa	EUR		4,970		7,444,338
Deutsche Bank AG, Sub. Notes
	5.125%		01/31/13	Aa2	EUR		205		279,110
Kreditan Stalt Fuer Wiederaufbau,
	Gtd. Notes
	4.70%		06/02/37	Aaa	CAD		915		816,770
	5.50%		12/07/15	Aaa	GBP		1,300		2,539,824
									41,827,970
Greece — 0.3%
Hellenic Republic Government, Bonds
	6.50%		01/11/14	A(d)	EUR		1,075		1,599,514
Ireland — 0.3%
Bank of Ireland, Sub. Notes, MTN
	6.45%		02/10/10	Aa3	EUR		190		267,058
GE Capital European Funding, Gtd.
	Notes, MTN
	3.50%		02/14/13	Aaa	EUR		400		506,884
GE Capital UK Funding, Gtd.
	Notes, MTN
	5.625%		12/12/14	Aaa	GBP		250		484,213
Irish Life & Permanent PLC, Sub.
	Notes, MTN
	6.25%		02/15/11	A1	EUR		200		281,870
Smurfit Kappa Funding PLC, Sr. Notes
	9.625%		10/01/12	B2			42		43,995
									1,584,020
Italy — 0.9%
Banca Monte dei Paschi di Siena SpA,
	Sub. Notes, MTN
	4.50%(c)		09/24/15	A1	EUR		200		267,033
Edison SpA, Sr. Notes, MTN
	5.125%		12/10/10	Baa2	EUR		120		163,443
Intesa Sanpaolo SpA, Sub. Notes, MTN
	5.85%(c)		05/08/14	Aa3	EUR		200		275,677
Italian Government International Bond,
	Sr. Unsub. Notes
	5.25%		09/20/16	A+(d)		$	500		492,614
Italy Buoni Poliennali del Tesoro, Bonds
	6.00%		05/01/31	Aa2	EUR		1,040		1,599,518
	7.25%		11/01/26	Aa2	EUR		660		1,148,204
Lottomatica SpA, Unsub. Notes
	4.80%		12/22/08	Baa3	EUR		150		202,369
SanPaolo IMI SpA, Sub. Notes, MTN
	3.75%(c)		06/09/15	Aa3	EUR		190		249,762
Telecom Italia SpA, Gtd. Notes, MTN
	5.375%		01/29/19	Baa2	EUR		200		259,203
UniCredito Italiano SpA, Sub. Notes, MTN
	6.10%		02/28/12	Aa3	EUR		150		211,851
									4,869,674
Japan — 10.2%
Japanese Government
	Series 13, Bonds
	2.00%		12/20/33	A2	JPY		377,550		2,821,124
	Series 64, Bonds
	1.50%		06/20/12	NR	JPY		1,199,300		9,750,345
	Series 76, Bonds
	1.90%		03/20/25	A2	JPY		1,096,700		8,524,724
	Series 238, Bonds
	1.40%		03/20/12	A2	JPY		111,250		902,529
	Series 257, Bonds
	1.30%		12/20/13	A2	JPY		835,850		6,659,258
	Series 269, Bonds
	1.30%		03/20/15	A2	JPY		868,050		6,833,043
	Series 282, Bonds
	1.70%		09/20/16	A2	JPY		1,210,000		9,731,761
Japanese Government,
	CPI Linked, Bonds
	1.00%		06/10/16	A2	JPY		799,600		6,349,977
	1.10%		12/10/16	A2	JPY		742,500		5,953,870
Sumitomo Mitsui Banking, Sub. Notes
	4.375%(c)		07/29/49	Aa3	EUR		130		162,601
									57,689,232
Luxembourg — 0.1%
Gaz Capital, Notes
	4.56%		12/09/12	A3	EUR		310		402,117
Malaysia — 1.2%
Malaysian Government, Bonds
	3.718%		06/15/12	A3	MYR		18,338		5,394,660
	3.756%		04/28/11	A3	MYR		3,865		1,136,085
									6,530,745

SEE NOTES TO FINANCIAL STATEMENTS.

A270

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
FOREIGN BONDS (Continued)
Mexico — 1.1%
America Movil SA de CV, Unsec’d. Notes
	6.375%		03/01/35	A3		$	255	$	250,487
Mexican Bonos, Bonds
	8.00%		12/17/15	Baa1	MXN		54,440		5,135,858
	9.00%		12/22/11	Baa1	MXN		9,585		931,307
									6,317,652
Netherlands — 0.9%
Credit Suisse Group Financial Guernsey Ltd.,
	Gtd. Notes
	6.375%		06/07/13	Aa3	EUR		185		267,567
Enbw International Finance BV, Gtd.
	Notes, MTN
	5.875%		02/28/12	A2	EUR		140		196,605
ING Bank NV, Sub. Notes, MTN
	5.50%		01/04/12	Aa2	EUR		140		194,140
Netherlands Government, Bonds
	4.25%		07/15/13	Aaa	EUR		1,800		2,396,362
Rabobank Nederland, Sr. Notes, MTN
	3.125%		07/19/10	Aaa	EUR		200		259,105
RWE Finance BV, Gtd. Notes, MTN
	5.375%		04/18/08	A1	EUR		100		136,199
	6.375%		06/03/13	A1	GBP		250		501,574
Telecom Italia Capital SA, Gtd. Notes
	5.25%		11/15/13	Baa2			525		500,258
Telecom Italia Finance SA,
	Gtd. Notes, MTN
	5.875%		01/24/08	Baa2	EUR		50		68,087
	7.25%		04/20/11	Baa2	EUR		105		152,362
Telefonica Europe BV, Gtd. Notes, MTN
	5.125%		02/14/13	Baa1	EUR		220		297,957
									4,970,216
Poland — 1.6%
Poland Government, Bonds
	5.25%		10/25/17	A2	PLZ		20,490		7,123,614
	6.25%		10/24/15	A2	PLZ		5,545		2,068,812
									9,192,426
Serbia — 0.4%
Republic of Serbia, Unsub. Notes
	(3.75% until 11/01/09)
	6.75%(v)		11/01/24	BB-(d)			2,645		2,496,325
South Africa — 0.3%
European Investment Bank, Sr.
	Unsub. Notes
	8.00%		10/21/13	Aaa	ZAR		12,250		1,609,783
Spain — 1.2%
Altadis Emisiones Financieras SAU,
	Gtd. Notes
	4.00%		12/11/15	Baa2	EUR		125		147,696
Banco Bilbao Vizcaya Argentaria SA,
	Sub. Debs.
	4.375%(c)		10/20/19	Aa2	EUR		100		129,363
Instituto de Credito Oficial, Gtd.
	Notes, MTN
	5.50%		03/08/11	Aaa	AUD		4,095		3,324,966
Spanish Government, Bonds
	5.75%		07/30/32	Aaa	EUR		560		864,561
	6.00%		01/31/29	Aaa	EUR		1,130		1,787,720
Telefonica Emisiones SAU
	Gtd. Notes
	6.221%		07/03/17	Baa1		$	155		154,612
	6.421%		06/20/16	Baa1			290		294,046
	Gtd. Notes, MTN
	4.375%		02/02/16	Baa1	EUR		50		63,267
									6,766,231
Sweden — 1.3%
Svenska Handelsbanken AB, Sub. Notes, MTN
	6.125%(c)		03/29/49	Aa2	GBP		250		499,870
Swedish Export Credit, Bonds
	5.125%		03/01/17	Aa1			400		389,578
Swedish Government, Bonds
	5.00%		01/28/09	Aaa	SEK		31,600		4,674,020
	5.25%		03/15/11	Aaa	SEK		10,860		1,628,555
Vattenfall Treasury AB, Gtd. Notes, MTN
	6.00%		04/03/09	A2	EUR		100		138,245
									7,330,268
Turkey — 1.3%
Turkey Government Bonds
	14.00%		01/19/11	Ba3	TRY		6,660		5,003,246
	16.00%		03/07/12	NR	TRY		2,660		2,097,600
									7,100,846
United Kingdom — 3.7%
Barclays Bank PLC,
	Sub. Notes
	7.40%		12/15/09	Aa2			400		418,692
	Sub. Notes, MTN
	5.75%		03/08/11	Aa2	EUR		145		202,228
Credit Suisse Guernsey Ltd.,
	Jr. Sub. Notes, 144A
	5.86%(c)		12/29/49	Aa3			210		202,327
European Investment Bank,
	Sr. Unsub. Notes
	8.75%		08/25/17	Aaa	GBP		1,000		2,449,938
HBOS PLC,
	Sub. Notes, 144A(g)
	5.92%(c)		09/29/49	A1			200		187,573
	6.00%		11/01/33	Aa3			180		176,874
	Sub. Notes, MTN
	4.375%(c)		10/30/19	Aa3	EUR		210		272,372
HSBC Bank PLC, Sub. Notes, MTN
	4.25%(c)		03/18/16	Aa2	EUR		225		296,878
HSBC Holdings PLC, Sub. Notes
	6.50%		05/02/36	Aa3			150		154,151
	9.875%		04/08/18	Aa3	GBP		200		468,720

SEE NOTES TO FINANCIAL STATEMENTS.

A271

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
FOREIGN BONDS (Continued)
United Kingdom (cont’d)
Imperial Tobacco Finance PLC,
	Sr. Notes, MTN
	6.875%		06/13/12	Baa3	GBP		250	$	509,308
Lloyds TSB Group PLC, Bonds, 144A
	6.267%(c)		11/29/49	Aa3		$	210		199,223
MBNA Europe Funding PLC, Bank Gtd.
	Notes, MTN
	4.50%		01/23/09	Aaa	EUR		130		175,517
National Grid PLC, Sr. Notes, MTN
	5.00%		07/02/18	Baa1	EUR		50		65,632
Nationwide Building Society, Sub. Notes
	3.375%		08/17/15	NR	EUR		215		288,770
Northern Rock PLC, Sub. Notes, MTN
	(5.75% until 02/28/13)
	6.75%(v)		02/28/17	A1	GBP		500		973,946
Rolls-Royce PLC, Unsub. Notes, MTN
	4.50%		03/16/11	A3	EUR		100		133,282
Royal Bank of Scotland PLC (The),
	Jr. Sub. Notes, MTN
	6.00%(c)		06/29/49	Aa1	GBP		250		486,561
	Sub. Notes, MTN
	6.00%(c)		05/10/13	Aa1	EUR		150		214,005
SABMiller PLC, Notes, 144A(g)
	6.20%		07/01/11	Baa1			300		305,069
Scottish Power UK PLC, Bonds
	8.375%		02/20/17	A3	GBP		200		462,792
Standard Chartered Bank,
	Sub. Notes, MTN
	3.625%(c)		02/03/17	A3	EUR		190		242,267
Travellers Insurance Co. Institutional
	Funding Ltd., Sec.’d Notes
	5.75%		12/06/11	Aa2	GBP		250		490,087
UBS AG Jersey Branch, Sub. Notes
	4.50%		09/16/19	NR	EUR		300		427,662
United Kingdom Treasury, Bonds
	4.25%		06/07/32	Aaa	GBP		5,990		10,870,843
Vodafone Group PLC, Unsec’d. Notes
	5.625%		02/27/17	Baa1			195		186,457
Western Power Distribution Holdings Ltd.,
	Unsub. Notes, 144A(g)
	6.875%		12/15/07	Baa3			120		120,448
									20,981,622
TOTAL FOREIGN BONDS
	(cost $268,259,445)								273,277,426
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.8%
Federal Home Loan Mortgage Corp.
	4.457%(c)	09/01/32				$	47	$	47,233
	4.50%	11/01/18-05/01/19					709		675,585
	4.755%(c)	07/01/35					116		115,793
	5.00%	12/01/08-11/01/35					4,542		4,284,277
	5.049%(c)	11/01/35					289		284,200
	5.068%(c)	03/01/36					358		350,160
	5.134%(c)	01/01/36					891		881,031
	5.347%(c)	02/01/37					1,238		1,224,602
	5.388%(c)	01/01/36					135		133,645
	5.406%(c)	02/01/37					375		371,284
	5.465%(c)	02/01/37					1,013		1,005,436
	5.932%(c)	02/01/37					765		769,873
	5.938%(c)	01/01/37					225		226,822
	5.985%(c)	12/01/36					783		783,757
	6.00%	10/01/21-10/01/32					991		993,913
	6.014%(c)	11/01/36					411		412,060
	6.046%(c)	10/01/36					556		554,962
	6.128%(c)	10/01/36					587		586,167
	6.222%(c)	08/01/36					664		668,418
	6.50%	03/01/32-10/01/34					2,014		2,035,213
	7.00%	10/10/30-11/01/30					27		28,030
Federal National Mortgage Assoc.
	4.50%	05/01/18-12/01/20					3,186		3,029,170
	4.50%	TBA					1,100		999,968
	4.783%(c)	11/01/35					346		345,050
	5.00%	03/01/18-10/01/35					5,347		5,079,441
	5.00%	TBA					2,900		2,802,125
	5.321%(c)	12/01/35					246		243,013
	5.349%(c)	12/01/35					303		299,160
	5.50%	01/01/17-04/01/37					20,166		19,588,300
	5.50%	TBA					600		578,625
	5.516%(c)	12/01/35					437		433,185
	5.542%	07/01/36(c)					751		748,263
	5.655%(c)	12/01/35					138		137,506
	5.985%	09/01/36(c)					247		246,856
	5.997%(c)	08/01/36					533		537,230
	6.00%	05/01/33-12/01/36					6,720		6,662,834
	6.00%	TBA					1,450		1,456,344
	6.047%	12/01/36(c)					303		304,540
	6.50%	12/01/10-12/01/36					2,882		2,912,831
	6.50%	TBA					950		958,906
	7.00%	12/01/29-01/01/31					64		65,933
Government National Mortgage Assoc.
	4.50%	12/20/35					403		368,551
	5.00%	07/15/33-02/20/34					1,274		1,200,418
	5.50%	11/15/34-01/15/35					602		584,398
	6.50%	06/15/16-12/20/33					586		597,944
	7.00%	03/15/13-12/15/13					104		106,634
	7.50%	09/15/30-06/15/32					88		91,561
TOTAL U.S. GOVERNMENT AGENCY
	MORTGAGE-BACKED SECURITIES
	(cost $67,965,844)								66,811,247

SEE NOTES TO FINANCIAL STATEMENTS.

A272

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS — 10.7%
Advertising — 0.2%
Lamar Media Corp., Sr. Unsec’d. Notes
	6.625%		08/15/15	Ba3		$	450	$	426,375
R.H. Donnelley Corp., Sr. Notes
	8.875%		01/15/16	B3			525		546,000
									972,375
Aerospace
United Technologies Corp.,
	Sr. Unsub. Notes
	5.40%		05/01/35	A2			135		123,105
Automobile Manufacturers — 0.1%
DaimlerChrysler NA Holding Corp.,
	Unsub. Notes, MTN
	5.805%(c)		08/03/09	Baa1			180		180,938
General Motors Corp., Notes(a)
	7.20%		01/15/11	Caa1			500		480,625
									661,563
Biotechnology
Genentech, Inc., Sr. Notes
	4.75%		07/15/15	A1			230		214,950
Broadcasting
COX Communications, Inc., Notes
	7.125%		10/01/12	Baa3			90		95,083
Building Materials — 0.1%
CRH America, Inc., Gtd. Notes
	6.00%		09/30/16	Baa1			190		187,862
Owens Corning, Inc., Gtd. Notes
	6.50%		12/01/16	Baa3			75		75,046
									262,908
Business Services
Manpower, Inc., Sr. Unsec’d. Notes, MTN
	4.75%		06/14/13	Baa2	EUR		150		196,376
Chemicals — 0.2%
Dow Chemical Corp.,
	Sr. Notes
	6.125%		02/01/11	A3			275		278,825
	Sr. Notes, MTN
	4.375%		06/25/10	A3	EUR		155		206,473
DuPont (E.I.) de Nemours & Co.,
	Sr. Unsec’d. Notes
	5.60%		12/15/36	A2			285		258,419
Huntsman International LLC, Gtd. Notes
	7.875%		11/15/14	B2			450		482,063
									1,225,780
Computer Services & Software — 0.1%
Cisco Systems, Inc., Sr. Unsec’d. Notes
	5.25%		02/22/11	A1			295		293,231
Construction — 0.1%
D.R. Horton, Inc., Sr. Unsub. Notes
	6.50%		04/15/16	Baa3			195		186,569
Pulte Homes, Inc., Gtd. Notes
	5.20%		02/15/15	Baa3			305		274,071
									460,640
Consumer Products & Services — 0.2%
Aramark Corp., Sr. Notes, 144A(g)
	8.856% (c)		02/01/15	B3			400		406,000
Fortune Brands, Inc., Sr. Unsec’d. Notes
	5.125%		01/15/11	Baa2			205		200,041
McCormick & Co., Inc., Sr. Unsec’d. Notes
	5.20%		12/15/15	A2			270		257,814
Procter & Gamble Co., Sr. Unsub. Notes
	4.95%		08/15/14	Aa3			400		385,385
									1,249,240
Containers & Packaging — 0.1%
Sealed Air Corp., Sr. Notes, 144A(g)
	5.375%		04/15/08	Baa3			215		213,828
Stone Container Finance, Gtd. Notes
	7.375%		07/15/14	B3			250		240,000
									453,828
Distribution/Wholesale
3M Co., Notes, MTN(a)
	5.70%		03/15/37	Aa1			220		211,768
Diversified Operations
Cooper US, Inc., Gtd. Notes
	6.10%		07/01/17	A3			210		212,647
Electric – Integrated
Virginia Electric & Power Co., Notes
	4.50%		12/15/10	Baa1			200		193,534
Electronic Components & Equipment
Pacific Gas & Electric Co.,
	Unsec’d. Notes
	4.80%		03/01/14	Baa1			195		184,293
Entertainment & Leisure — 0.1%
CBS Corp., Gtd. Notes
	5.625%		08/15/12	Baa3			105		103,234
Time Warner Entertainment Co. LP,
	Debs.
	7.25%		09/01/08	Baa2			275		280,011
	Sr. Notes(a)
	8.375%		07/15/33	Baa2			370		429,400
									812,645
Environmental Services — 0.1%
Veolia Environment, Sr. Unsub. Notes, MTN
	4.875%		05/28/13	A3	EUR		200		268,009
Farming & Agriculture — 0.1%
Bunge NA Finance LP, Gtd. Notes
	5.90%		04/01/17	Baa2			315		305,208

SEE NOTES TO FINANCIAL STATEMENTS.

A273

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Farming & Agriculture (cont’d.)
Cargill, Inc., Notes, 144A(g)
	3.625%		03/04/09	A2		$	460	$	447,366
									752,574
Financial – Bank & Trust — 1.2%
BAC Capital Trust VI, Bank Gtd. Notes(a)
	5.625%		03/08/35	Aa2			445		401,767
Bank of America Corp.,
	Sr. Notes
	4.875%		09/15/12	Aa1			400		386,539
	Sr. Notes, MTN
	6.125%		12/16/10	Aa1	GBP		215		429,577
	Sub. Notes
	5.75%		08/15/16	Aa2			245		241,735
Bank One Corp., Sub. Notes
	5.25%		01/30/13	Aa3			285		279,067
BB&T Capital Trust II, Bank Gtd. Notes(a)
	6.75%		06/07/36	A1			390		401,941
Capital One Capital IV, Gtd. Notes
	6.745%		02/05/82	Baa1			400		368,041
Fannie Mae, Notes
	4.375%		10/15/15	Aaa			800		748,190
FIA Card Services NA,
	Notes
	4.625%		08/03/09	Aaa			175		172,376
	Sub. Notes
	7.125%		11/15/12	Aa1			80		85,379
Freddie Mac,
	Notes
	6.00%		06/15/11	Aaa			1,125		1,154,886
Hartford Financial Services Group, Inc.,
	Sr. Unsec’d. Notes
	5.375%		03/15/17	A2			240		230,537
Kinder Morgan Finance Co. ULC,
	Gtd. Notes
	5.70%		01/05/16	Ba2			300		276,503
Northern Trust Corp.,
	Sr. Unsec’d. Notes
	5.30%		08/29/11	A1			171		170,287
	Sub. Notes
	4.60%		02/01/13	A1			155		148,324
PNC Funding Corp., Bank Gtd. Notes
	5.625%		02/01/17	A2			195		191,028
Sovereign Capital Trust VI, Gtd. Notes
	7.908%		06/13/36	Baa1			200		213,716
Wachovia Corp., Sr. Notes
	4.375%		08/01/16	Aa3	EUR		150		192,364
Wells Fargo & Co., Sr. Unsec’d.
	4.875%		01/12/11	Aa1			270		265,007
Wells Fargo Bank NA, Sub. Notes
	4.75%		02/09/15	Aa1			300		281,317
									6,638,581
Financial – Brokerage — 0.1%
Jefferies Group, Inc.,
	Debs.
	5.875%		06/08/14	Baa1			126		124,505
	Sr. Unsec’d. Notes
	6.25%		01/15/36	Baa1			250		234,261
Legg Mason, Inc., Sr. Notes
	6.75		07/02/08	A2			125		126,240
									485,006
Financial Services — 2.5%
American Express Co.,
	Sr. Unsec’d.
	5.25%		09/12/11	A1			260		257,222
American Express Credit Corp.,
	Notes, MTN
	3.625%		10/13/09	Aa3	EUR		210		277,182
American General Finance Corp.,
	Gtd. Notes, 144A(g)
	6.00%(c)		01/15/47	A3			120		114,760
	Notes, MTN
	5.40%		12/01/15	A1			355		342,120
Bear Stearns Cos., Inc. (The),
	Sr. Unsec’d. Notes
	5.50%		08/15/11	A1			230		227,778
	Sub. Notes
	5.55%		01/22/17	A2			110		104,058
Boeing Capital Corp. Ltd., Sr. Notes
	6.10%		03/01/11	A2			255		260,538
CIT Group, Inc.,
	Sr. Notes
	6.00%		04/01/36	A2			190		176,929
	Sr. Notes, MTN
	4.25%		09/22/11	A2	EUR		150		195,234
Citigroup, Inc.,
	Sr. Notes
	3.875%		05/21/10	Aa1	EUR		130		171,876
	5.30%		01/07/16	Aa1			300		289,959
	Sub. Notes
	4.75%(c)		02/10/19	Aa2	EUR		310		411,704
	5.00%		09/15/14	Aa2			390		370,992
Countrywide Financial Corp.,
	Sub. Notes
	6.25%		05/15/16	Baa2			119		116,870
Countrywide Home Loan, Inc.,
	Notes
	4.125%		09/15/09	A3			400		387,970
Credit Suisse USA, Inc.,
	Sr. Unsub. Notes
	5.50%		08/16/11	Aa1			205		204,875
Erac USA Finance Co.,
	Bonds, 144A(a)(g)
	5.60%		05/01/15	Baa2			405		388,733
Ford Motor Credit Co. LLC,
	Sr. Notes
	5.80%		01/12/09	B1			385		376,858
Franklin Resources, Inc., Notes
	3.70%		04/15/08	A1			80		78,977
Freddie Mac, Notes
	5.00%		07/15/14	Aaa			600		588,763
GATX Financial Corp., Sr. Notes
	5.50%		02/15/12	Baa1			180		175,295

SEE NOTES TO FINANCIAL STATEMENTS.

A274

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Financial Services (cont’d)
General Electric Capital Corp.,
	Sr. Notes, MTN
	5.375%		10/20/16	Aaa		$	375	$	362,694
	Sub. Notes
	4.625%(c)		09/15/66	Aa1	EUR		250		322,147
GMAC LLC, Unsub. Notes, MTN
	5.75%		09/27/10	Ba1	EUR		130		172,290
Goldman Sachs Group, Inc. (The),
	Gtd. Notes
	6.345%		02/15/34	A1			205		195,512
	Sr. Notes
	4.25%		08/04/10	Aa3	EUR		200		266,478
HSBC Finance Corp., Notes
	5.00%		06/30/15	Aa3			510		477,685
Hutchinson Whampoa Finance Ltd.,
	Gtd. Notes
	5.875%		07/08/13	A3	EUR		132		185,391
International Lease Finance Corp.,
	Notes
	6.375%		03/15/09	A1			115		116,847
	Notes, MTN
	4.125%		10/09/08	A1	EUR		180		242,127
	Unsec’d. Notes
	5.125%		11/01/10	A1			130		128,450
John Deere Capital Corp.,
	Notes, MTN
	5.50%		04/13/17	A2			305		297,212
JPMorgan Chase & Co.,
	Sub. Notes, MTN
	4.375% (c)		11/12/19	Aa3	EUR		400		515,455
JPMorgan Chase Capital XXII,
	Gtd. Notes
	6.45%		01/15/87	Aa3			195		185,331
Lehman Brothers Holdings, Inc.,
	Sub. Notes, MTN
	4.625% (c)		03/14/19	A2	EUR		300		387,757
Mangrove Bay Pass-Through Trust,
	Notes, 144A(g)
	6.102% (c)		07/15/33	Baa2			115		111,246
Mellon Funding Corp., Gtd. Notes
	6.375%		11/08/11	Aa2	GBP		500		1,004,095
Merrill Lynch & Co.,
	Sr. Unsub. Notes, MTN
	4.625%		10/02/13	Aa3	EUR		200		263,505
	Sub. Notes
	6.05%		05/16/16	A1			485		479,727
	6.22%		09/15/26	A1			190		185,118
Mizuho Capital Investment Ltd.,
	Sub. Notes
	5.02%(c)		06/29/49	A2	EUR		100		133,700
	Sub. Notes, 144A(g)
	6.686%(c)		03/29/49	A2			96		94,923
Morgan Stanley,
	Sr. Notes, MTN
	5.125%		11/30/15	Aa3	GBP		150		274,441
	Sr. Unsec’d. Notes, MTN
	6.25%		08/09/26	Aa3		$	95		94,631
MUFG Capital Finance 1 Ltd.,
	Bank Gtd. Notes
	6.346%(c)		07/29/49	A2			120		117,893
New York Life Global Funding,
	Notes
	4.375%		01/19/17	Aaa	EUR		250		320,926
Residential Capital LLC,
	Gtd. Notes
	5.125%		05/17/12	Baa3	EUR		450		577,445
	6.125%		11/21/08	Baa3			410		406,258
	6.50%		06/01/12	Baa3			180		175,643
US Bancorp, Sr. Notes, MTN
	4.50%		07/29/10	Aa2			380		370,126
Xstrata Finance Canada Ltd.,
	Gtd. Notes, 144A(g)
	5.50%		11/16/11	Baa2			95		93,980
									14,077,726
Food
Wrigley, (Wm., Jr.) Co.,
	Sr. Unsec’d. Notes
	4.65%		07/15/15	A1			80		74,257
Healthcare Services — 0.2%
Highmark, Inc., Notes, 144A(g)
	6.80%		08/15/13	Baa2			185		191,633
Triad Hospitals, Inc.,
	Sr. Sub. Notes(a)
	7.00%		11/15/13	B2			450		473,039
UnitedHealth Group, Inc.
	Sr. Unsec’d. Notes
	5.375%		03/15/16	A3			365		351,598
WellPoint, Inc., Sr. Unsub. Notes
	5.00%		01/15/11	Baa1			200		195,555
									1,211,825
Home Builders — 0.2%
Centex Corp., Sr. Unsec’d. Notes
	5.45%		08/15/12	Baa2			280		267,162
Lennar Corp., Gtd. Notes
	5.60%		05/31/15	Baa2			330		309,231
MDC Holdings, Inc., Gtd. Notes
	5.50%		05/15/13	Baa3			350		333,913
NVR, Inc., Sr. Unsec’d. Notes
	5.00%		06/15/10	Baa3			130		126,736
									1,037,042
Hotels & Motels — 0.1%
Harrahs Operating Co., Inc.,
	Gtd. Notes
	5.50%		07/01/10	Baa3			290		280,938

SEE NOTES TO FINANCIAL STATEMENTS.

A275

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Hotels & Motels (cont’d)
Hospitality Properties Trust,
	Sr. Unsec’d. Notes
	5.625%		03/15/17	Baa2		$	150	$	143,141
									424,079
Industrial Products
Enbridge, Inc., Sr. Unsec’d. Notes
	5.60%		04/01/17	Baa1			200		192,362
Insurance — 0.9%
Ace INA Holdings, Inc., Gtd. Notes
	5.70%		02/15/17	A3			235		228,585
	5.875%		06/15/14	A3			155		154,119
AIG SunAmerica, Gtd. Notes
	5.625%		02/01/12	Aa2	GBP		250		487,040
American International Group, Inc.,
	Jr. Sub. Notes
	4.875%(c)		03/15/47	Aa3	EUR		300		384,514
Fund American Cos., Inc., Notes
	5.875%		05/15/13	Baa2			200		196,671
Genworth Financial, Inc.,
	Jr. Sub. Notes
	6.15%(c)		11/15/46	A3			114		108,051
	Unsec’d. Notes
	5.75%		06/15/14	A2			285		283,756
MetLife, Inc.,
	Jr. Sub. Notes
	6.40%		12/15/66	Baa1			200		185,270
	Sr. Unsec’d. Notes
	6.125%		12/01/11	A2			450		459,551
Monumental Global Funding Ltd.,
	Sec’d. Notes, MTN
	5.375%		03/13/09	Aa3	EUR		150		204,871
Nationwide Mutual Insurance Co.,
	Bonds, 144A(g)
	6.60%		04/15/34	A2			115		109,720
NLV Financial Corp., Sr. Notes, 144A(g)
	7.50%		08/15/33	Baa3			145		156,697
Pacific Life Funding LLC,
	Sec’d. Notes, MTN
	5.125%		01/20/15	Aa3	GBP		250		467,629
	Unsub. Notes, MTN
	5.50%		05/14/09	Aa3	EUR		150		205,860
Principal Financial Global Funding LLC,
	Sec’d. Notes, MTN
	4.50%		01/22/09	AA(d)	EUR		150		201,932
Principal Financial Group, Inc.,
	Gtd. Notes
	6.05%		10/15/36	A2			175		169,619
Security Benefit Life Insurance Co.,
	Notes, 144A(g)
	7.45%		10/01/33	Baa2			95		102,092
Sun Life Financial Global Funding LP,
	Notes, 144A(g)
	5.60% (c)		10/06/13	Aa3			285		285,433
Torchmark Corp., Sr. Unsec’d. Notes
	6.375%		06/15/16	Baa1			185		189,611
Travelers Cos., Inc. (The),
	Jr. Sub. Debs.
	6.25%		03/15/37	Baa1			200		192,190
Willis North America, Inc.,
	Gtd. Notes
	6.20%		03/28/17	Baa2			150		146,879
									4,920,090
Media — 0.4%
Comcast Corp., Gtd. Notes
	5.875%		02/15/18	Baa2			260		251,814
Idearc, Inc., Gtd. Notes
	8.00%		11/15/16	B2			425		429,250
News America, Inc.,
	Gtd. Notes
	6.40%		12/15/35	Baa2			300		285,694
	Sr. Notes, 144A(g)
	6.15%		03/01/37	Baa2			275		253,503
Sinclair Broadcasting Group, Inc.,
	Gtd. Notes
	8.00%		03/15/12	B1			198		203,940
Time Warner Cable, Inc.,
	Sr. Unsec’d. Notes, 144A
	5.40%		07/02/12	Baa2			250		245,506
Time Warner, Inc., Gtd. Notes
	5.50%		11/15/11	Baa2			190		187,888
Viacom, Inc., Sr. Notes
	6.25%		04/30/16	Baa3			285		280,709
									2,138,304
Medical Supplies & Equipment — 0.1%
Eli Lilly & Co., Unsub. Notes
	5.55%		03/15/37	Aa3			200		184,280
Medtronic, Inc., Sr. Notes
	4.75%		09/15/15	A1			370		344,457
Wyeth, Notes
	5.95%		04/01/37	A3			195		186,358
									715,095
Metals & Mining — 0.2%
BHP Billiton Finance Ltd., Gtd. Notes
	5.40%		03/29/17	A1			220		211,488
Freeport-McMoRan Copper & Gold, Inc.,
	Sr. Unsec’d. Notes(a)
	8.375%		04/01/17	Ba3			500		533,750
Vale Overseas Ltd., Gtd. Notes
	6.25%		01/23/17	Baa3			290		287,628
									1,032,866
Office Equipment
Xerox Corp., Sr. Unsec’d. Notes
	5.50%		05/15/12	Baa3			85		83,540

SEE NOTES TO FINANCIAL STATEMENTS.

A276

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity		Moody’s	Amount		Value
Rate		Date		Ratings	(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Oil & Gas — 0.9%
Amerada Hess Corp., Unsec’d. Notes
	7.875%		10/01/29	Baa3	$	130	$	146,533
Apache Corp., Sr. Unsec’d. Notes
	6.00%		01/15/37	A3		245		233,623
Atmos Energy Corp.,
	Sr. Unsub. Notes
	4.00%		10/15/09	Baa3		250		241,591
Baker Hughes, Inc., Sr. Notes
	6.875%		01/15/29	A2		300		322,760
Boardwalk Pipeline LLC, Notes
	5.50%		02/01/17	Baa2		60		57,165
Chesapeake Energy Corp.,
	Gtd. Notes(a)
	6.50%		08/15/17	Ba2		450		426,375
ConocoPhillips, Gtd. Notes
	5.90%		10/15/32	A1		255		248,122
Devon Financing Corp. LLC,
	Gtd. Notes
	7.875%		09/30/31	Baa2		130		150,587
Devon Financing Corp. ULC.,
	Gtd. Notes
	6.875%		09/30/11	Baa2		190		198,348
Diamond Offshore Drilling, Inc.,
	Sr. Notes
	4.875%		07/01/15	Baa1		170		157,389
	5.15%		09/01/14	Baa1		115		109,689
El Paso Natural Gas Co.,
	Sr. Unsec’d. Notes, 144A(g)
	5.95%		04/15/17	Baa3		60		58,116
Enterprise Products Operating LP,
	Gtd. Notes
	4.95%		06/01/10	Baa3		215		211,125
Halliburton Co., Sr. Unsec’d. Notes
	5.50%		10/15/10	A2		380		379,631
Panhandle Eastern Pipe Line Co.,
	Sr. Notes
	4.80%		08/15/08	Baa3		90		89,191
Pemex Project Funding Master Trust,
	Gtd. Notes
	5.75%		12/15/15	Baa1		285		279,585
	Gtd. Notes, 144A(c)(g)
	6.66%		06/15/10	Baa1		195		200,070
Praxair, Inc., Bonds
	5.20%		03/15/17	A2		200		192,181
Southern Natural Gas Co.,
	Notes, 144A(g)
	5.90%		04/01/17	Baa3		60		58,033
Sunoco, Inc., Sr. Notes
	5.75%		01/15/17	Baa2		190		183,119
Valero Energy Corp., Sr. Notes
	6.125%		06/15/17	Baa3		315		313,985
Williams Cos., Inc., Sr. Unsec’d. Notes
	8.125%		03/15/12	Ba2		450		477,562
XTO Energy, Inc., Sr. Unsec’d. Notes
	5.65%		04/01/16	Baa2		170		165,083
								4,899,863
Paper & Forest Products — 0.1%
Georgia-Pacific Corp.,
	Gtd. Notes, 144A(a)(g)
	7.125%		01/15/17	Ba1		450		432,000
Pharmaceuticals — 0.1%
Cardinal Health, Inc., Bonds, 144A(g)
	5.63%(c)		10/02/09	Baa2		205		205,123
Teva Pharmaceutical Finance LLC,
	Gtd. Notes
	5.55%		02/01/16	Baa2		140		134,146
								339,269
Railroads — 0.1%
Norfolk Southern Corp., Sr. Notes
	6.00%		04/30/08	Baa1		295		295,930
Real Estate
ERP Operating LP, Notes
	5.25%		09/15/14	Baa1		150		144,513
Regency Centers LP,
	Sr. Unsec’d. Notes
	5.875%		06/15/17	Baa2		85		83,589
								228,102
Real Estate Investment Trust — 0.2%
Archstone-Smith Operating Trust,
	Sr. Unsec’d. Notes
	5.25%		05/01/15	Baa1		255		246,513
AvalonBay Communities, Inc.,
	Sr. Unsec’d. Notes, MTN
	6.125%		11/01/12	Baa1		185		188,895
Reckson Operating Partnership LP,
	Sr. Unsec’d. Notes
	6.00%		03/31/16	Ba2		190		181,174
Simon Property Group LP,
	Unsub. Notes
	5.75%		12/01/15	A3		285		281,995
								898,577
Restaurants
McDonald’s Corp., Bonds(a)
	5.30%		03/15/17	A2		195		186,992
Retail & Merchandising — 0.5%
Costco Wholesale Corp.,
	Sr. Unsec’d. Notes
	5.30%		03/15/12	A2		180		178,653
GSC Holdings Corp., Gtd. Notes
	8.00%		10/01/12	Ba3		225		235,125
Home Depot, Inc., Sr. Unsec’d. Notes
	5.40%		03/01/16	Aa3		210		196,852
JC Penney Corp., Inc., Notes
	9.00%		08/01/12	Baa3		180		203,737
Kroger Co. (The), Gtd. Notes
	8.05%		02/01/10	Baa2		220		231,986
Macy’s Retail Holdings, Inc.,
	Gtd. Notes
	5.35%		03/15/12	Baa2		95		93,332

SEE NOTES TO FINANCIAL STATEMENTS.

A277

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity		Moody’s		Amount		Value
Rate		Date		Ratings		(000)#		(Note 2)
CORPORATE OBLIGATIONS (Continued)
Retail & Merchandising (cont’d.)
Target Corp. Notes
	5.875%		07/15/16	A1		$	405	$	402,614
Wal-Mart Stores, Inc.,
	Bonds
	5.25%		09/01/35	Aa2			300		262,245
	Notes
	4.75%		01/29/13	Aa2	GBP		500		937,744
									2,742,288
Semiconductors
National Semiconductor Corp.,
	Sr. Unsec’d. Notes
	6.15%		06/15/12	Baa1			105		106,198
Software
Dun & Bradstreet Corp.,
	Sr. Unsec’d. Notes
	5.50%		03/15/11	A-(d)			155		154,288
Telecommunications — 0.6%
AT&T Broadband Corp., Gtd. Notes
	8.375%		03/15/13	Baa2			300		334,893
AT&T, Inc., Notes
	5.625%		06/15/16	A2			590		576,625
	6.45%		06/15/34	A2			395		390,356
CenturyTel, Inc., Sr. Unsec’d. Notes
	6.00%		04/01/17	Baa2			120		116,758
Rogers Wireless, Inc., Sec’d. Notes
	6.375%		03/01/14	Baa3			450		454,805
SBC Communications, Notes
	5.30%		11/15/10	A2			600		597,172
Sprint Capital Corp., Gtd. Notes
	6.875%	11/15/28(a)		Baa3			170		161,817
	6.90%		05/01/19	Baa3			305		302,533
Verizon Global Funding Corp.,
	Notes
	7.75%		12/01/30	A3			180		201,629
									3,136,588
Transportation — 0.1%
Burlington North Santa Fe Corp.,
	Unsec’d. Notes
	5.65%		05/01/17	Baa1			196		190,935
	6.15%		05/01/37	Baa1			327		317,815
									508,750
Utilities — 0.8%
Alabama Power Co., Sr. Notes
	5.55%(c)		08/25/09	A2			125		125,385
Appalachian Power Co., Notes
	6.375%		04/01/36	Baa2			170		169,801
Baltimore Gas & Electric Co.,
	Sr. Unsec’d. Notes, 144(g)
	5.90%		10/01/16	Baa2			290		286,219
Black Hills Corp., Sr. Unsub. Notes
	6.50%		05/15/13	Baa3			190		189,375
Centerpoint Energy, Inc., Sr. Notes
	7.25%		09/01/10	Ba1			190		198,415
Duke Energy Carolinas LLC,
	Sr. Unsub. Notes
	6.10%		06/01/37	A3			210		207,622
El Paso Electric Co.,
	Sr. Unsec’d. Notes
	6.00%		05/15/35	Baa2			290		272,019
Exelon Generation Co. LLC, Notes
	5.35%		01/15/14	Baa1			170		162,906
Florida Power & Light Co.,
	First Mortgage
	6.20%		06/01/36	Aa3			115		116,341
Midamerican Energy Holdings Co.,
	Bonds
	6.125%		04/01/36	Baa1			210		202,882
Monongahela Power Co.,
	First Mortgage, 144A(g)
	5.70%		03/15/17	Baa2			245		239,895
National Gas Co. of Trinidad & Tobago Ltd.,
	Notes, 144A(g)
	6.05%		01/15/36	A3			155		147,672
NRG Energy, Inc., Gtd. Notes
	7.25%		02/01/14	B1			175		175,437
	7.375%		02/01/16	B1			365		365,912
Pacific Gas & Electric Co.,
	Sr. Unsub. Notes
	5.80%		03/01/37	Baa1			200		186,554
Progress Energy, Inc.,
	Sr. Unsec’d. Notes
	5.625%		01/15/16	Baa2			190		186,098
Public Service Co. of New Mexico,
	Sr. Notes
	4.40%		09/15/08	Baa2			255		251,004
Public Service Electric & Gas Co.,
	Sec’d. Notes, MTN
	5.70%		12/01/36	A3			285		267,530
Southern Co., Sr. Unsub. Notes
	5.30%		01/15/12	A3			100		98,774
Tampa Electric Co. Sr. Unsec’d. Notes
	6.15%		05/15/37	Baa2			230		222,868
Union Electric Co., Sec. Notes
	5.40%		02/01/16	A3			300		285,838
Westar Energy, Inc., First Mortgage
	5.10%		07/15/20	Baa2			145		130,463
									4,489,010
TOTAL CORPORATE OBLIGATIONS
	(cost $61,431,257)								60,293,177

SEE NOTES TO FINANCIAL STATEMENTS.

A278

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity			Amount		Value
Rate		Date			(000)#		(Note 2)
U.S. TREASURY OBLIGATIONS — 8.7%
U.S. Treasury Bonds
	4.75%		02/15/37		$	1,740	$	1,640,630
	5.50%		08/15/28			2,640		2,738,794
	8.00%		11/15/21			1,380		1,765,645
U.S. Treasury Inflationary Bonds, TIPS
	2.00%		07/15/14			2,690		2,831,372
	2.50%		07/15/16			1,790		1,811,491
	4.25%		01/15/10			3,680		4,692,104
U.S. Treasury Notes
	3.625%		06/30/07			4,795		4,795,000
	4.00%	11/15/12(a)(k)				14,755		14,145,205
	4.25%		11/30/07			4,630		4,617,703
	4.875%	02/15/12(a)				7,125		7,116,094
	5.00%		08/15/11			3,065		3,078,410
TOTAL U.S. TREASURY OBLIGATIONS
	(cost $49,698,178)							49,232,448
				Moody’s
				Ratings
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.4%
American Tower Trust,
	Series 2007-1A, Class D, 144A
	5.957%		04/15/37	Baa2		260		254,730
Banc of America Commercial Mortgage, Inc.,
	Series 2003-1, Class A2
	4.648%		09/11/36	AAA(d)		500		475,851
Banc of America Mortgage Securities, Inc.,
	Series 2004-A, Class 2A2
	4.103%(c)		02/25/34	AAA(d)		198		196,423
	Series 2004-D, Class 2A2
	4.197%(c)		05/25/34	AAA(d)		93		92,688
	Series 2004-H, Class 2A2
	4.745%(c)		09/25/34	Aaa		104		102,581
	Series 2004-I, Class 3A2
	4.882%(c)		10/25/34	Aaa		99		97,320
	Series 2005-J, Class 2A1
	5.089%(c)		11/25/35	Aaa		671		661,958
	Series 2005-J, Class 3A1
	5.261%(c)		11/25/35	Aaa		279		274,886
Bear Stearns Commercial Mortgage Securities,
	Series 2002-TOP8, Class A2
	4.83%		08/15/38	AAA(d)		935		900,533
	Series 2005-PW10, Class A1
	5.085%		12/11/40	AAA(d)		823		816,832
	Series 2005-PWR8, Class A4
	4.674%		06/11/41	Aaa		425		395,349
	Series 2005-PWR9, Class AAB
	4.804%		09/15/42	Aaa		600		575,590
	Series 2005-T18, Class A1
	4.274%(c)		02/13/42	Aaa		486		476,879
	Series 2006-PW12, Class A4
	5.895%(c)		09/11/38	Aaa		750		746,638
	Series 2007-PW15, Class AAB
	5.315%		02/11/44	Aaa		500		485,745
Citigroup/Deutsche Bank Commercial
	Mortgage Trust,
	Series 2005-CD1, Class A4
	5.40%(c)		07/15/44	Aaa		575		556,787
	Series 2007-CD4, Class ASB
	5.278%		12/11/49	Aaa		625		606,648
Credit Suisse Mortgage Capital Certificates,
	Series 2006-C4, Class A3
	5.467%		09/15/39	Aaa		475		461,060
DLJ Commercial Mortgage Corp.,
	Series 1999-CG2, Class A1B
	7.30%		06/10/32	Aaa		440		451,687
GE Capital Commercial Mortgage Corp.,
	Series 2001-1, Class A2
	6.531%		05/15/33	Aaa		550		566,312
	Series 2005-C4, Class A1
	5.082%		11/10/45	Aaa		538		533,827
Greenwich Capital Commercial Funding Corp.,
	Series 2004-GG1, Class A2
	3.835%		10/08/08	Aaa		30		29,548
	Series 2005-GG3, Class A2
	4.305%		08/10/42	Aaa		950		925,470
	Series 2005-GG3, Class AAB
	4.619%		08/10/42	Aaa		325		310,839
JPMorgan Chase Commercial Mortgage
	Securities Corp.,
	Series 2001-CIB2, Class A2
	6.244%		04/15/35	AAA(d)		270		271,736
	Series 2001-CIBC, Class A3
	6.26%		03/15/33	AAA(d)		431		439,482
	Series 2005-LPD4, Class ASB
	4.824%(c)		10/15/42	Aaa		950		910,196
	Series 2006 CB14, Class A4
	5.481%(c)		12/12/44	Aaa		825		804,737
	Series 2006-LDP9, Class A1
	5.17%		05/15/47	Aaa		1,025		1,016,700
LB-UBS Commercial Mortgage Trust,
	Series 2003-C8, Class A1
	3.636%		11/15/27	Aaa		716		703,534
	Series 2005-C1, Class A4
	4.742%		02/15/30	Aaa		750		703,691
	Series 2006-C1, Class A4
	5.156%		02/15/31	AAA(d)		1,050		1,002,974
Wells Fargo Mortgage Backed Securities Trust,
	Series 2003-0, Class 5A1
	4.797%(c)		01/25/34	AAA(d)		416		402,811
	Series 2005-AR2, Class 2A2
	4.545%(c)		03/25/35	Aaa		158		155,547
	Series 2006-AR12, Class 1A1
	6.031%(c)		09/25/36	Aaa		828		830,253
	Series 2006-AR16, Class A1
	5.674%(c)		10/25/36	Aaa		663		659,157
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(cost $19,490,730)							18,896,999

SEE NOTES TO FINANCIAL STATEMENTS.

A279

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

					Principal
Interest		Maturity		Moody’s	Amount		Value
Rate		Date		Ratings	(000)#		(Note 2)
ASSET-BACKED SECURITIES — 3.0%
Bank of America Credit Card Trust,
	Series 2007-C1, Class C1
	5.61%(c)		06/16/14	Baa2	$	1,000	$	1,001,250
BankBoston Home Equity Loan Trust,
	Series 1998-1, Class A6
	6.35%		02/25/13	Aaa		38		38,528
Capital Auto Receivables Asset Trust,
	Series 2006-SN1, Class A4A, 144A(g)
	5.32%		03/20/10	AAA(d)		1,175		1,172,961
	Series 2006-SN1A, Class B, 144A
	5.50%		04/20/10	AA(d)		170		170,661
Capital One Multi-Asset Execution Trust,
	Series 2007-C2, Class C2
	5.62%(c)		11/17/14	Baa2		1,000		1,001,250
	Series 2007-C3, Class C3
	5.62%(c)		04/15/13	Baa2		395		395,000
CenterPoint Energy Transition Bond Co. LLC,
	Series 2001-1, Class A4
	5.63%		09/15/15	Aaa		275		276,222
Chase Funding Mortgage Loan
	Asset-Backed Certificates,
	Series 2002-2, Class 1M1
	5.599%		09/25/31	Aa2		24		23,375
	Series 2003-1, Class 1A6
	4.458%		03/25/14	Aaa		432		412,622
Citibank Credit Card Issuance Trust,
	Series 2007-A5, Class A5
	5.50%		06/22/12	Aaa		1,050		1,050,420
CNH Equipment Trust,
	Series 2007-A, Class B
	5.09%		06/16/14	A3		285		281,021
Commercial Mortgage Pass-Through
	Certificates,
	Series 2005-LP5, Class A1
	4.235%		05/10/43	Aaa		21		20,811
Detroit Edison Securitization Funding LLC,
	Series 2001-1, Class A5
	6.42%		03/01/15	Aaa		425		442,734
Federal Home Loan Mortgage Corp.,
	Series 2614, Class IH, IO(g)
	4.50%		05/15/16	Aaa		293		24,645
	Series 2627, Class IE, IO(g)
	4.50%		04/15/18	Aaa		90		7,943
	Series 2631, Class IG, IO(g)
	4.50%		07/15/11	Aaa		19		71
	Series 2631, Class KI, IO(g)
	4.50%		01/15/15	Aaa		214		8,687
	Series 2631, Class LI, IO(g)
	4.50%		06/15/11	Aaa		18		45
	Series 2686, Class JG
	5.50%		04/15/28	Aaa		925		914,835
	Series 3195, Class PN
	6.50%		08/15/30	Aaa		802		816,044
	Series R003, Class VA
	5.50%		08/15/16	Aaa		661		656,998
Federal National Mortgage Assoc.,
	Series 319, Class 2, IO(g)
	6.50%		02/01/32	Aaa		33		8,746
	Series 2002-74, Class PJ
	5.00%		03/25/15	Aaa		539		536,103
	Series 2003-40, Class NI, IO(g)
	5.50%		04/01/33	Aaa		67		4,403
	Series 2003-92, Class NM
	3.50%		04/25/13	Aaa		164		162,175
	Series 2004-21, Series AC
	4.00%		05/25/16	Aaa		690		672,578
	Series 2005-57, Class PA
	5.50%		05/25/27	Aaa		606		604,342
GE Capital Credit Card Master Note Trust,
	Series 2006-1, Class A
	5.08%		09/17/12	Aaa		295		293,663
	Series 2007-3, Class C
	5.62%(c)		06/15/13	Baa2		525		527,063
GE Equipment Small Ticket LLC,
	Series 2005-1A, Class A4, 144A(g)
	4.51%		12/22/14	Aaa		475		468,395
Hyundai Auto Receivables Trust,
	Series 2006-A, Class A4
	5.26%		11/15/12	Aaa		900		897,347
Marriott Vacation Club Owner Trust,(g)
	Series 2006-1A, Class A, 144A
	5.737%		04/20/28	Aaa		613		612,205
	Series 2006-2A, Class A, 144A
	5.362%		10/20/28	Aaa		192		189,651
MBNA Credit Card Master Note Trust,
	Series 2005-A3, Class A3
	4.10%		10/15/12	Aaa		1,075		1,039,861
	Series 2006-C3, Class C3
	5.61%(c)		10/15/13	Baa2		210		210,072
Peco Energy Transition Trust,
	Series 2001-A, Class A1
	6.52%		12/31/10	Aaa		475		488,915
PSE&G Transition Funding LLC,
	Series 2001-1, Class A6
	6.61%		06/15/15	Aaa		500		523,660
Triad Auto Receivables Owner Trust,
	Series 2006-B, Class A4
	5.52%		11/12/12	Aaa		800		800,889
TOTAL ASSET-BACKED SECURITIES
	(cost $16,850,148)							16,756,191
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.9%
Federal Home Loan Bank
	5.125%		08/14/13			925		913,613
	5.60%		06/28/11			105		106,270
Federal Home Loan Mortgage Corp.
	4.625%		02/21/08			735		731,556
	5.125%		02/27/09			490		489,162
	5.50%	03/01/18-09/01/20				1,825		1,796,635

SEE NOTES TO FINANCIAL STATEMENTS.

A280

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

						Principal
Interest		Maturity				Amount		Value
Rate		Date				(000)#		(Note 2)
U.S. GOVERNMENT AGENCY OBLIGATIONS
(CONTINUED)
Federal National Mortgage Assoc.
	3.25%		08/15/08			$	2,110	$	2,063,956
	4.375%	09/15/12(a)					1,050		1,006,229
	4.50%	02/15/11-09/01/34					3,116		2,992,687
	4.625%		10/15/14				1,500		1,431,588
	4.875%		12/15/16				340		325,359
	5.50%		08/01/19				581		572,509
	6.00%	05/15/11-03/01/33					3,645		3,737,852
Student Loan Marketing Assoc. Corp.
	3.70%(c)		04/01/09				155		145,145
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(cost $16,636,576)								16,312,561
				Moody’s
				Ratings
SOVEREIGN ISSUES — 0.9%
Argentina Bonos, Bonds
	0.82%(c)		09/30/14	B+(d)			7,324		2,652,753
Jamaica Government International Bond,
	Unsec’d. Notes
	10.625%		06/20/17	B1			1,025		1,222,312
Mexico Government International Bond,
	Unsub. Notes, MTN
	6.375%		01/16/13	Baa1			270		279,180
Russian Ministry of Finance, Debs.
	3.00%		05/14/11	Baa2			690		621,407
South Africa Government International
	Bond, Notes
	6.50%		06/02/14	Baa1			500		515,000
TOTAL SOVEREIGN ISSUES
	(cost $5,343,455)								5,290,652
MUNICIPAL BONDS — 0.1%
California
California State Variable Purpose,
	Revenue Bonds
	5.25%		04/01/34	A1			105		112,889
Kansas
Kansas State Development Finance Authority,
	Revenue Bonds
	5.501%		05/01/34	Aaa			125		120,841
New York
New York City Housing Development Corp.,
	Revenue Bonds
	6.42%		11/01/27	Aa2			195		196,790
West Virginia — 0.1%
Tobacco Settlement Finance Authority of
	West Virginia, Revenue Bond
	7.467%		06/01/47	Baa3			265		269,025
TOTAL MUNICIPAL BONDS
	(cost $688,662)								699,545
						Units
WARRANT*
	Republic of Venezuela, expiring
	on 04/15/2020 (Venezuela)(g)
	(cost $0)						1,250		—
TOTAL LONG-TERM INVESTMENTS
	(cost $506,364,295)								507,570,246
						Shares
SHORT-TERM INVESTMENTS — 11.1%
AFFILIATED MONEY MARKET MUTUAL FUND — 9.7%
	Dryden Core Investment Fund –
	Taxable Money Market Series
	(cost $54,532,908; includes
	$26,764,732 of cash collateral
	for securities on loan)(b)(w)
	(Note 4)						54,532,908		54,532,908
						Principal
Interest		Maturity				Amount
Rate		Date				(000)#
FOREIGN TREASURY BILLS — 1.4%
Egypt Treasury Bill (Egypt)(n)
	6.96%		08/14/07		EGP		24,000		4,184,242
	8.64%		04/15/08		EGP		22,800		3,788,385
TOTAL FOREIGN TREASURY BILLS
	(cost $7,932,691)								7,972,627
TOTAL SHORT-TERM INVESTMENTS
	(cost $62,465,599)								62,505,535
TOTAL INVESTMENTS, BEFORE SECURITIES
	SOLD SHORT — 101.1%
	(cost $568,829,894; Note 6)								570,075,781
SECURITIES SOLD SHORT — (0.3)%
Federal National Mortgage Assoc.
	5.50%		TBA			$	600		(578,625	)
	6.50%		TBA				950		(958,906	)
TOTAL SECURITIES SOLD SHORT
	(proceeds received $1,536,477)								(1,537,531	)
TOTAL INVESTMENTS, NET OF SECURITIES
	SOLD SHORT(o) — 100.8%
	(cost $567,293,417; Note 6)								568,538,250
Liabilities in excess of other assets(x) — (0.8)%									(4,726,727	)
NET ASSETS — 100.0%								$	563,811,523

The following abbreviations are used in portfolio descriptions:
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

SEE NOTES TO FINANCIAL STATEMENTS.

A281

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

MTN	Medium Term Note
NR	Not Rated by Moody’s or Standard & Poor’s
TBA	To Be Announced
TIPS	Treasury Inflation Protected Securities
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
DKK	Denmark Krone
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
IDR	Indonesia Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PLZ	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
ZAR	South African Rand
*	Non-income producing.
#	Principal amount is shown in U.S. dollars unless otherwise stated.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $26,227,474; cash collateral of $26,764,732 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(k)	Securities segregated as collateral for futures contracts.
(n)	Rates shown are the effective yields at purchase date.
(o)	As of June 30, 2007, 1 security representing $0 and 0.00% of the total net assets was fair valued in accordance with the policies adopted by the Board of Trustees.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.
(x)	Liabilities in excess of other assets includes net unrealized appreciation (depreciation) on futures contracts and forward foreign currency contracts as follows:

Futures contracts open at June 30, 2007:

Number			Value at		Value at		Unrealized
of		Expiration	Trade		June 30,		Appreciation
Contracts	Type	Date	Date		2007		(Depreciation)
Long Positions:
36	10 Year U.S. Treasury Notes	Sep 07	$	3,839,332	$	3,805,312		$	(34,020	)
16	20 Year U.S. Treasury Bond	Sep 07		1,746,757		1,724,000			(22,757	)
									(56,777	)
Short Positions:
14	2 Year U.S. Treasury Notes	Sep 07		2,855,563		2,852,938			2,625
28	10 Year U.K. Gilt	Sep 07		5,934,593		5,827,294			107,299
128	10 Year U.S. Treasury Notes	Sep 07		13,482,047		13,530,000			(47,953	)
									61,971
								$	5,194

Forward foreign currency exchange contracts outstanding at June 30, 2007:

		Notional						Unrealized
		Amount		Value at Settlement		Current		Appreciation
Purchase Contracts		(000)		Date Payable		Value		(Depreciation)
Australian Dollar,
Expiring 08/23/07	AUD		185	$	156,305	$	157,022	$	717
Brazilian Real,
Expiring 08/17/07	BRL		9,246		4,482,000		4,762,381		280,381
Canadian Dollar,
Expiring 08/23/07	CAD		4,879		4,436,948		4,586,364		149,416
Chinese Yuan,
Expiring 08/14/07	CNY		79,370		10,309,000		10,428,252		119,252
Expiring 02/14/08	CNY		16,154		2,194,000		2,186,150		(7,850	)
Expiring 06/16/07	CNY		39,390		5,406,000		5,416,009		10,009
Denmark Krone,
Expiring 08/23/07	DKK		6,025		1,097,404		1,097,575		171
Euro,
Expiring 08/23/07	EUR		22,966		31,173,842		31,143,949		(29,893	)

SEE NOTES TO FINANCIAL STATEMENTS.

A282

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Notional								Unrealized
		Amount		Value at Settlement			Current			Appreciation
Purchase Contracts		(000)		Date Payable			Value			(Depreciation)
Indian Rupee,
Expiring 08/23/07	INR		448,780		$	10,898,000		$	11,025,172		$	127,172
Indonesia Rupiah,
Expiring 08/23/07	IDR		2,632,380			292,000			290,357			(1,643	)
Expiring 10/23/07	IDR		48,474,800			5,269,000			5,329,960			60,960
Expiring 11/23/07	IDR		24,214,380			2,733,000			2,658,170			(74,830	)
Japanese Yen,
Expiring 08/23/07	JPY		6,859,183			57,625,659			56,124,279			(1,501,380	)
South Korean Won,
Expiring 08/23/07	KRW		7,225,088			7,831,360			7,835,046			3,686
Malaysian Ringgit,
Expiring 08/21/07	MYR		24,062			11,375,000			11,433,242			58,242
Mexican Peso,
Expiring 08/23/07	MXN		165,940			15,256,914			15,310,954			54,040
Norwegian Krone,
Expiring 08/23/07	NOK		4,156			691,767			705,494			13,727
Polish Zloty,
Expiring 08/23/07	PLZ		31,932			11,344,523			11,473,556			129,033
Pound Sterling,
Expiring 08/23/07	GBP		3,674			7,296,035			7,372,531			76,496
Russian Ruble,
Expiring 07/17/07	RUB		141,878			5,504,000			5,521,012			17,012
Expiring 08/23/07	RUB		440,153			17,107,288			17,155,776			48,488
Singapore Dollar,
Expiring 08/23/07	SGD		30,532			20,673,070			20,409,461			(263,609	)
South African Rand,
Expiring 08/23/07	ZAR		20,701			2,930,000			2,908,052			(21,948	)
Swedish Krona,
Expiring 08/23/07	SEK		47,554			7,023,936			6,972,570			(51,366	)
Taiwan Dollar,
Expiring 08/23/07	TWD		76,793			2,320,030			2,346,216			26,186
Turkish Lira,
Expiring 08/23/07	TRY		3,473			2,526,435			2,591,477			65,042
					$	247,953,516		$	247,241,027		$	(712,489	)

		Notional						Unrealized
		Amount		Value at Settlement		Current		Appreciation
Sale Contracts		(000)		Date Receivable		Value		(Depreciation)
Brazilian Real,
Expiring 07/09/07	BRL		17,601	$	8,507,004	$	9,111,263	$	(604,259	)
Canadian Dollar,
Expiring 08/23/07	CAD		915		844,555		859,783		(15,228	)
Chinese Yuan,
Expiring 08/14/07	CNY		79,370		10,512,906		10,487,300		25,606
Expiring 02/14/08	CNY		16,154		2,211,420		2,186,150		25,270
Euro,
Expiring 08/23/07	EUR		29,049		39,182,980		39,392,863		(209,883	)
Japanese Yen,
Expiring 08/23/07	JPY		2,483,899		20,295,299		20,324,147		(28,848	)
Malaysian Ringgit,
Expiring 08/21/07	MYR		20,006		5,806,000		5,810,149		(4,149	)
Mexican Peso,
Expiring 08/23/07	MXN		98,304		9,007,556		9,070,343		(62,787	)
Polish Zloty,
Expiring 08/23/07	PLZ		17,465		6,317,897		6,275,243		42,654
Pound Sterling,
Expiring 08/23/07	GBP		923		1,826,306		1,851,610		(25,304	)

SEE NOTES TO FINANCIAL STATEMENTS.

A283

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

		Notional								Unrealized
		Amount		Value at Settlement			Current			Appreciation
Sale Contracts		(000)		Date Receivable			Value			(Depreciation)
Russian Ruble,
Expiring 07/17/07	RUB		15,237		$	586,000		$	592,915		$	(6,915	)
Singapore Dollar,
Expiring 08/23/07	SGD		396			258,000			260,180			(2,180	)
South African Rand,
Expiring 08/23/07	ZAR		2,897			414,512			406,915			7,597
Swedish Krona,
Expiring 08/23/07	SEK		9,710			1,432,655			1,423,667			8,988
Turkish Lira,
Expiring 08/23/07	TRY		12,963			9,348,958			9,674,225			(325,267	)
					$	116,552,048		$	117,726,753		$	(1,174,705	)

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Foreign Bonds	48.5	%
U.S. Government Agency Mortgage-Backed Securities	11.8
Affiliated Money Market Mutual Fund (4.7% represents investments purchased with collateral from securities on loan)	9.7
U.S. Treasury Obligations	6.2
Collateralized Mortgage Obligations	3.4
Asset-Backed Securities	3.0
U.S. Government Agency Obligations	2.9
U.S. Treasury Notes	2.5
Financial Services	2.5
Foreign Treasury Bills	1.4
Financial – Bank & Trust	1.2
Sovereign Issues	0.9
Insurance	0.9
Oil & Gas	0.9
Utilities	0.8
Telecommunications	0.6
Retail & Merchandising	0.5
Media	0.4
Consumer Products & Services	0.2
Chemicals	0.2
Healthcare Services	0.2
Home Builders	0.2
Metals & Mining	0.2
Advertising	0.2
Real Estate Investment Trust	0.2
Entertainment & Leisure	0.1
Farming & Agriculture	0.1
Medical Supplies & Equipment	0.1
Municipal Bonds	0.1
Automobile Manufacturers	0.1
Transportation	0.1
Financial – Brokerage	0.1
Construction	0.1
Containers & Packaging	0.1
Paper & Forest Products	0.1
Hotels & Motels	0.1
Pharmaceuticals	0.1
Railroads	0.1
Computer Services & Software	0.1
Environmental Services	0.1
Building Materials	0.1
	101.1
Securities Sold Short	(0.3	)
Liabilities in excess of other assets	(0.8	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A284

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $26,227,474:
Unaffiliated investments (cost $514,296,986)	$	515,542,873
Affiliated investments (cost $54,532,908)		54,532,908
Cash		1,519,035
Foreign currency, at value (cost $21,933,220)		22,143,959
Receivable for fund share sold		11,015,900
Dividends and interest receivable		9,650,510
Unrealized appreciation on foreign currency forward contracts		1,350,145
Receivable for investments sold		1,017,888
Prepaid expenses		3,717
Total Assets		616,776,935
LIABILITIES:
Payable to broker for collateral for securities on loan		26,764,732
Payable for investments purchased		21,094,499
Unrealized depreciation on foreign currency forward contracts		3,237,339
Securities sold short, at value (proceeds received $1,536,477)		1,537,531
Advisory fees payable		194,282
Accrued expenses and other liabilities		100,814
Due to broker-variation margin		35,749
Shareholder servicing fees payable		427
Payable for fund share repurchased		39
Total Liabilities		52,965,412
NET ASSETS	$	563,811,523
Net assets were comprised of:
Paid-in capital	$	538,016,514
Retained earnings		25,795,009
Net assets, June 30, 2007	$	563,811,523
Net asset value and redemption price per share, $563,811,523/48,209,076 outstanding shares of beneficial interest	$	11.70

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated interest	$	12,382,047
Affiliated dividend income		825,525
Affiliated income from securities lending, net		15,807
		13,223,379
EXPENSES
Advisory fees		2,076,406
Shareholder servicing fees and expenses		181,686
Custodian and accounting fees		110,000
Audit fee		19,000
Transfer agent’s fees and expenses		9,000
Trustees’ fees		8,000
Insurance expenses		7,000
Shareholders’ reports		4,000
Legal fees and expenses		3,000
Miscellaneous		4,412
Total expenses		2,422,504
NET INVESTMENT INCOME		10,800,875
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		(1,102,357	)
Futures transactions		734,101
Options written		(329,052	)
Short sales		4,872
Foreign currency transactions		4,419,838
		3,727,402
Net change in unrealized appreciation (depreciation) on:
Investments		(8,113,927	)
Futures		(349,538	)
Foreign currencies		(879,761	)
Short sales		(4,815	)
		(9,348,041	)
NET LOSS ON INVESTMENTS		(5,620,639	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,180,236

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income		$	10,800,875			$	18,156,435
Net realized gain on investments and foreign currencies			3,727,402				2,740,747
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(9,348,041	)			9,277,653
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			5,180,236				30,174,835
DISTRIBUTIONS			—				(12,949,371	)
FUND SHARE TRANSACTIONS:
Fund share sold [10,447,693 and 11,463,785 shares, respectively]			122,187,915				128,604,504
Fund share issued in reinvestment of distributions [0 and 1,175,078 shares, respectively]			—				12,949,371
Fund share repurchased [6,121,622 and 17,013,344 shares, respectively]			(71,275,157	)			(190,627,929	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			50,912,758				(49,074,054	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			56,092,994				(31,848,590	)
NET ASSETS:
Beginning of period			507,718,529				539,567,119
End of period		$	563,811,523			$	507,718,529

SEE NOTES TO FINANCIAL STATEMENTS.

A285

AST T. ROWE PRICE LARGE-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 98.4%		Value
COMMON STOCKS	Shares	(Note 2)
Advertising — 1.7%
Lamar Advertising Co.
(Class A Stock)(a)	453,618	$	28,469,066
Airlines — 1.6%
Southwest Airlines Co.(a)	1,844,300		27,498,513
Broadcasting — 0.4%
XM Satellite Radio Holdings, Inc.
(Class A Stock)*	548,700		6,458,199
Building & Construction — 0.6%
Foster Wheeler Ltd.*	85,200		9,115,548
Business Services — 2.0%
Accenture Ltd. (Class A Stock) (Bermuda)(a)	785,200		33,677,228
Clothing & Apparel — 1.0%
Coach, Inc.*	370,100		17,539,039
Computer Services & Software — 8.7%
Autodesk, Inc.*	518,100		24,392,148
Automatic Data Processing, Inc.	493,200		23,905,404
Electronic Arts, Inc.*(a)	364,600		17,252,872
Microsoft Corp.	2,158,700		63,616,889
NAVTEQ Corp.*(a)	112,300		4,754,782
Red Hat, Inc.*(a)	567,000		12,632,760
			146,554,855
Computers — 1.5%
Apple, Inc.*	205,800		25,115,832
Construction — 0.5%
McDermott International, Inc.*(a)	108,400		9,010,208
Consumer Staples – Home Products — 1.6%
Harman International Industries, Inc.	230,700		26,945,760
Electronic Components & Equipment — 4.2%
General Electric Co.	1,839,000		70,396,920
Entertainment & Leisure — 1.5%
International Game Technology	639,500		25,388,150
Farming & Agriculture — 1.0%
Monsanto Co.	236,800		15,993,472
Financial Services — 8.0%
E*TRADE Financial Corp.*	772,000		17,053,480
Franklin Resources, Inc.	216,500		28,679,755
Interactive Brokers Group, Inc.*	318,200		8,632,766
Morgan Stanley	376,100		31,547,268
State Street Corp.	723,300		49,473,720
			135,386,989
Hotels & Motels — 2.1%
Marriott International, Inc.
(Class A Stock)	434,645		18,794,050
MGM Mirage*	207,300		17,098,104
			35,892,154
Insurance — 2.1%
WellPoint, Inc.*	451,200		36,019,296
Internet Services — 9.1%
eBay, Inc.*(a)	733,400		23,600,812
Google, Inc. (Class A Stock)*	98,100		51,343,578
Juniper Networks, Inc.*(a)	1,964,700		49,451,499
Monster Worldwide, Inc.*(a)	330,100		13,567,110
Yahoo!, Inc.*(a)	574,800		15,594,324
			153,557,323
Manufacturing — 2.6%
Danaher Corp.	584,300		44,114,650
Medical Supplies & Equipment — 2.7%
Medtronic, Inc.	611,800		31,727,948
St. Jude Medical, Inc.*	330,100		13,695,849
			45,423,797
Oil & Gas — 1.8%
Schlumberger Ltd. (Netherlands)	361,700		30,722,798
Pharmaceuticals — 8.6%
Celgene Corp.*(a)	369,300		21,171,969
Cephalon, Inc.*(a)	138,500		11,134,015
Genentech, Inc.*	373,400		28,251,444
Gilead Sciences, Inc.*	1,124,000		43,577,480
Schering-Plough Corp.	639,400		19,463,336
Wyeth	376,900		21,611,446
			145,209,690
Retail & Merchandising — 12.4%
Amazon.com, Inc.*(a)	683,400		46,751,394
Bed Bath & Beyond, Inc.*	493,800		17,771,862
CVS Corp.	971,883		35,425,135
Kohl’s Corp.*	481,000		34,165,430
Lowe’s Cos., Inc.	509,900		15,648,831
Target Corp.	588,300		37,415,880
Walgreen Co.(a)	520,900		22,679,986
			209,858,518
Semiconductors — 11.4%
Analog Devices, Inc.	822,000		30,940,080
Applied Materials, Inc.(a)	1,203,720		23,917,916
ASML Holding NV (Netherlands)*	658,400		18,073,080
Broadcom Corp. (Class A Stock)*	797,200		23,318,100
Intel Corp.	1,030,800		24,491,808
Marvell Technology Group Ltd. (Bermuda)*(a)	2,051,900		37,365,099
Xilinx, Inc.(a)	1,289,900		34,530,623
			192,636,706
Software — 1.3%
Adobe Systems, Inc.*	524,700		21,066,705
Telecommunications — 8.8%
American Tower Corp.
(Class A Stock)*	1,761,600		73,987,200
Cisco Systems, Inc.*	701,900		19,547,915
Crown Castle International Corp.*(a)	528,700		19,175,949
MetroPCS Communications, Inc.*	491,500		16,239,160
QUALCOMM, Inc.	461,900		20,041,841
			148,992,065

SEE NOTES TO FINANCIAL STATEMENTS.

A286

AST T. ROWE PRICE LARGE-CAP GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Transportation — 1.2%
Expeditors International Washington, Inc.(a)	495,000	$	20,443,500
TOTAL LONG-TERM INVESTMENTS
(cost $1,499,246,365)			1,661,486,981
SHORT-TERM INVESTMENT — 19.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $332,107,525; includes $304,869,085 of cash collateral for securities on loan)(b)(w) (Note 4)	332,107,525		332,107,525
TOTAL INVESTMENTS — 118.1%
(cost $1,831,353,890; Note 6)			1,993,594,506
Liabilities in excess of other assets — (18.1)%			(305,990,753	)
NET ASSETS — 100.0%
		$	1,687,603,753

The following abbreviation is used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $294,081,261; cash collateral of $304,869,085 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (18.1% represents investments purchased with collateral from securities on loan)	19.7	%
Retail & Merchandising	12.4
Semiconductors	11.4
Internet Services	9.1
Telecommunications	8.8
Computer Services & Software	8.7
Pharmaceuticals	8.6
Financial Services	8.0
Electronic Components & Equipment	4.2
Medical Supplies & Equipment	2.7
Manufacturing	2.6
Insurance	2.1
Hotels & Motels	2.1
Business Services	2.0
Oil & Gas	1.8
Advertising	1.7
Airlines	1.6
Consumer Staples – Home Products	1.6
Entertainment & Leisure	1.5
Computers	1.5
Software	1.3
Transportation	1.2
Clothing & Apparel	1.0
Farming & Agriculture	1.0
Building & Construction	0.6
Construction	0.5
Broadcasting	0.4
	118.1
Liabilities in excess of other assets	(18.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A287

AST T. ROWE PRICE LARGE-CAP GROWTH PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES

(Unaudited)

June 30, 2007

ASSETS:
Investments at value, including securities on loan of $294,081,261:
Unaffiliated investments (cost $1,499,246,365)	$	1,661,486,981
Affiliated investments (cost $332,107,525)		332,107,525
Receivable for investments sold		5,557,350
Receivable for fund share sold		1,960,645
Dividends and interest receivable		1,089,527
Prepaid expenses		2,079
Total Assets		2,002,204,107
LIABILITIES:
Payable to broker for collateral for securities on loan		304,869,085
Payable for investments purchased		4,837,251
Payable to custodian		4,130,265
Advisory fees payable		563,864
Accrued expenses and other liabilities		190,159
Shareholder servicing fees payable		9,712
Payable for fund share repurchased		18
Total Liabilities		314,600,354
NET ASSETS	$	1,687,603,753
Net assets were comprised of:
Paid-in capital	$	1,710,948,691
Retained earnings		(23,344,938	)
Net assets, June 30, 2007	$	1,687,603,753
Net asset value and redemption price per share, $1,687,603,753/144,604,091 outstanding shares of beneficial interest	$	11.67

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income	$	8,260,453
Affiliated dividend income		766,467
Affiliated income from securities lending, net		184,590
		9,211,510
EXPENSES
Advisory fees		6,949,260
Shareholder servicing fees and expenses		551,873
Custodian and accounting fees		97,000
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		6,000
Shareholders’ reports		5,000
Legal fees and expenses		4,000
Insurance expenses		4,000
Miscellaneous		7,001
Total expenses		7,641,134
NET INVESTMENT INCOME		1,570,376
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on Investment transactions		31,130,827
Net change in unrealized appreciation (depreciation) on Investments		70,067,377
NET GAIN ON INVESTMENTS		101,198,204
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	102,768,580

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended			Year Ended
	June 30, 2007			December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,570,376		$	2,565,109
Net realized gain (loss) on investments		31,130,827			(11,254,266	)
Net change in unrealized appreciation (depreciation) on investments		70,067,377			85,598,021
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		102,768,580			76,908,864
FUND SHARE TRANSACTIONS:
Fund share sold [38,569,337 and 120,005,167 shares, respectively]		433,006,671			1,233,690,204
Fund share repurchased [32,514,951 and 14,294,197 shares, respectively]		(352,800,213	)		(143,464,507	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS		80,206,458			1,090,225,697
TOTAL INCREASE IN NET ASSETS		182,975,038			1,167,134,561
NET ASSETS:
Beginning of period		1,504,628,715			337,494,154
End of period	$	1,687,603,753		$	1,504,628,715

SEE NOTES TO FINANCIAL STATEMENTS.

A288

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 96.1%		Value
COMMON STOCKS	Shares	(Note 2)
Building & Construction — 1.2%
Foster Wheeler Ltd.*	86,580	$	9,263,194
Building & Real Estate — 0.2%
Saint Joe Co. (The)(a)	39,700		1,839,698
Business Services — 0.4%
China Shenhua Energy Co. Ltd.
(Class H Stock) (China)	870,500		3,039,269
Chemicals — 3.2%
Dow Chemical Co.	72,000		3,183,840
DuPont (E.I.) de Nemours & Co.	89,700		4,560,348
L’Air Liquide (France)	24,848		3,260,616
Potash Corp. of Saskatchewan, Inc. (Canada)(a)	150,100		11,703,297
Praxair, Inc.	20,300		1,461,397
			24,169,498
Construction — 2.1%
McDermott International, Inc.*	76,900		6,391,928
Technip SA (France)	115,490		9,545,540
			15,937,468
Containers & Packaging — 0.8%
Smurfit-Stone Container Corp.*	470,462		6,261,849
Diversified Metals — 1.8%
Companhia Vale do Rio Doce, ADR (Brazil)(a)	243,400		10,843,470
Nucor Corp.	45,000		2,639,250
			13,482,720
Electronic Components & Equipment — 0.2%
Duke Energy Corp.	93,800		1,716,540
Energy Services — 3.5%
Edison International	41,800		2,345,816
NRG Energy, Inc.*(a)	204,400		8,496,908
Peabody Energy Corp.(a)	173,400		8,389,092
W-H Energy Services, Inc.*(a)	116,700		7,224,897
			26,456,713
Exploration & Production — 7.3%
Devon Energy Corp.(a)	146,114		11,439,265
Encore Acquisition Co.*(a)	156,600		4,353,480
Murphy Oil Corp.	262,200		15,585,168
Nexen, Inc. (Canada)	72,200		2,234,590
Royal Dutch Shell PLC, ADR (United Kingdom)	267,500		21,721,000
			55,333,503
Forest Products — 0.6%
Domtar Corp. (Canada)*	433,340		4,836,074
Gas Transmission & Distribution — 0.4%
Spectra Energy Corp.	132,600		3,442,296
Industrial Products — 0.1%
Tmk OAO, GDR (Russia)	32,100		1,171,329
Integrated Petroleum — 11.9%
Baker Hughes, Inc.	206,900	17,406,497
BP PLC, ADR (United Kingdom)	194,300		14,016,802
ChevronTexaco Corp.	67,156		5,657,222
Eni SpA, ADR (Italy)	120,700		8,732,645
Exxon Mobil Corp.	272,700		22,874,076
LUKOIL, ADR (Russia)	67,300		5,161,910
Total Fina SA, ADR (France)	208,400		16,876,232
			90,725,384
Machinery & Equipment — 6.3%
ALSTOM (France)	8,900		1,484,099
Bucyrus International, Inc. (Class A Stock)(a)	41,700		2,951,526
Caterpillar, Inc.	98,400		7,704,720
Deere & Co.	65,600		7,920,544
Finning International, Inc. (Canada)	115,800		3,291,644
Grant Prideco, Inc.*	190,400		10,249,232
Joy Global, Inc.	114,500		6,678,785
Terex Corp.*(a)	94,600		7,690,980
			47,971,530
Metals & Mining — 9.7%
Agnico Eagle Mines Ltd. (China)	53,400		1,949,100
Alcan, Inc. (Canada)	38,300		3,113,790
Arch Coal, Inc.(a)	205,300		7,144,440
Barrick Gold Corp. (Canada)	128,600		3,738,402
BHP Billiton Ltd. (Australia)	351,313		10,433,477
CONSOL Energy, Inc.	260,400		12,007,044
Freeport-McMoRan Copper & Gold, Inc.	52,203		4,323,452
Mechel OAO, ADR (Russia)(a)	102,700		3,751,631
Newmont Mining Corp.(a)	118,226		4,617,908
Rio Tinto PLC (United Kingdom)	178,062		13,622,423
Teck Cominco Ltd. (Class B Stock) (Canada)	162,400		6,902,000
Yamana Gold, Inc. (Canada)	209,900		2,334,088
			73,937,755
Oil & Gas — 18.0%
Bill Barrett Corp.*(a)	67,500		2,486,025
Compton Petroleum Corp. (Canada)*	377,900		3,760,105
Diamond Offshore Drilling, Inc.(a)	190,600		19,357,336
Electromagnetic GeoService (Norway)*	220,600		4,451,691
Gazprom OAO (Russia)	36,100		1,512,951
Halliburton Co.	59,600		2,056,200
Hess Corp.	37,600		2,216,896
Integra Group Holdings (Russia)*	79,200		1,437,480
Key Energy Services, Inc.*	38,800		718,964
Mol Magyar Olaj-Es Gazipari Rt. GDR (Hungary)	26,500		4,081,000
Nabors Industries Ltd.*(a)	129,400		4,319,372
Petroleo Brasileiro SA, ADR (Brazil)	47,400		5,056,632
Saipem SpA (Italy)	43,900		1,506,807
Schlumberger Ltd.	329,400		27,979,236
Statoil ASA (Norway)	460,750		14,295,133
Sunoco, Inc.	98,800		7,872,384

SEE NOTES TO FINANCIAL STATEMENTS.

A289

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS			Value
(Continued)	Shares		(Note 2)
Oil & Gas (cont’d.)
TETRA Technologies, Inc.*(a)	95,500	$	2,693,100
Transocean, Inc. (Cayman Islands)*	153,700		16,289,126
Valero Energy Corp.	73,734		5,445,993
Williams Cos., Inc.	290,400		9,182,448
			136,718,879
Oil Field Equipment & Services — 3.1%
Cameron International Corp.*	331,200		23,670,864
Paper & Forest Products — 3.4%
International Paper Co.(a)	244,000		9,528,200
Kimberly-Clark Corp.	68,400		4,575,276
Louisiana-Pacific Corp.(a)	39,500		747,340
Potlatch Corp.	93,000		4,003,650
Temple-Inland, Inc.	32,400		1,993,572
Weyerhaeuser Co.	61,071		4,820,334
			25,668,372
Petroleum Exploration & Production — 14.5%
Anadarko Petroleum Corp.	92,300		4,798,677
BG Group PLC (United Kingdom)	418,009		6,852,241
BJ Services Co.	360,500		10,252,620
Canadian Natural Resources Ltd. (Canada)(a)	289,600		19,214,960
ConocoPhillips	231,456		18,169,296
EOG Resources, Inc.(a)	121,900		8,906,014
FMC Technologies, Inc.*	87,000		6,892,140
Newfield Exploration Co.*	46,500		2,118,075
Noble Corp. (Cayman Islands)(a)	124,100		12,102,232
Smith International, Inc.(a)	323,600		18,975,904
XTO Energy, Inc.	31,376		1,885,698
			110,167,857
Precious Metals — 1.0%
Meridian Gold, Inc.*	277,200		7,645,176
Railroads — 0.6%
Burlington Northern Santa Fe Corp.	52,200		4,444,308
Real Estate Investment Trust — 2.0%
AMB Property Corp.	50,600		2,692,932
Archstone-Smith Trust	48,000		2,837,280
Boston Properties, Inc.(a)	26,900		2,747,297
Camden Property Trust(a)	33,000		2,210,010
Duke-Weeks Realty Corp.(a)	45,730		1,631,189
ProLogis	34,715		1,975,284
Simon Property Group, Inc.	11,800		1,097,872
			15,191,864
Services – Industrial Services — 0.2%
Infrasource Services, Inc.*	38,200		1,417,220
Steel Producers — 0.3%
Tenaris SA, ADR (Luxembourg)	44,000		2,154,240
Telecommunications — 0.3%
Quanta Services, Inc.*	70,100		2,149,967
Utilities — 3.0%
Dynegy, Inc.*	975,000		9,204,000
Exelon Corp.	71,800		5,212,680
Reliant Energy, Inc.*	319,000		8,597,050
			23,013,730
TOTAL LONG-TERM INVESTMENTS
(cost $539,645,568)			731,827,297
SHORT-TERM INVESTMENTS — 19.6%
AFFILIATED MONEY MARKET MUTUAL FUND — 18.8%
Dryden Core Investment Fund – Taxable Money Market Series (cost $143,212,930; includes $113,154,975 of cash collateral for securities on loan)(b)(w) (Note 4)	143,212,930		143,212,930

			Principal
Interest	Maturity	Moody’s	Amount
Rate	Date	Ratings	(000)#
COMMERCIAL PAPER (n) — 0.8%
Southern Co.(h)
(cost $5,978,720; purchased 06/28/07)
5.32%	7/25/07	NR	$	6,000	5,978,720
TOTAL SHORT-TERM INVESTMENTS
(cost $149,191,650)					149,191,650
TOTAL INVESTMENT(o) — 115.7% (cost $ 688,837,218); Notes 6)					881,018,947
Liabilities in execess of other assets — (15.7)%					(119,866,073	)
NET ASSETS — 100.0%					$761,152,874

The following abbreviations are used in portfolio descriptions:

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 Depositary Receipt
GDR	Global Depositary Receipt
*	Non-income producing security.
#	Principal amount is shown in U.S. dollars unless otherwise stated.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $110,126,983; cash collateral of $113,154,975 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(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 $5,978,720. The aggregate market value of $5,978,720 is approximately 0.79% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(n)	Rates shown are the effective yields at purchase date.

SEE NOTES TO FINANCIAL STATEMENTS.

A290

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

(o)	As of June 30, 2007, 6 securities representing $40,060,053 and 5.3% of the total net assets were fair valued in accordance with the policies adopted by the Board of Trustees.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund – Taxable Money Market Series.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund (14.9% represents investments purchased with collateral from securities on loan)	18.8	%
Oil & Gas	18.0
Petroleum Exploration & Production	14.5
Integrated Petroleum	11.9
Metals & Mining	9.7
Exploration & Production	7.3
Machinery & Equipment	6.3
Energy Services	3.5
Paper & Forest Products	3.4
Chemicals	3.2
Oil Field Equipment & Services	3.1
Utilities	3.0
Construction	2.1
Real Estate Investment Trust	2.0
Diversified Metals	1.8
Building & Construction	1.2
Precious Metals	1.0
Containers & Packaging	0.8
Commercial Paper	0.8
Forest Products	0.6
Railroads	0.6
Gas Transmission & Distribution	0.4
Business Services	0.4
Steel Producers	0.3
Telecommunications	0.3
Building & Real Estate	0.2
Electronic Components & Equipment	0.2
Services – Industrial Services	0.2
Industrial Products	0.1
	115.7
Liabilities in excess of other assets	(15.7	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A291

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007

ASSETS:
Investments at value, including securities on loan of $110,126,983:
Unaffiliated investments (cost $545,624,288)	$	737,806,017
Affiliated investments (cost $143,212,930)		143,212,930
Receivable for investments sold		2,503,183
Receivable for fund share sold		1,429,648
Dividends and interest receivable		697,084
Prepaid expenses		2,838
Total Assets		885,651,700
LIABILITIES:
Payable to broker for collateral for securities on loan		113,154,975
Payable for investments purchased		10,460,530
Payable to custodian		442,570
Advisory fees payable		324,417
Accrued expenses and other liabilities		110,715
Shareholder servicing fees payable		5,452
Payable for fund share repurchased		167
Total Liabilities		124,498,826
NET ASSETS	$	761,152,874
Net assets were comprised of:
Paid-in capital	$	473,631,563
Retained earnings		287,521,311
Net assets, June 30, 2007	$	761,152,874
Net asset value and redemption price per share, $761,152,874/21,207,072 outstanding shares of beneficial interest	$	35.89

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007

INVESTMENT INCOME
Unaffiliated dividend income (net of $369,642 foreign withholding tax)	$	5,539,349
Affiliated dividend income		477,958
Unaffiliated interest		172,365
Affiliated income from securities lending, net		94,743
		6,284,415
EXPENSES
Advisory fees		2,788,425
Shareholder servicing fees and expenses		216,878
Custogdian and accounting fees		63,000
Audit fee		9,000
Transfer agent’s fees and expenses		9,000
Loan interest expense (Note 7)		7,085
Trustees’ fees		7,000
Insurance expenses		7,000
Shareholders’ reports		3,000
Legal fees and expenses		2,000
Miscellaneous		5,469
Total expenses		3,117,857
NET INVESTMENT INCOME		3,166,558
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		33,810,249
Foreign currency transactions		(27,062	)
		33,783,187
Net change in unrealized appreciation (depreciation) on:
Investments		89,784,290
Foreign currencies		242
		89,784,532
NET GAIN ON INVESTMENTS AND
FOREIGN CURRENCIES		123,567,719
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	126,734,277

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)

	Six Months Ended				Year Ended
	June 30, 2007				December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	3,166,558			$	5,104,293
Net realized gain on investments and foreign currencies			33,783,187				54,716,528
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			89,784,532				6,925,624
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			126,734,277				66,746,445
DISTRIBUTIONS			—				(38,093,576	)
FUND SHARE TRANSACTIONS:
Fund share sold [4,632,432 and 10,064,032 shares, respectively]			150,840,536				287,798,972
Fund share issued in reinvestment of distributions [0 and 1,407,225 shares, respectively]			—				38,093,576
Fund share repurchased [3,529,888 and 6,557,271 shares, respectively]			(107,060,450	)			(182,334,557	)
INCREASE IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			43,780,086				143,557,991
TOTAL INCREASE IN NET ASSETS			170,514,363				172,210,860
NET ASSETS:
Beginning of period			590,638,511				418,427,651
End of period		$	761,152,874			$	590,638,511

SEE NOTES TO FINANCIAL STATEMENTS.

A292

AST UBS DYNAMIC ALPHA PORTFOLIO

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

LONG-TERM INVESTMENTS — 37.1%		Value
COMMON STOCKS	Shares	(Note 2)
Advertising — 0.6%
Omnicom Group, Inc.	16,500	$	873,180
R.H. Donnelley Corp.	9,600		727,488
			1,600,668
Aerospace — 0.4%
General Dynamics Corp.	3,200		250,304
Northrop Grumman Corp.	4,700		365,989
United Technologies Corp.	6,300		446,859
			1,063,152
Aerospace & Defense — 0.1%
Boeing Co. (The)	1,200		115,392
Apparel/Shoes — 0.2%
Chico’s FAS, Inc.*	18,400		447,856
Automobile Manufacturers — 0.9%
Johnson Controls, Inc.	13,900		1,609,203
PACCAR, Inc.	9,100		792,064
			2,401,267
Automotive Parts — 0.4%
BorgWarner, Inc.	10,800		929,232
Beverages — 0.7%
Anheuser-Busch Cos., Inc.	10,200		532,032
Constellation Brands, Inc. (Class A Stock)*	24,800		602,144
Fortune Brands, Inc.	8,200		675,434
PepsiCo, Inc.	2,000		129,700
			1,939,310
Biotechnology — 0.2%
Amgen, Inc.*	4,600		254,334
Millennium Pharmaceuticals, Inc.*	21,900		231,483
			485,817
Broadcasting — 0.3%
News Corp. (Class A Stock)	37,700		799,617
Building Materials — 0.5%
Masco Corp.	47,200		1,343,784
Chemicals — 0.2%
Praxair, Inc.	6,100		439,139
Clothing & Apparel — 0.2%
Coach, Inc.*	9,500		450,205
Commercial Banks — 0.1%
City National Corp.	4,600		350,014
Commercial Services — 0.3%
McGraw-Hill Cos., Inc. (The)	11,900		810,152
Moody’s Corp.	1,100		68,420
			878,572
Computer Hardware — 0.4%
Apple, Inc.*	3,100		378,324
Dell, Inc.*	26,900		767,995
			1,146,319
Computer Services & Software — 0.5%
Automatic Data Processing, Inc.	2,400		116,328
Citrix Systems, Inc.*	16,800		565,656
Intuit, Inc.*	18,100		544,448
Red Hat, Inc.*	7,800		173,784
			1,400,216
Consumer Products & Services — 0.5%
Johnson & Johnson	16,700		1,029,054
Procter & Gamble Co.	2,500		152,975
			1,182,029
Diversified Operations — 0.9%
General Electric Co.	59,600		2,281,488
Educational Services
ITT Educational Services, Inc.*	500		58,690
Electric — 0.1%
Pepco Holdings, Inc.	11,400		321,480
Electronic Components & Equipment — 0.1%
Rockwell Automation, Inc.	3,700		256,928
Entertainment & Leisure — 0.9%
Carnival Corp.	23,900		1,165,603
Harley-Davidson, Inc.	8,900		530,529
Intl Game Technology	6,900		273,930
Las Vegas Sands Corp.*	3,100		236,809
Wynn Resorts Ltd.	3,200		287,008
			2,493,879
Exchange Traded Funds — 3.8%
iShares MSCI Emerging Markets Index Fund*	77,150		10,135,195
Financial – Bank & Trust — 1.9%
Bank of New York Co., Inc.*	38,700		1,603,728
Fifth Third Bancorp	29,100		1,157,307
Wells Fargo & Co.	66,300		2,331,771
			5,092,806
Financial Services — 3.4%
Blackstone Group LP (The)*	7,411		216,920
Citigroup, Inc.	62,700		3,215,883
Goldman Sachs Group, Inc. (The)	1,100		238,425
JPMorgan Chase & Co.	27,900		1,351,755
Merrill Lynch & Co., Inc.	2,900		242,382
Morgan Stanley	35,000		2,935,800
PNC Financial Services Group, Inc.	12,700		909,066
			9,110,231
Food — 0.3%
Sysco Corp.	27,100		894,029
Gas Transmission & Distribution — 0.1%
NiSource, Inc.	17,400		360,354

SEE NOTES TO FINANCIAL STATEMENTS.

A293

AST UBS DYNAMIC ALPHA PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Healthcare Services — 0.4%
Laboratory Corp. of America Holdings*	2,700	$	211,302
UnitedHealth Group, Inc.	18,800		961,432
			1,172,734
Industrial Products — 0.6%
Illinois Tool Works, Inc.	27,300		1,479,387
Precision Castparts Corp.	600		72,816
			1,552,203
Insurance — 0.8%
Aflac, Inc.	8,800		452,320
Allstate Corp. (The)	11,400		701,214
American International Group, Inc.	2,800		196,084
Hartford Financial Service Group, Inc.	7,900		778,229
			2,127,847
Internet Services — 1.2%
eBay, Inc.*	9,800		315,364
Google, Inc. (Class A Stock)*	1,400		732,732
Monster Worldwide, Inc.*	5,500		226,050
Symantec Corp.*	51,100		1,032,220
Yahoo!, Inc.*	28,000		759,640
			3,066,006
Media — 0.2%
Viacom, Inc. (Class B Stock)*	15,200		632,776
Medical Equipment & Devices — 0.1%
Becton Dickinson & Co.	2,000		149,000
Medical Products — 0.4%
C.R. Bard, Inc.	3,500		289,205
Medtronic, Inc.	14,000		726,040
			1,015,245
Medical Supplies & Equipment — 0.9%
Abbott Laboratories	1,700		91,035
Alcon, Inc. (Switzerland)	1,600		215,856
Baxter International, Inc.	6,400		360,576
Genzyme Corp.*	20,400		1,313,760
Hologic, Inc.*	1,400		77,434
Quest Diagnostics, Inc.	5,800		299,570
			2,358,231
Metals & Mining
Peabody Energy Corp.	1,300		62,894
Networking/Telecommunications Equipment
Research in Motion Ltd.*	500		99,995
Oil & Gas — 2.1%
Apache Corp.	1,500		122,385
ChevronTexaco Corp.	5,900		497,016
ENSCO International, Inc.	12,900		787,029
EOG Resources, Inc.	8,800		642,928
Exxon Mobil Corp.	7,800		654,264
GlobalSantaFe Corp. (Cayman Islands)	12,600		910,350
Halliburton Co.	24,400		841,800
Range Resources Corp.	3,100		115,971
Schlumberger Ltd.	3,700		314,278
Southwestern Energy Co.*	3,000		133,500
Weatherford International Ltd.*	3,800		209,912
XTO Energy, Inc.	4,600		276,460
			5,505,893
Oil Well Services & Equipment — 0.1%
Baker Hughes, Inc.	2,700		227,151
Pharmaceuticals — 3.0%
Allergan, Inc.	36,400		2,098,096
Bristol-Myers Squibb Co.	27,600		871,056
Cephalon, Inc.*	4,100		329,599
Express Scripts, Inc.*	3,400		170,034
Genentech, Inc.*	3,100		234,546
Medco Health Solutions, Inc.*	13,000		1,013,870
Merck & Co., Inc.	25,800		1,284,840
Wyeth	32,900		1,886,486
			7,888,527
Railroads — 0.7%
Burlington Northern Santa Fe Corp.	20,300		1,728,342
Restaurants — 0.1%
Starbucks Corp.*	5,700		149,568
Retail — 0.4%
Costco Wholesale, Inc.	18,100		1,059,212
Retail & Merchandising — 1.1%
Abercrombie & Fitch Co., (Class A Stock)	2,900		211,642
Amazon.com, Inc.*	11,400		779,874
Best Buy Co., Inc.	2,800		130,676
Home Depot, Inc.	26,600		1,046,710
J. Crew Group, Inc.*	900		48,681
Target Corp.	9,300		591,480
			2,809,063
Semiconductors — 1.9%
Analog Devices, Inc.	35,300		1,328,692
Broadcom Corp., (Class A Stock)*	4,700		137,475
Intel Corp.	81,600		1,938,816
Linear Technology Corp.	16,100		582,498
Microchip Technology, Inc.	2,400		88,896
Texas Instruments, Inc.	3,600		135,468
Xilinx, Inc.	28,000		749,560
			4,961,405

SEE NOTES TO FINANCIAL STATEMENTS.

A294

AST UBS DYNAMIC ALPHA PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS June 30, 2007 (Unaudited)

COMMON STOCKS		Value
(Continued)	Shares	(Note 2)
Software — 1.3%
Adobe Systems, Inc.*	5,600	$	224,840
BEA Systems, Inc.*	35,700		488,733
McAfee, Inc.*	1,700		59,840
Microsoft Corp.	92,400		2,723,028
			3,496,441
Telecommunications — 1.5%
AT&T, Inc.	29,000		1,203,500
Cisco Systems, Inc.*	16,700		465,095
QUALCOMM, Inc.	9,000		390,510
Sprint Nextel Corp.	90,600		1,876,326
			3,935,431
Thrifts & Mortgage Finance — 0.3%
Freddie Mac	12,300		746,610
Transportation — 0.5%
FedEx Corp.	12,300		1,364,931
Utilities — 1.5%
American Electric Power Co., Inc.	14,600		657,584
Dominion Resources, Inc.	2,600		224,406
Exelon Corp.	32,000		2,323,200
Northeast Utilities	1,000		28,360
Sempra Energy	13,800		817,374
			4,050,924
TOTAL LONG-TERM INVESTMENTS
(cost $97,331,742)			98,138,098
SHORT-TERM INVESTMENT — 62.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund – Taxable Money Market Series (cost $165,674,882)(w) (Note 4)	165,674,882		165,674,882
TOTAL INVESTMENTS — 99.6%
(cost $263,006,624; Note 6)			263,812,980
Other assets in excess of liabilities(x) — 0.4%			1,111,355
NET ASSETS — 100.0%		$	264,924,335

*	Non-income producing security.
(w)	Prudential Investments LLC, the co-manager of the Portfolio, also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Other assets in excess of liabilities includes unrealized appreciation on futures contracts as follows:

Futures contracts open at June 30, 2007:
Number of Contracts	Type		Expiration Date		Value at Trade Date		Value at June 30, 2007		Unrealized Appreciation
Short Positions:
170		S&P 500		Sep 07(1)	$	65,092,363	$	64,404,500		$	687,863

⁽¹⁾ Cash of $2,380,000 has been segregated with the custodian to cover requirements for open futures contracts at June 30, 2007.

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2007 were as follows:

Affiliated Money Market Mutual Fund	62.5	%
Exchange Traded Funds	3.8
Financial Services	3.4
Pharmaceuticals	3.0
Oil & Gas	2.1
Financial – Bank & Trust	1.9
Semiconductors	1.9
Utilities	1.5
Telecommunications	1.5
Software	1.3
Internet Services	1.2
Retail & Merchandising	1.1
Entertainment & Leisure	0.9
Automobile Manufacturers	0.9
Medical Supplies & Equipment	0.9
Diversified Operations	0.9
Insurance	0.8
Beverages	0.7
Railroads	0.7
Advertising	0.6
Industrial Products	0.6
Computer Services & Software	0.5
Transportation	0.5
Building Materials	0.5
Consumer Products & Services	0.5
Healthcare Services	0.4
Computer Hardware	0.4
Aerospace	0.4
Retail	0.4
Medical Products	0.4
Automotive Parts	0.4
Food	0.3
Commercial Services	0.3
Broadcasting	0.3
Thrifts & Mortgage Finance	0.3
Media	0.2
Biotechnology	0.2
Clothing & Apparel	0.2
Apparel/Shoes	0.2
Chemicals	0.2
Gas Transmission & Distribution	0.1
Commercial Banks	0.1
Electric	0.1
Electronic Components & Equipment	0.1
Oil Well Services & Equipment	0.1
Restaurants	0.1
Medical Equipment & Devices	0.1
Aerospace & Defense	0.1
	99.6
Other assets in excess of liabilities	0.4
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A295

AST UBS DYNAMIC ALPHA PORTFOLIO (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
June 30, 2007
ASSETS:
Investments at value:
Affiliated investments (cost $165,674,882)	$	165,674,882
Unaffiliated investments (cost $97,331,742)		98,138,098
Cash		3,991,143
Receivable for investments sold		2,010,160
Dividends and interest receivable		677,222
Receivable for fund share sold		451,840
Due from broker-variation margin		76,500
Prepaid expenses		1,819
Total Assets		271,021,664
LIABILITIES:
Payable for investments purchased		5,840,515
Accrued expenses and other liabilities		151,604
Advisory fees payable		103,520
Shareholder servicing fees payable		1,510
Payable for fund share repurchased		180
Total Liabilities		6,097,329
NET ASSETS	$	264,924,335
Net assets were comprised of:
Paid-in capital	$	301,676,444
Retained earnings		(36,752,109	)
Net assets, June 30, 2007	$	264,924,335
Net asset value and redemption price per share, $264,924,335/18,616,194 outstanding shares of beneficial interest	$	14.23

STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2007
INVESTMENT INCOME
Affiliated dividend income	$	1,258,101
Unaffiliated dividend income (net of $856 foreign withholding tax)		202,521
		1,460,622
EXPENSES
Advisory fees		413,293
Custodian and accounting fees		33,000
Shareholder servicing fees and expenses		24,680
Transfer agent’s fees and expenses		9,000
Audit fee		8,000
Trustees’ fees		6,000
Legal fees and expenses		5,000
Shareholders’ reports		2,000
Insurance expenses		2,000
Miscellaneous		11,642
Total expenses		514,615
NET INVESTMENT INCOME		946,007
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment transactions		27,844,084
Futures transactions		(805,166	)
		27,038,918
Net change in unrealized appreciation (depreciation) on:
Investments		(19,709,949	)
Futures		687,863
		(19,022,086	)
NET GAIN ON INVESTMENTS		8,016,832
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,962,839

STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
	Six Months Ended June 30, 2007				Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	946,007			$	3,259,694
Net realized gain on investments			27,038,918				7,401,722
Net change in unrealized appreciation (depreciation) on investments			(19,022,086	)			8,671,811
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			8,962,839				19,333,227
DISTRIBUTIONS			—				(5,250,669	)
FUND SHARE TRANSACTIONS:
Fund share sold [5,917,868 and 662,315 shares, respectively]			83,876,725				8,461,947
Fund share issued in reinvestment of distributions [0 and 414,091 shares, respectively]			—				5,250,669
Fund share repurchased [1,029,674 and 3,446,898 shares, respectively]			(14,137,917	)			(43,803,913	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM FUND SHARE TRANSACTIONS			69,738,808				(30,091,297	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			78,701,647				(16,008,739	)
NET ASSETS:
Beginning of period			186,222,688				202,231,427
End of period		$	264,924,335			$	186,222,688

SEE NOTES TO FINANCIAL STATEMENTS.

A296

NOTES TO THE FINANCIAL STATEMENTS OF
ADVANCED SERIES TRUST
(Unaudited)
1. General
	Advanced Series Trust (formerly known as American Skandia Trust) (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Trust was organized on October 31, 1988 as a Massachusetts business trust. The Trust operates as a series company and, at June 30, 2007 issued 43 classes of shares of beneficial interest (collectively the “Portfolios”).
	Purchases of shares of the Portfolios may be made only by separate accounts of Participating Insurance Companies for the purpose of investing assets attributable to variable annuity contracts and variable life insurance policies (“Contractholders”), or by qualified plans. The separate accounts of the Participating Insurance Companies place orders to purchase and redeem shares of the Trust based on, among other things, the amount of premium payments to be invested and the amount of surrender and transfer requests to be effected on that day under the variable annuity contracts and variable life insurance policies.
	The Portfolios of the Trust have the following investments objectives:
	AST Advanced Strategies Portfolio (“Advanced Strategies”): Highest level of absolute return. The Portfolio invests its assets in a diversified allocation of domestic and international equity securities and domestic and international fixed-income securities.
	AST Aggressive Asset Allocation Portfolio (“Aggressive Asset Allocation”): Highest potential total return consistent with specified level of risk tolerance through investment in a portfolio of mutual funds. Under normal circumstances, the Portfolio invests 100% of its assets in underlying mutual funds that invest primarily in equity securities.
	AST AllianceBernstein Core Value Portfolio (“AllianceBernstein Core Value”): Long-term capital growth by investing primarily in common stocks of large capitalization companies that appear to be undervalued.
	AST AllianceBernstein Growth & Income Portfolio (“AllianceBernstein Growth & 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 AllianceBernstein Managed Index 500 Portfolio (“AllianceBernstein 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 American Century Strategic Allocation Portfolio (“American Century Strategic Allocation”), formerly known as AST American Century Strategic Balanced Portfolio: Capital growth by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed income securities.
	AST Balanced Asset Allocation Portfolio (“Balanced Asset Allocation”): Highest potential total return consistent with specified level of risk tolerance through investment in a portfolio of mutual funds. Under normal circumstances, the Portfolio invests approximately 65% of its assets in underlying mutual funds that invest primarily in equity securities and approximately 35% of its assets in underlying mutual funds that invest primarily in debt securities or money market instruments.
	AST Capital Growth Asset Allocation Portfolio (“Capital Growth Asset Allocation”): Highest potential total return consistent with specified level of risk tolerance through investment in a portfolio of mutual funds. Under normal circumstances, the Portfolio invests approximately 80% of its assets in underlying mutual funds that invest primarily in equity securities and approximately 20% of its assets in underlying mutual funds that invest primarily in debt securities or money market instruments.
	AST Cohen & Steers Realty Portfolio (“Cohen & Steers Realty”): Maximize total return by investing primarily in equity securities of real estate companies.

B1

AST Conservative Asset Allocation Portfolio (“Conservative Asset Allocation”): Highest potential total return consistent with specified level of risk tolerance through investment in a portfolio of mutual funds. Under normal circumstances, the Portfolio invests approximately 55% of its assets in underlying mutual funds that invest primarily in equity securities and approximately 45% of its assets in underlying mutual funds that invest primarily in debt securities or money market instruments.

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 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 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 First Trust Balanced Target Portfolio (“First Trust Balanced Target”): Long-Term capital growth balanced by current income. The Portfolio invests approximately 65% of its assets in equity securities and approximately 35% of its assets in fixed-income securities.

AST First Trust Capital Appreciation Target Portfolio (“First Trust Capital Appreciation Target”): Long-Term capital growth. The Portfolio invests approximately 80% of its assets in equity securities and approximately 20% of its assets in fixed-income securities.

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

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 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 High Yield Portfolio (“High Yield”), formerly known as AST Goldman Sachs High Yield: High current income and may consider potential for capital appreciation. The Portfolio invests in high yield fixed income securities that, at the time of purchase, are non-investment grade securities.

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

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

AST JPMorgan International Equity Portfolio (“JPMorgan International Equity”): Capital growth by investing primarily in equity securities of foreign companies.

AST Large-Cap Value Portfolio (“Large-Cap Value”): Current income and long-term growth of income, as well as capital appreciation by investing, under normal circumstances, at least 80% of its assets plus borrowings for investment purposes in common stocks of large cap U.S. companies.

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

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

B2

	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.
	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 Neuberger Berman Small-Cap Growth Portfolio (“Neuberger Berman Small-Cap Growth”, formerly known as AST DeAM Small-Cap Growth Portfolio): Maximize capital growth by investing primarily in equity securities of small capitalization companies included in the Russell 2000 Growth Index.
	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 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 Preservation Asset Allocation Portfolio (“Preservation Asset Allocation”): Highest potential total return consistent with specified level of risk tolerance through investment in a portfolio of mutual funds. Under normal circumstances, the Portfolio invests approximately 35% of its assets in underlying mutual funds that invest primarily in equity securities and approximately 65% of its assets in underlying mutual funds that invest primarily in debt securities or money market instruments.
	AST Small-Cap Growth Portfolio (“Small-Cap Growth”): Capital growth by investing in common stocks of small capitalization companies.
	AST Small-Cap Value Portfolio (“Small-Cap Value”): Long-term capital growth by investing primarily in stocks and equity-related securities of small capitalization companies that appear to be undervalued.
	AST 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 T. Rowe Large-Cap Growth Portfolio (“T. Rowe Large-Cap Growth”): Long-term capital growth by investing predominantly in the equity securities of a limited number of large, high-quality U.S. companies.
	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 UBS Dynamic Alpha Portfolio (“UBS Dynamic Alpha”), formerly known as AST Global Allocation Portfolio: Maximize total return by investing in multiple asset classes on a global basis utilizing sophisticated asset allocation and currency management techniques.
2. Accounting Policies
	The following accounting policies are in conformity with U.S. generally accepted accounting principles. 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. Futures contracts and

B3

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 affected 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. When determining the fair valuation of securities, some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. 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. As of June 30, 2007, Advanced Strategies, American Century Strategic Allocation, Federated Aggressive Growth, First Trust Balanced Target, First Trust Capital Appreciation Target, International Growth, International Value, JPMorgan International Equity, MFS Global Equity, MFS Growth, T. Rowe Price Asset Allocation, and T. Rowe Price Natural Resources held foreign securities whose value required adjustment in accordance with such procedures.

Investments in mutual funds, excluding exchange traded 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 principal amount due at maturity and cost. Short-term securities that are held in the non-money market 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 Trustees of the Trust, each Portfolio may invest up to 15% of its net assets in illiquid securities (except for Money Market, which is limited to 10% of net assets, and AllianceBernstein Core Value and AllianceBernstein Managed Index 500, which are limited to 5% of their respective net assets). Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Portfolio has valued the investment. Therefore, a Portfolio may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser 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 Subadviser under the guidelines adopted by the Trustees of the Trust. However, the liquidity of a Portfolio’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: Portfolio securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based on 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 and foreign currency contracts 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.

B4

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 current 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 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, 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.

Floating-Rate Notes Issued in Conjunction with Securities Held: Certain Portfolios may invest in inverse floating rate securities (“inverse floaters”) that pay interest at a rate that varies inversely with benchmarked short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters provide less current income. The price of such securities is generally more volatile than comparable fixed rate securities.

When the Portfolios enter into agreements to create inverse floaters and floater note securities (also known as Tender Option Bond Transactions), the Portfolios transfer a fixed rate bond to a broker for cash. At the same time the Portfolios buy (receive) a residual interest in a trust (the “trust”) set up by the broker, often referred to as an inverse floating rate obligation (inverse floaters). Generally, the broker deposits a fixed rate bond (the “fixed rate bond”) into the trust with the same CUSIP number as the fixed rate bond sold to the broker by the Portfolio. The trust also issues floating rate notes (“floating rate notes”) which are sold to third parties. The floating rate notes have interest rates that reset weekly. The inverse floater held by the Portfolio gives the Portfolio the right (1) to cause the holders of the floating rate notes to tender their notes at par, and (2) to have the broker transfer the fixed rate bond held by the trust to the Portfolio thereby collapsing the trust. In accordance with FAS Statement No.140, the Portfolio’s account for the transaction described above as funded leverage by including the fixed rate bond in its Portfolio of Investments, and accounts for the floating rate notes as a liability under the caption “payable for floating rate notes issued” in the Portfolio’s “Statement of Assets and Liabilities.”

B5

The Portfolio’s investment policies and restrictions permit investments in inverse floating rate securities. Inverse floaters held by the Portfolio are securities exempt from registration under Rules 144A of the Securities Act of 1933.

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

Short Sales: Certain Portfolios of the Trust may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Portfolio may also 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.

Loan Participations: Certain Portfolios may invest in loan participations. When the Portfolio purchases a loan participation, the Portfolio typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Portfolio assumes the credit risk of the borrower, the Selling Participant and any other persons interpositioned between the Portfolio and the borrower. The Portfolio may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participant.

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 interest rate swap agreements, forward swap spread lock agreements, credit default swap agreements and total return swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. 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 agreement, one party (the protection buyer) makes a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The maximum amount of the payment may equal the notional, at par, of the underlying index or security as a result of a default (or “credit event”). In addition to bearing the risk that the credit event will occur, the Portfolios could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index, the possibility that the Portfolios may be unable to close out their positions at the same time or at the same price as if they had purchased comparable publicly

B6

traded securities, or that the counterparty may default on its obligation to perform. The Portfolios may enter swap agreements as either the protection buyer or protection seller. The swaps are valued daily at current market value and any change in value is included in net unrealized appreciation or depreciation on investments. Payments received or paid by the Portfolio are recorded as realized gains or losses. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments. Some Portfolios may enter into total return swaps to manage their exposure to a security or an index. In a total return swap, cash flows are exchanged based on a commitment by one party to pay interest in exchange for a market-linked return based on a notional amount. The market-linked return may include, among other things, the total return of a security or an index. These agreements involve elements of credit and market risk. Risks include the possibility that no liquid market exists for these obligations, the counterparty may default on its obligation, or unfavorable changes may exist in the security or index underlying the swap.

Risk: Forward currency contracts, written options, financial futures contracts, and swap agreements may involve elements of both market and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities. Lower rated or non-investment grade (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 Portfolios 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.

Taxes: For federal income tax purposes, each Portfolio in the Trust is treated as a separate taxpaying entity. The Portfolios are treated as partnerships for tax purposes. No provision has been made in the financial statements for U.S. Federal, state, or local taxes, as any tax liability arising from operations of the Portfolios are the responsibility of their partners. The Portfolios are not subject to tax. Partners of each Portfolio are subject to taxes on their distributive share of partnership items.

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

B7

	accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America.
	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
	The Portfolios have entered into investment management agreements with AST Investment Services, Inc. (formerly American Skandia Investment Services, Inc.) and Prudential Investments LLC (“PI”);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:
	AllianceBernstein L.P. for AllianceBernstein Core Value, AllianceBernstein Growth and Income, and AllianceBernstein Managed Index 500;
	American Century Investment Management, Inc. for American Century Income and Growth and American Century Strategic Allocation;
	Clear Bridge Advisors for a portion of Small-Cap Value;
	Cohen & Steers Capital Management, Inc. for Cohen & Steers Realty;
	Deutsche Asset Management, Inc. for DeAM Large-Cap Value and DeAM Small-Cap Value;
	Dreman Value Management for a portion of Small-Cap Value and a portion of Large-Cap Value;
	Eagle Asset Management for a portion of Small-Cap Growth;
	Earnest Partners LLC, for a portion of Mid-Cap Value;
	Federated Equity Management Company of Pennsylvania and Federated MDTA LLC for Federated Aggressive Growth;
	First Trust Advisors L.P. for First Trust Balanced Target and First Trust Capital Appreciation Target;
	Goldman Sachs Asset Management, L.P. for Goldman Sachs Concentrated Growth, Goldman Sachs Small-Cap Value and Goldman Sachs Mid-Cap Growth;
	Hotchkis and Wiley Capital Management, LLC for a portion of Large-Cap Value;
	J.P. Morgan Investment Management, Inc. for JPMorgan International Equity and a portion of Small-Cap Value and a portion of Large-Cap Value;
	Lee Munder Investments Ltd. for a portion of Small-Cap Value;
	Lord Abbett & Co. LLC for Lord Abbett Bond-Debenture;
	LSV Asset Management for portion of International Value and a portion of Advanced Strategies;
	Marsico Capital Management LLC for Marsico Capital Growth and a portion of Advanced Strategies and a portion of International Growth;
	Massachusetts Financial Services Company for MFS Global Equity and MFS Growth;
	Neuberger Berman Management, Inc. for Neuberger Berman Mid-Cap Value, Neuberger Berman Mid-Cap Growth, Neuberger Berman Small-Cap Growth and for a portion of Small-Cap Growth;
	Pacific Investment Management Company LLC for PIMCO Total Return Bond, PIMCO Limited Maturity Bond, High Yield and a portion of Advanced Strategies;
	PI, through its Strategic Investment Research Group team, also directly manages a portion of the assets of Advanced Strategies and manages Aggressive Asset Allocation, Capital Growth Asset Allocation, Balanced Asset Allocation, Conservative Asset Allocation, and Preservation Asset Allocation;
	Prudential Investment Management, Inc. (“PIM”) for Money Market;

B8

Thornburg for a portion of International Value;

T. Rowe Price Associates, Inc. for T. Rowe Price Asset Allocation, T. Rowe Price Large-Cap Growth, and T. Rowe Price Natural Resources and a portion of Advanced Strategies;

T. Rowe Price International, Inc. for T. Rowe Price Global Bond;

UBS Global Asset Management (Americas), Inc. for UBS Dynamic Alpha (formerly AST Global Allocation) (beginning May 1, 2007);

WEDGE Capital Management, LLP for a portion Mid-Cap Value;

William Blair & Company, LLC for a portion of International Growth and a portion of Advanced Strategies.

Advisory Fees and Expense Limitations: The Investment Manager receives a fee, computed daily and payable monthly, based on the annual rates specified below, of the value of each Portfolio’s average daily net assets. The Investment Manager pays each Subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable to the Portfolios by the Investment Manager, under the agreement, are reflected in the Statements of Operations.

	Advisory			Effective Advisory			Expense
	Fees			Fees			Limitations
Advanced Strategies		0.85	%		0.85	%		N/A
Aggressive Asset Allocation		0.15	%		0.15	%		—		†
AllianceBernstein Core Value		0.75	%		0.75	%		—		†
AllianceBernstein Growth & Income		0.75	%		0.75	%		—		†
AllianceBernstein Managed Index 500		0.60	%		0.60	%		0.80	%
American Century Income & Growth		0.75	%		0.75	%		—		†
American Century Strategic Allocation		0.85	%		0.85	%		1.25	%
Balanced Asset Allocation		0.15	%		0.15	%		—		†
Capital Growth Asset Allocation		0.15	%		0.15	%		—		†
Cohen & Steers Realty		1.00	%		1.00	%		1.45	%
Conservative Asset Allocation		0.15	%		0.15	%		—		†
DeAM Large-Cap Value		0.85	%		0.85	%		—		†
DeAM Small-Cap Value		0.95	%		0.95	%		1.14	%
Federated Aggressive Growth		0.95	%		0.95	%		—		†
First Trust Balanced Target		0.85	%		0.85	%		N/A
First Trust Capital Appreciation Target		0.85	%		0.85	%		N/A
Goldman Sachs Concentrated Growth		0.90	%		0.75	%		0.86	%
Goldman Sachs Mid-Cap Growth		1.00	%		1.00	%		1.12	%
Goldman Sachs Small-Cap Value		0.95	%		0.95	%		—		†
High Yield		0.75	%		0.75	%		0.88	%
International Growth		1.00	%		1.00	%		1.75	%
International Value		1.00	%		1.00	%		1.50	%
JPMorgan International Equity	1.00% first $75 million;				0.87	%		1.01	%
	0.85% in excess of $75 million
Large-Cap Value		0.75	%		0.75	%		1.20	%
Lord Abbett Bond-Debenture		0.80	%		0.77	%		0.89	%
Marsico Capital Growth		0.90	%		0.90	%		1.35	%
MFS Global Equity		1.00	%		1.00	%		1.18	%
MFS Growth		0.90	%		0.90	%		1.35	%
Mid-Cap Value		0.95	%		0.95	%		1.45	%
Money Market		0.50	%		0.47	%		0.56	%
Neuberger Berman Mid-Cap Growth	0.90% first $1 billion;				0.90	%		1.25	%
	0.85% in excess of $1 billion
Neuberger Berman Mid-Cap Value	0.90% first $1 billion;				0.89	%		1.25	%
	0.85% in excess of $1 billion
Neuberger Berman Small-Cap Growth		0.95	%		0.95	%		—		†
PIMCO Limited Maturity Bond		0.65	%		0.65	%		1.05	%
PIMCO Total Return Bond		0.65	%		0.65	%		1.05	%
Preservation Asset Allocation		0.15	%		0.15	%		—		†

B9

	Advisory			Effective Advisory			Expense
	Fees			Fees			Limitations
Small-Cap Growth		0.90	%		0.90	%		—		†
Small-Cap Value		0.90	%		0.90	%		—		†
T. Rowe Price Asset Allocation		0.85	%		0.85	%		1.25	%
T. Rowe Price Global Bond		0.80	%		0.80	%		—		†
T. Rowe Price Large-Cap Growth	0.90% first $1 billion;				0.88	%		1.45	%
	0.85% in excess of $1 billion
T. Rowe Price Natural Resources		0.90	%		0.90	%		1.35	%
UBS Dynamic Alpha
(formerly Global Allocation)		1.00	%		0.43	%		N/A

	†January 1 through
	June 30, 2007			†Effective July 1, 2007
	Expense Limitations			Expense Limitations
Aggressive Asset Allocation		0.20	%		N/A
AllianceBernstein Core Value		1.25	%		N/A
AllianceBernstein Growth & Income		1.25	%		N/A
American Century Income & Growth		1.25	%		N/A
Balanced Asset Allocation		0.20	%		N/A
Capital Growth Asset Allocation		0.20	%		N/A
Conservative Asset Allocation		0.20	%		N/A
DeAM Large-Cap Value		1.25	%		N/A
Federated Aggressive Growth		1.35	%		N/A
Goldman Sachs Small-Cap Value		1.35	%		N/A
Neuberger Berman Small-Cap Growth		1.35	%		N/A
Preservation Asset Allocation		0.20	%		N/A
Small-Cap Growth		1.07	%		N/A
Small-Cap Value		1.30	%		N/A
T. Rowe Price Global Bond		1.75	%		N/A
†† Expense limitation is contractual, effective July 1, 2007 through June 30, 2008.

4. Other Transactions with Affiliates
	The Trust, excluding Aggressive Asset Allocation, Capital Growth Asset Allocation, Balanced Asset Allocation, Conservative Asset Allocation, and Preservation Asset Allocation, has entered into an agreement with American Skandia Life Assurance Corporation (“ASLAC”), an affiliate of the Investment Manager, pursuant to which it pays ASLAC a shareholder servicing fee at an annual rate of 0.07% 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.
	The Trust invests in the Taxable Money Market Series (the “Portfolio”), a portfolio of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Portfolio is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI.
	PIM, an indirect, wholly-owned subsidiary of Prudential Financial, Inc., acts as the Trust’s securities lending agent. For the six months ended June 30, 2007, PIM was compensated as follows for these services by the Portfolios:

B10

Portfolio	PIM
Advanced Strategies	$	14,347
AllianceBernstein Core Value		15,377
AllianceBernstein Growth and Income		64,339
AllianceBernstein Managed Index 500		29,800
American Century Income and Growth		38,162
American Century Strategic Allocation		9,213
DeAM Large-Cap Value		17,917
DeAM Small-Cap Value		37,961
Federated Aggressive Growth		408,061
First Trust Balanced Target		6,803
First Trust Capital Appreciation Target		14,317
Goldman Sachs Concentrated Growth		30,967
Goldman Sachs Mid-Cap Growth		39,667
Goldman Sachs Small-Cap Value		28,770
High Yield		98,413
International Growth		20,337
JPMorgan International Equity		186
Large-Cap Value		63,582
Lord Abbett Bond-Debenture		41,463
Marsico Capital Growth		338,721
MFS Global Equity		740
MFS Growth		12,217
Mid-Cap Value		7,809
Neuberger Berman Mid-Cap Growth		75,828
Neuberger Berman Mid-Cap Value		382,629
Neuberger Berman Small-Cap Growth		27,353
Small-Cap Growth		56,359
Small-Cap Value		236,808
T. Rowe Price Asset Allocation		23,794
T. Rowe Price Global Bond		6,775
T. Rowe Price Large-Cap Growth		79,378
T. Rowe Price Natural Resources		40,939
For the six months ended June 30, 2007, Prudential Equity Group LLC, Wachovia Securities LLC, and First Union, LLC, earned brokerage commissions from transactions executed on behalf of the Portfolios as follows:

	Prudential
Portfolio	Equity Group		Wachovia		First Union
Advanced Strategies	$	39,705	$	—	$	—
AllianceBernstein Core Value		—		—		176
AllianceBernstein Managed Index 500		3,408		—		—
American Century Income & Growth		3,808		—		—
American Century Strategic Allocation		883		—		—
Cohen & Steers Realty		—		—		116
Large Cap Value		16,029		4,512		—
Neuberger Berman Mid-Cap Value		665		1,580		—
Small Cap Growth		—		2,110		—
Small Cap Value		3,134		624		—
T. Rowe Price Asset Allocation		—		68		—

5. Portfolio Securities
	The aggregate cost of purchases and the proceeds from the sales of securities (excluding government securities and short-term issues) for the six months ended June 30, 2007 were as follows:

B11

	Cost of		Proceeds
	Purchases		from Sales
Advanced Strategies	$	533,054,273	$	144,503,783
Aggressive Asset Allocation		182,301,240		76,757,073
AllianceBernstein Core Value		61,802,419		79,043,074
AllianceBernstein Growth and Income		1,209,213,559		757,035,798
AllianceBernstein Managed Index 500		56,089,847		107,718,915
American Century Income and Growth		95,093,313		112,352,363
American Century Strategic Allocation		149,687,270		145,188,061
Balanced Asset Allocation		1,331,443,890		384,132,556
Capital Growth Asset Allocation		1,910,298,191		535,067,014
Cohen & Steers Realty		166,778,685		258,357,149
Conservation Asset Allocation		450,329,026		112,694,709
DeAM Large-Cap Value		385,371,044		346,394,598
DeAM Small-Cap Value		62,749,768		73,412,746
Federated Aggressive Growth		403,834,805		393,974,808
First Trust Balanced Target		676,715,424		248,238,667
First Trust Capital Appreciation Target		801,261,271		408,894,090
Goldman Sachs Concentrated Growth		129,351,323		215,986,396
Goldman Sachs Mid-Cap Growth		115,421,831		129,115,202
Goldman Sachs Small-Cap Value		46,242,860		75,843,524
High Yield		234,718,971		348,667,427
International Growth		1,108,285,252		1,091,463,698
International Value		610,674,658		289,220,774
JPMorgan International Equity		49,295,670		63,233,649
Large-Cap Value		906,765,062		978,764,381
Lord Abbett Bond-Debenture		105,276,663		145,090,710
Marsico Capital Growth		1,235,619,564		925,574,987
MFS Global Equity		33,568,779		83,357,431
MFS Growth		475,820,881		522,888,674
Mid-Cap Value		96,146,188		31,198,300
Neuberger Berman Mid-Cap Growth		281,699,881		262,363,355
Neuberger Berman Mid-Cap Value		441,592,121		548,646,523
Neuberger Berman Small-Cap Growth		316,757,679		340,329,449
PIMCO Limited Maturity Bond		156,563,563		18,969,364
PIMCO Total Return Bond		936,735,098		98,693,790
Preservation Asset Allocation		258,044,124		77,367,825
Small-Cap Growth		35,831,300		47,793,041
Small-Cap Value		374,257,935		422,898,128
T. Rowe Price Asset Allocation		248,523,524		95,926,090
T. Rowe Price Global Bond		276,431,351		233,154,476
T. Rowe Price Large-Cap Growth		739,246,977		648,102,327
T. Rowe Price Natural Resources		135,943,862		94,121,817
UBS Dynamic Alpha		184,122,710		279,535,178

Written options transactions, during the six months ended June 30, 2007, were as follows:
	PIMCO Total Return Bond							PIMCO Limited Maturity
	Number of						Number of
	Contracts/						Contracts/
	Notional Amount			Premium			Notional Amount			Premium
Balance at beginning of period		1,228,300,000		$	9,492,324			26,700,000		$	393,218
Written options		420,734,540			2,202,764			—			—
Written swap options		1,135,700,000			12,813,738			65,700,000			654,059
Expired options		(205,334,540	)		(1,392,938	)		—			—
Expired swap options		(18,200,000	)		(267,201	)		(12,600,000	)		(218,741	)
Closed options		(151,700,000	)		(825,971	)		(14,100,000	)		(174,476	)
Closed swap options		(770,100,000	)		(6,211,600	)		—			—
Balance at end of period		1,639,400,000		$	15,811,117			65,700,000		$	654,060

B12

	Advanced Strategies
	Number of
	Contracts/
	Notional Amount			Premium
Balance at beginning of period		41,100,000		$	385,316
Written options		10,700,000			29,135
Written swap options		68,425,000			771,717
Expired options		(1,800,000	)		(9,645	)
Expired swap options		(8,325,000	)		(97,276	)
Closed options		—			—
Closed swap options		(19,500,000	)		(56,902	)
Balance at end of period		90,600,000		$	1,022,345
At June 30, 2007, PIMCO Total Return Bond, PIMCO Limited Maturity and Advanced Strategies had sufficient cash and/or securities at least equal to the value of written options.

6. Effective Information
	After January 2, 2006, all Portfolios are treated as partnerships for tax purposes. The character of the cash distributions paid by the partnerships is generally classified as return of capital nontaxable distributions. Every year each partner will receive information regarding their distributive allocable share of the partnership’s income, gains, losses and deductions.
	Prior to January 2, 2006 each Portfolio, with the exception of Aggressive Asset Allocation, Balanced Asset Allocation, Capital Growth Allocation, Conservative Assets Allocation, Preservation Asset Allocation, Advanced Strategies, First Trust Balanced Target and the First Trust Capital Appreciation Target, qualified as a regulated investment company under the Internal Revenue Code and distributed 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. Prior to being structured as partnerships for tax purposes, such determinations may have resulted in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes.
	With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio’s adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate its fair market value. See Note 10 below regarding “Change in Federal Income Tax Status and Related Reorganization.”
7. Line of Credit
	The Portfolios (excluding Money Market) and other affiliated funds participate in a $500 million unsecured, committed line of credit, provided by PNC Bank and The Bank of New York, under a line of credit agreement. Under the terms, 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 0.07% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter.

B13

	Average				Number
	Advances				of Days
	Outstanding		Average		Advances		Outstanding
	During the		Interest		Outstanding		Borrowings at
Portfolio	Period		Rate		During the Period		June 30, 2007
AllianceBernstein Core Value	$	5,415,278	5.73	%		18		—
AllianceBernstein Managed Index 500		2,678,750	5.72	%		16		—
Cohen & Steers Realty		4,144,720	5.72	%		50		—
Goldman Sachs Concentrated Growth		1,636,667	5.72	%		6		—
Goldman Sachs Mid-Cap Growth		2,225,750	5.72	%		16		—
JPMorgan International Equity		6,400,000	5.72	%		4		—
Large-Cap Value		7,484,615	5.73	%		13		—
Lord Abbett Bond-Debenture		16,705,714	5.74	%		7		—
MFS Global Equity		6,804,000	5.72	%		25		—
Neuberger Berman Mid-Cap Growth		3,644,286	5.74	%		21		—
Neuberger Berman Mid-Cap Value		4,200,000	5.72	%		1		—
Neuberger Berman Small-Cap Growth		613,000	5.72	%		10		—
Small-Cap Value		2,334,000	5.74	%		4		—
T. Rowe Price Natural Resources		4,933,333	5.73	%		9		—

8. Capital
	The Declaration of Trust permits the Trust’s Board of Trustees to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest with a par value of $.001 per share.
9. Ownership
	As of June 30, 2007, more than 99% of each Portfolio was owned of record by ASLAC on behalf of the owners of the variable insurance products issued by ASLAC.
10. Change in Federal Income Tax Status and Related Reorganization
	On January 2, 2006, each Portfolio of the Trust (with the exception of Aggressive Asset Allocation, Balanced Asset Allocation, Capital Growth Asset Allocation, Conservative Asset Allocation, Preservation Asset Allocation, Advanced Strategies, First Trust Balanced Target, and First Trust Capital Appreciation Target) elected to be treated as a partnership for Federal income tax purposes. Pursuant to this election, each Portfolio contemporaneously liquidated its corporate structure and reformed itself as a partnership. Subsequent to January 2, 2006, each Portfolio’s income, gains, losses and credits will be allocated directly to its partners and will retain the same character for federal income tax purposes.
	The Investment objective, policies, restrictions, net asset values per share, service providers, fiscal years, and investment portfolios of the Portfolios have not changed. In addition, the Trust obtained opinions of counsel that the change in the tax status and the related reorganization had no adverse federal income tax consequences for the Portfolios or Contract owners.
11. New Accounting Pronouncements
	On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Portfolio’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. The impact of the tax positions not deemed to meet the more-likely-than-not threshold would be recorded in the year in which they arise. On December 22, 2006, the Securities and Exchange Commission delayed the effective date until the last net asset value calculation in the first required financial reporting period for its fiscal year beginning after December 15, 2006. The Portfolios’ financial statements have not been impacted by the adoption of FIN 48. However, the conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulations, and interpretations thereof.

B14

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (FAS 157). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 157 and its impact, if any, in the financial statements has not yet been determined.

B15

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Financial Highlights
(Unaudited)

	AST Advanced Strategies Portfolio
	Six Months Ended June 30, 2007				March 20, 2006(d) through December 31, 2006
Per Share Operating Performance:
Net Asset Value, beginning of period		$	10.80			$	10.00
Income (Loss) From Investment Operations:
Net investment income			0.08				0.09
Net realized and unrealized gain on investments			0.49				0.71
Total from investment operations			0.57				0.80
Net Asset Value, end of period		$	11.37			$	10.80
Total Investment Return(a)			5.28	%			8.00	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,130.3			$	651.2
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.99	%(c)			1.09	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.99	%(c)			1.09	%(c)
Net investment income			2.57	%(c)			2.39	%(c)
Portfolio turnover rate			183	%(b)			212	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Commencement of operations.

	AST Aggressive Asset Allocation Portfolio
	Six Months Ended June 30, 2007				Year Ended December 31, 2006				December 5, 2005(e) through December 31, 2005
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.55			$	10.01			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.01	)			0.02				—	(d)
Net realized and unrealized gain on investments			0.89				1.52				0.01
Total from investment operations			0.88				1.54				0.01
Net Asset Value, end of period		$	12.43			$	11.55			$	10.01
Total Investment Return(a)			7.62	%			15.38	%			0.10	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	517.5			$	378.1			$	36.4
Ratios to average net assets:(f)
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.18	%(c)			0.20	%			0.20	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.18	%(c)			0.20	%			2.41	%(c)
Net investment income (loss)			(0.15	)%(c)			0.33	%			(0.20	)%(c)
Portfolio turnover rate			17	%(b)			35	%			3	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Less than $0.005.
(e)	Commencement of operations.
(f)	Does not include expenses of the underlying portfolios in which the Portfolio invests.

SEE NOTES TO FINANCIAL STATEMENTS.

C1

Financial Highlights
(Unaudited)

	AST AllianceBernstein Core Value Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	13.95			$	12.45			$	12.25			$	11.17			$	8.77			$	10.14
Income (Loss) From Investment Operations:
Net investment income			0.13				0.19				0.18				0.12				0.18				0.09
Net realized and unrealized gain (loss) on investments			0.66				2.32				0.47				1.38				2.28				(1.43	)
Total from investment operations			0.79				2.51				0.65				1.50				2.46				(1.34	)
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.15	)			(0.15	)			(0.06	)			(0.03	)
Distributions from net realized gains			—				—				(0.30	)			(0.27	)			—				—
Distributions			—				(1.01	)			—				—				—				—
Total dividends and distributions			—				(1.01	)			(0.45	)			(0.42	)			(0.06	)			(0.03	)
Net Asset Value, end of period		$	14.74			$	13.95			$	12.45			$	12.25			$	11.17			$	8.77
Total Investment Return(a)			5.66	%			21.34	%			5.51	%			13.92	%			28.31	%			(13.24	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	467.6			$	459.1			$	290.2			$	287.5			$	192.5			$	199.2
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)			0.89	%			0.94	%			1.04	%(b)			1.14	%(b)			1.00	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)			0.89	%			0.94	%			1.04	%(b)			1.14	%(b)			1.00	%(b)
Net investment income			1.70	%(c)			1.80	%			1.43	%			1.48	%			1.55	%			1.63	%
Portfolio turnover rate			14	%(d)			23	%			29	%			33	%			90	%			28	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST AllianceBernstein Growth & Income Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	23.50			$	20.21			$	19.52			$	17.71			$	13.57			$	18.70
Income (Loss) From Investment Operations:
Net investment income			0.12				0.27				0.19				0.24				0.14				0.18
Net realized and unrealized gain (loss) on investments			1.24				3.22				0.73				1.70				4.19				(4.35	)
Total from investment operations			1.36				3.49				0.92				1.94				4.33				(4.17	)
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.23	)			(0.13	)			(0.19	)			(0.13	)
Distributions from net realized gains			—				—				—				—				—				(0.83	)
Distributions			—				(0.20	)			—				—				—				—
Total dividends and distributions			—				(0.20	)			(0.23	)			(0.13	)			(0.19	)			(0.96	)
Net Asset Value, end of period		$	24.86			$	23.50			$	20.21			$	19.52			$	17.71			$	13.57
Total Investment Return(a)			5.79	%			17.27	%			4.77	%			11.01	%			32.43	%			(23.28	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3,590.5			$	3,005.9			$	2,802.7			$	2,152.2			$	1,836.5			$	1,169.7
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.84	%(c)			0.84	%			0.85	%			0.90	%(b)			0.97	%(b)			0.96	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.84	%(c)			0.86	%			0.88	%			0.93	%(b)			0.99	%(b)			0.98	%(b)
Net investment income			1.33	%(c)			1.22	%			1.09	%			1.36	%			1.01	%			0.99	%
Portfolio turnover rate			24	%(d)			63	%			70	%			50	%			62	%			79	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C2

Financial Highlights
(Unaudited)

	AST AllianceBernstein Managed Index 500 Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	13.63			$	12.23			$	11.97			$	10.98			$	8.75			$	11.14
Income (Loss) From Investment Operations:
Net investment income			0.12				0.18				0.12				0.15				0.11				0.11
Net realized and unrealized gain (loss) on investments			0.79				1.35				0.29				0.94				2.24				(2.39	)
Total from investment operations			0.91				1.53				0.41				1.09				2.35				(2.28	)
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.15	)			(0.10	)			(0.12	)			(0.11	)
Distributions			—				(0.13	)			—				—				—				—
Total dividends and distributions			—				(0.13	)			(0.15	)			(0.10	)			(0.12	)			(0.11	)
Net Asset Value, end of period		$	14.54			$	13.63			$	12.23			$	11.97			$	10.98			$	8.75
Total Investment Return(a)			6.68	%			12.60	%			3.54	%			9.98	%			27.32	%			(20.64	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	432.2			$	458.2			$	512.6			$	561.7			$	541.5			$	441.2
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.72	%(c)			0.74	%			0.77	%			0.81	%(b)			0.84	%(b)			0.84	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.72	%(c)			0.74	%			0.77	%			0.81	%(b)			0.84	%(b)			0.84	%(b)
Net investment income			1.26	%(c)			1.24	%			1.00	%			1.27	%			1.03	%			1.04	%
Portfolio turnover rate			13	%(d)			32	%			25	%			41	%			45	%			36	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST American Century Income & Growth Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	15.71			$	13.68			$	13.30			$	11.95			$	9.41			$	11.84
Income (Loss) From Investment Operations:
Net investment income			0.11				0.26				0.25				0.21				0.15				0.12
Net realized and unrealized gain (loss) on investments			1.11				2.02				0.35				1.28				2.51				(2.45	)
Total from investment operations			1.22				2.28				0.60				1.49				2.66				(2.33	)
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.22	)			(0.14	)			(0.12	)			(0.10	)
Distributions			—				(0.25	)			—				—				—				—
Total dividends and distributions			—				(0.25	)			(0.22	)			(0.14	)			(0.12	)			(0.10	)
Net Asset Value, end of period		$	16.93			$	15.71			$	13.68			$	13.30			$	11.95			$	9.41
Total Investment Return(a)			7.77	%			16.86	%			4.63	%			12.59	%			28.78	%			(19.81	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	391.7			$	385.0			$	393.3			$	453.9			$	305.8			$	259.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)			0.90	%			0.93	%			0.99	%(b)			0.99	%(b)			0.98	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)			0.90	%			0.93	%			0.99	%(b)			0.99	%(b)			0.98	%(b)
Net investment income			1.22	%(c)			1.61	%			1.64	%			1.86	%			1.46	%			1.04	%
Portfolio turnover rate			25	%(d)			63	%			70	%			99	%			81	%			83	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C3

Financial Highlights
(Unaudited)

	AST American Century Strategic Allocation Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	15.01			$	14.29			$	13.89			$	12.92			$	11.14			$	12.62
Income (Loss) From Investment Operations:
Net investment income			0.14				0.32				0.26				0.21				0.18				0.26
Net realized and unrealized gain (loss) on investments			0.63				1.02				0.37				0.94				1.87				(1.47	)
Total from investment operations			0.77				1.34				0.63				1.15				2.05				(1.21	)
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.23	)			(0.18	)			(0.27	)			(0.27	)
Distributions			—				(0.62	)			—				—				—				—
Total dividends and distributions			—				(0.62	)			(0.23	)			(0.18	)			(0.27	)			(0.27	)
Net Asset Value, end of period		$	15.78			$	15.01			$	14.29			$	13.89			$	12.92			$	11.14
Total Investment Return(a)			5.13	%			9.67	%			4.61	%			8.99	%			18.87	%			(9.74	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	194.2			$	175.3			$	205.4			$	233.7			$	235.8			$	179.4
Ratios to average net assets:
Expenses After Advisory Fee Waivers			1.01	%(c)			1.04	%			1.05	%			1.09	%(b)			1.11	%(b)			1.10	%(b)
Expenses Before Advisory Fee Waivers			1.01	%(c)			1.06	%			1.08	%			1.12	%(b)			1.11	%(b)			1.10	%(b)
Net investment income			2.10	%(c)			1.92	%			1.70	%			1.56	%			1.57	%			2.16	%
Portfolio turnover rate			143	%(d)			178	%			204	%			218	%			145	%			126	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Balanced Asset Allocation Portfolio
	Six Months Ended June 30,				Year Ended December 31,				December 5, 2005(e) through December 31,
	2007				2006(f)				2005
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.18			$	10.04			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.02	)			0.09				—	(d)
Net realized and unrealized gain on investments			0.65				1.05				0.04
Total from investment operations			0.63				1.14				0.04
Net Asset Value, end of period		$	11.81			$	11.18			$	10.04
Total Investment Return(a)			5.64	%			11.35	%			0.40	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	4,153.4			$	3,005.3			$	216.3
Ratios to average net assets:(g)
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.16	%(c)			0.17	%			0.20	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.16	%(c)			0.17	%			0.58	%(c)
Net investment income (loss)			(0.11	)%(c)			0.85	%			(0.20	)%(c)
Portfolio turnover rate			11	%(b)			22	%			2	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not Annualized.
(c)	Annualized.
(d)	Less than $0.005.
(e)	Commencement of operations.
(f)	Calculated based on weighted average shares outstanding during the period.
(g)	Does not include expenses of the underlying portfolios in which the Portfolio invests.

SEE NOTES TO FINANCIAL STATEMENTS.

C4

Financial Highlights
(Unaudited)

	AST Capital Growth Asset Allocation Portfolio
	Six Months Ended June 30,				Year Ended December 31,				December 5, 2005(e) through December 31,
	2007				2006				2005
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.36			$	10.02			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.02	)			0.04				—	(d)
Net realized and unrealized gain on investments			0.79				1.30				0.02
Total from investment operations			0.77				1.34				0.02
Net Asset Value, end of period		$	12.13			$	11.36			$	10.02
Total Investment Return(a)			6.78	%			13.37	%			0.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	5,493.3			$	3,805.6			$	245.9
Ratios to average net assets:(f)
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.16	%(c)			0.17	%			0.20	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.16	%(c)			0.17	%			0.54	%(c)
Net investment income (loss)			(0.13	)%(c)			0.57	%			(0.20	)%(c)
Portfolio turnover rate			12	%(b)			21	%			1	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not Annualized.
(c)	Annualized.
(d)	Less than $0.005.
(e)	Commencement of operations.
(f)	Does not include expenses of the underlying portfolios in which the Portfolio invests.

	AST Cohen & Steers Realty Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
	2007				2006				2005				2004				2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	20.86			$	17.78			$	17.17			$	12.91			$	10.05			$	10.11
Income (Loss) From Investment Operations:
Net investment income			0.33				0.48				0.59				0.41				0.49				0.49
Net realized and unrealized gain (loss) on investments			(1.82	)			5.54				1.58				4.36				3.02				(0.22	)
Total from investment operations			(1.49	)			6.02				2.17				4.77				3.51				0.27
Less Dividends and Distributions:
Dividends from net investment income			—				—				(0.26	)			(0.32	)			(0.41	)			(0.33	)
Distributions from net realized gains			—				—				(1.30	)			(0.19	)			(0.24	)			—
Distributions			—				(2.94	)			—				—				—				—
Total dividends and distributions			—				(2.94	)			(1.56	)			(0.51	)			(0.65	)			(0.33	)
Net Asset Value, end of period		$	19.37			$	20.86			$	17.78			$	17.17			$	12.91			$	10.05
Total Investment Return(a)			(7.14	)%			36.73	%			14.82	%			37.95	%			37.43	%			2.65	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	426.1			$	563.0			$	410.3			$	423.5			$	289.5			$	177.5
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.12	%(c)			1.13	%			1.09	%			1.12	%(b)			1.24	%(b)			1.26	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.12	%(c)			1.13	%			1.18	%			1.23	%(b)			1.24	%(b)			1.26	%(b)
Net investment income			1.81	%(c)			2.73	%			3.27	%			3.49	%			5.43	%			5.11	%
Portfolio turnover rate			31	%(d)			36	%			32	%			32	%			34	%			60	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C5

Financial Highlights
(Unaudited)
	AST Conservative Asset Allocation Portfolio
	Six Months			Year			December 5, 2005(e)
	Ended			Ended			through
	June 30,			December 31,			December 31,
	2007				2006(f)		2005
Per Share Operating Performance:
Net Asset Value, beginning of period	$	11.08		$	10.04			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.01	)		0.09				—	(d)
Net realized and unrealized gain on investments		0.55			0.95				0.04
Total from investment operations		0.54			1.04				0.04
Net Asset Value, end of period	$	11.62		$	11.08			$	10.04
Total Investment Return(a)		4.87	%		10.36	%			0.40	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)	$	1,171.0		$	785.2			$	51.7
Ratios to average net assets:(g)
Expenses After Advisory Fee Waiver and Expense Reimbursement		0.17	%(c)		0.19	%			0.20	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement		0.17	%(c)		0.19	%			2.02	%(c)
Net investment income (loss)		(0.11	)%(c)		0.90	%			(0.20	)%(c)
Portfolio turnover rate		12	%(b)		32	%			2	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Less than $0.005.
(e)	Commencement of operations.
(f)	Calculated based on weighted average shares outstanding during the period.
(g)	Does not include expenses of the underlying portfolios in which the Portfolio invests.

	AST DeAM Large-Cap Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period	$	13.56		$	12.50		$	11.54		$	9.85		$	7.85		$	9.30
Income (Loss) From Investment Operations:
Net investment income		0.10			0.13			0.14			0.11			0.09			0.06
Net realized and unrealized gain (loss) on investments		0.80			2.40			0.93			1.67			1.98			(1.48	)
Total from investment operations		0.90			2.53			1.07			1.78			2.07			(1.42	)
Less Dividends and Distributions:
Dividends from net investment income		—			—			(0.11	)		(0.09	)		(0.07	)		(0.03	)
Distributions		—			(1.47	)		—			—			—			—
Total dividends and distributions		—			(1.47	)		(0.11	)		(0.09	)		(0.07	)		(0.03	)
Net Asset Value, end of period	$	14.46		$	13.56		$	12.50		$	11.54		$	9.85		$	7.85
Total Investment Return(a)		6.64	%		21.73	%		9.33	%		18.17	%		26.59	%		(15.30	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)	$	399.6		$	349.5		$	174.1		$	191.9		$	133.8		$	110.0
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement		0.96	%(c)		1.00	%		1.01	%		0.99	%(b)		0.99	%(b)		1.07	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement		0.96	%(c)		1.00	%		1.07	%		1.11	%(b)		1.09	%(b)		1.15	%(b)
Net investment income		1.52	%(c)		1.53	%		1.20	%		1.24	%		1.13	%		0.96	%
Portfolio turnover rate		95	%(d)		167	%		233	%		189	%		161	%		202	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C6

Financial Highlights
(Unaudited)
		AST DeAM Small-Cap Value Portfolio
	Six Months				Year Ended												May 1, 2002(e)
	Ended				December 31,												through
	June 30,																December 31,
			2007			2006			2005			2004			2003				2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	13.44		$	11.95		$	12.85		$	11.10		$	7.75			$	10.00
Income (Loss) From Investment Operations:
Net investment income			0.09			0.09			0.06			0.03			0.03				0.02
Net realized and unrealized gain (loss) on investments			0.21			2.20			0.06			2.31			3.33				(2.27	)
Total from investment operations			0.30			2.29			0.12			2.34			3.36				(2.25	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.02	)		(0.02	)		(0.01	)			—
Distributions from net realized gains			—			—			(1.00	)		(0.57	)		—				—
Distributions			—			(0.80	)		—			—			—				—
Total dividends and distributions			—			(0.80	)		(1.02	)		(0.59	)		(0.01	)			—
Net Asset Value, end of period		$	13.74		$	13.44		$	11.95		$	12.85		$	11.10			$	7.75
Total Investment Return(a)			2.23	%		19.95	%		1.19	%		22.11	%		43.46	%			(22.50	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	115.2		$	120.6		$	108.6		$	111.8		$	52.0			$	13.4
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.14	%(c)		1.08	%		1.05	%		1.13	%(b)		1.15	%(b)			1.15	%(b)(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.14	%(c)		1.18	%		1.19	%		1.28	%(b)		1.36	%(b)			1.48	%(b)(c)
Net investment income			1.14	%(c)		0.76	%		0.50	%		0.47	%		0.62	%			0.43	%(c)
Portfolio turnover rate			55	%(d)		195	%		226	%		215	%		193	%			122	%(d)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.
(e)	Commencement of operations.

	AST Federated Aggressive Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
			2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.49		$	10.46		$	10.41		$	8.61		$	5.09		$	7.22
Income (Loss) From Investment Operations:
Net investment income (loss)			0.01			(0.05	)		(0.04	)		(0.07	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments			1.38			1.39			0.90			2.03			3.57			(2.05	)
Total from investment operations			1.39			1.34			0.86			1.96			3.52			(2.09	)
Less Dividends and Distributions:
Distributions from net realized gains			—			—			(0.81	)		(0.16	)		—			(0.04	)
Distributions			—			(0.31	)		—			—			—			—
Total dividends and distributions			—			(0.31	)		(0.81	)		(0.16	)		—			(0.04	)
Net Asset Value, end of period		$	12.88		$	11.49		$	10.46		$	10.41		$	8.61		$	5.09
Total Investment Return(a)			12.10	%		12.91	%		9.44	%		23.07	%		69.16	%		(29.19	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	782.3		$	643.9		$	554.0		$	347.7		$	187.6		$	39.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.05	%(c)		1.09	%		1.12	%		1.19	%(b)		1.22	%(b)		1.35	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.05	%(c)		1.09	%		1.12	%		1.19	%(b)		1.22	%(b)		1.38	%(b)
Net investment loss			0.01	%(c)		(0.43	)%		(0.66	)%		(0.88	)%		(0.99	)%		(1.02	)%
Portfolio turnover rate			59	%(d)		58	%		39	%		81	%		96	%		250	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C7

Financial Highlights
(Unaudited)
	AST First Trust Balanced Target Portfolio
	Six Months				March 20, 2006(d)
	Ended				through
	June 30,				December 31,
	2007(e)				2006(e)
Per Share Operating Performance:
Net Asset Value, beginning of period		$	10.72			$	10.00
Income (Loss) From Investment Operations:
Net investment income			0.16				0.23
Net realized and unrealized gain on investments			0.50				0.49
Total from investment operations			0.66				0.72
Net Asset Value, end of period		$	11.38			$	10.72
Total Investment Return(a)			6.16	%			7.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	963.2			$	525.3
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.96	%(c)			1.06	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.96	%(c)			1.06	%(c)
Net investment income			2.83	%(c)			2.87	%(c)
Portfolio turnover rate			38	%(b)			5	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Commencement of operations.
(e)	Calculated based on weighted average shares outstanding during the period.

	AST First Trust Capital Appreciation Target Portfolio
	Six Months				March 20, 2006(d)
	Ended				through
	June 30,				December 31,
	2007				2006
Per Share Operating Performance:
Net Asset Value, beginning of period		$	10.62			$	10.00
Income (Loss) From Investment Operations:
Net investment income			0.05				0.06
Net realized and unrealized gain on investments			0.79				0.56
Total from investment operations			0.84				0.62
Net Asset Value, end of period		$	11.46			$	10.62
Total Investment Return(a)			7.91	%			6.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,022.5			$	577.9
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.95	%(c)			1.04	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.95	%(c)			1.04	%(c)
Net investment income			1.71	%(c)			1.71	%(c)
Portfolio turnover rate			52	%(b)			6	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

C8

Financial Highlights
(Unaudited)
		AST Goldman Sachs Concentrated Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007					2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	24.44		$	22.22		$	21.62		$	20.85		$	16.71		$	23.97
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.01	)		(0.01	)		—	(c)		0.10			(0.05	)		0.06
Net realized and unrealized gain (loss) on investments			2.52			2.23			0.71			0.67			4.25			(7.18	)
Total from investment operations			2.51			2.22			0.71			0.77			4.20			(7.12	)
Less Dividends From Net Investment Income:			—			—			(0.11	)		—			(0.06	)		(0.14	)
Net Asset Value, end of period		$	26.95		$	24.44		$	22.22		$	21.62		$	20.85		$	16.71
Total Investment Return(a)			10.27	%		9.99	%		3.32	%		3.69	%		25.25	%		(29.84	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	627.1		$	644.7		$	755.1		$	968.8		$	1,151.2		$	1,147.6
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.86	%(d)		0.92	%		0.97	%		1.04	%(b)		1.06	%(b)		1.06	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.01	%(d)		1.03	%		1.06	%		1.11	%(b)		1.13	%(b)		1.09	%(b)
Net investment income (loss)			(0.07	)%(d)		(0.04	)%		(0.01	)%		0.43	%		(0.26	)%		0.23	%
Portfolio turnover rate			21	%(e)		39	%		40	%		18	%		21	%		109	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Not annualized.

		AST Goldman Sachs Mid-Cap Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007					2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	4.91		$	4.62		$	4.41		$	3.79		$	2.88		$	3.97
Income (Loss) From Investment Operations:
Net investment loss			(0.02	)		(0.03	)		(0.02	)		(0.02	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investments			0.77			0.32			0.23			0.64			0.92			(1.07	)
Total from investment operations			0.75			0.29			0.21			0.62			0.91			(1.09	)
Net Asset Value, end of period		$	5.66		$	4.91		$	4.62		$	4.41		$	3.79		$	2.88
Total Investment Return(a)			15.28	%		6.28	%		4.76	%		16.36	%		31.60	%		(27.46	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	341.8		$	316.3		$	394.8		$	276.7		$	160.5		$	61.4
Ratios to average net assets:
Expenses After Advisory Fee Waivers			1.12	%(c)		1.12	%		1.12	%		1.20	%(b)		1.31	%(b)		1.31	%(b)
Expenses Before Advisory Fee Waivers			1.12	%(c)		1.15	%		1.18	%		1.32	%(b)		1.41	%(b)		1.33	%(b)
Net investment loss			(0.52	)%(c)		(0.54	)%		(0.62	)%		(0.48	)%		(0.54	)%		(0.65	)%
Portfolio turnover rate			36	%(d)		67	%		71	%		54	%		59	%		162	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C9

Financial Highlights
(Unaudited)
		AST Goldman Sachs Small-Cap Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007					2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	18.18		$	18.53		$	21.45		$	18.12		$	12.96		$	15.55
Income (Loss) From Investment Operations:
Net investment income			0.09			0.09			0.09			0.11			0.08			0.11
Net realized and unrealized gain (loss) on investments			0.98			2.83			0.64			3.50			5.19			(1.21	)
Total from investment operations			1.07			2.92			0.73			3.61			5.27			(1.10	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.07	)		(0.04	)		(0.11	)		(0.06	)
Distributions from net realized gains			—			—			(3.58	)		(0.24	)		—			(1.43	)
Distributions			—			(3.27	)		—			—			—			—
Total dividends and distributions			—			(3.27	)		(3.65	)		(0.28	)		(0.11	)		(1.49	)
Net Asset Value, end of period		$	19.25		$	18.18		$	18.53		$	21.45		$	18.12		$	12.96
Total Investment Return(a)			5.89	%		17.24	%		4.98	%		20.18	%		41.08	%		(7.93	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	203.2		$	226.2		$	258.8		$	323.1		$	343.4		$	315.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.13	%		1.17	%		1.22	%(b)		1.26	%(b)		1.27	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.13	%		1.17	%		1.22	%(b)		1.26	%(b)		1.27	%(b)
Net investment income			1.00	%(c)		0.46	%		0.45	%		0.48	%		0.40	%		0.62	%
Portfolio turnover rate			22	%(d)		59	%		48	%		61	%		67	%		129	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

		AST High Yield Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007					2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	8.41		$	8.29		$	8.95		$	8.77		$	7.89		$	8.86
Income (Loss) From Investment Operations:
Net investment income			0.48			0.53			0.83			0.70			0.62			0.69
Net realized and unrealized gain (loss) on investments			(0.34	)		0.28			(0.74	)		0.19			0.95			(0.70	)
Total from investment operations			0.14			0.81			0.09			0.89			1.57			(0.01	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.75	)		(0.71	)		(0.69	)		(0.96	)
Distributions			—			(0.69	)		—			—			—			—
Total dividends and distributons			—			(0.69	)		(0.75	)		(0.71	)		(0.69	)		(0.96	)
Net Asset Value, end of period		$	8.55		$	8.41		$	8.29		$	8.95		$	8.77		$	7.89
Total Investment Return(a)			1.67	%		10.35	%		1.12	%		11.08	%		21.59	%		0.04	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	523.0		$	648.1		$	611.2		$	804.6		$	868.5		$	576.4
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)		0.89	%		0.93	%		0.93	%(b)		0.93	%(b)		0.94	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.87	%(c)		0.90	%		0.94	%		0.93	%(b)		0.93	%(b)		0.94	%(b)
Net investment income			6.87	%(c)		6.94	%		7.32	%		7.15	%		7.56	%		9.02	%
Portfolio turnover rate			42	%(d)		131	%		52	%		66	%		65	%		41	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C10

Financial Highlights

(Unaudited)

	AST International Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	16.55		$	13.85		$	12.01		$	10.44		$	7.46		$	10.39
Income (Loss) From Investment Operations:
Net investment income (loss)			0.14			0.08			0.07			0.06			(0.06	)		0.11
Net realized and unrealized gain (loss) on investments			1.34			2.80			1.90			1.62			3.04			(2.71	)
Total from investment operations			1.48			2.88			1.97			1.68			2.98			(2.60	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.13	)		(0.11	)		—			(0.33	)
Distributions			—			(0.18	)		—			—			—			—
Total dividends and distributions			—			(0.18	)		(0.13	)		(0.11	)		—			(0.33	)
Net Asset Value, end of period		$	18.03		$	16.55		$	13.85		$	12.01		$	10.44		$	7.46
Total Investment Return(a)			8.94	%		20.97	%		16.56	%		16.15	%		39.95	%		(25.67	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2,605.9		$	2,280.5		$	1,811.2		$	1,342.9		$	641.5		$	318.8
Ratios to average net assets:
Expenses After Advisory Fee Waivers			1.13	%(c)		1.10	%		1.08	%		1.15	%(b)		1.24	%(b)		1.32	%(b)
Expenses Before Advisory Fee Waivers			1.13	%(c)		1.15	%		1.18	%		1.26	%(b)		1.34	%(b)		1.32	%(b)
Net investment income			1.60	%(c)		0.55	%		0.48	%		0.31	%		0.46	%		0.41	%
Portfolio turnover rate			47	%(d)		111	%		82	%		94	%		88	%		94	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST International Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	18.84		$	14.92		$	13.31		$	11.15		$	8.38		$	10.10
Income (Loss) From Investment Operations:
Net investment income			0.18			0.16			0.23			0.13			0.11			0.06
Net realized and unrealized gain (loss) on investments			2.43			3.91			1.57			2.19			2.71			(1.78	)
Total from investment operations			2.61			4.07			1.80			2.32			2.82			(1.72	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.19	)		(0.16	)		(0.05	)		—
Distributions			—			(0.15	)		—			—			—			—
Total dividends and distributions			—			(0.15	)		(0.19	)		(0.16	)		(0.05	)		—
Net Asset Value, end of period		$	21.45		$	18.84		$	14.92		$	13.31		$	11.15		$	8.38
Total Investment Return(a)			13.85	%		27.45	%		13.71	%		21.04	%		33.91	%		(17.03	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,533.0		$	1,038.6		$	258.6		$	193.7		$	172.1		$	129.0
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.13	%		1.13	%		1.22	%(b)		1.12	%(b)		1.34	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.13	%		1.26	%		1.37	%(b)		1.27	%(b)		1.44	%(b)
Net investment income			2.70	%(c)		2.03	%		2.11	%		1.08	%		1.22	%		0.59	%
Portfolio turnover rate			23	%(d)		108	%		30	%		242	%		138	%		354	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C11

Financial Highlights

(Unaudited)

	AST JPMorgan International Equity Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	24.37		$	20.10		$	18.31		$	15.81		$	12.22		$	15.07
Income (Loss) From Investment Operations:
Net investment income			0.32			0.36			0.24			0.22			0.14			0.10
Net realized and unrealized gain (loss) on investments			1.96			4.18			1.75			2.46			3.56			(2.87	)
Total from investment operations			2.28			4.54			1.99			2.68			3.70			(2.77	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.20	)		(0.18	)		(0.11	)		(0.08	)
Distributions			—			(0.27	)		—			—			—			—
Total dividends and distributions			—			(0.27	)		(0.20	)		(0.18	)		(0.11	)		(0.08	)
Net Asset Value, end of period		$	26.65		$	24.37		$	20.10		$	18.31		$	15.81		$	12.22
Total Investment Return(a)			9.36	%		22.79	%		11.01	%		17.11	%		30.60	%		(18.42	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	543.3		$	524.2		$	469.4		$	379.6		$	339.0		$	316.2
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.00	%(c)		1.02	%		1.07	%		1.13	%(b)		1.14	%(b)		1.21	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.00	%(c)		1.03	%		1.07	%		1.13	%(b)		1.14	%(b)		1.21	%(b)
Net investment income			2.32	%(c)		1.54	%		1.41	%		1.34	%		1.02	%		0.84	%
Portfolio turnover rate			9	%(d)		16	%		7	%		91	%		50	%		50	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Large-Cap Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	20.16		$	17.57		$	16.66		$	14.66		$	12.55		$	15.59
Income (Loss) From Investment Operations:
Net investment income			0.18			0.18			0.21			0.18			0.24			0.30
Net realized and unrealized gain (loss) on investments			0.90			2.99			0.85			2.05			2.18			(2.96	)
Total from investment operations			1.08			3.17			1.06			2.23			2.42			(2.66	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.15	)		(0.23	)		(0.31	)		(0.38	)
Distributions			—			(0.58	)		—			—			—			—
Total dividends and distributions			—			(0.58	)		(0.15	)		(0.23	)		(0.31	)		(0.38	)
Net Asset Value, end of period		$	21.24		$	20.16		$	17.57		$	16.66		$	14.66		$	12.55
Total Investment Return(a)			5.36	%		18.46	%		6.46	%		15.45	%		19.94	%		(17.49	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2,151.1		$	2,151.3		$	785.2		$	636.8		$	640.1		$	660.5
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.84	%(c)		0.86	%		0.88	%		0.90	%(b)		0.98	%(b)		0.95	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.84	%(c)		0.86	%		0.91	%		0.94	%(b)		0.98	%(b)		0.95	%(b)
Net investment income			1.60	%(c)		1.74	%		1.41	%		1.05	%		1.50	%		1.80	%
Portfolio turnover rate			45	%(d)		94	%		92	%		127	%		100	%		32	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C12

Financial Highlights

(Unaudited)

	AST Lord Abbett Bond-Debenture Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.67		$	11.33		$	11.83		$	11.44		$	10.07		$	10.45
Income (Loss) From Investment Operations:
Net investment income			0.44			0.71			0.43			0.53			0.44			0.42
Net realized and unrealized gain (loss) on investments			0.03			0.35			(0.31	)		0.29			1.37			(0.39	)
Total from investment operations			0.47			1.06			0.12			0.82			1.81			0.03
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.49	)		(0.39	)		(0.44	)		(0.41	)
Distributions from net realized gains			—			—			(0.13	)		(0.04	)		—			—
Distributions			—			(0.72	)		—			—			—			—
Total dividends and distributions			—			(0.72	)		(0.62	)		(0.43	)		(0.44	)		(0.41	)
Net Asset Value, end of period		$	12.14		$	11.67		$	11.33		$	11.83		$	11.44		$	10.07
Total Investment Return(a)			4.03	%		9.80	%		1.16	%		7.42	%		18.74	%		0.41	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	555.5		$	594.7		$	668.5		$	431.5		$	346.4		$	164.9
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.89	%(c)		0.89	%		0.91	%		0.97	%(b)		1.04	%(b)		1.04	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.92	%(c)		0.94	%		0.97	%		1.02	%(b)		1.04	%(b)		1.04	%(b)
Net investment income			5.56	%(c)		5.52	%		5.10	%		5.15	%		6.31	%		7.16	%
Portfolio turnover rate			24	%(d)		43	%		46	%		49	%		84	%		43	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Marsico Capital Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	20.45		$	19.08		$	17.86		$	15.44		$	11.72		$	13.88
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.01	)		0.05			0.01			—	(c)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss) on investments			1.28			1.33			1.21			2.42			3.74			(2.12	)
Total from investment operations			1.27			1.38			1.22			2.42			3.72			(2.16	)
Less Distributions			—			(0.01	)		—			—			—			—
Net Asset Value, end of period		$	21.72		$	20.45		$	19.08		$	17.86		$	15.44		$	11.72
Total Investment Return(a)			6.21	%		7.24	%		6.83	%		15.67	%		31.74	%		(15.56	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	4,886.0		$	4,194.2		$	3,296.1		$	2,295.0		$	1,710.6		$	1,081.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.99	%(d)		1.00	%		1.00	%		1.05	%(b)		1.10	%(b)		1.09	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.99	%(d)		1.01	%		1.03	%		1.07	%(b)		1.11	%(b)		1.10	%(b)
Net investment income (loss)			(0.07	)%(d)		0.26	%		0.07	%		(0.01	)%		(0.21	)%		(0.29	)%
Portfolio turnover rate			21	%(e)		58	%		66	%		72	%		82	%		109	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C13

Financial Highlights

(Unaudited)

	AST MFS Global Equity Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	14.60		$	12.98		$	12.11		$	10.25		$	8.08		$	9.21
Income (Loss) From Investment Operations:
Net investment income			0.18			0.25			0.08			0.04			0.02			0.02
Net realized and unrealized gain (loss) on investments			0.91			2.71			0.82			1.84			2.17			(1.15	)
Total from investment operations			1.09			2.96			0.90			1.88			2.19			(1.13	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.03	)		(0.02	)		(0.02	)		—
Distributions			—			(1.34	)		—			—			—			—
Total dividends and distributions			—			(1.34	)		(0.03	)		(0.02	)		(0.02	)		—
Net Asset Value, end of period		$	15.69		$	14.60		$	12.98		$	12.11		$	10.25		$	8.08
Total Investment Return(a)			7.47	%		24.30	%		7.57	%		18.39	%		27.14	%		(12.26	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	212.6		$	250.6		$	152.7		$	166.3		$	102.9		$	60.2
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.19	%(c)		1.21	%		1.26	%		1.35	%(b)		1.40	%(b)		1.41	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.19	%(c)		1.25	%		1.26	%		1.35	%(b)		1.40	%(b)		1.41	%(b)
Net investment income			1.29	%(c)		2.33	%		0.58	%		0.41	%		0.32	%		0.25	%
Portfolio turnover rate			15	%(d)		47	%		49	%		48	%		54	%		74	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST MFS Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	9.42		$	8.59		$	8.08		$	7.30		$	5.94		$	8.27
Income (Loss) From Investment Operations:
Net investment income (loss)			0.02			—			—			—			(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investments			0.74			0.83			0.51			0.78			1.37			(2.31	)
Total from investment operations			0.76			0.83			0.51			0.78			1.36			(2.33	)
Less Dividends From Net Investment Income:			—			—			—	(c)		—			—			—
Net Asset Value, end of period		$	10.18		$	9.42		$	8.59		$	8.08		$	7.30		$	5.94
Total Investment Return(a)			8.07	%		9.66	%		6.32	%		10.69	%		22.90	%		(28.17	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	424.5		$	450.4		$	557.4		$	534.9		$	593.3		$	526.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.01	%(d)		1.02	%		1.05	%		1.08	%(b)		1.25	%(b)		1.18	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.01	%(d)		1.03	%		1.08	%		1.11	%(b)		1.25	%(b)		1.18	%(b)
Net investment income (loss)			0.36	%(d)		0.03	%		0.00	%		0.01	%		(0.20	)%		(0.28	)%
Portfolio turnover rate			113	%(e)		210	%		200	%		201	%		262	%		198	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C14

Financial Highlights

(Unaudited)

	AST Mid-Cap Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	12.10		$	12.63		$	12.03		$	10.46		$	7.77		$	9.86
Income (Loss) From Investment Operations:
Net investment income			0.02			0.07			0.07			0.04			0.04			0.06
Net realized and unrealized gain (loss) on investments			1.07			1.59			0.58			1.56			2.72			(2.09	)
Total from investment operations			1.09			1.66			0.65			1.60			2.76			(2.03	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.05	)		(0.03	)		(0.07	)		(0.06	)
Distributions			—			(2.19	)		—			—			—			—
Total dividends and distributions			—			(2.19	)		(0.05	)		(0.03	)		(0.07	)		(0.06	)
Net Asset Value, end of period		$	13.19		$	12.10		$	12.63		$	12.03		$	10.46		$	7.77
Total Investment Return(a)			9.01	%		14.24	%		5.43	%		15.32	%		35.85	%		(20.71	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	236.7		$	151.5		$	161.2		$	195.4		$	181.9		$	113.6
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.16	%		1.17	%		1.21	%(b)		1.20	%(b)		1.19	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.10	%(c)		1.16	%		1.17	%		1.21	%(b)		1.20	%(b)		1.19	%(b)
Net investment income			0.73	%(c)		0.52	%		0.45	%		0.40	%		0.41	%		0.63	%
Portfolio turnover rate			16	%(d)		26	%		109	%		27	%		30	%		28	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Money Market Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net Investment Income			0.02			0.04			—	(c)		0.01			—	(c)		0.01
Less Dividendsand Distributions:
Dividends from net investment income			—			—			—	(c)		(0.01	)		—	(c)		(0.01	)
Distributions from net realized gains			—			—			—	(c)		—			—	(c)		—	(c)
Distributions			(0.02	)		(0.04	)		—			—			—			—
Total dividends and distributions			(0.02	)		(0.04	)		—	(c)		(0.01	)		—	(c)		(0.01	)
Net Asset Value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return(a)			2.42	%		4.57	%		2.73	%		0.84	%		0.63	%		1.29	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2,076.2		$	1,692.1		$	1,639.6		$	1,359.2		$	1,762.1		$	2,744.7
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.56	%(d)		0.57	%		0.58	%		0.58	%(b)		0.59	%(b)		0.58	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.60	%(d)		0.61	%		0.63	%		0.63	%(b)		0.64	%(b)		0.63	%(b)
Net investment income			4.87	%(d)		4.53	%		2.69	%		0.81	%		0.63	%		1.27	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Less than $0.005 per share.
(d)	Annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C15

Financial Highlights
(Unaudited)

	AST Neuberger Berman Mid-Cap Growth Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	18.42		$	16.15		$	14.23		$	12.26		$	9.39		$	13.65
Income (Loss) From Investment Operations:
Net investment loss			(0.01	)		(0.05	)		(0.05	)		(0.09	)		(0.09	)		(0.13	)
Net realized and unrealized gain (loss) on investments			2.98			2.32			1.97			2.06			2.96			(4.13	)
Total from investment operations			2.97			2.27			1.92			1.97			2.87			(4.26	)
Net Asset Value, end of period		$	21.39		$	18.42		$	16.15		$	14.23		$	12.26		$	9.39
Total Investment Return(a)			16.12	%		14.06	%		13.49	%		16.07	%		30.56	%		(31.21	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	803.9		$	659.0		$	718.1		$	400.6		$	360.0		$	287.5
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.01	%(c)		1.01	%		1.04	%		1.15	%(b)		1.17	%(b)		1.16	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.01	%(c)		1.04	%		1.08	%		1.16	%(b)		1.17	%(b)		1.16	%(b)
Net investment loss			(0.12	)%(c)		(0.28	)%		(0.58	)%		(0.71	)%		(0.83	)%		(0.84	)%
Portfolio turnover rate			36	%(d)		33	%		105	%		90	%		150	%		104	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Neuberger Berman Mid-Cap Value Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	19.37		$	20.45		$	21.30		$	17.80		$	13.09		$	15.41
Income (Loss) From Investment Operations:
Net investment income			0.15			0.13			0.10			0.03			0.02			0.03
Net realized and unrealized gain (loss) on investments			1.66			1.92			2.08			3.94			4.72			(1.56	)
Total from investment operations			1.81			2.05			2.18			3.97			4.74			(1.53	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.03	)		(0.02	)		(0.03	)		(0.08	)
Distributions from net realized gains			—			—			(3.00	)		(0.45	)		—			(0.71	)
Distributions			—			(3.13	)		—			—			—			—
Total dividends and distributions			—			(3.13	)		(3.03	)		(0.47	)		(0.03	)		(0.79	)
Net Asset Value, end of period		$	21.18		$	19.37		$	20.45		$	21.30		$	17.80		$	13.09
Total Investment Return(a)			9.34	%		10.75	%		12.05	%		22.84	%		36.32	%		(10.56	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,220.3		$	1,229.5		$	1,479.0		$	1,309.8		$	1,027.4		$	761.0
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.99	%(c)		1.00	%		1.01	%		1.09	%(b)		1.15	%(b)		1.16	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.99	%(c)		1.00	%		1.03	%		1.10	%(b)		1.15	%(b)		1.16	%(b)
Net investment income			1.29	%(c)		0.59	%		0.52	%		0.17	%		0.15	%		0.20	%
Portfolio turnover rate			36	%(d)		61	%		103	%		68	%		70	%		92	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C16

Financial Highlights
(Unaudited)

	AST Neuberger Berman Small-Cap Growth Portfolio
	Six Months Ended				Year Ended December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	9.03		$	8.38		$	8.35		$	7.63		$	5.17		$	7.03
Income (Loss) From Investment Operations:
Net investment loss			(0.04	)		(0.04	)		(0.06	)		(0.06	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments			0.80			0.69			0.09			0.78			2.47			(1.85	)
Total from investment operations			0.76			0.65			0.03			0.72			2.46			(1.86	)
Net Asset Value, end of period		$	9.79		$	9.03		$	8.38		$	8.35		$	7.63		$	5.17
Total Investment Return(a)			8.42	%		7.76	%		0.36	%		9.44	%		47.58	%		(26.46	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	201.8		$	214.4		$	256.9		$	340.8		$	403.4		$	293.3
Ratios to average net assets:
Expenses After Advisory Fee Waivers			1.09	%(c)		1.07	%		1.07	%		1.02	%(b)		1.02	%(b)		1.00	%(b)
Expenses Before Advisory Fee Waivers			1.09	%(c)		1.11	%		1.15	%		1.17	%(b)		1.17	%(b)		1.15	%(b)
Net investment loss			(0.60	)%(c)		(0.37	)%		(0.62	)%		(0.66	)%		(0.19	)%		(0.12	)%
Portfolio turnover rate			155	%(d)		199	%		150	%		145	%		185	%		132	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST PIMCO Limited Maturity Bond Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.18		$	11.10		$	11.12		$	11.37		$	11.36		$	11.30
Income (Loss) From Investment Operations:
Net investment income			0.29			0.52			0.27			0.17			0.22			0.24
Net realized and unrealized gain (loss) on investments			(0.13	)		(0.11	)		(0.09	)		0.06			0.14			0.43
Total from investment operations			0.16			0.41			0.18			0.23			0.36			0.67
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.14	)		(0.35	)		(0.22	)		(0.47	)
Distributions from net realized gains			—			—			(0.06	)		(0.13	)		(0.13	)		(0.14	)
Distributions			—			(0.33	)		—			—			—			—
Total dividends and distributions			—			(0.33	)		(0.20	)		(0.48	)		(0.35	)		(0.61	)
Net Asset Value, end of period		$	11.34		$	11.18		$	11.10		$	11.12		$	11.37		$	11.36
Total Investment Return(a)			1.43	%		3.82	%		1.63	%		2.07	%		3.28	%		6.21	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,286.0		$	1,366.9		$	1,683.2		$	1,232.8		$	1,005.9		$	1,058.8
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.75	%(c)		0.76	%		0.76	%		0.79	%(b)		0.82	%(b)		0.83	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.75	%(c)		0.77	%		0.80	%		0.82	%(b)		0.82	%(b)		0.83	%(b)
Net investment income			4.40	%(c)		4.04	%		2.86	%		1.65	%		1.74	%		2.87	%
Portfolio turnover rate			35	%(d)		140	%		153	%		103	%		208	%		271	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C17

Financial Highlights
(Unaudited)

	AST PIMCO Total Return Bond Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.43		$	11.45		$	12.01		$	11.99		$	12.24		$	11.93
Income (Loss) From Investment Operations:
Net investment income			0.21			0.28			0.52			0.23			0.35			0.39
Net realized and unrealized gain (loss) on investments			(0.18	)		0.11			(0.23	)		0.36			0.27			0.66
Total from investment operations			0.03			0.39			0.29			0.59			0.62			1.05
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.45	)		(0.48	)		(0.43	)		(0.52	)
Distributions from net realized gains			—			—			(0.40	)		(0.09	)		(0.44	)		(0.22	)
Distributions			—			(0.41	)		—			—			—			—
Total dividends and distributions			—			(0.41	)		(0.85	)		(0.57	)		(0.87	)		(0.74	)
Net Asset Value, end of period		$	11.46		$	11.43		$	11.45		$	12.01		$	11.99		$	12.24
Total Investment Return(a)			0.26	%		3.74	%		2.50	%		4.96	%		5.32	%		9.22	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3,811.4		$	3,347.2		$	1,790.7		$	2,318.2		$	2,107.9		$	2,255.0
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.74	%(c)(d)		0.77	%(c)		0.79	%		0.78	%(b)		0.78	%(b)		0.78	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.74	%(c)(d)		0.77	%(c)		0.80	%		0.81	%(b)		0.80	%(b)		0.80	%(b)
Net investment income			4.65	%(d)		4.30	%		3.62	%		2.08	%		2.85	%		3.90	%
Portfolio turnover rate			134	%(e)		238	%		238	%		253	%		222	%		229	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Distribution Board of Trustees of the Trust effective November 18, 2004.
(c)	The expense ratio reflects the interest and fees expense related to the liability for the floating rate notes issued in conjunction with inverse floater securities. The total expense ratio excluding interest and fees expense is 0.76% for the year ended December 31, 2006 and 0.74% for the six months ended June 30, 2007.
(d)	Annualized.
(e)	Not annualized.

	AST Preservation Asset Allocation Portfolio
	Six Months				Year				December 5, 2005(e)
	Ended				Ended				through
	June 30,				December 31,				December 31,
	2007(f)				2006(f)				2005
Per Share Operating Performance:
Net Asset Value, beginning of period		$	10.84			$	10.06			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.01	)			0.10				—	(d)
Net realized and unrealized gain (loss) on investments			0.37				0.68				0.06
Total from investment operations			0.36				0.78				0.06
Net Asset Value, end of period		$	11.20			$	10.84			$	10.06
Total Investment Return(a)			3.32	%			7.75	%			0.60	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	503.9			$	309.4			$	13.7
Ratios to average net assets:(g)
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.19	%(c)			0.20	%			0.20	%(c)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.19	%(c)			0.23	%			6.28	%(c)
Net investment income (loss)			(0.10	)%(c)			0.92	%			(0.19	)%(c)
Portfolio turnover rate			20	%(b)			70	%			6	%(b)

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Not annualized.
(c)	Annualized.
(d)	Less than $0.005.
(e)	Commencement of operations.
(f)	Calculated based on weighted average shares outstanding during the period.
(g)	Does not include expenses of the underlying portfolios in which the Portfolio invests.

SEE NOTES TO FINANCIAL STATEMENTS.

C18

Financial Highlights
(Unaudited)

	AST Small-Cap Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	16.08		$	14.28		$	14.07		$	15.12		$	10.41		$	15.87
Income (Loss) From Investment Operations:
Net investment loss			(0.03	)		(0.08	)		(0.08	)		(0.14	)		(0.09	)		(0.13	)
Net realized and unrealized gain (loss) on investments			2.25			1.88			0.29			(0.91	)		4.80			(5.33	)
Total from investment operations			2.22			1.80			0.21			(1.05	)		4.71			(5.46	)
Net Asset Value, end of period		$	18.30		$	16.08		$	14.28		$	14.07		$	15.12		$	10.41
Total Investment Return(a)			13.81	%		12.61	%		1.49	%		(6.94	)%		45.24	%		(34.41	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	183.9		$	175.4		$	187.5		$	226.1		$	338.2		$	254.0
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.05%	(c)		1.07	%		1.07	%		1.16	%(b)		1.20	%(b)		1.23	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.05%	(c)		1.08	%		1.15	%		1.16	%(b)		1.20	%(b)		1.23	%(b)
Net investment loss			(0.26	)%(c)		(0.48	)%		(0.53	)%		(0.87	)%		(0.65	)%		(0.74	)%
Portfolio turnover rate			21	%(d)		69	%		113	%		237	%		107	%		123	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

	AST Small-Cap Value Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	17.13		$	15.04		$	18.28		$	15.70		$	11.59		$	13.07
Income (Loss) From Investment Operations:
Net investment income			0.07			0.15			0.09			0.02			0.01			0.03
Net realized and unrealized gain (loss) on investments			1.09			2.79			0.71			2.56			4.13			(1.23	)
Total from investment operations			1.16			2.94			0.80			2.58			4.14			(1.20	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.01	)		—	(c)		(0.03	)		(0.06	)
Distributions from net realized gains			—			—			(4.03	)		—			—			(0.22	)
Distributions			—			(0.85	)		—			—			—			—
Total dividends and distributions			—			(0.85	)		(4.04	)		—	(c)		(0.03	)		(0.28	)
Net Asset Value, end of period		$	18.29		$	17.13		$	15.04		$	18.28		$	15.70		$	11.59
Total Investment Return(a)			6.77	%		20.04			6.64	%		16.44	%		35.78	%		(9.38	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,136.9		$	1,126.8		$	1,067.8		$	922.1		$	774.4		$	501.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.00	%(d)		1.03	%		1.07	%		1.08	%(b)		1.10	%(b)		1.10	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.00	%(d)		1.03	%		1.07	%		1.08	%(b)		1.10	%(b)		1.10	%(b)
Net investment income			0.68	%(d)		0.89	%		0.64	%		0.15	%		0.04	%		0.20	%
Portfolio turnover rate			34	%(e)		70	%		59	%		124	%		26	%		24	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C19

Financial Highlights
(Unaudited)

		AST T. Rowe Price Asset Allocation Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007(f)				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	17.64		$	17.12		$	16.81		$	15.36		$	12.74		$	15.05
Income (Loss) From Investment Operations:
Net investment income			0.21			0.34			0.30			0.29			0.24			0.34
Net realized and unrealized gain (loss) on investments			0.74			1.68			0.45			1.40			2.73			(1.76	)
Total from investment operations			0.95			2.02			0.75			1.69			2.97			(1.42	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.31	)		(0.24	)		(0.35	)		(0.39	)
Distributions from net realized gains			—			—			(0.13	)		—			—			(0.50	)
Distributions			—			(1.50	)		—			—			—			—
Total dividends and distributions			—			(1.50	)		(0.44	)		(0.24	)		(0.35	)		(0.89	)
Net Asset Value, end of period		$	18.59		$	17.64		$	17.12		$	16.81		$	15.36		$	12.74
Total Investment Return(a)			5.39	%		12.49	%		4.68	%		11.17	%		24.02	%		(9.89	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	727.5		$	473.1		$	431.1		$	430.7		$	360.2		$	269.1
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.97	%(c)		0.99	%		1.04	%		1.07	%(b)		1.12	%(b)		1.11	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.97	%(c)		0.99	%		1.08	%		1.12	%(b)		1.12	%(b)		1.11	%(b)
Net investment income			2.34	%(c)		2.15	%		1.77	%		1.93	%		1.84	%		2.37	%
Portfolio turnover rate			15	%(d)		62	%		65	%		83	%		94	%		107	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.
(f)	Calculated based on weighted average shares outstanding during the period.

		AST T. Rowe Price Global Bond Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	11.57		$	11.18		$	12.16		$	12.10		$	11.10		$	9.65
Income (Loss) From Investment Operations:
Net investment income			0.20			0.41			0.28			0.17			0.27			0.05
Net realized and unrealized gain (loss) on investments			(0.07	)		0.27			(0.81	)		0.81			1.12			1.40
Total from investment operations			0.13			0.68			(0.53	)		0.98			1.39			1.45
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.43	)		(0.72	)		(0.37	)		—
Distributions from net realized gains			—			—			(0.02	)		(0.20	)		(0.02	)		—
Distributions			—			(0.29	)		—			—			—			—
Total dividends and distributions			—			(0.29	)		(0.45	)		(0.92	)		(0.39	)		—
Net Asset Value, end of period		$	11.70		$	11.57		$	11.18		$	12.16		$	12.10		$	11.10
Total Investment Return(a)			1.04	%		6.27	%		(4.49	)%		8.64	%		12.86	%		15.03	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	563.8		$	507.7		$	539.6		$	362.0		$	229.6		$	209.6
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.93	%(c)		0.96	%		1.01	%		1.07	%(b)		1.06	%(b)		1.06	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.93	%(c)		0.96	%		1.01	%		1.07	%(b)		1.06	%(b)		1.06	%(b)
Net investment income			4.16	%(c)		3.64	%		2.87	%		2.58	%		2.57	%		3.13	%
Portfolio turnover rate			67	%(d)		131	%		109	%		111	%		196	%		323	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C20

Financial Highlights
(Unaudited)

		AST T. Rowe Price Large-Cap Growth Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	10.86		$	10.28		$	8.83		$	8.35		$	6.75		$	9.78
Income (Loss) From Investment Operations:
Net investment income (loss)			0.01			0.02			(0.02	)		(0.01	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss) on investments			0.80			0.56			1.47			0.49			1.61			(3.00	)
Total from investment operations			0.81			0.58			1.45			0.48			1.60			(3.03	)
Net Asset Value, end of period		$	11.67		$	10.86		$	10.28		$	8.83		$	8.35		$	6.75
Total Investment Return(a)			7.46	%		5.64	%		16.42	%		5.75	%		23.70	%		(30.98	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1,687.6		$	1,504.6		$	337.5		$	258.1		$	237.1		$	240.5
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.97	%(c)		1.01	%		1.06	%		1.14	%(b)		1.16	%(b)		1.13	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.97	%(c)		1.01	%		1.11	%		1.17	%(b)		1.16	%(b)		1.13	%(b)
Net investment income (loss)			0.20	%(c)		0.29	%		(0.32	)%		(0.07	)%		(0.14	)%		(0.31	)%
Portfolio turnover rate			42	%(d)		35	%		165	%		95	%		63	%		59	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

		AST T. Rowe Price Natural Resources Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	29.38		$	27.55		$	22.63		$	17.45		$	13.56		$	15.12
Income (Loss) From Investment Operations:
Net investment income			0.14			0.25			0.12			0.10			0.12			0.07
Net realized and unrealized gain (loss) on investments			6.37			3.92			6.58			5.28			4.25			(0.85	)
Total from investment operations			6.51			4.17			6.70			5.38			4.37			(0.78	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.06	)		(0.20	)		(0.20	)		(0.24	)
Distributions from net realized gains			—			—			(1.72	)		—			(0.28	)		(0.54	)
Distributions			—			(2.34	)		—			—			—			—
Total dividends and distributions			—			(2.34	)		(1.78	)		(0.20	)		(0.48	)		(0.78	)
Net Asset Value, end of period		$	35.89		$	29.38		$	27.55		$	22.63		$	17.45		$	13.56
Total Investment Return(a)			22.16	%		15.87	%		31.40	%		31.19	%		33.52	%		(5.53	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	761.2		$	590.6		$	418.4		$	238.1		$	170.9		$	122.7
Ratios to average net assets:
Expenses After Advisory Fee Waiver and Expense Reimbursement			1.01	%(c)		1.03	%		1.08	%		1.17	%(b)		1.17	%(b)		1.16	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			1.01	%(c)		1.03	%		1.08	%		1.17	%(b)		1.17	%(b)		1.16	%(b)
Net investment income			1.02	%(c)		0.95	%		0.59	%		0.49	%		0.77	%		0.54	%
Portfolio turnover rate			15	%(d)		28	%		47	%		63	%		43	%		56	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

C21

Financial Highlights
(Unaudited)

		AST UBS Dynamic Alpha Portfolio
	Six Months				Year Ended
	Ended				December 31,
	June 30,
	2007(f)				2006			2005			2004			2003			2002
Per Share Operating Performance:
Net Asset Value, beginning of period		$	13.57		$	12.56		$	12.16		$	11.07		$	9.38		$	11.46
Income (Loss) From Investment Operations:
Net investment income			0.07			0.25			0.24			0.28			0.12			0.11
Net realized and unrealized gain (loss) on investments			0.59			1.09			0.56			0.94			1.69			(1.84	)
Total from investment operations			0.66			1.34			0.80			1.22			1.81			(1.73	)
Less Dividends and Distributions:
Dividends from net investment income			—			—			(0.40	)		(0.13	)		(0.12	)		(0.35	)
Distributions			—			(0.33	)		—			—			—			—
Total dividends and distributions			—			(0.33	)		(0.40	)		(0.13	)		(0.12	)		(0.35	)
Net Asset Value, end of period		$	14.23		$	13.57		$	12.56		$	12.16		$	11.07		$	9.38
Total Investment Return(a)			4.86	%		11.14	%		6.94	%		11.09	%		19.53	%		(15.43	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	264.9		$	186.2		$	202.2		$	231.7		$	264.8		$	284.4
Ratios to average net assets:(e)
Expenses After Advisory Fee Waiver and Expense Reimbursement			0.54	%(c)		0.19	%		0.16	%		0.14	%(b)		0.14	%(b)		0.47	%(b)
Expenses Before Advisory Fee Waiver and Expense Reimbursement			0.54	%(c)		0.19	%		0.16	%		0.14	%(b)		0.14	%(b)		0.47	%(b)
Net investment income			0.99	%(c)		1.70	%		1.72	%		2.12	%		1.08	%		0.91	%
Portfolio turnover rate			118	%(d)		27	%		81	%		93	%		18	%		160	%

(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total investment returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.
(b)	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.
(c)	Annualized.
(d)	Not annualized.
(e)	Does not include expenses of any underlying portfolios in which the Portfolio may invest.
(f)	Calculated based on weighted average shares outstanding during the period.

SEE NOTES TO FINANCIAL STATEMENTS.

C22

Advanced Series Trust
(formerly, American Skandia Trust)

Approval of Advisory Agreements

Introduction

The Board of Trustees (the “Board”) of Advanced Series Trust (formerly, American Skandia Trust) (the “Trust”) oversees the management of each of the Trust’s Portfolios, and, as required by law, determines annually whether to renew the Trust’s management agreement with Prudential Investments LLC (“PI”) and AST Investment Services, Inc. (formerly, American Skandia Investment Services, Inc.) (“ASTI”) and each Portfolio’s subadvisory agreement(s). The Board is also responsible for the consideration and approval of any new advisory agreements.

As is further explained and discussed below, at several meetings of the Board held during the six-month period covered by this semi-annual shareholder report, the Board approved the renewal of the Trust’s existing management and subadvisory agreements with respect to the existing Portfolios of the Trust, and approved new subadvisory agreements with respect to three of the Portfolios of the Trust. In addition, the Board also approved amendments to the management agreement and approved several new subadvisory agreements in connection with the Board’s approval of the creation of several new Portfolios of the Trust.

All Portfolios: Renewal of Existing Management & Subadvisory Agreements

The Board, including all of the Independent Trustees, met on June 19-21, 2007 and approved the renewal of the existing management and subadvisory agreements through July 31, 2008, after concluding that renewal of the agreements was in the best interests of each of the Trust’s Portfolios and their shareholders.

In advance of the meetings, the Trustees received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with their consideration. In approving the agreements, the Trustees, including the Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio of the Trust, the profitability of PI and ASTI and their affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that was dispositive and each Trustee attributed different weights to the various factors. In connection with their deliberations, the Board considered information provided by PI and ASTI throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the June 2007 meetings.

The Trustees determined that the overall arrangements between the Trust and PI and ASTI (hereinafter jointly referred to as “PI”), which serve as the Trust’s co-investment managers pursuant to a management agreement, and between PI and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with PI, are fair and reasonable in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, quality and extent of services

The Board received and considered information regarding the nature and extent of services provided to the Trust by PI and each subadviser. The Board considered the services provided by PI, including but not limited to the oversight of the subadvisers, as well as the provision of recordkeeping and compliance services to the Trust. With respect to PI’s oversight of the subadvisers, the Board noted that PI’s Strategic Investment Research Group (“SIRG”), a business unit of PI, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Trust. The Board also

considered the investment subadvisory services provided by each subadviser, as well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PI’s evaluation of the subadvisers; as well as PI’s recommendation, based on its review of the subadvisers, to renew the subadvisory agreements, or to replace certain subadvisers, as applicable.

The Board reviewed the qualifications, backgrounds and responsibilities of PI’s senior management responsible for the oversight of the Trust and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PI’s and each subadviser’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PI and each subadviser. The Board also noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (CCO) as to both PI and each subadviser. The Board noted that one of the Trust’s subadvisers, Prudential Investment Management, Inc. (“PIM”), is affiliated with PI.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that the Trust benefits from the services provided by PI and each subadviser under the management and subadvisory agreements.

Costs of Services and Profits Realized by PI

The Board was provided with information on the profitability of PI and its affiliates in serving as the Trust’s investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board did not separately consider the profitability of PIM, which is an affiliate of PI, as its profitability was included in the profitability report for PI. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with PI may not be as significant as PI’s profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PI and the unaffiliated subadvisers, as well as the fact that PI compensates the subadvisers out of its management fee.

Economies of Scale

The Board noted that the management fee schedule for the Portfolios of the Trust generally does not contain breakpoints that reduce the fee rate on assets above specified levels, with the exception of the AST JP Morgan International Equity Portfolio, the AST Neuberger Berman Mid -Cap Growth Portfolio, the AST Neuberger Berman Mid-Cap Value Portfolio and the AST T. Rowe Price Large-Cap Growth Portfolio. The Board received and discussed information concerning whether PI realizes economies of scale as the Portfolio’s assets grow beyond current levels. However, because of the nature of PI’s business, the Board could not reach definitive conclusions as to whether PI might realize economies of scale on a particular Portfolio or how great they may be. In light of each Portfolio’s current size and fee rate, the Board concluded that the absence of breakpoints is acceptable at this time.

With respect to the AST Neuberger Berman Mid-Cap Growth Portfolio and the AST T. Rowe Price Large-Cap Growth Portfolio, the Board noted that the management fee schedule includes breakpoints, which have the effect of decreasing the fee rate as assets increase, but at the current level of assets these Portfolios do not realize the effect of those rate reductions. The Board took note, however, that the Portfolios’ fee structures would result in benefits to Portfolio shareholders when (and if) assets reach the levels at which their fee rates are reduced. These benefits will accrue whether or not PI is then realizing any economies of scale.

With respect to the AST JP Morgan International Equity Portfolio and the AST Neuberger Berman Mid Cap Value Portfolio, the Board noted that the management fee schedule for each Portfolio includes breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at its current level of assets the Portfolios’ effective fee rates reflected some of those rate reductions.

Other Benefits to PI and The Subadvisers

The Board considered potential ancillary benefits that might be received by PI, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of PI, compensation received by insurance company affiliates of PI from the subadvisers, as well as reputational or other intangible benefits resulting from PI’s association with the Trust. The Board also considered information provided by PI regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of PI at least annually review and represent that the fees and charges of the variable products using the Trust’s Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and reputational benefits. The Board concluded that the benefits derived by PI and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Portfolios / Fees and Expenses / Other Factors

With respect to each Portfolio of the Trust, the Board also considered certain additional specific factors and related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio’s inception date) for one-year, three-year, five-year and ten-year periods ending December 31, 2006, as well as fees and expenses of the Portfolios during calendar year 2006, as detailed below. Among other things, the Board considered comparisons with other mutual funds in relevant Peer Universes. The mutual funds included in each Peer Universe were objectively determined solely by Lipper Inc., an independent provider of mutual fund data. The comparisons placed the Portfolios of the Trust in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The Board also considered each Portfolio’s contractual and actual management fee, as well as each Portfolio’s net total expense ratio. The Board considered the management fee for each Portfolio as compared to the advisory fee charged by PI to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a Peer Group. The contractual management fee is computed based on hypothetical common levels of Portfolio net assets, while the actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with variable annuity or variable life insurance contracts.

In connection with its consideration of Portfolio expenses, the Board considered and accepted PI’s recommendation to continue to voluntarily waive 0.03% of the existing 0.10% administrative services fee paid by each of the Trust’s Portfolios, with the exception of the AST Asset Allocation Portfolios (which do not pay the administrative services fee). As further detailed below, the Board also considered and accepted PI’s proposals to modify or eliminate existing management fee waivers and/or expense caps for selected Portfolios to adjust expense ratios for selected Portfolios.

AST AllianceBernstein Core Value Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year, three-year and five-year periods in relation to the Peer Universe. The Board noted that the Portfolio had underperformed against its benchmark index over the three-year and five-year periods, but further noted that the index had proven to be very difficult to outperform, with over 90% of the investment managers in the Peer Universe having failed to outperform against the index over the prior five year period. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.750% was in the third quartile. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.25%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. In light of the Portfolio’s strong performance record, the Board concluded that the management and subadvisory fees are reasonable.

AST AllianceBernstein Growth & Income Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year and three-year periods, in the fourth quartile over a five-year period, and in the second quartile over a ten-year period in relation to the Peer Universe. The Board also noted that the Portfolio had underperformed against the benchmark index over the past five years. The Board noted that most of the mutual funds included in the Peer Universe had been unable to return performance above the Portfolio’s benchmark index. The Board concluded that it was reasonable to continue to evaluate the Portfolio’s performance and to approve the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.734% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.25%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST AllianceBernstein Managed Index 500 Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year, three-year and five-year periods in relation to the Peer Universe. The Board also noted that the Portfolio underperformed against its benchmark index over the same fiveyear period. The Board noted, however, PI’s assertion that because the Portfolio closely tracks the S&P 500 Index, during periods when the S&P 500 stocks perform poorly in comparison to the Peer Universe, as was the case during 2005 and 2006, the Portfolio will perform poorly in comparison with the Peer Universe during those periods. The Board also noted PI’s assertion that the subadviser’s investments in large capitalization growth stocks during 2005 and 2006 detracted from performance, since large cap growth stocks were out of favor in the market during these years. Consequently, the Board concluded that it was reasonable to continue to evaluate the Portfolio’s performance and to approve the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.600% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 0.80%. The Board concluded that the management and subadvisory fees are reasonable.

AST American Century Income & Growth Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year, three-year and five-year periods in relation to the Peer Universe. The Portfolio also outperformed against its benchmark index over the same time periods. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.750% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.25%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST American Century Strategic Allocation Portfolio (formerly, AST American Century Strategic Balanced Portfolio). The Board noted that it had previously approved investment policy changes for the Portfolio that had become effective in May 2007, which resulted in the Portfolio adopting an asset allocation approach pursuant to which the Portfolio invests in other Portfolios of the Trust. Consequently, although

the Board received information with respect to the performance of the Portfolio during the first quarter of 2007 as well as for the one-year, three-year and five-year periods, the Board noted that the performance record reflected the prior structure and investment policies of the Portfolio. The Board determined that it was reasonable under the circumstances to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.834% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.25%. In light of the Portfolio’s historically competitive performance, the Board concluded that the management and subadvisory fees are reasonable.

AST Cohen & Steers Realty Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the first quartile over three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio had outperformed against its benchmark index over the same one-year, three-year and five-year time periods. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 1.00% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.45%. In light of the Portfolio’s strong performance, the Board concluded that the management and subadvisory fees are reasonable.

AST DeAM Large-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year, three-year and five-year time periods in relation to the Peer Universe. The Board further noted that the Portfolio had outperformed against its benchmark index over the same three-year and five-year time periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.850% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total expenses of 1.25%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST Neuberger Berman Small-Cap Growth Portfolio (formerly, AST DeAM Small-Cap Growth Portfolio). The Board noted that the Portfolio’s performance was in the third quartile over the one-year period, in the fourth quartile over a three-year period, and in the third quartile over a five-year period in relation to the Peer Universe. The Board further noted that the Portfolio underperformed against its benchmark index over the same one-year period.

The Board noted that at a meeting held on February 27, 2007, it had approved a recommendation submitted by PI to replace the Portfolio’s existing subadviser (Deutsche Asset Management, Inc.) with Neuberger Berman Management, Inc. (Neuberger Berman). Because Neuberger Berman had assumed responsibility for managing the Portfolio in May 2007, the Portfolio’s performance history was not attributable to Neuberger Berman. Consequently, the Board concluded that it was reasonable under the circumstances to allow Neuberger Berman to establish a record upon which it could be evaluated, and approved the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.906% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.35%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST DeAM Small-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, though it was in the third quartile over the three-year period in relation to the Peer Universe. The Board also noted that the Portfolio had underperformed against its benchmark index over the three-year period. The Board noted that the Portfolio had commenced operations in May 2002, and therefore, a longer performance history was not yet available. The Board concluded that, in light of the Fund’s recent improved performance, it was reasonable to approve the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.856% ranked in the first quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.14%. The Board concluded that the management and subadvisory fees are reasonable.

AST Federated Aggressive Growth Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the first quartile over the three-year and five-year periods in relation to the Peer Universe. The Board also noted that the Portfolio had outperformed against its benchmark index over the same time periods. The Board concluded that the Portfolio’s performance was satisfactory, and approved the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.950% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to dis continue the existing voluntary cap on net total Portfolio expenses of 1.35%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST FirstTrust Balanced Target Portfolio. The Board noted that the Portfolio’s performance was in the bottom half of the Peer Universe for the nine-month period ending December 31, and that the Portfolio had marginally underperformed its benchmark index over the same time period. The Board noted, however, that the Portfolio’s performance history was limited, because the Portfolio had commenced operations in March 2006. Consequently, the Board concluded that it was reasonable under the circumstances to allow the subadviser to establish a longer record upon which it could be evaluated, and approved the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.850% ranked in the fourth quartile in its Peer Group. In light of the Portfolio’s lack of a meaningful performance record, the Board concluded that the management and subadvisory fees are reasonable.

AST FirstTrust Capital Appreciation Target Portfolio. The Board noted that the Portfolio’s performance was in the bottom half of the Peer Universe for the nine-month period ending December 31, and that the Portfolio had marginally underperformed its benchmark index over the same time period. The Board noted, however, that the Portfolio’s performance history was limited, because the Portfolio had commenced operations in March 2006. Consequently, the Board concluded that it was reasonable under the circumstances to allow the subadviser to establish a longer record upon which it could be evaluated, and approved the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.850% ranked in the fourth quartile in its Peer Group. In light of the Portfolio’s lack of a meaningful performance record, the Board concluded that the management and subadvisory fees are reasonable.

AST UBS Dynamic Alpha Portfolio (formerly, AST Global Allocation Portfolio). The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, in the first quartile over the three-year period, and in the third quartile over the five-year and ten-year periods in relation to the Peer Universe.

The Board noted that shareholders had recently approved changes in the Portfolio’s investment objective and fundamental and non-fundamental investment policies, as well as the appointment of a new subadviser, UBS Global Asset Management (Americas), Inc. (UBS). In light of the changes, which became effective on May 1, 2007, the Portfolio’s prior performance record was not attributable to UBS, and as a result, the Board concluded that it was reasonable under the circumstances to allow UBS to establish a record upon which it could be evaluated, and approved the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 1.00% ranked in the first quartile in its Peer Group. The Board concluded that the management fees are reasonable.

AST Goldman Sachs Concentrated Growth Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year period, in the fourth quartile over three-year and five-year periods, and in the third quartile over the ten-year period in relation to the Peer Universe. The Board noted that a portion of the underperformance of the Portfolio was attributable to the previous subadviser, who was replaced by Goldman Sachs Asset Management, LP in November 2002. The Board further noted that the Portfolio’s recent performance showed improvement, with the Portfolio outperforming the median performance of the other mutual funds included in the Peer Universe and outperforming its benchmark index over the one-year period. The Board concluded that it was reasonable to approve the continuance of the management and subadvisory agreements, and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.790% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 0.86%. In light of the Portfolio’s strong recent performance, the Board concluded that the management and subadvisory fees are reasonable.

AST Goldman Sachs Mid-Cap Growth Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year and three-year periods, and performance that was in the fourth quartile over the five-year period in relation to the Peer Universe. The Board noted that the Portfolio’s current subadviser, Goldman Sachs Asset Management, LP (GSAM), assumed responsibility for managing the Portfolio’s assets in November 2002, and that as a result, the Portfolio’s performance over the five-year period was not attributable to GSAM. The Board noted that the Portfolio’s shorter-term performance during the first quarter of 2007 placed in the first quartile of the Peer Universe. The Board concluded that it was reasonable to continue the management and subadvisory agreements, and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.967% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.12%. The Board concluded that the management and subadvisory fees are reasonable.

AST Goldman Sachs Small-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year and three-year periods, and in the second quartile over the five-year period in relation to the Peer Universe. The Board noted PI’s observation that the Portfolio’s underperformance was primarily the result of the Portfolio’s emphasis on higher quality growth-oriented stocks, which were not in favor in the market. The Board further noted that the Portfolio’s benchmark index outperformed 97% of all active small-cap asset managers for the one-year period. The Board concluded that, in light of the Portfolio’s longer-term performance, it was reasonable to continue the management and subadvisory agreements, and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.950% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.35%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST High Yield Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the third quartile over the three-year, five-year and ten-year time periods in relation to the Peer Universe. The Board also noted that the Portfolio had slightly underperformed against its benchmark index over the same time periods. The Board noted that Goldman Sachs Asset Management, LP (GSAM) had ceased serving as a subadviser to the Portfolio effective in June 2006, leaving Pacific Investment Management Company LLC (PIMCO) as the Portfolio’s sole subadviser. The Board further noted that much of the underperformance was not attributable to either PIMCO or GSAM, since GSAM commenced serving as a subadviser in May 2004 and PIMCO commenced serving as a subadviser in March 2006. The Board noted that the Portfolio’s short-term performance over the one-year period was competitive. The Board concluded that it was reasonable to continue the management and subadvisory agreements, and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.747% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 0.88%. In light of the Portfolio’s improving performance record and the changes in subadvisers, the Board concluded that the management and subadvisory fees are reasonable.

AST JP Morgan International Equity Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period, in the fourth quartile over the three-year and five-year periods, and in the second quartile over the ten-year period in relation to the Peer Universe. The Board further noted that the Portfolio had underperformed against its benchmark index over the same one-year, three-year and five-year periods. The Board noted that PI had taken steps to address the Portfolio’s performance by replacing the previous subadviser with JP Morgan Investment Management, Inc. (JP Morgan) as of February 2004, and that therefore, only the Portfolio’s one-year performance record was attributable to JP Morgan. The Board also noted PI’s observation that while the Portfolio’s short-term performance lagged the Peer Universe, the Portfolio’s emphasis on higher quality stocks of large capitalization companies with a growth bias was not in favor in the markets. In light of this, the Board concluded that it was reasonable to allow JP Morgan to create a performance record against which it should be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.860% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.01%. The Board concluded that the management and subadvisory fees are reasonable.

AST Large-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period, in the first quartile over the three-year period, in the second quartile over the fiveyear period, and in the third quartile over the ten-year period in relation to the Peer Universe. The Board further noted that the Portfolio had underperformed against its benchmark index over the same one-year, three-year and five-year periods. The Board noted that PI had taken steps to address the performance issues by replacing the previous subadviser with Hotchkis and Wiley Capital Management LLC (H&W) as of May 2004. More recently, in response to capacity constraints, JP Morgan Asset Management, Inc. (JP Morgan) and Dreman Value Management LLC (Dreman) had been added as new additional subadvisers as of December 2005 and March 2006, respectively. In light of this, the Board concluded that it was reasonable to continue to allow these subadvisers to create a performance record against which they should

be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.747% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the Portfolio’s existing contractual cap on net total expenses of 1.20%. The Board concluded that the management and subadvisory fees are reasonable.

AST Lord Abbett Bond-Debenture Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period, and in the fourth quartile over the three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio had underperformed against its benchmark index over the same time periods. The Board noted PI’s explanation that the Portfolio’s oneyear performance was primarily attributable to the Portfolio’s positions in financial services and computer hardware industries, as well as the Portfolio’s positions in investment grade securities, which had lagged significantly behind high-yield and convertible securities during 2006. The Board also observed that PI had explained that the Portfolio’s ranking in the Peer Universe reflected a certain amount of “peer group bias,” in that the Portfolio was a unique investment class, but was grouped in a Peer Universe comprised of high yield funds, despite the fact that the Portfolio was not purely a high yield fund, thereby creating a performance and expense disadvantage.

The Board noted that PI also explained that performance over the three-year and five-year periods was generated while experiencing significantly lower risk levels than those of the Portfolio’s benchmark index and the other mutual funds included in the Peer Universe. The Board further noted that the Portfolio’s performance for the first quarter of 2007 was in the second quartile of the Peer Universe and had shown improvement. The Board concluded that it was reasonable to continue to evaluate the Portfolio’s performance and to approve the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.752% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 0.88%, which put these expenses in the third quartile of the Peer Group. The Board concluded that the management and subadvisory fees are reasonable.

AST International Value Portfolio (formerly, AST LSV International Value Portfolio). The Board noted that the Portfolio’s performance was in the first quartile over the one-year and three-year periods, in the second quartile over the five-year period, and in the third quartile over the ten-year period in relation to the Peer Universe. The Board further noted that the Portfolio had outperformed against its benchmark index over the one-year and three-year periods, but had underperformed against the index over the five-year period. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 1.00% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.50%. The Board concluded that the management and subadvisory fees are reasonable.

AST Marsico Capital Growth Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the first quartile over three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio outperformed its benchmark index over the same three-year and five-year periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.890% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.35%. In light of the Portfolio’s competitive performance record, the Board concluded that the management and subadvisory fees are reasonable.

AST MFS Global Equity Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year period, and in the second quartile over the three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio outperformed its benchmark index over the same periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.963% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.18%. In light of the Portfolio’s competitive performance, the Board concluded that the management and subadvisory fees are reasonable.

AST MFS Growth Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year and three-year periods, and in the second quartile a five-year period in relation to the Peer Universe. The Board further noted that the Portfolio outperformed both its benchmark index and the median performance of the other mutual funds in the Peer Universe over the one-year and three-year periods, and performed in-line with its benchmark index over the five-year period. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.884% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.35%. In light of the Portfolio’s competitive performance, the Board concluded that the management and subadvisory fees are reasonable.

AST Mid-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the fourth quartile over the three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio had underperformed against its benchmark index over the same periods. The Board noted that it had appointed EARNEST Partners LLC (EARNEST) and WEDGE Capital Management (WEDGE) as new subadvisers to replace the former subadviser as of December 2005, and that the style of the Portfolio changed at that time from all-cap value to mid -cap value. The Board also noted that the Portfolio’s short-term performance during 2006 had shown improvement, with the Portfolio ranking in the second quartile in its Peer Universe. In light of this, the Board concluded that it was reasonable to continue to allow EARNEST and WEDGE to create a performance record against which they should be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.950% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.45%. The Board concluded that the management and subadvisory fees are reasonable.

AST Money Market Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year, three-year, five-year and ten-year periods in relation to the Peer Universe. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.460% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing contractual cap on net total Portfolio expenses of 0.56%. In light of the Portfolio’s competitive performance, the Board concluded that the management and subadvisory fees are reasonable.

AST Neuberger Berman Mid-Cap Growth Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year and three-year periods, in the second quartile over the five-year period, and in the third quartile over the ten-year period in relation to the Peer Universe. The Portfolio also

outperformed its benchmark index over the one-year and three-year periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.874% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.25%. In light of the Portfolio’s strong performance, the Board concluded that the management and subadvisory fees are reasonable.

AST Neuberger Berman Mid-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the fourth quartile over the one-year period, and performance that was in the second quartile over the three-year and five-year periods in relation to the Peer Universe. The Board also noted that the Portfolio had underperformed against its benchmark index over the same periods. The Board noted that the Portfolio’s performance over longer time periods had been strong, with the Portfolio ranking in the second quartile in its Peer Universe over three-year and five-year periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.888% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.25%. In light of the Portfolio’s longer-term performance, the Board concluded that the management and subadvisory fees are reasonable.

AST PIMCO Limited Maturity Bond Portfolio. The Board noted that the Portfolio’s performance was in the fourth quartile over the one-year period, in the third quartile over the three-year period, and in the second quartile over the five-year and ten-year periods in relation to the Peer Universe. The Board noted that the Portfolio’s had underperformed against both its Peer Universe and its benchmark index over the one-year and three-year periods, but that over the five-year and ten-year periods the Portfolio had outperformed thebenchmark index and ranked in the second quartile in its Peer Universe. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.641% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.05%. In light of the Portfolio’s longer-term performance, the Board concluded that the management and subadvisory fees are reasonable.

AST PIMCO Total Return Bond Portfolio. The Board noted that the Portfolio’s performance was in the fourth quartile over the one-year period, in the second quartile over three-year and five-year periods, and in the first quartile over the ten-year period in relation to the Peer Universe. The Board also noted that, for the first quarter of 2007, the Portfolio was in the second quartile of the Peer Universe. The Board further noted that the Portfolio had also outperformed against its benchmark index over the one-year, three-year and fiveyear time periods. The Board concluded that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.650% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing contractual cap on net total Portfolio expenses of 1.05%. The Board concluded that the management and subadvisory fees are reasonable.

AST Small-Cap Growth Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, and in the fourth quartile over the thee-year, five-year and ten-year periods in relation to the Peer Universe. The Board also noted that the Portfolio had undperformed against its benchmark index over the same periods. The Board noted that PI had taken steps to address performance by replacing the previous subadviser and that only the Portfolio’s one-year performance record was attributable to Neuberger Berman Management, Inc. (Neuberger Berman) or Eagle Asset Management (Eagle), each of which had only served as subadvisers to the Portfolio since May 1, 2005. In light of this,

the Board concluded that it was reasonable to allow Neuberger Berman and Eagle to continue create a performance record against which Neuberger Berman and Eagle should be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.889% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.07%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST Small-Cap Value Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year period, and in the third quartile over the three-year and five-year periods in relation to the Peer Universe. The Board further noted that the Portfolio underperformed against its benchmark index over the same periods. The Board noted that PI had taken steps to address performance by replacing the previous subadviser and that only the Portfolio’s shorter-term performance was attributable to the Portfolio’s current subadvisers, who had been appointed in November, 2004, December 2005 and March 2006. In light of this, the Board concluded to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.898% ranked in the second quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.30%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST T. Rowe Price Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year, three-year and five-year periods, and in the second quartile over the tenyear period in relation to the Peer Universe. The Board further noted that the Portfolio outperformed against its benchmark index over the same periods. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.850% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.25%. In light of the Portfolio’s competitive performance, the Board concluded that the management and subadvisory fees are reasonable.

AST T. Rowe Price Global Bond Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period, in the third quartile over the three-year and five-year periods, and in the fourth quartile over the ten-year period in relation to the Peer Universe. The Board further noted that the Portfolio had performed in-line with its benchmark index over the same one-year, three-year and fiveyear periods. In light of the Portfolio’s recent strong performance, the Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.800% ranked in the third quartile in its Peer Group. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 1.75%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board concluded that the management and subadvisory fees are reasonable.

AST T. Rowe Price Large-Cap Growth Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period, in the first quartile over the three-year period, and in the third quartile over the five-year and ten-year periods in relation to the Peer Universe. The Board further noted

that although the Portfolio underperformed against its benchmark index over the one-year period, the Portfolio outperformed against the index over the three-year period. T. Rowe Price Associates (T. Rowe Price) had a relatively short tenure as subadviser (as it didn’t even have a three-year record with the Portfolio). Consequently, the Board concluded that it was reasonable to continue to allow T. Rowe Price to create a performance record against which it should be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.900% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.45%. In light of the recent subadviser changes, the Board concluded that the management and subadvisory fees are reasonable.

AST T. Rowe Price Natural Resources Portfolio. The Board noted that the Portfolio’s performance was in the fourth quartile over the one-year period, in the third quartile over the three-year and five-year periods, and in the second quartile over the ten-year period in relation to the Peer Universe. The Board noted that while the Portfolio outperformed against the broad stock market (as defined by the S&P 500 Index), the Portfolio had undperformed against its style-specific benchmark index over the one-year, three-year and five year periods. The Board further noted PI’s explanation that the underperformance was primarily attributable to the Portfolio’s underweight position in energy stocks, which were the largest and bestperforming sector included in the index. Consequently, the Board determined that it was reasonable to approve the continuance of the management and subadvisory agreements.

The Portfolio’s actual management fee of 0.900% ranked third out of the four mutual funds included in the Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.35%. The Board concluded that the management and subadvisory fees are reasonable.

AST International Growth Portfolio (formerly, AST William Blair International Growth Portfolio). The Board noted that the Portfolio’s performance was in the fourth quartile over a one-year period, and in the third quartile over the three-year and five-year periods in relation to the Peer Universe. The Board noted that PI had replaced the previous subadviser with William Blair and Company LLC (William Blair) in November 2002, and more recently, Marsico Capital Management LLC (Marsico) had joined William Blair as a subadviser in November 2006.

The Board noted, however, that none of the Portfolio’s performance record was attributable to the team of subadvisers currently managing the Portfolio. The Board also considered that in 2003 and 2005 the Portfolio’s performance exceeded that of the benchmark index, but that the Portfolio underperformed against the benchmark index in 2004 and again in 2006. In light of this, the Board concluded that it was reasonable to allow William Blair and Marsico to continue to create performance records against which they should be evaluated, to approve the continuance of the management and subadvisory agreements and to continue to evaluate the Portfolio’s performance.

The Portfolio’s actual management fee of 0.951% ranked in the fourth quartile in its Peer Group. The Board accepted PI’s recommendation to continue the existing voluntary cap on net total Portfolio expenses of 1.75%, which placed total expenses in the first quartile of the Peer Group. The Board concluded that the management and subadvisory fees are reasonable.

AST Aggressive Growth Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period in relation to the Peer Universe. The Board noted that the Portfolio’s performance history was limited, because the Portfolio had only commenced operations in December 2005. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.146% ranked in the second quartile in its Peer Group. The Board considered the “all-in” fees and PI’s representation that there was no duplication of fees. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 0.20%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board noted that the Portfolio’s management fee does not include the expenses of the underlying portfolios which the Portfolio invests in, which are indirectly borne by shareholders of the Portfolio. The Board concluded that the management fees are reasonable.

AST Balanced Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period in relation to the Peer Universe. The Board noted that the Portfolio’s performance history was limited, because the Portfolio had only commenced operations in December 2005. Consequently, the Board concluded that it was reasonable under the circumstances to allow the Portfolio to establish a performance record and to approve the continuance of the management agreement.

The Portfolio’s actual management fee of 0.150% ranked third out of the four mutual funds included in the Peer Group. The Board considered the “all-in” fees and PI’s representation that there was no duplication of fees. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 0.20%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board noted that the Portfolio’s management fee does not include the expenses of the underlying portfolios which the Portfolio invests in, which are indirectly borne by shareholders of the Portfolio. The Board concluded that the management fees are reasonable.

AST Capital Growth Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the first quartile over the one-year period in relation to the Peer Universe. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.150% ranked in the second quartile in its Peer Group. The Board considered the “all-in” fees and PI’s representation that there was no duplication of fees. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 0.20%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board noted that the Portfolio’s management fee does not include the expenses of the underlying portfolios which the Portfolio invests in, which are indirectly borne by shareholders of the Portfolio. The Board concluded that the management fees are reasonable.

AST Conservative Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the third quartile over the one-year period in relation to the Peer Universe. The Board noted that the Portfolio’s performance history was limited, because the Portfolio had commenced operations in December 2005. Consequently, the Board concluded that it was reasonable under the circumstances to allow the Portfolio to establish a performance record and to approve the continuance of the management agreement.

The Portfolio’s actual management fee of 0.150% ranked in the third quartile in its Peer Group. The Board considered the “all-in” fees and PI’s representation that there was no duplication of fees. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 0.20%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board noted that the Portfolio’s management fee does not include the expenses of the underlying portfolios which the Portfolio invests in, which are indirectly borne by shareholders of the Portfolio. The Board concluded that the management fees are reasonable.

AST Preservation Asset Allocation Portfolio. The Board noted that the Portfolio’s performance was in the second quartile over the one-year period in relation to the Peer Universe. The Board determined that the Portfolio’s performance was satisfactory.

The Portfolio’s actual management fee of 0.123% ranked in the third quartile in its Peer Group. The Board considered the “all-in” fees and PI’s representation that there was no duplication of fees. The Board accepted PI’s recommendation to discontinue the existing voluntary cap on net total Portfolio expenses of 0.20%, noting that the Portfolio’s expense ratio was significantly below the cap due to the fact that the Portfolio had achieved a sufficient asset base against which to spread Portfolio expenses. The Board noted that the Portfolio’s management fee does not include the expenses of the underlying portfolios which the Portfolio invests in, which are indirectly borne by shareholders of the Portfolio. The Board concluded that the management fees are reasonable.

AST DeAM Small-Cap Growth Portfolio & AST Federated Aggressive Growth Portfolios: Approvals of New Subadvisory Agreements

At a meeting of the Board held on February 27, 2007, the Board, including all of the Independent Trustees, approved new subadvisory agreements for several existing Portfolios of the Trust. For convenience and efficiency, the reasons why PI recommended approval of the new subadvisory agreements, and the factors considered by the Board in approving the agreements are discussed jointly below.

Pursuant to recommendations submitted by PI at the February 27, 2007 meeting, the Board approved the following new subadvisory agreements:

Portfolio	New Subadviser
AST DeAM Small-Cap Growth Portfolio	Neuberger Berman Management, Inc.
AST Federated Aggressive Growth Portfolio	Federated MDTA LLC

With respect to the AST DeAM Small-Cap Growth Portfolio, the Board approved a new subadvisory agreement between PI and Neuberger Berman Management, Inc. and the termination of the subadvisory agreement with the Portfolio’s current subadviser, Deutsche Asset Management, Inc. In connection with the approval of the new subadvisory agreement, the Board also approved changing the Portfolio’s name to AST Neuberger Berman Small-Cap Growth Portfolio, effective as of May 1, 2007.

With respect to the AST Federated Aggressive Growth Portfolio, the Board approved a new subadvisory agreement between PI and Federated MDTA LLC, for the purpose of adding Federated MDTA LLC as an additional subadviser to manage a portion of Portfolio assets in addition to the Portfolio’s current subadviser, Federated Equity Management Company of Pennsylvania.

Reasons for Recommending New Subadvisory Agreements

PI recommended to the Board that it approve a new subadvisory agreement with Neuberger Berman Management, Inc. (Neuberger Berman) with respect to the AST DeAM Small-Cap Growth Portfolio based, in part, on the Portfolio’s long-term performance relative to peer mutual funds and the Portfolio’s benchmark index, and an analysis prepared by SIRG with a recommendation that the Portfolio would be better served in the future by switching subadvisers.

PI recommended to the Board that it approve a new subadvisory agreement with Federated MDTA LLC (Federated MDTA) with respect to the AST Federated Aggressive Growth Portfolio based on a decision by the Portfolio’s current subadviser, Federated Equity Management Company of Pennsylvania, to close the portion of the Portfolio it manages to new assets due to capacity constraints.

Nature, quality and extent of services

The Board received and considered information regarding the nature and extent of services provided to the Portfolio by the current subadvisers under the current subadvisory agreements and those that would be provided to the Portfolios by each of Neuberger Berman and Federated MDTA under the new subadvisory agreements, noting that the nature and extent of services under the existing and new agreements were generally similar in that the current subadvisers and Neuberger Berman and Federated MDTA were each required to provide day-to-day portfolio management services and comply with all Portfolio policies and applicable rules and regulations.

With respect to the quality of services, the Board considered, among other things, the background and experience of the Neuberger Berman and Federated MDTA portfolio management teams. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio managers who would be responsible for the day-to-day management of the Portfolios. The Board was also provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to each of Neuberger Berman and Federated MDTA. The Board noted that it received a favorable compliance reports from the Portfolio’s Chief Compliance Officer (CCO) as to Neuberger Berman and Federated MDTA.

The Board concluded that it was satisfied with the nature, extent and quality of the investment subadvisory services anticipated to be provided to the Portfolios by Neuberger Berman and Federated MDTA and that there was a reasonable basis on which to conclude that the quality of investment subadvisory services to be provided by Neuberger Berman and Federated MDTA under the new subadvisory agreements should equal the quality of similar services provided by the current subadvisers under the existing subadvisory agreements.

Performance of the Portfolios

The Board received and considered information regarding the performance of other investment companies managed by each of Neuberger Berman and Federated MDTA utilizing investment styles and strategies similar to that proposed for the Portfolios.

Investment Subadvisory Fee Rates

The Board considered the proposed subadvisory fee rates payable by the Manager to each of Neuberger Berman and Federated MDTA under the proposed new subadvisory agreements. The agreements called for Neuberger Berman to receive 0.50% for net assets to $100 million; 0.45% for net assets over $100 million to $300 million; and 0.40% for net assets over $300 million, and for Federated MDTA to receive 0.50% for net assets to $100 million; 0.45% for net assets over $100 million to $400 million; 0.40% for net assets over $400 million to $900 million; and 0.35% for net assets over $900 million. The Board also considered, among other things, the fee rates payable to Neuberger Berman and Federated MDTA by other funds with investment objective similar to that of the Portfolio.

The Board noted that the proposed fee rate for Neuberger Berman was higher than the fee rate applicable to Deutsche Asset Management. The Board further noted that the proposed fee rate for Federated MDTA was identical to the fee rate applicable to Federated Equity Management Company of Pennsylvania. The Board also observed that PI, and not the Portfolios, was responsible for the payment of subadvisory fees to the subadvisers.

As a result of the above considerations, the Board concluded that the proposed subadvisory fee rates under the new subadvisory agreements were reasonable.

Subadviser’s Profitability

Because the engagements of Neuberger Berman and Federated MDTA are new, there is no historical profitability with regard to its arrangements with the Portfolios. As a result, the Board did not consider this factor. The Board

noted that the Managers pay the subadvisory fees, and therefore a change in the subadvisory fees will not change the fees paid by the Portfolios. Instead, any increase or decrease will increase or decrease, as applicable, the net fee rates retained by the Managers. The Board noted that profitability would be reviewed annually in connection with the review of advisory agreements.

Economies of Scale

The Board noted that the proposed subadvisory fee schedules for the Portfolios contained breakpoints that reduce the fee rate on assets above specified levels, but did not consider this as a factor, because the Managers pay the subadvisory fees.

Other Benefits to the Subadvisers or their affiliates from serving as Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by Neuberger Berman and Federated MDTA and their affiliates as a result of their relationships with the Portfolios. The Board concluded that any potential benefits to be derived by Neuberger Berman or Federated MDTA included potential access to additional research resources, larger assets under management and reputational benefits, which were consistent with those generally derived by subadvisers to mutual funds.

AST American Century Strategic Allocation Portfolio: Approval of New Subadvisory Agreement

At the meetings of the Board held on June 20-21, 2007, the Board, including all of the Independent Trustees, approved a new subadvisory agreement with respect to the AST American Century Strategic Allocation Portfolio (formerly, AST American Century Strategic Balanced Portfolio). The reasons why PI recommended the approval of the new subadvisory agreement, and the factors considered by the Board in approving the agreement are discussed jointly below.

Pursuant to a recommendation submitted by PI at the June 20-21, 2007 meetings, the Board approved a new subadvisory agreement between American Century Investment Management, Inc. (American Century) and American Century Global Investment Management, Inc. (American Century Global). American Century is the Portfolio’s current subadviser.

Earlier in 2007, the beneficial shareholders of the AST American Century Strategic Allocation Portfolio approved a number of changes in the investment policies of the Portfolio. Among these changes were new investment policies which would cause the Portfolio to invest in foreign equity securities. The Portfolio’s subadviser, American Century, advised PI that it intended to manage the foreign equity portion of the Portfolio through American Century Global, an affiliated investment adviser of American Century. American Century Global would be compensated for its services by American Century, and not by the Portfolio. In order for American Century Global to manage the foreign equity portion of the Portfolio, a subadvisory agreement satisfying the requirements of the Investment Company Act of 1940, as amended, was required to be approved by the Board. Consequently, PI recommended to the Board that it approve a new subadvisory agreement between American Century and American Century Global for the purpose of allowing American Century Global to provide investment advisory services to the Portfolio.

Nature, quality and extent of services

With respect to the quality of services, the Board considered, among other things, the background and experience of the portfolio managers. The Board was also provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to American Century Global. The Board noted that it received a favorable compliance report from the Trust’s Chief Compliance Officer (CCO) as to American Century Global.

Performance

The Board did not consider the performance record of the Portfolio, because it was not relevant to its consideration of the proposed new subadvisory agreement with American Century Global. The Board noted that it had already considered the performance record of the Portfolio in connection with its renewal of American Century’s subadvisory agreement.

Fee Rates

The Board did not consider the subadvisory fee rate under the proposed subadvisory agreement, because American Century was responsible for the payment of all fees to American Century Global out of the fees paid by American Century by PI. The Board noted that it had already considered the subadvisory fee rate paid by PI to American Century in connection with its renewal of American Century’s subadvisory agreement.

Profitability

The Board did not consider profitability, as it was not relevant to its consideration of the proposed new subadvisory agreement with American Century Global. The Board noted that it had already considered the profitability of American Century in connection with its approval of the renewal of American Century’s subadvisory agreement.

Economies of Scale

The Board did not consider economies of scale, because American Century, and not the Portfolio, was responsible for the fees to be paid to American Century Global. The Board noted that it had already considered economies of scale in connection with its approval of the renewal of the American Century subadvisory agreement.

Other Benefits to the Manager and the Subadviser

The Board did not consider potential “fall-out” or ancillary benefits to American Century Global, noting that it had already considered “fall out” benefits in connection with its renewal of American Century’s subadvisory agreement.

New Portfolios: Approval of Amendments to Management Agreement and Approvals of New Subadvisory Agreements

At the Board meetings held on June 19-21, 2007, the Board, including all of the Independent Trustees, also approved the creation of six new Portfolios of the Trust (the “New Portfolios”) In connection with the creation of the New Portfolios, the Board approved an amended management agreement with PI, and approved the following new subadvisory agreements:

New Portfolio	New Subadviser
AST Western Asset Core Plus Bond Portfolio	Western Asset Management Company    Western Asset Management Company Ltd    (collectively, Western)
AST CLS Growth Asset Allocation Portfolio	CLS Investments, LLC (CLS)
AST CLS Moderate Asset Allocation Portfolio	CLS
AST Horizon Growth Asset Allocation Portfolio	Horizon Investments LLC (Horizon)
AST Horizon Moderate Asset Allocation Portfolio	Horizon
AST Niemann Growth Asset Allocation Portfolio	Niemann Capital Management Inc. (Niemann)

Nature, quality and extent of services

With respect to PI, the Board noted that in connection with the renewal of PI’s management agreement, it had received and considered information about PI at the June 20-21, 2007 meetings, and concluded that it was satisfied with the nature, quality and extent of services provided by PI under the management agreement covering the other Portfolios of the Trust. The Board determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by PI under the amended management agreement covering the New Portfolios would be similar in nature to those provided under the existing management agreement.

With respect to Western, CLS, Horizon, and Niemann (collectively referred to as the “new subadvisers”), the Board received and considered information regarding the nature and extent of services that would be provided to the New Portfolios under the new subadvisory agreements.

With respect to the quality of services, the Board considered, among other things, the background and experience of the portfolio managers for each of the new subadvisers. The Board was also provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to each of the new subadvisers. The Board noted that it received favorable compliance reports from the Trust’s Chief Compliance Officer (CCO) as to each of the new subadvisers. With respect to each of the new subadvisers, the Board considered its experience and reputation in managing other funds with similar investment objectives and strategies.

The Board concluded that with respect to each of the new subadvisers, based on the nature of the proposed services to be rendered and the background information that it reviewed about each of the new subadvisers, it was reasonable to expect that it would be satisfied with the nature, extent and quality of investment subadvisory services to be provided by each of the new subadvisers.

Performance

Because the New Portfolios had not commenced operations, no performance of the New Portfolios themselves existed for Board review. The Board, however, received and considered information regarding the performance of the new subadvisers in managing strategies similar to the New Portfolios. The Board concluded that it was satisfied with the performance records of the new subadvisers.

Fee Rates

The Board considered the proposed management fees to be paid by each of the New Portfolios to PI and considered the proposed subadvisory fees to be paid by PI to each of the new subadvisers, as set forth below. The Board also received and considered comparative fee information for other funds.

New Portfolio	Management    Fee Rate	Subadvisory Fee Rate
AST Western Asset Core Plus Bond Portfolio	0.70%	0.25% to $100 million;    0.22% over $100 million to $400 million;    0.20% over $400 million to $1 billion;    0.15% over $1 billion to $1.5 billion;    0.13% over $1.5 billion1
AST CLS Growth Asset Allocation Portfolio	0.30%	0.20% to $100 million;    0.15% over $100 million to $200 million;

¹ For purposes of calculating the subadvisory fee, the assets managed by Western Asset Management Company will be aggregated with the assets managed by Western Asset Management Company Ltd.

		0.10% over $200 million2
AST CLS Moderate Asset Allocation Portfolio	0.30%	0.20% to $100 million;    0.15% over $100 million to $200 million;    0.10% over $200 million2
AST Horizon Growth Asset Allocation Portfolio	0.30%	0.20% to $250 million;     0.15% over $250 million to $750 million;     0.10% over $750 million3
AST Horizon Moderate Asset Allocation Portfolio	0.30%	0.20% to $250 million;     0.15% over $250 million to $750 million;     0.10% over $750 million3
AST Niemann Growth Asset Allocation Portfolio	0.30%	0.20% to $250 million;     0.15% over $250 million to $750 million;     0.10% over $750 million

The Board concluded that the fees were reasonable and noted that the fees would be reviewed in connection with the annual review of advisory agreements and in light of the nature and quality of services provided through that date.

Profitability

Because the New Port folios had not commenced operations, the Board noted that there was no historical profitability to be reviewed. The Board noted that it would review profitability in connection with the annual approval of advisory agreements.

Economies of Scale

The Board noted that the advisory fee schedule for the New Portfolios did not contain breakpoints that reduced the fee rate on assets above specified levels. The Board also noted that the profitability of the Manager would be reviewed annually in connection with the review of advisory agreements.

Other Benefits to the Manager and the Subadvisers

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the new subadvisers. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its review of the other Trust Portfolios, which are reviewed on an annual basis. The Board concluded that any potential benefits to be derived by the new subadvisers were consistent with those generally derived by other subadvisers to the Trust, and that those benefits are reviewed on an annual basis.

² For purposes of calculating the subadvisory fee, the assets managed by CLS in each Portfolio will be aggregated together, and will be further aggregated with the assets of any other portfolio subadvised by CLS on behalf of PI and/or ASTI pursuant to substantially the same investment strategy.
³ For purposes of calculating the subadvisory fee, the assets managed by Horizon in each Portfolio will be aggregated together, and will be further aggregated with the assets of any other portfolio subadvised by Horizon on behalf of PI and/or ASTI pursuant to substantially the same investment strategy.

	American Skandia Life Assurance Corporation One Corporate Drive Shelton, CT 06484	Presorted Standard U.S. Postage PAID Louisville, KY Permit No. 1051

Life insurance and annuity contracts contain exclusions, limitations,
reductions of benefits and terms for keeping them in force. Your
licensed financial professional can provide you with costs and complete
details. Contract guarantees are based on the claims-paying ability of
the issuing company.
American Skandia is solely responsible for its respective financial
conditions and contractual obligations.
Life insurance and annuities are issued by American Skandia Life
Assurance Corporation (“American Skandia”) and distributed by
American Skandia Marketing Incorporated, member SIPC. Both
companies are located at One Corporate Drive, P.O. Box 883,
Shelton, CT, 06484 and are Prudential Financial companies.
Pru, Prudential, Prudential Financial, Rock Solid, “The Rock”, the Rock
Logo and the Rock Prudential Logo are registered service marks of
The Prudential Insurance Company of America, Newark, NJ, and its
affiliates.
B1 AST

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

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

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

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

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

Item 8 – 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 – Not applicable.

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 has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits
	(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
		(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
		(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
	(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

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) Advanced Series Trust

By (Signature and Title)*	/s/Deborah A. Docs
	Deborah A. Docs
	Secretary

Date August 16, 2007

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

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

Date August 16, 2007

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

Date August 16, 2007

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