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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-05186
Exact name of registrant as specified in charter:	American Skandia Trust
Address of principal executive offices:	Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102
Name and address of agent for service:	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:	12/31/2006
Date of reporting period:	3/31/2006

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 99.5%
COMMON STOCKS
Australia — 1.3%
BHP Billiton Ltd.		304,200	$	6,097,763
News Corp., Inc. - CDI (Class “B” Stock)		50		877
				6,098,640
Belgium — 1.0%
Dexia		189,200		4,892,906
Brazil — 1.6%
Companhia Vale Do Rio Doce, ADR		154,914		7,517,976
Finland — 1.4%
Nokia OYJ *		318,610		6,594,754
France — 12.2%
Axa SA		202,100		7,092,775
BNP Paribas *		8,490		761,876
BNP Paribas SA		84,900		7,886,261
Compagnie de Saint-Gobain		112,200		7,838,690
Imerys SA		49,800		4,194,358
Lafarge SA		60,100		6,809,847
Sanofi-Aventis SA		53,300		5,070,469
Total SA (Class “B” Stock)		74,500		19,654,681
				59,308,957
Germany — 5.5%
BASF AG		44,900		3,520,480
Bayerische Motoren Werke AG		85,700		4,720,261
Deutsche Post AG		198,900		4,987,083
SAP AG		19,450		4,219,376
Schering AG		40,300		4,189,797
Siemens AG		57,650		5,382,288
				27,019,285
Hong Kong — 4.3%
Esprit Holdings Ltd.		643,500		5,009,234
HSBC Holdings PLC		960,300		16,076,886
				21,086,120
Ireland — 0.8%
Bank of Ireland		214,000		3,980,828
Italy — 5.1%
Eni SpA		537,300		15,288,548
Mediaset SpA *		292,600		3,446,608
UniCredito Italiano SpA		857,300		6,197,187
				24,932,343
Japan — 22.5%
Astellas Pharmaceutical Co. Ltd.		134,500		5,108,029
Bank of Yokohama Ltd.		186,000		1,523,398
Canon, Inc.		122,300		8,094,452
Credit Saison Co. Ltd.		92,900		5,138,309
Daikin Industries Ltd.		125,100		4,379,031
Fanuc Ltd.		40,600		3,908,224
Hirose Electric Co. Ltd.		16,100		2,263,849
Honda Motor Co. Ltd.		112,900		6,992,702
Hoya Corp.		142,100		5,734,707

Kao Corp.	36,000	948,173
Matsushita Electric Industrial Co. Ltd.	153,000	3,399,278
Mitsubishi Corp.	245,400	5,587,698
Mitsubishi Tokyo Financial Group, Inc.	824	12,601,529
Mitsui Fudosan Co., Ltd.	118,000	2,711,895
Mizuho Financial Group, Inc.	418	3,420,000
Nidec Corp.	48,500	3,980,544
Nikko Securities Co. Ltd.	276,000	4,572,642
Nintendo Co. Ltd.	24,600	3,678,505
Nitto Denko Corp.	73,300	6,221,470
Secom Co. Ltd.	60,000	3,068,819
Seven and I Holdings Co. Ltd.	49,200	1,947,935
Shin-Etsu Chemical Co. Ltd.	80,300	4,359,533
SMC Corp.	26,300	4,098,063
Sumitomo Corp.	429,000	6,108,785
		109,847,570
Korea — 0.8%
Samsung Electronics Co. Ltd., GDR (a)	12,300	3,987,547
Mexico — 0.5%
Fomento Economico Mexicano SA de CV, ADR	28,400	2,603,144
Netherlands — 6.0%
ABN AMRO Holding NV	192,700	5,777,404
Fortis Bank	94,900	3,385,753
ING Groep NV, ADR	131,800	5,206,961
Koninklijke (Royal) Philips Electronics NV *	146,900	4,965,027
Reed Elsevier NV	337,507	4,838,590
Wolters Kluwer NV	209,400	5,222,439
		29,396,174
Spain — 2.6%
Altadis SA	89,350	4,006,338
Banco Bilbao Vizcaya Argentaria SA	201,000	4,194,503
Banco Popular Espanol SA	317,500	4,678,737
		12,879,578
Sweden — 1.3%
Ericsson, (L.M.)
Telefonaktiebolaget (Class “B” Stock) *	1,673,100	6,358,575
Switzerland — 10.7%
Adecco SA	75,750	4,233,028
Holcim Ltd.	69,428	5,528,038
Nestle SA	28,300	8,401,105
Novartis AG	157,400	8,753,500
Roche Holding AG	51,750	7,705,040
UBS AG	110,100	12,093,982
Zurich Financial Services AG *	22,900	5,379,607
		52,094,300
United Kingdom — 21.9%
Barclays PLC	759,200	8,883,736

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
BG Group PLC		570,500	$	7,131,622
British Land Co. PLC		245,800		5,299,751
Centrica PLC		795,976		3,892,962
GlaxoSmithKline PLC		453,000		11,845,041
Kingfisher PLC		889,600		3,701,708
National Grid Transco PLC		286,731		2,852,016
Royal Bank of Scotland Group PLC		240,600		7,829,522
Schroder PLC		177,700		3,670,888
Smith & Nephew PLC		551,144		4,893,142
Standard Chartered PLC		249,900		6,217,433
Tesco PLC		1,683,800		9,653,978
Vodafone Group PLC		5,197,600		10,881,575
William Morrison Supermarkets PLC		1,641,000		5,417,065
Wolseley PLC		350,600		8,613,173
WPP GROUP PLC		499,632		5,993,987
				106,777,599
TOTAL LONG-TERM INVESTMENTS (cost $360,934,278)				485,376,296
SHORT-TERM INVESTMENT — 1.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $8,057,861; includes $2,912,843 of cash collateral for securities on loan)(b)(w)		8,057,861		8,057,861
TOTAL INVESTMENTS — 101.2% (cost $368,992,139)(p)				493,434,157
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(5,624,710	)
NET ASSETS — 100.0%			$	487,809,447

The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipts

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $2,885,300; cash collateral of $2,912,843 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $369,059,738; accordingly, net unrealized appreciation on investments for federal income tax purposes was $124,374,419 (gross unrealized appreciation - $128,213,297; gross unrealized depreciation - $3,838,878). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST JPMorgan International Equity Portfolio

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2006 was as follows:

Industry
Banks	12.9
Financial - Bank & Trust	12.4
Oil&Gas	9.4
Pharmaceuticals	7.0
Building Materials	5.9
Distribution/Wholesale	5.2
Telecommunications	4.9
Food	4.8
Electronics	4.3
Insurance	3.6
Chemicals	2.9
Media	2.8
Auto- Cars/Light Trucks	2.4
Healthcare-Products	2.2
Medical- Drugs	1.8
Office/Business Equip	1.7
Hand/Machine Tools	1.7
Registered Investment Company	1.7
Real Estate	1.6
Mining	1.5
Diversified Materials	1.3
Advertising	1.2
Retail	1.2
Manufacturing	1.1
Transport- Services	1.0
Commercial Services	0.9
Software	0.9
Agriculture	0.8
Toys/Games/Hobbies	0.8
Home Furnishings	0.7
Beverages	0.5
Cosmetics/Personal Care	0.1
	101.2
Liabilities in excess of other assets	-1.2
Total	100.0	%

AST WILLIAM BLAIR INTERNATIONAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 95.2%
COMMON STOCKS — 94.3%
Australia — 2.1%
BHP Billiton Ltd.		1,151,500	$	23,082,099
Macquarie Bank Ltd.		372,479		17,247,460
Sigma Pharmaceuticals Ltd.		1,607,688		3,050,007
				43,379,566
Austria — 1.3%
Erste Bank der Oesterreichischen Sparkassen AG		257,500		15,184,505
Raiffeisen International Bank Holding AG *		137,656		11,744,083
				26,928,588
Brazil — 1.6%
Companhia de Concessoes Rodoviaria		502,800		4,705,037
Gol-Linhas Aereas Inteligentes SA, ADR (a)		161,900		4,338,920
Natura Cosmeticos SA		447,000		5,321,035
Petroleo Brasileiro SA		957,600		19,028,096
				33,393,088
Canada — 5.0%
Canadian National Railway Co.		1,093,800		49,564,495
Manulife Financial Corp.		511,800		32,105,551
Research in Motion Ltd. *		185,900		15,741,449
Shoppers Drug Mart Corp.		226,500		8,620,906
				106,032,401
China — 0.5%
Foxconn International Holding Ltd. *		6,086,000		11,412,500
Columbia — 0.4%
Bancolombia SA, ADR		235,000		8,201,500
France — 10.6%
BNP Paribas *		31,780		2,851,873
BNP Paribas SA		325,400		30,226,023
Dassault Systemes SA		195,700		11,191,598
Essilor International SA		212,800		18,980,198
Eurazeo		88,508		10,666,910
Hermes International Designs		79,370		20,064,206
Iliad SA		56,300		4,748,637
L’Oreal SA		649,100		57,187,002
Sanofi-Aventis SA		295,670		28,127,312
Technip SA		255,698		17,306,204
Vinci SA		220,300		21,718,177
				223,068,140
Germany — 9.2%
Bijou Brigitte Modi Access		18,700		5,348,166
Celesio AG		221,300		20,942,482
Continental AG		194,840		21,451,337
E.ON AG *		290,700		31,991,162
Qaigen NV *		658,900		9,741,608
SAP AG		283,070		61,407,645

Siemens AG	450,500	42,059,332
		192,941,732
Greece — 1.8%
Coca-Cola Hellenic Bottling Co. SA	493,100	15,321,607
EFG Eurobank Ergasias SA	285,580	10,998,488
National Bank of Greece SA *	240,860	11,325,248
		37,645,343
Hong Kong — 1.6%
China Life Insurance Co. Ltd. *	7,226,000	9,126,618
Esprit Holdings Ltd.	1,314,500	10,232,539
LI & Fung Ltd.	6,792,000	15,318,688
		34,677,845
India — 1.7%
Bharat Heavy Electricals Ltd.	175,400	8,836,810
Bharti Tele-Ventures Ltd. *	863,300	8,007,350
HDFC Bank Ltd.	658,400	11,455,420
Housing Development Finance Corp. Ltd.	257,900	7,747,432
		36,047,012
Ireland — 1.9%
Anglo Irish Bank Corp.	605,824	9,984,739
Anglo Irish Bank Corp. PLC	660,820	10,891,141
Ryanair Holdings PLC, ADR *(a)	348,600	19,068,420
		39,944,300
Israel — 1.2%
Teva Pharmaceutical Industries Ltd., ADR (a)	600,400	24,724,472
Italy — 2.1%
Luxottica Group SpA	1,064,300	29,303,783
Saipem SpA	628,500	14,539,937
		43,843,720
Japan — 19.0%
Aeon Credit Service Co. Ltd.	302,200	9,140,459
Aeon Mall Co. Ltd.	222,600	11,082,719
Chiyoda Corp.	459,000	10,685,302
Denso Corp.	1,010,500	39,922,048
Honeys Co. Ltd.	139,900	7,405,072
Hoya Corp.	780,600	31,502,549
K.K. DaVinci Advisors *	3,065	4,166,525
Keyence Corp.	88,550	23,021,495
Misumi Group, Inc.	295,000	6,529,099
Mitsubishi UFJ Financial Group, Inc.	3,389	51,828,377
NEOMAX Co. Ltd.	121,000	3,670,093
Nitto Denko Corp.	217,900	18,494,656
Orix Corp.	192,600	59,972,727
Point, Inc.	88,000	6,310,280
Ryohin Keikaku Co. Ltd.	85,000	7,127,868
Sharp Corp.	2,125,900	37,659,316
Shimamura Co. Ltd.	63,000	7,327,698
Sundrug Co. Ltd.	21,700	573,382
Toyota Motor Corp.	778,800	42,546,168

AST WILLIAM BLAIR INTERNATIONAL GROWTH PORTFOLIO) (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
United Arrows Ltd.		225,400	$	6,147,273
Yamada Denki Co. Ltd.		126,800		14,619,167
				399,732,273
Korea — 0.4%
Shinsegae Co. Ltd.		17,000		7,751,132
Malaysia — 0.4%
Bumiputra - Commerce Holdings BHD		4,351,700		7,443,651
Mexico — 1.5%
America Movil SA de CV		7,322,500		12,543,148
Wal-Mart de Mexico SA de CV		6,998,200		18,746,758
				31,289,906
Netherlands — 0.4%
TomTom NV *		229,013		8,098,354
Norway — 1.7%
Statoil ASA *		1,235,200		35,622,070
Singapore — 1.0%
Capitaland Ltd.		7,133,000		21,365,671
South Africa — 1.7%
MTN Group Ltd.		960,100		9,576,863
Naspers Ltd. (Class “N” Shares)		477,000		9,709,431
Sasol Ltd. *		449,600		16,990,804
				36,277,098
South Korea — 1.7%
Hyundai Motor Co.		118,970		10,003,962
Kookmin Bank *		128,610		11,105,783
Samsung Electronics Co. Ltd.		22,940		14,874,640
				35,984,385
Spain — 2.0%
Grupo Ferrovial SA		135,900		10,984,913
Industria de Diseno Textil SA		806,900		31,144,435
				42,129,348
Sweden — 2.6%
Capio AB *		230,600		4,307,928
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Shares)*		11,510,000		43,743,468
Modern Times Group (Class “B” Shares)		127,700		6,000,925
				54,052,321
Switzerland — 8.0%
EFG International *		235,200		6,494,995
Nobel Biocare Holding AG *		40,030		8,912,444
Phonak Holding AG-Reg		118,000		6,716,220
Roche Holding AG		388,700		57,873,409
SGS SA *		15,300		14,177,425
Synthes, Inc.		184,720		20,262,310
UBS AG		489,160		53,731,992
				168,168,795

Taiwan — 0.7%
Hon Hai Precision Industry Co. Ltd.	2,402,234		14,875,891
United Kingdom — 12.2%
BG Group PLC	4,639,600		57,998,023
Cairn Energy PLC *	249,300		9,204,137
Capita Group PLC	516,065		4,119,948
Carphone Warehouse Group	1,522,500		8,173,680
HBOS PLC	2,931,800		48,950,776
Northern Rock PLC	1,272,900		26,184,714
Reckitt Benckiser PLC	722,960		25,448,112
Rolls-Royce Group PLC *	1,338,200		10,648,498
Standard Chartered PLC	947,200		23,566,037
Tesco PLC	7,225,590		41,427,536
			255,721,461
TOTAL COMMON STOCKS (cost $1,569,655,051)			1,980,752,563
PREFERRED STOCKS — 0.9%
Austria — 0.3%
Erste Bank Der Oesterreichischen Sparkassen AG, 3.89%	80,213		4,666,911
Brazil — 0.6%
Banco Itau Holding Financeira SA, 2.44%	425,800		12,691,359
TOTAL PREFERRED STOCKS (cost $9,812,476)			17,358,270
RIGHTS
France
Vinci SA Rights, expiring 04/25/06 *(cost $0)	220,300		472,540
TOTAL LONG – TERM INVESTMENTS (cost $1,579,467,527)			1,998,583,373
SHORT-TERM INVESTMENT – 5.9%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $124,453,497; includes $19,464,657 of cash collateral for securities on loan)(b) (w)	124,453,497		124,453,497
TOTAL INVESTMENTS — 101.1% (cost $1,703,921,024) (p)			2,123,036,870
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%			(22,756,231)
NET ASSETS — 100.0%		$	2,100,280,639

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 $18,958,776; cash collateral of $19,464,657 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $1,704,284,024; accordingly, net unrealized appreciation on investments for federal income tax purposes was $418,752,846 (gross unrealized appreciation - $428,134,095; gross unrealized depreciation - $9,381,249). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2006 were as follows:

Industry
Banks	19.2	%
Oil&Gas	8.1
Pharmaceuticals	6.3
Retail	6.2
Affiliated Money Market Mutual Fund	5.9
Automobile Manufacturers	5.4
Electrical Components & Equipment	5.1
Healthcare-Products	4.9
Software	4.1
Telecommunications	4.1
Consumer Products & Services	3.0
Commercial Banks Non-US	2.8
Transportation - Rail	2.4
Diversified Operations	2.0
Food	2.0
Insurance	2.0
Metals & Mining	1.6
Real Estate	1.5
Computers	1.5
Optical Supplies	1.4
Distribution/Wholesale	1.2
Household Products/Wares	1.2
Airlines	1.1
Engineering	1.1
Construction	1.0
Apparel Manufacturers	1.0
Chemicals	0.9
Commercial Services	0.9
Media	0.7
Beverages	0.7
Financial Services	0.5
Aerospace/Defense-Equipment	0.5
Utilities	0.4
Public Thoroughfares	0.2
Consulting Services	0.2
	101.1
Liabilities in excess of other assets	(1.1	)
Total	100.0	%

AST LSV INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 97.5%
COMMON STOCKS
Australia — 4.6%
AWB Ltd.		443,600	$	1,232,187
Bluescope Steel Ltd.		412,700		2,121,350
Commonwealth Bank of Australia		242,800		7,874,087
CSR Ltd.		554,600		1,770,794
David Jones Ltd.		32,148		64,442
Minara Resources Ltd.		689,128		1,124,833
Qantas Airways Ltd.		1,777,700		4,505,210
Santos Ltd.		243,800		1,986,229
Smorgon Steel Group Ltd.		2,072,998		2,033,166
Telstra Corp. Ltd.		1,047,700		2,805,187
				25,517,485
Austria — 0.9%
Boehler-Uddeholm AG *		9,200		1,895,344
Voestalpine AG		22,800		3,190,199
				5,085,543
Belgium — 1.1%
Fortis		176,100		6,291,267
Denmark — 0.6%
Danisco AS *		9,100		737,422
Danske Bank SA		62,900		2,334,056
				3,071,478
Finland — 1.3%
Rautaruukki Oyj		138,100		5,101,054
UPM-Kymmene Oyj *		97,600		2,306,406
				7,407,460
France — 9.1%
BNP Paribas SA		108,400		10,069,149
Ciments Francais SA *		14,600		2,287,719
CNP Assurances		18,300		1,845,125
Compagnie Generale des Establissements Michelin (Class “B” Stock)		68,700		4,316,749
Credit Agricole SA		162,200		6,311,643
Natexis Banques Populaires *		11,000		2,970,019
PSA Peugeot Citroen SA		35,000		2,205,579
Renault SA *		33,000		3,509,234
Schneider Electric SA		50,200		5,420,417
Societe Generale (Class “A” Stock)		28,400		4,271,117
Total SA (Class “B” Stock)		16,100		4,247,522
Vivendi Universal SA		79,600		2,733,784
				50,188,057
Germany — 6.9%
Altana AG		31,293		1,939,364
BASF AG		91,200		7,150,731
Bayer AG		38,200		1,530,444
Daimlerchrysler AG		98,100		5,635,062
Deutsche Bank AG *		48,300		5,516,705
Deutsche Telekom AG		129,200		2,179,481
MAN AG *		45,400		3,150,898

Salzgitter AG *	30,400	2,238,057
ThyssenKrup AG	126,000	3,638,697
TUI AG	41,300	810,805
Volkswagen AG	58,000	4,379,626
		38,169,870
Hong Kong — 1.9%
Cathay Pacific Air	1,302,000	2,282,106
Chaoda Modern Agriculture Holdings Ltd. *	2,142,000	1,683,973
Citic International Financial Holdings Ltd.	4,790,000	2,145,241
Citic Pacific Ltd.	1,030,000	3,092,994
Orient Overseas International Ltd. *	305,307	1,032,885
		10,237,199
Ireland — 0.7%
Irish Life & Permanent PLC	159,300	3,822,366
Italy — 3.5%
Banche Popolari Unite Scr1	78,400	1,901,141
Banco Popolare di Verona e Novara Scrl	137,600	3,641,853
Benetton Group SpA	192,400	2,872,547
Eni SpA	175,300	4,988,056
IFIL - Investments SpA	485,100	2,835,011
Parmalat Finanziaria SpA *(g)	448,250	59,754
San Paolo - IMI SpA	176,800	3,164,565
		19,462,927
Japan — 24.7%
Alpine Electronics, Inc.	148,400	2,192,588
Alps Electric Co. Ltd.	277,200	4,467,701
Asahi Breweries Ltd.	152,800	2,168,020
Asahi Kasei Corp.	367,000	2,616,083
Capcom Co. Ltd.	209,900	2,156,067
Cosmo Oil Co. Ltd.	830,000	4,350,977
Daiwa Securities Group, Inc.	320,000	4,292,948
Denki Kagaku Kogyo Kabushiki Kiasha	620,000	2,770,773
Fuji Heavy Industries Ltd.	414,000	2,434,053
Fuji Television Network, Inc.	800	1,998,301
Hitachi Koko Co. Ltd.	11,000	184,673
Hitachi Ltd.	297,000	2,101,963
Hokkaido Electric Power Co., Inc.	96,600	2,072,345
Hokuetsu Paper Mills Ltd.	159,000	938,870
Honda Motor Co. Ltd.	82,600	5,116,007
Hosiden Corp.	142,200	1,748,202
JS Group Corp.	99,800	2,145,234
Kaken Pharmaceutical Co. Ltd.	197,000	1,650,314
Kansai Electric Power Co., Inc. (The)	174,500	3,876,954
Kurabo Industries Ltd.	331,000	1,181,138
Kyowa Hakko Kogyo Co. Ltd.	364,000	2,659,643
Kyushu Electric Power Co., Inc.	90,000	2,030,161
Marubeni Corp.	260,000	1,360,748

AST LSV INTERNATIONAL VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Mitsubishi Chemical Holdings Corp.		279,500	$	1,724,019
Nippon Oil Corp.		710,000		5,567,800
Nippon Paper Group, Inc.		1,100		4,757,009
Nippon Telegraph and Telephone Corp.		1,600		6,864,911
Nipro Corp.		139,800		2,149,856
Nissan Motor Co. Ltd.		238,800		2,836,384
NSK Ltd.		322,000		2,795,956
NTT Docomo, Inc.		4,800		7,096,007
Oji Paper Co. Ltd.		458,000		2,817,264
Okasan Holdings, Inc.		99,000		1,132,991
Osaka Gas Co. Ltd.		930,700		3,384,364
Q.P. Corp.		273,300		2,765,508
Rengo Co. Ltd.		251,000		1,942,744
Ricoh Co. Ltd.		108,000		2,110,450
Rohto Pharmaceutical Co. Ltd. *		10,100		110,611
Santen Pharmaceutical Co. Ltd.		42,900		1,031,495
SMK Corp.		353,000		2,642,251
Sumitomo Trust & Banking Co. Ltd.		264,000		3,054,953
Takeda Chemical Industries Ltd.		29,700		1,693,178
Takefuji Corp.		41,500		2,612,702
Tanabe Seiyaku Co. Ltd.		262,000		2,904,928
Tohoku Electric Power Co., Inc.		97,100		2,099,571
Tokyo Electric Power Co.		87,800		2,189,405
Toppan Printing Co. Ltd.		170,000		2,357,179
Toyota Motor Corp.		125,900		6,877,969
Uniden Corp.		64,000		1,026,610
UNY Co. Ltd.		66,000		1,055,888
Yokohama Rubber Co. Ltd.		411,200		2,138,100
				136,253,866
Liechtenstein — 0.3%
Verwaltungs und Privat Bank AG *		6,500		1,386,108
Netherlands — 4.2%
ABN AMRO Holding NV		65,300		1,957,781
Aegon NV.		143,800		2,661,027
ING Groep NV, ADR		201,300		7,952,665
Koninklijke (Royal) KPN NV		194,600		2,193,194
Koninklijke Luchtvaart Maatschappij NV *(g)		24,790		326,556
Oce NV		182,000		3,301,752
Royal Dutch Shell (Class “A” Stock)		104,600		3,272,949
Stork NV		27,000		1,506,435
				23,172,359
Norway — 0.8%
Norsk Hydro ASA *		32,700		4,530,579
Portugal — 0.6%
Banco Comerical Portugues SA		589,600		1,879,163
Energias de Portugal SA *		430,000		1,688,359
				3,567,522
Singapore — 1.0%
MobileOne Ltd. *		779,100		1,133,079

Neptune Orient Lines Ltd.	480,000	647,585
Singapore Airlines Ltd.	453,000	3,924,869
		5,705,533
Spain — 3.6%
Banco Bilbao Vizcaya Argentaria SA	212,300	4,430,313
Banco Santander Central Hispano SA	395,000	5,768,135
Endesa SA	99,200	3,202,560
Repsol YPF SA	205,300	5,831,736
Union Fenosa SA	13,094	497,781
		19,730,525
Sweden — 2.5%
Electrolux AB, Series B	119,900	3,440,669
Nordea Bank AB	574,700	7,102,122
Ssab Svenskt Stal AB, Series B	75,600	3,363,343
		13,906,134
Switzerland — 6.1%
Baloise Holding Ltd.	40,700	2,901,902
Ciba Specialty Chemicals AG	31,200	1,865,562
Credit Suisse Group *	140,900	7,906,137
Georg Fischer AG *	5,600	2,495,762
Rieter Holdings AG	4,100	1,635,408
Swisscom AG	13,100	4,245,580
Syngenta AG-PUT	11,900	14,970
Syngenta AG-REG	30,400	4,272,067
UBS AG	33,100	3,635,884
Zurich Financial Services AG *	20,700	4,862,789
		33,836,061
United Kingdom — 23.1%
Alliance & Leicester PLC	257,800	5,536,091
Arriva PLC	33,400	357,171
AstraZeneca PLC	72,000	3,627,708
Aviva PLC	299,300	4,157,450
BAE Systems PLC	308,200	2,252,987
Barclays PLC	681,900	7,979,215
Boots Group PLC	56,953	711,955
BP PLC	461,800	5,303,435
Bradford & Bingley PLC	396,400	3,438,378
BT Group PLC	1,913,700	7,381,229
DS Smith PLC	886,600	2,780,397
DSG International PLC	1,388,700	4,451,503
Firstgroup PLC	135,300	998,465
GKN PLC *	574,100	3,316,508
GlaxoSmithKline PLC	79,000	2,065,691
Hanson PLC	158,700	2,078,979
HBOS PLC	578,500	9,658,921
House of Fraser PLC *	388,600	791,621
Imperial Chemical Industries PLC	284,600	1,710,854
Interserve PLC	200,900	1,333,353
Legal & General Group PLC	939,100	2,316,872
Lloyds TSB Group PLC	953,200	9,116,816
Mitchells & Butlers PLC	316,900	2,634,547
Northern Foods PLC	268,500	454,832

AST LSV INTERNATIONAL VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Northumbrian Water Group PLC		246,000	$	1,020,423
Old Mutual PLC *		714,900		2,499,672
Pilkington PLC		887,600		2,498,240
Royal & Sun Alliance Insurance Group PLC		1,947,800		4,661,630
Royal Bank of Scotland Group PLC		152,200		4,952,840
Royal Dutch Shell PLC (Class “B” Stock)		350,401		11,396,537
Scottish Power PLC		353,500		3,574,491
Shanks Group PLC		328,900		1,011,437
Tate & Lyle PLC		244,300		2,423,603
Taylor Woodrow PLC		267,100		1,874,809
Tomkins PLC		517,400		3,022,669
TT Electronics PLC *		224,300		672,234
Viridian Group PLC		81,400		1,388,794
Vodafone Group PLC		986,100		2,064,476
				127,516,833
TOTAL LONG-TERM INVESTMENTS (cost $484,451,478)				538,859,172
SHORT-TERM INVESTMENTS — 5.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $31,325,114)(w)		31,325,114		31,325,114
TOTAL INVESTMENTS — 103.2% (cost $515,776,592) (p)				570,184,286
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%				(17,423,482	)
NET ASSETS — 100.0%			$	552,760,804

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

*	Non-income producing security.
(g)	Indicates a security that has been deemed illiquid.
(p)	The United States federal income tax basis of the Portfolio’s investments was $516,167,061; accordingly, net unrealized appreciation on investments for federal income tax purposes was $54,017,225 (gross unrealized appreciation - $62,053,656; gross unrealized depreciation - $8,036,431). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST LSV International Value Portfolio

The industry classification of portfolio holdings and of liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2006 was as follows:

Industry
Oil & Gas	18.3	%
Financial-Bank & Trust	12.9
Utilities	6.5
Telecommunications	6.5
Automobile Manufacturers	6.4
Insurance	6.2
Money Market Mutual Fund	5.7
Pharmaceuticals	5.0
Metals & Mining	4.4
Electronic Components & Equipment	3.4
Retail & Merchandising	3.3
Chemicals	3.2
Building Materials	2.6
Machinery & Equipment	2.5
Financial-Services	2.3
Automotive Parts	2.0
Construction	1.9
Transportation	1.8
Food	1.4
Paper & Forest Products	1.0
Aerospace	1.0
Industrial Products	0.7
Conglomerates	0.6
Environmental Services	0.5
Entertainment & Leisure	0.5
Clothing & Apparel	0.5
Broadcasting	0.5
Farming & Agriculture	0.4
Beverages	0.4
Financial-Brokerage	0.3
Computer Services & Software	0.3
Internet Services	0.1
Airlines	0.1
	103.2
Liabilities in excess of other assets	(3.2	)
Total	100.0	%

AST MFS GLOBAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 98.4%
COMMON STOCKS
Australia — 0.7%
QBE Insurance Group Ltd.		70,953	$	1,111,405
Austria — 0.5%
Erste Bank der Oesterreichischen Sparkassen AG		13,850		816,720
Bermuda — 0.9%
Accenture Ltd. (Class “A” Stock) *		48,640		1,462,605
Canada — 0.6%
Canadian National Railway Co.		20,482		927,425
France — 13.3%
AXA SA		79,680		2,796,399
Credit Agricole SA		35,520		1,382,180
L’ Air Liquide SA		15,228		3,170,424
L’Oreal SA		15,120		1,332,102
LVMH Moet Hennessy Louis Vuitton SA		25,290		2,479,412
Pernod Ricard SA		7,000		1,341,162
Sanofi-Aventis SA		34,460		3,278,206
Schneider Electric SA		30,198		3,260,673
Total SA (Class “B” Stock)		9,810		2,588,086
				21,628,644
Germany — 3.1%
Bayerische Motoren Werke AG		20,360		1,121,406
E.ON AG		15,710		1,728,865
Schering AG		21,730		2,259,164
				5,109,435
Hong Kong — 1.4%
Esprit Holdings Ltd.		109,000		848,495
Hutchison Telecommunications International Ltd. *		784,000		1,338,806
				2,187,301
Hungary — 0.5%
OTP Bank, GDR		10,960		759,523
Indonesia — 0.5%
PT Bank Central Asia Tbk *		1,592,500		731,670
Italy — 2.3%
Assicurazioni Generali SpA		50,850		1,915,240
UniCredito Italiano SpA		262,320		1,896,240
				3,811,480
Japan — 9.6%
Asahi Glass Co. Ltd.		131,000		1,957,766
Bridgestone Corp.		65,000		1,355,777
Canon, Inc.		33,100		2,190,731
Kaneka Corp.		52,000		623,381
Kao Corp.		36,000		948,173
Nintendo Co. Ltd.		11,400		1,704,673
Nitto Denko Corp.		6,000		509,261
Omron Corp.		23,800		683,466

Ricoh Co. Ltd.	69,000	1,348,343
Shinsei Bank Ltd.	191,000	1,337,162
Tokyo Gas Co. Ltd.	180,000	787,596
Toyota Motor Corp.	39,900	2,179,754
		15,626,083
Korea — 2.0%
Samsung Electronics Co. Ltd.	5,010	3,248,559
Poland — 0.3%
Powszechna Kasa Oszczednosci Bank Polski SA *	44,400	476,114
Singapore — 0.7%
Singapore Telecommunications Ltd.	689,357	1,130,548
Spain — 1.6%
Banco Bilbao Vizcaya Argentaria SA	89,450	1,866,658
Iberdrola SA	24,460	789,664
		2,656,322
Sweden — 2.0%
Atlas Copco AB (Class “A” Stock)	24,490	688,619
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock) *	319,650	1,214,822
Sandvik AB	11,270	666,346
Svenska Handlesbanken (Class “A” Stock)	24,800	689,375
		3,259,162
Switzerland — 8.9%
Julius Baer Holding Ltd.	17,952	1,623,550
Nestle SA	16,463	4,887,187
Roche Holding AG	21,520	3,204,106
Swiss Re	22,440	1,568,123
UBS AG	28,335	3,112,470
		14,395,436
Thailand — 0.5%
Bangkok Bank Public Co. Ltd. *	281,610	840,302
United Kingdom — 14.0%
AstraZeneca PLC	23,870	1,202,686
BP PLC	132,020	1,516,153
Diageo PLC	156,625	2,466,782
GlaxoSmithKline PLC	83,730	2,189,371
Hilton Group PLC *	495,680	3,350,062
Next PLC	46,570	1,335,033
Reckitt Benckiser PLC	146,910	5,171,216
Smith & Nephew PLC	113,990	1,012,021
Tesco PLC	357,640	2,050,510
William Hill PLC	171,030	1,781,408

AST MFS GLOBAL EQUITY PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
WPP Group PLC		54,900	$	658,624
				22,733,866
United States — 35.0%
3M Co.		31,890		2,413,754
Alberto-Culver Co. (Class “B” Stock)		27,230		1,204,383
American Express Co.		58,850		3,092,567
CBS Corp. (Class “B” Stock)		34,790		834,264
ChevronTexaco Corp.		34,210		1,983,154
Colgate-Palmolive Co.		14,640		835,944
Dell, Inc. *		54,190		1,612,694
DENTSPLY International, Inc.		21,820		1,268,833
Disney, (Walt) Co.		107,110		2,987,298
DST Systems, Inc. *		22,490		1,303,071
Exxon Mobil Corp.		26,050		1,585,403
Fisher Scientific International, Inc. *(a)		33,550		2,283,077
General Mills, Inc.		15,760		798,717
Genworth Financial, Inc.		27,820		930,023
Gilead Sciences, Inc. *		16,440		1,022,897
Goldman Sachs Group, Inc.		18,080		2,837,837
Harley-Davidson, Inc.		36,140		1,874,943
Home Depot, Inc.		26,190		1,107,837
Intel Corp.		117,980		2,282,913
Johnson & Johnson		67,770		4,013,339
Lauder, (Estee) Cos., Inc. (Class “A” Stock)		47,400		1,762,806
Lilly, (Eli) & Co.		50,580		2,797,074
Lincoln National Corp.		21,080		1,150,757
Medtronic, Inc.		19,870		1,008,403
NIKE, Inc. (Class “B” Stock)		15,950		1,357,345
Oracle Corp. *		210,400		2,880,376
PepsiCo, Inc.		20,770		1,200,298
Praxair, Inc. *(a)		30,750		1,695,862
Procter & Gamble Co.		27,198		1,567,149
Viacom, Inc. (Class “B” Stock) *		34,800		1,350,240
Wal-Mart Stores, Inc.		42,170		1,992,111
Waters Corp. *		43,680		1,884,792
				56,920,161
TOTAL LONG – TERM INVESTMENTS
(cost $133,160,209)				159,832,761
SHORT-TERM INVESTMENT — 3.8%

Interest Rate	Maturity Date	Principal Amount (000)
COMMERCIAL PAPER — 1.3%
Citigroup Funding, Inc.
4.83%	04/03/06		2,176		2,176,000
(cost $2,516,000)
		Shares
AFFILIATED MONEY MARKET MUTUAL FUND – 2.5%
Dryden Core Investment Fund - Taxable Money Market Series (cost $4,085,952 is cash collateral for securities on loan)(b)(w) (cost $4,085,952)			4,085,952	$	4,085,952
TOTAL SHORT-TERM INVESTMENTS
(cost $6,261,952)					6,261,952
TOTAL INVESTMENTS — 102.2%
(cost $139,422,161) (p)					166,094,713
OTHER ASSETS IN EXCESS OF LIABILITIES — (2.2)%					(3,637,570	)
NET ASSETS — 100.0%				$	162,457,143

The following abbreviations are used in portfolio descriptions:

GDR Global Depositary Receipts

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $3,947,520; cash collateral of $4,085,952 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $139,641,497; accordingly, net unrealized appreciation on investments for federal income tax purposes was $26,453,216(gross unrealized appreciation - $28,423,899; gross unrealized depreciation - $1,970,683). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST MFS Global Equity Portfolio

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2006 was as follows:

Industry
Banks	15.3	%
Pharmaceuticals	9.1
Computers	5.5
Oil&Gas	5.2
Electronics	5.0
Food	4.8
Consumer Products & Services	4.7
Insurance	4.6
Healthcare-Products	4.5
media	3.2
Household Products/Wares	3.2
Entertainment	3.2
Beverages	3.1
Auto- Cars/Light Trucks	2.9
Retail	2.7
Building Materials	2.7
Money Market Mutual Fund (collateral received for securities on loan)	2.5
Hand/Machine Tools	2.4
Telecommunications	2.3
Leisure Time	2.2
Office/Business Equip	2.2
Software	1.8
Medical-Biomedical/Gene	1.6
Electric	1.6
Semiconductors	1.4
Life/Health Insurance	1.3
Consulting Services	0.9
Apparel	0.8
Transportation	0.6
Distribution/Wholesale	0.5
Machnery-Const&Mining	0.4
Advertising Services	0.3
	102.2
Other assets in excess of liabilities	-2.2
Total	100.0	%

AST SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS — 97.3%
COMMON STOCKS
Aerospace — 0.6%
ARGON ST, Inc.	38,800	$	1,300,964
Automotive Parts — 2.5%
CLARCOR, Inc.	50,800		1,808,480
H&E Equipment Services, Inc. *	22,800		663,936
Modine Manufacturing Co.	42,400		1,250,800
Regal-Beloit Corp.	31,800		1,344,186
			5,067,402
Broadcasting — 1.9%
Emmis Communications Corp. (Class “A” Stock) *	96,200		1,539,200
Entravision Communications Corp. (Class “A” Stock)	144,485		1,323,483
Journal Communications, Inc. (Class “A” Stock)	86,800		1,076,320
			3,939,003
Building Materials — 0.5%
Drew Industries, Inc.	27,400		974,070
Business Services — 2.0%
Internet Capital Group, Inc. *	71,519		673,709
Korn/Ferry International *	54,400		1,109,216
Navigant Consulting, Inc. *	60,600		1,293,810
Watson Wyatt & Co. Holdings	30,100		980,658
			4,057,393
Chemicals — 1.2%
Cabot Microelectronics Corp. * (a)	35,000		1,298,500
Rockwood Holdings, Inc. *	51,300		1,180,926
			2,479,426
Commercial Services — 0.9%
Rollins, Inc.	87,100		1,762,904
Computer Services & Software — 9.5%
Ansys, Inc. *	50,863		2,754,231
Computer Programs and Systems, Inc.	22,900		1,145,000
Datastream Systems, Inc. *	202,245		2,068,966
Factset Research Systems, Inc.	78,602		3,485,999
Ixia *	77,075		1,099,090
LoJack Corp. *	40,800		978,384
McDATA Corp. (Class “A” Stock) *(a)	386,650		1,786,323
Netsmart Technologies, Inc. *	51,800		717,948
Radisys Corp. *	103,054		2,045,622
ScanSource, Inc. *	30,797		1,860,447
Trident Microsystems, Inc. *	44,400		1,290,264
			19,232,274
Consumer Products & Services — 2.7%
Central Garden & Pet Co.	22,400		1,190,336
Elizabeth Arden, Inc. *	45,200		1,054,064
G & K Services, Inc.	50,500		2,148,270

Spartech Corp.	43,100	1,034,400
		5,427,070
Diversified Operations — 2.6%
Actuant Corp. (Class “A” Stock) (a)	54,125	3,313,532
Corrections Corp. of America *	42,323	1,913,000
		5,226,532
Education — 0.9%
Courier Corp.	20,450	906,753
Universal Technical Institute, Inc. *	29,400	884,940
		1,791,693
Electronic Components & Equipment — 6.4%
Advanced Energy Industries, Inc. *	91,175	1,288,303
Coherent, Inc. *(a)	66,285	2,327,266
Dolby Laboratories, Inc. (Class “A” Stock) *	79,000	1,651,100
General Cable Corp. *	79,159	2,400,892
Methode Electronics, Inc. (Class “A” Stock)	59,600	649,044
OYO Geospace Corp. *	39,232	2,314,296
Universal Electronics, Inc. *	133,113	2,356,100
		12,987,001
Entertainment & Leisure — 2.6%
RC2 Corp. *	19,400	772,314
Shuffle Master, Inc. *(a)	76,800	2,744,832
Vail Resorts, Inc. *	34,425	1,315,724
Winnebago Industries, Inc.	16,600	503,644
		5,336,514
Environmental Services — 1.9%
Waste Connections, Inc. *(a)	95,276	3,792,938
Farming & Agriculture — 1.3%
Delta & Pine Land Co.	84,454	2,547,133
Financial - Bank & Trust — 2.4%
ITLA Capital Corp. *	12,200	588,284
Kanbay International, Inc.	43,700	666,862
Texas Capital Bancshares, Inc. *	21,900	525,600
Wilshire Bancorp, Inc.	29,600	550,264
Wintrust Financial Corp.	31,243	1,817,405
WP Stewart & Co. Ltd.	38,300	807,364
		4,955,779
Financial Services — 4.0%
Assured Guaranty Ltd.	27,700	692,500
Boston Private Financial Holdings, Inc.	42,100	1,422,559
Cash America International, Inc.	82,517	2,477,160
Clayton Holdings, Inc. *	9,115	192,144
Doral Financial Corp.	127,425	1,471,759
Financial Federal Corp. (a)	42,150	1,234,995

AST SMALL-CAP GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
COMMON STOCKS (Continued)
Financial Services (cont’d.)
World Acceptance Corp. *	23,300	$	638,420
			8,129,537
Food — 1.2%
Middleby Corp. *	17,600		1,473,472
Tootsie Roll Industries, Inc.	29,561		865,250
			2,338,722
Healthcare Services — 5.5%
American Healthways, Inc. *	39,750		2,024,865
Apria Healthcare Group, Inc. *	36,200		831,876
Centene Corp. *	77,725		2,267,238
deCODE genetics, Inc. (a)	144,488		1,252,711
Dendreon Corp. *(a)	81,100		381,981
Healthspring Inc *	21,900		407,559
Horizon Health Corp. *	64,574		1,278,565
Landauer, Inc.	22,100		1,109,862
MWI Veterinary Supply, Inc.	18,900		621,810
Techne Corp. *	17,000		1,022,380
			11,198,847
Industrial Products — 1.9%
AMCOL International Corp.	29,400		846,720
Interline Brands, Inc. *	41,600		1,049,568
Photon Dynamics, Inc. *	44,475		833,906
Ritchie Brothers Auctioneers, Inc.	23,700		1,173,150
			3,903,344
Insurance — 2.1%
American Equity Investment Life Holding Co. (a)	44,600		639,564
Amerisafe, Inc. *	48,600		583,200
Hilb Rogal & Hobbs Co.	24,500		1,009,890
Philadelphia Consolidated Holding Corp. *	60,435		2,063,251
			4,295,905
Internet Services — 2.5%
Avocent Corp. *	20,600		653,844
eCollege.com, Inc. *(a)	35,200		663,168
Global Payments, Inc.	39,075		2,071,366
j2 Global Communication, Inc. *(a)	33,500		1,574,500
Online Resources Corp. *	3,200		41,600
			5,004,478
Machinery & Equipment — 4.3%
Bucyrus International, Inc. (Class “A” Stock) (a)	96,262		4,638,866
IDEX Corp.	44,900		2,342,433
Young Innovations, Inc.	47,400		1,731,048
			8,712,347
Medical Supplies & Equipment — 5.6%
American Medical Systems Holdings, Inc. *	92,887		2,089,957
Arena Pharmaceuticals, Inc. *(a)	53,890		975,948
Arrow International, Inc.	25,900		846,153

DJ Orthopedics, Inc. *	32,375	1,287,230
ICU Medical, Inc. *	16,000	579,040
LCA-Vision, Inc.	15,600	781,716
Per-Se Technologies, Inc. *(a)	36,100	962,426
Respironics, Inc. *	42,750	1,663,402
SurModics, Inc. *(a)	33,085	1,169,886
Sybron Dental Specialties, Inc. *	5,500	226,820
Thoratec Corp. *	38,925	750,085
		11,332,663
Medical Waste Management — 0.7%
Stericycle, Inc. *	21,500	1,453,830
Metals & Mining — 3.4%
Aleris International, Inc. (a)	100,443	4,828,295
MSC Industrial Direct Co., Inc.	37,400	2,020,348
		6,848,643
Office Equipment — 0.5%
ACCO Brands Corp.	42,000	932,400
Oil & Gas — 6.4%
Berry Petroleum Co. (Class “A” Stock)	16,200	1,108,890
Carbo Ceramics, Inc.	31,450	1,789,820
Core Laboratories NV (Netherlands)	26,575	1,263,641
Hydril Co. *	13,100	1,021,145
Patterson-UTI Energy, Inc.	55,100	1,760,996
TETRA Technologies, Inc. *	69,608	3,274,360
Unit Corp. *	50,129	2,794,692
		13,013,544
Pharmaceuticals — 2.6%
Allion Healthcare, Inc. *	39,895	540,976
Ariad Pharmaceuticals, Inc.	153,600	1,010,688
Connectics Corp *	38,825	657,307
KV Pharmaceutical Co. (Class “A” Stock) *(a)	73,300	1,767,996
STERIS Corp. *	55,800	1,377,144
		5,354,111
Printing & Publishing — 1.8%
Applied Films Corp.	39,350	764,571
Journal Register Co. *	92,100	1,121,778
Meredith Corp.	31,200	1,740,648
		3,626,997
Restaurants — 2.3%
Red Robin Gourmet Burgers, Inc. (a)	37,875	1,787,700
Ruby Tuesday, Inc.	42,400	1,360,192
Steak n’shake Co. (The) *	77,100	1,626,810
		4,774,702
Retail & Merchandising — 4.3%
Build-A-Bear Workshop, Inc. *(a)	39,174	1,200,683
Genesco, Inc. *(a)	72,039	2,801,597
Guitar Center, Inc. *	58,185	2,775,425

AST SMALL-CAP GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising (cont’d.)
SCP Pool Corp. (a)	41,430	$	1,943,481
			8,721,186
Semiconductors — 2.2%
ATMI, Inc. *	43,425		1,311,435
Integrated Device Technology, Inc.	145,575		2,163,244
Supertex, Inc. *	28,090		1,056,746
			4,531,425
Telecommunications — 2.7%
EMS Technologies, Inc. *	49,493		892,359
International Speedway Corp. (Class “A” Stock)	26,800		1,364,120
Plantronics, Inc.	49,200		1,743,156
Tekelec *	108,975		1,507,124
			5,506,759
Transportation — 3.4%
Bristow Group, Inc. *	30,400		939,360
Forward Air Corp.	38,900		1,450,581
Heartland Express, Inc.	64,000		1,394,560
HUB Group, Inc. (Class “A” Stock)	26,600		1,212,428
Landstar System, Inc. *	44,700		1,972,164
			6,969,093
TOTAL LONG - TERM INVESTMENTS (cost $161,458,108)			197,526,629
SHORT-TERM INVESTMENT- 15.8%
REGISTERED INVESTMENT COMPANIES- 1.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	1,737,991		1,737,991
BlackRock Provident Institutional Funds TempFund Portfolio(j)	1,737,991		1,737,991
(cost $3,475,981)			3,475,981
AFFILIATED MONEY MARKET MUTUAL FUND– 14.1%
Dryden Core Investment Fund - Taxable Money Market Series (cost $28,701,282; includes $28,701,282 of cash collateral for securities on loan (b)(w)	28,701,282		28,701,282
(cost $28,701,182)
TOTAL SHORT-TERM INVESTMENTS (cost $32,177,263)			32,177,263
TOTAL INVESTMENTS — 113.1% (cost $193,635,371)			229,703,892
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1)%			(26,600,661	)
NET ASSETS — 100.0%		$	203,103,231

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $27,744,539; cash collateral of $28,701,282 (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.
(j)	Security available to institutional investors only.
(p)	The United States federal income tax basis of the Portfolio’s investments was $193,677,081; accordingly, net unrealized appreciation on investments for federal income tax purposes was $36,026,811 (gross unrealized appreciation - $38,521,212; gross unrealized depreciation - $2,494,401). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST DEAM SMALL-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG -TERM INVESTMENTS – 95.7%
COMMON STOCKS
Advertising — 0.8%
Catalina Marketing Corp. *		60,300	$	1,392,930
Valueclick, Inc. *		61,000		1,032,120
				2,425,050
Aerospace — 0.5%
Teledyne Technologies, Inc. *		43,500		1,548,600
Airlines — 0.4%
ExpressJet Holdings, Inc. *		151,900		1,130,136
Automobile Manufacturers — 0.4%
Thor Industries, Inc.		20,300		1,083,208
Automotive Parts — 0.4%
CSK Auto Corp. *(a)		81,800		1,134,566
Biotechnology — 0.7%
Digene Corp. *		34,400		1,345,040
Geron Corp. (a)		94,800		787,788
				2,132,828
Biotechnology Healthcare — 0.3%
SuperGen, Inc. *(a)		171,100		971,848
Broadcasting — 0.1%
Sinclair Broadcast Group, Inc. (Class “A” Stock)		38,400		312,960
Building Materials — 1.6%
Eagle Materials, Inc. (a)		4,400		280,544
Genlyte Group, Inc.		19,200		1,308,288
Lennox International, Inc.		50,800		1,516,888
NCI Building Systems, Inc.		24,100		1,440,457
				4,546,177
Business Services — 4.2%
Administaff, Inc.		33,000		1,793,880
Computer Programs and Systems, Inc.		28,100		1,405,000
CSG Systems International, Inc.		57,600		1,339,776
Harland, (John H.) Co.		33,800		1,328,340
Itron, Inc. *		32,800		1,963,080
Ixia *		97,700		1,393,202
Labor Ready, Inc. *		70,900		1,698,055
TeleTech Holdings, Inc. *		117,900		1,309,869
				12,231,202
Cable Television — 0.3%
Mediacom Communications Corp. (Class “A” Stock) *		177,000		1,017,750
Chemicals — 0.6%
Symyx Technologies, Inc. *		2,600		72,124
UAP Holding Corp.		10,300		221,450
W.R. Grace & Co. *(a)		110,300		1,466,990
				1,760,564
Clothing & Apparel — 0.9%
Guess, Inc. *		35,200		1,376,672

K-Swiss, Inc. (Class “A” Stock)	41,500	1,250,810
		2,627,482
Commercial Services — 0.7%
McGrath Rentcorp	7,900	237,474
TNS, Inc. *	17,200	364,296
Universal Technical Institute, Inc. *	42,800	1,288,280
		1,890,050
Computer Hardware — 1.6%
Komag, Inc. *(a)	28,800	1,370,880
Synaptics, Inc. *	53,200	1,169,868
Trident Microsystems, Inc. *	67,000	1,947,020
		4,487,768
Computer Services & Software — 5.1%
Advent Software, Inc.	46,200	1,313,004
Avocent Corp. *	33,900	1,075,986
Factset Research Systems, Inc.	19,700	873,695
Jack Henry & Associates, Inc.	72,900	1,667,223
Parametric Technology Corp. *	104,880	1,712,690
Progress Software Corp. *	31,300	910,517
Quality Systems, Inc. *	39,000	1,290,900
SPSS, Inc. *	37,600	1,190,416
Talx Corp.	32,200	917,056
Websense, Inc. *	43,800	1,208,004
Wind River Systems, Inc. *	114,200	1,421,790
Witness Systems, Inc. *(a)	41,100	1,043,940
		14,625,221
Construction — 0.6%
Champion Enterprises, Inc. *	107,700	1,611,192
Consumer Products & Services — 0.3%
Chattem, Inc. *	26,500	997,725
Consumer Staples - Home Products — 0.3%
Playtex Products, Inc. *	92,000	963,240
Containers & Packaging — 0.9%
Greif, Inc. (Class “A” Stock) (a)	17,400	1,190,508
Silgan Holdings, Inc.	32,400	1,301,508
		2,492,016
Distribution/Wholesale — 0.8%
Brightpoint, Inc. *	41,100	1,276,566
United Stationers, Inc.	19,600	1,040,760
		2,317,326
Diversified Operations — 1.0%
PRA International	42,400	1,051,096
Raven Industries, Inc.	3,000	117,330
Seaboard Corp.	500	797,000
Walter Industries, Inc. (a)	13,300	886,046
		2,851,472
Education — 0.5%
Blackboard, Inc. *	46,700	1,326,747

AST DEAM SMALL-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Electronic Components & Equipment — 3.9%
Advanced Energy Industries, Inc. *		85,600	$	1,209,528
Diodes, Inc.		37,600		1,560,400
General Cable Corp. *		42,400		1,285,992
LoJack Corp. *		55,800		1,338,084
Plexus Corp. *		38,600		1,450,202
PortalPlayer, Inc. *(a)		53,600		1,191,528
Universal Display Corp. *		40,800		586,704
Vicor Corp.		26,700		526,791
WESCO International, Inc. *		30,200		2,053,902
				11,203,131
Entertainment — 0.6%
Bally Technologies, Inc. *		94,400		1,603,856
Entertainment & Leisure — 0.5%
Ameristar Casinos, Inc.		56,200		1,449,398
Environmental Services — 1.3%
Aleris International, Inc.		36,900		1,773,783
Mine Safety Appliances		25,800		1,083,600
Waste Connections, Inc. *(a)		26,200		1,043,022
				3,900,405
Financial - Bank & Trust — 3.2%
Center Financial Corp.		40,500		981,315
Corus Bankshares, Inc. (a)		24,600		1,462,224
First Midwest Bancorp, Inc.		9,800		358,386
Harbor Florida Bancshares, Inc.		9,500		359,765
Pacific Capital Bancorp		41,033		1,388,556
SVB Financial Group *(a)		36,600		1,941,630
Texas Regional Bancshares, Inc. (Class “A” Stock)		41,228		1,215,814
Wintrust Financial Corp.		28,700		1,669,479
				9,377,169
Financial Services — 1.8%
CompuCredit Corp. *(a)		30,100		1,107,981
GFI Group, Inc. *		16,600		861,706
National Financial Partners Corp.		34,200		1,932,984
optionsXpress Holdings, Inc. *		46,700		1,358,036
				5,260,707
Food — 0.5%
Wild Oats Markets, Inc. (a)		70,700		1,437,331
Healthcare - Medical Products — 0.1%
PSS World Medical, Inc. *		19,800		381,942
Healthcare Services — 5.1%
American Healthways, Inc. *(a)		40,100		2,042,694
Chemed Corp.		28,500		1,691,190
Matria Healthcare, Inc.		35,000		1,328,600
Nationwide Health Properties, Inc.		24,300		522,450
Odyssey HealthCare, Inc.		73,800		1,270,098
Pediatrix Medical Group, Inc. *		21,100		2,165,704
Psychiatric Solutions, Inc. *		37,000		1,225,810
Sunrise Senior Living, Inc.		34,600		1,348,362

United Surgical Partners International, Inc. *(a)	46,100	1,632,401
WellCare Health Plans, Inc. *	34,700	1,576,768
		14,804,077
Industrial Products — 1.8%
ESCO Technologies, Inc. *	30,500	1,544,825
NS Group, Inc. *	35,000	1,611,050
Reliance Steel & Aluminum Co. *	21,000	1,972,320
		5,128,195
Industrials - Components — 0.5%
Applied Industrial Technologies, Inc.	35,500	1,583,300
Insurance — 0.4%
Zenith National Insurance Corp.	22,050	1,061,267
Internet Services — 3.4%
aQuantive, Inc. *	35,900	845,086
CNET Networks, Inc. *(a)	84,000	1,193,640
EarthLink, Inc. *(a)	92,900	887,195
eResearch Technology, Inc.	91,500	1,316,685
Homestore, Inc. *	51,800	339,808
Internet Security Systems *	25,400	609,092
j2 Global Communications, Inc. *(a)	21,900	1,029,300
Jupitermedia Corp. *	36,600	658,068
ProQuest Co. *	5,700	121,923
RealNetworks, Inc. *	100,200	826,650
Trizetto Group, Inc. (The) *	17,700	311,343
United Online, Inc. *	40,700	523,402
WebEx Communications, Inc. *	32,100	1,080,807
		9,742,999
Machinery & Equipment — 3.6%
Blount International, Inc. *	75,700	1,219,527
Intermec Inc *	26,800	817,668
JLG Industries, Inc.	82,000	2,524,780
Manitowoc Co., Inc.	16,400	1,494,860
Middleby Corp. *	14,500	1,213,940
Nordson Corp.	26,900	1,341,234
Wabtec Corp.	51,500	1,678,900
		10,290,909
Medical Supplies & Equipment — 5.6%
Align Technology, Inc. *(a)	164,000	1,503,880
American Medical Systems Holdings, Inc. *	75,800	1,705,500
Arthrocare Corp. *	32,900	1,573,278
Biosite, Inc.	27,900	1,448,847
Candela Corp. *	20,800	449,280
Hologic, Inc. *(a)	37,700	2,086,695
Integra LifeSciences Holdings *	36,200	1,483,476
Intuitive Surgical, Inc. (a)	3,700	436,600
Kyphon, Inc. *	41,300	1,536,360
LCA-Vision, Inc.	32,000	1,603,520
Serologicals Corp. *	45,500	1,112,930

AST DEAM SMALL-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Medical Supplies & Equipment (cont’d.)
Ventana Medical Systems, Inc. *		27,000	$	1,127,790
				16,068,156
Metals & Mining — 2.4%
AK Steel Holding Corp. *		122,700		1,840,500
Cleveland-Cliffs, Inc.		20,900		1,820,808
Foundation Coal Holdings, Inc.		35,600		1,464,584
Quanex Corp.		26,000		1,732,380
				6,858,272
Metals/Mining Excluding Steel — 0.4%
James River Coal Co. *(a)		30,200		1,025,894
Oil & Gas — 8.0%
ATP Oil & Gas Corp. *		31,000		1,361,210
Berry Petroleum Co. (Class “A” Stock)		21,400		1,464,830
Cabot Oil & Gas Corp. (a)		29,550		1,416,332
Comstock Resources, Inc. *		53,300		1,582,477
Encore Acquisition Co. *		42,400		1,314,400
Frontier Oil Corp.		45,700		2,712,295
Grey Wolf, Inc. *(a)		229,300		1,705,992
Helix Energy Solution Group, Inc. *		60,700		2,300,530
KCS Energy, Inc. *		65,000		1,690,000
Parker Drilling Co.		152,900		1,417,383
Penn Virginia Corp.		19,400		1,377,400
Pioneer Drilling Co. *		80,700		1,325,901
RPC, Inc.		51,800		1,183,630
St. Mary Land & Exploration Co.		38,700		1,580,121
Tetra Technologies, Inc. *		13,900		653,856
				23,086,357
Pharmaceuticals — 7.0%
Alkermes, Inc. *(a)		81,100		1,788,255
Alpharma, Inc. (Class “A” Stock) (a)		43,700		1,172,034
Amylin Pharmaceuticals, Inc. *(a)		19,600		959,420
Bentley Pharmaceuticals, Inc. (a)		86,900		1,142,735
Cubist Pharmaceuticals, Inc. *		64,400		1,479,268
Discovery Laboratories, Inc. *		104,500		765,985
Enzon Pharmaceuticals, Inc. *		115,300		933,930
First Horizon Pharmaceutical Corp. *		66,000		1,663,860
KV Pharmaceutical Co. (Class “A” Stock) *(a)		60,900		1,468,908
Medicines Co. *		52,300		1,075,811
Nektar Therapeutics *(a)		34,400		701,072
NPS Pharmaceuticals, Inc.		104,900		895,846
Nuvelo Inc. *		65,400		1,165,428
Pain Therapeutics, Inc. *(a)		106,800		1,160,916
Progenics Pharmaceuticals, Inc. *		14,800		392,052
Rigel Pharmaceuticals, Inc.		28,000		321,720
Salix Pharmaceuticals Ltd. *		82,900		1,368,679
United Therapeutics Corp. *		25,200		1,670,256
				20,126,175

Printing & Publishing — 0.9%
Consolidated Graphics, Inc. *	23,500	$	1,224,820
Playboy Enterprises, Inc. (Class “B” Stock) *(a)	90,200		1,280,840
			2,505,660
Real Estate Investment Trust — 2.2%
Alexander’s, Inc. *	2,300		664,700
Alexandria Real Estate Equities, Inc.	8,800		838,904
Cousins Properties, Inc.	26,100		872,523
Jones Lang LaSalle, Inc. *	9,600		734,784
Kilroy Realty Corp.	6,000		463,560
Tanger Factory Outlet Centers, Inc.	5,300		182,373
Taubman Centers, Inc.	28,600		1,191,762
Washington Real Estate Investment Trust	38,000		1,380,160
			6,328,766
Restaurants — 0.2%
Rare Hospitality International, Inc.	19,500		679,185
Retail & Merchandising — 6.1%
Aeropostale, Inc. *	56,900		1,716,104
CEC Entertainment, Inc. *	46,100		1,549,882
Genesco, Inc. *(a)	35,800		1,392,262
Hibbett Sporting Goods, Inc. *	33,500		1,105,165
Longs Drug Stores Corp.	40,700		1,883,596
New York & Co., Inc. *	68,000		1,015,920
Pacific Sunwear of California *	76,100		1,686,376
Pantry, Inc. (The) *	24,800		1,547,272
Select Comfort Corp. *(a)	43,400		1,716,470
Stein Mart, Inc.	71,500		1,245,530
Talbots, Inc.	44,600		1,198,402
Yankee Candle Co., Inc. (The)	54,600		1,494,402
			17,551,381
Semiconductors — 6.3%
Brooks Automation, Inc. *	97,800		1,392,672
Cirrus Logic, Inc. *	137,100		1,162,608
Cymer, Inc. *(a)	36,800		1,672,192
Fairchild Semiconductor International, Inc. *(a)	67,800		1,292,946
Formfactor, Inc. *	43,200		1,698,624
IXYS Corp. *	91,800		846,396
Kulicke & Soffa Industries, Inc.	155,200		1,480,608
Mattson Technology, Inc.	113,300		1,359,600
Micrel, Inc. *	116,900		1,732,458
Microsemi Corp. *	63,700		1,854,307
Netlogic Microsystems, Inc *(a)	37,300		1,537,133
Photronics, Inc. *	67,300		1,262,548
Sigmatel, Inc. *(a)	113,400		991,116
			18,283,208
Software — 1.4%
Acxiom Corp.	38,800		1,002,592
Dendrite International Inc. *	93,200		1,272,180

AST DEAM SMALL-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
MicroStrategy, Inc. (Class “A” Stock)		15,700	$	1,653,053
				3,927,825
Telecommunications — 3.7%
Adtran, Inc.		64,400		1,685,992
Arbitron, Inc.		39,900		1,349,418
Golden Telecom, Inc. (a)		45,900		1,379,295
InterDigital Communications Corp. *		63,900		1,566,828
Premiere Global Services, Inc. *		148,900		1,198,645
Symmetricon, Inc. *		86,000		735,300
Syniverse Holdings, Inc. *		81,600		1,289,280
UbiquiTel, Inc. *		134,400		1,357,440
				10,562,198
Transportation — 1.8%
ABX Air, Inc. *		56,100		382,041
Ambassadors Group, Inc.		15,800		401,320
EGL, Inc. *		36,700		1,651,500
HUB Group, Inc. (Class “A” Stock)		32,700		1,490,466
Kansas City Southern *		33,800		834,860
Pacer International, Inc. *		15,100		493,468
				5,253,655
TOTAL LONG – TERM IVESTMENTS (cost $244,533,437)				275,966,546
SHORT-TERM INVESTMENTS -21.3%

Interest Rate	Maturity Date		Principal Amount (000)		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
4.27%		04/20/06(k)(n)		630		628,712
4.37%		04/20/06(k)(n)		90		89,814
						718,526

	Shares		Value
AFFILIATED MONEY MARKET MUTUAL FUND- 21.1%
Dryden Core Investment Fund - Taxable Money Market Series (cost $60,767,274; includes $47,723,727 of cash collateral for securities on loan)(b)(w)		60,767,274		60,767,274
TOTAL SHORT-TERM INVESTMENTS (cost $61,485,826)				61,485,800
TOTAL INVESTMENTS — 117.0%
(cost $306,019,263) (p)				337,452,346
LIABILITIES IN EXCESS OF OTHER ASSETS(u) — (17.0)%				(48,962,618	)
NET ASSETS — 100.0%			$	288,489,728

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $45,639,196 ; cash collateral of $47,723,727 (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 or a portion thereof with an aggregate market value of $718,526 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006.

(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Portfolio’s investments was $306,206,487; accordingly, net unrealized appreciation on investments for federal income tax purposes was $31,245,859 (gross unrealized appreciation - $37,930,828; gross unrealized depreciation - $6,684,969). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(u)	Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Number of Contracts	Type	Expiration Month		Value at Trade Date		Value at March 31, 2006		Unrealized Appreciation
Long Positions:
35 Russell 2000			Jun 06	$	12,782,628	$	13,506,500	$	723,872

(w) Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 100.1%
COMMON STOCKS — 100.0%
Advertising — 1.6%
Adstar, Inc. *		51,000	$	99,450
Clear Channel Outdoor Holdings, Inc. (Class “A” Stock) *		73,900		1,732,955
Greenfield Online, Inc.		64,500		386,355
Lamar Advertising Co. *		36,400		1,915,368
Monster Worldwide, Inc. *(a)		54,460		2,715,375
Valueclick, Inc. *		210,340		3,558,953
				10,408,456
Aerospace — 2.5%
DRS Technologies, Inc. *		88,511		4,856,599
Innovative Solutions and Support, Inc. *(a)		696,200		9,050,600
K&F Industries Holdings Inc.		16,400		272,240
Transdigm Group, Inc. *(a)		74,300		1,913,225
				16,092,664
Apparel & Textile — 0.5%
Volcom, Inc.		93,900		3,336,267
Automobile Manufacturers — 0.2%
Copart, Inc. *		46,600		1,279,170
Automotive Parts — 4.9%
Advance Auto Parts, Inc. *		513,650		21,388,386
Commercial Vehicle Group, Inc. *		77,100		1,481,091
Monro Muffler Brake, Inc. *		236,072		8,767,714
				31,637,191
Biotechnology — 1.0%
Digene Corp. *		40,300		1,575,730
Kosan Biosciences, Inc.		509,200		2,999,188
Qaigen NV * (Germany)		105,400		1,558,303
Speedel Holding, AG. * (Switzerland)		4,200		579,910
				6,713,131
Building Materials — 0.8%
Cemex SA de CV ADR (Mexico)		32,800		2,141,184
China National Building Material Co., Ltd. * (Hong Kong)		310,000		145,828
Simpson Manufacturing Co., Inc.		73,920		3,200,736
				5,487,748
Business Services — 5.2%
Arbitron, Inc.		45,900		1,552,338
Aviall, Inc. *(a)		196,600		7,486,528
CoStar Group, Inc. *(a)		48,857		2,535,190
Ctrip.com International Ltd., ADR (China) *		41,000		3,390,700
FTI Consulting, Inc. *		56,400		1,609,092
Great Wall Acquistion Corp. *		126,300		694,650
Infocrossing, Inc. *(a)		223,700		2,695,585
Kenexa Corp. *		199,700		6,140,775
NuCo2, Inc. *		176,800		5,611,632

Onvia, Inc. *(a)	331,800	1,990,800
		33,707,290
Cable Television — 4.8%
Central European Media Enterprises Ltd. (Class “A” Stock) *(a)	438,088	30,057,218
Lodgenet Entertainment Corp. *	88,971	1,386,168
		31,443,386
Chemicals — 0.4%
Cabot Microelectronics Corp. *(a)	65,770	2,440,067
Clothing & Apparel — 1.0%
Carter’s, Inc. *	75,000	5,061,750
Celebrate Express, Inc. *	109,600	1,380,960
		6,442,710
Commercial Services — 0.4%
PFSweb Inc *(a)	116,123	142,831
TNS, Inc. *	49,400	1,046,292
Websidestory, Inc. *	74,700	1,284,093
		2,473,216
Computer Hardware — 1.0%
Komag, Inc. *(a)	121,100	5,764,360
Mobility Electronics, Inc. *(a)	126,900	1,057,077
		6,821,437
Computer Services & Software — 4.2%
Business Objects SA, ADR (France) *	44,780	1,633,127
Cognos, Inc. * (Canada)	59,778	2,325,364
FileNet Corp. *	72,856	1,968,569
Fundtech Ltd. *	178,100	2,035,683
Hummingbird Ltd. (Canada) *	23,700	562,638
Hyperion Solutions Corp. *	198,150	6,459,690
IHS, Inc., (Class “A” Stock) *	60,000	1,641,000
Magma Design Automation, Inc. *	195,540	1,691,421
Motive, Inc. *	122,900	479,310
NAVTEQ Corp. *(a)	51,000	2,583,150
NetIQ Corp. *	81,500	908,725
Pervasive Software, Inc. *	186,744	769,385
Quest Software, Inc. *(a)	126,900	2,119,230
SSA Global Technologies, Inc. *	44,800	718,144
SupportSoft, Inc. *	84,200	373,006
Taleo Corp. (Class “A” Stock)	105,600	1,378,080
		27,646,522
Computer Networking
Xyratex Ltd.	8,400	264,600
Construction — 0.5%
Insteel Industries, Inc.	6,000	340,680

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Construction (cont’d.)
Meritage Homes Corp. *		57,800	$	3,176,688
				3,517,368
Consumer Products & Services — 0.1%
Concorde Career Colleges, Inc. *		50,900		839,850
Diversified Financial Services — 0.2%
NETELLER PLC * (United Kingdom)		82,400		1,048,665
Diversified Operations — 0.9%
Charles & Colvard Ltd. (a)		163,800		1,773,954
Nighthawk Radiology Holdings, Inc. *		29,400		702,366
RHJ International 144A * (Belgium)		151,200		3,580,368
				6,056,688
Drugs & Medicine — 0.9%
OSI Pharmaceuticals, Inc. *(a)		184,000		5,906,400
Education — 0.1%
Educate, Inc. *		69,600		592,992
Electronic Components & Equipment — 2.1%
Advanced Analogic Technologies Inc.		9,100		103,740
Agere Systems, Inc. *		70,900		1,066,336
Avnet, Inc. *		17,700		449,226
International Displayworks, Inc. *(a)		267,900		1,754,745
Lecroy Corp. *		125,800		1,968,770
M-Systems Flash Disk Pioneers Ltd. (Israel) *(a)		6,200		160,332
PowerDsine Ltd. * (Israel)		241,500		1,668,765
Symbol Technologies, Inc.		306,900		3,247,002
Vicor Corp.		156,156		3,080,958
				13,499,874
Entertainment & Leisure — 0.9%
Digital Music Group, Inc. *		43,600		408,576
Dolby Laboratories, Inc. (Class “A” Stock) *		89,800		1,876,820
Life Time Fitness, Inc. *		71,900		3,368,515
				5,653,911
Equipment Services — 0.3%
Global Imaging Systems, Inc. *		43,500		1,652,130
Financial - Bank & Trust — 0.8%
IPC Holdings, Ltd.		99,400		2,788,170
Kanbay International, Inc.		151,400		2,310,364
				5,098,534
Financial Services — 1.2%
Advance America Cash Advance Centers, Inc.		93,100		1,338,778
Affiliated Managers Group, Inc. *(a)		17,287		1,842,967
QC Holdings, Inc. *(a)		285,100		3,600,813

SFGC Co. Ltd. (Japan)	5,000	1,131,266
		7,913,824
Food — 0.9%
Chipotle Mexican Grill, Inc. *	23,700	1,312,743
Lance, Inc.	215,400	4,846,500
		6,159,243
Health Care - Medical Products — 0.3%
Thermogenesis Corp. *	433,700	1,756,485
Health Care - Medical Providers — 0.3%
Psychiatric Solutions, Inc. *	55,600	1,842,028
Healthcare Services — 1.9%
Adeza Biomedical Corp. *	16,700	352,871
Magellan Health Services, Inc. *	84,800	3,431,856
Medarex, Inc. *(a)	254,800	3,368,456
Northfield Laboratories, Inc. *(a)	39,800	398,000
Threshold Pharmaceuticals, Inc. *(a)	114,100	1,710,359
United Surgical Partners International, Inc. *(a)	85,135	3,014,630
WebMD Health Corp. (Class “A” Stock) (a)	5,300	220,692
		12,496,864
Hotels & Motels — 0.4%
Orient-Express Hotels Ltd. (Class “A” Stock) (Bermuda) (Bermuda)	66,393	2,604,597
Industrial Products — 0.4%
Interline Brands, Inc. *	65,200	1,644,996
Roper Industries, Inc.	22,600	1,099,038
		2,744,034
Insurance — 1.5%
Endurance Specialty Holdings Ltd. (Bermuda)	18,400	598,920
Mercury General Corp.	10,500	576,450
Philadelphia Consolidated Holding Corp. *	65,472	2,235,214
Willis Group Holdings Ltd. (United Kingdom)	179,500	6,149,670
		9,560,254
Internet Services — 3.0%
A.D.A.M., Inc. *	62,300	439,215
Access Integrated Technolgy, Inc. *(a)	30,600	393,210
Blackboard, Inc. *	46,900	1,332,429
DealerTrack Holdings, Inc. *	10,700	228,017
eCollege.com, Inc. *(a)	112,666	2,122,627
Jupitermedia Corp. *	409,700	7,366,406
Liquidity Services, Inc. *	21,600	264,600
NIC, Inc. *	223,592	1,370,619
Online Resources Corp. *	293,159	3,811,067
Online Resources Corp. (Germany) 144A *	61,000	793,000
S1 Corp. *	124,900	629,496

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Internet Services (cont’d.)
Sohu.com, Inc. *		37,700	$	1,006,213
				19,756,899
Machinery & Equipment
Techtronic Industries Co. Ltd. (Hong Kong)		107,500		193,272
Medical Supplies & Equipment — 5.1%
ArthroCare Corp. *		30,800		1,472,856
Avanir Pharmaceutical *		22,675		331,508
Cambridge Heart, Inc. *(a)		431,400		1,220,862
Ciphergen Biosystems, Inc. *(a)		654,300		1,040,337
Conceptus, Inc. *		800		10,488
Cytyc Corp. *		140,348		3,955,007
Endo Pharmaceuticals Holdings, Inc. *		125,600		4,120,936
Endologix, Inc. *		89,300		424,175
Illumina, Inc. *		112,900		2,681,375
Incyte Genomics, Inc. (Germany) *		275,500		1,658,510
Inhibitex, Inc. (a)		63,900		463,914
Kinetic Concepts, Inc. *		59,900		2,466,083
Kyphon, Inc. *		79,474		2,956,433
Neurometrix, Inc. *		3,400		132,396
NxStage Medical, Inc. *		103,900		1,333,037
Orthofix International NV *		191,934		7,642,812
Zoll Medical Corp. *		56,700		1,493,478
				33,404,207
Metals & Mining — 0.7%
Hunan Non-Ferrous Metals (Class “H” Stock) * (Hong Kong)		363,300		133,443
Schnitzer Steel Industries, Inc. (Class “A” Stock)		103,900		4,452,115
				4,585,558
Oil & Gas — 0.1%
Addax Petroleum Corp., 144A (Canada)		13,300		318,877
Exco Resources, Inc. *		7,600		95,228
				414,105
Paper & Forest Products — 0.2%
Nine Dragons Paper Holdings Ltd. * (Hong Kong)		1,582,100		1,080,676
Pharmaceuticals — 12.3%
Abgenix, Inc. *		506,400		11,394,000
Acadia Pharmaceuticals, Inc. *		14,900		238,102
Acusphere, Inc. *(a)		504,400		3,374,436
Adaltis, Inc. 144A * (Canada)		224,200		518,337
Allergan, Inc.		60,512		6,565,547
Alnylam Pharmeceuticals, Inc. *(a)		155,200		2,729,968
Altus Pharmaceuticals, Inc. *		52,400		1,149,132
Auxilium Pharmaceuticals, Inc. *		201,800		1,600,274
Avigen, Inc.		34,000		175,780
Bioenvision, Inc. *(a)		182,100		1,298,373
Cubist Pharmaceuticals, Inc. *		170,400		3,914,088
CV Therapeutics, Inc. *(a)		116,900		2,581,152

Dynavax Technologies Corp. *(a)	569,500	3,434,085
Human Genome Sciences, Inc. *	213,300	2,318,571
ICOS Corp.	46,800	1,031,940
Kos Pharmaceuticals, Inc. *	54,800	2,617,796
Medicines Co. *(a)	168,500	3,466,045
Medicure, Inc.	361,300	624,931
Nektar Therapeutics *(a)	199,000	4,055,620
Neurochem, Inc. (Canada) *(a)	259,500	3,638,190
Neurocrine Biosciences, Inc. *(a)	29,900	1,929,746
Penwest Pharmaceuticals Co. *	198,500	4,305,465
Point Therapeutics, Inc. *	1,189,700	4,116,362
Progenics Pharmaceuticals, Inc. *	136,500	3,615,885
Regeneron Pharmaceuticals, Inc. *	84,100	1,398,583
Sepracor, Inc. *	17,700	863,937
Somaxon Pharmaceuticals, Inc. *	134,200	2,148,542
Spectrum Pharmaceuticals, Inc. *(a)	214,600	1,006,474
Valera Pharmaceuticals, Inc. *(a)	99,800	1,012,970
Vical, Inc. *	332,800	2,056,704
YM Biosciences, Inc. * (Canada)	121,900	672,206
		79,853,241
Railroads — 0.4%
Kansas City Southern *	92,400	2,282,280
Real Estate Investment Trust — 0.7%
First Potomac Realty Trust	68,700	1,940,775
Global Signal, Inc.	14,800	728,160
Trammell Crow Co. *	47,500	1,693,850
		4,362,785
Restaurants — 2.1%
Applebee’s International, Inc.	47,700	1,171,035
Buffalo Wild Wings, Inc. *(a)	137,700	5,725,566
Texas Roadhouse, Inc. (Class “A” Stock) (a)	243,400	4,159,706
Wetherspoon, (J.D.) PLC (United Kingdom)	462,216	2,989,383
		14,047,690
Retail & Merchandising — 7.4%
A.C. Moore Arts & Crafts, Inc. *(a)	153,604	2,826,313
Cabela`s, Inc. (Class “A” Stock) *(a)	41,100	843,372
Citi Trends, Inc. *(a)	88,700	3,526,712
Cost Plus, Inc. *(a)	64,600	1,104,660
Crocs, Inc. *(a)	8,700	218,805
Dick’s Sporting Goods, Inc. *(a)	320,154	12,700,509
Dsw, Inc. *(a)	26,200	820,584
New York & Company, Inc. *	191,000	2,853,540
PC Mall, Inc. *	96,200	613,756

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising (cont’d.)
PETCO Animal Supplies, Inc. *(a)		617,000	$	14,542,690
PETsMART, Inc.		219,900		6,187,986
Rubios Restaurants, Inc. *		95,400		904,392
Submarino SA, ADR (Brazil) 144A *(a)		28,200		1,410,130
				48,553,449
Semiconductors — 9.5%
Actions Semiconductor Co., Ltd. ADR (China)		79,700		773,090
Anadigics, Inc. *(a)		381,900		3,017,010
ARM Holdings PLC, ADR (United Kingdom)		130,829		901,412
Asyst Technologies, Corp.		23,800		247,758
Cirrus Logic, Inc. *		250,000		2,120,000
CSR PLC * (United Kingdom)		892,200		18,601,386
Emcore Corp. *(a)		434,100		4,436,502
Entegris, Inc. *		177,500		1,888,600
Himax Technologies		178,500		1,561,875
MEMC Electronic Materials, Inc. *		335,200		12,375,584
Microsemi Corp. *(a)		157,500		4,584,825
MKS Instruments, Inc. *		51,600		1,208,988
Nextest Systems Corp. *		9,700		157,237
Saifun Semiconductors Ltd. (Israel)		8,900		276,790
Silicon Image, Inc. *		134,600		1,387,726
Spansion, Inc., (Class “A” Stock) *		192,700		2,851,960
Ultratech Stepper, Inc. *(a)		226,200		5,537,376
				61,928,119
Telecommunications — 1.9%
ADTRAN, Inc.		66,700		1,746,206
EMS Technologies, Inc. *		61,900		1,116,057
Eschelon Telecom Inc.		14,600		229,658
Foundry Networks, Inc. *		38,464		698,506
Knology, Inc. (a)		374,400		2,557,152
Neustar, Inc. (Class “A” Stock) *		17,700		548,700
Ntelos Holdings Corp. *		57,099		799,957
Time Warner Telecom, Inc. (Class “A” Stock) *(a)		252,200		4,526,990
				12,223,226
Transportation — 14.3%
ABX Air, Inc. *(a)		1,766,980		12,033,134
CNF, Inc.		155,900		7,785,646
Dynamex, Inc. *		132,500		2,559,900
EGL, Inc. *(a)		473,600		21,312,000
Expeditors International of Washington, Inc. (a)		64,196		5,545,892
Forward Air Corp.		338,850		12,635,717
Kuehne & Nagel International AG * (Switzerland)		12,150		3,937,694
Landstar System, Inc. *		185,800		8,197,496
Quality Distribution, Inc. *		518,900		6,761,267

Ryder System, Inc.	277,300	12,417,494
		93,186,240
Utilities — 0.1%
Consolidated Water Co. Ltd.	27,200	666,128
TOTAL COMMON STOCKS (cost $505,550,008)		651,673,471
PREFERRED STOCK — 0.1%
Telecommunications — 0.1%
Knology, Inc., CVT (cost $166,002)	16,397	559,958
TOTAL (cost $505,716,010)		652,233,429
SHORT-TERM INVESTMENTS — 22.9%
AFFILIATED MONEY MARKET MUTUAL FUND – 20.2%
Dryden Core Investment Fund - Taxable Money Market Series (cost $131,860,796; includes $131,860,796 of cash collateral for securities on loan)(b)(w)	131,860,796	131,860,796

	Principal
	Amount
	(000)
REPURCHASE AGREEMENT – 2.7%
Greenwich Capital Markets, Inc., 4.4%, dated 03/31/06, maturing 04/03/06, repurchase price $17,435,391 (collateralized by U.S. Treasury Note, 3.00%, par value $18,623,000; Market value of the collateral including accrued interest $17,774,307; due 02/15/2009 (Cost $17,429,000)		17,429		17,429,000
TOTAL SHORT-TERM INVESTMENTS (cost $149,289,796)				149,289,796
TOTAL INVESTMENTS — 123.0% (cost $655,005,806) (p)				801,523,225
LIABILITIES IN EXCESS OF OTHER ASSETS — (23.0)%				(149,793,819	)
NET ASSETS — 100.0%			$	651,729,406

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
CVT	Convertible Security
*	Non-income producing security.

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $126,077,231; cash collateral of $131,860,796 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $655,679,795; accordingly, net unrealized appreciation on investments for federal income tax purposes was $145,843,430 (gross unrealized appreciation - $168,575,988; gross unrealized depreciation - $22,732,558). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS – 97.8%
COMMON STOCKS
Basic Materials - Chemical — 2.5%
Albemarle Corp.		47,422	$	2,150,588
American Vanguard Corp.		4,823		147,343
Carlisle Cos., Inc.		4,896		400,493
Minerals Technologies, Inc.		37,990		2,218,996
NuCo2, Inc. *		21,594		685,393
Penford Corp.		32,243		518,467
Rohm & Haas Co.		9,047		442,127
				6,563,407
Basic Materials - Forest — 1.4%
Caraustar Industries, Inc. *		189,363		1,948,545
Packaging Corp. of America		21,853		490,381
Universal Forest Products, Inc.		20,601		1,307,958
				3,746,884
Basic Materials - Mining — 2.6%
Commercial Metals Co.		51,656		2,763,080
Mueller Industries, Inc.		53,041		1,893,033
Oregon Steel Mills, Inc. *(a)		46,376		2,373,060
				7,029,173
Building Materials — 0.2%
Builders Firstsource, Inc. *		26,305		597,387
Chemicals — 0.6%
Ashland, Inc.		3,700		262,996
Cabot Microelectronics Corp. *(a)		13,086		485,491
UAP Holding Corp.		44,380		954,170
				1,702,657
Commercial Banks — 0.4%
Midwest Banc Holdings, Inc.		39,313		1,019,779
Commercial Services — 0.2%
Providence Service Corp.		16,246		528,320
Computer Hardware — 0.1%
Seagate Technology *		10,100		265,933
Computer Services & Software — 0.9%
Filenet Corp. *		6,383		172,469
Kanbay International, Inc.		30,251		461,630
Parametric Technology Corp. *		36,477		595,669
TIBCO Software, Inc. *		101,814		851,165
Unisys Corp. *		30,388		209,373
Wind River Systems, Inc. *		10,681		132,979
				2,423,285
Consumer Cyclicals - Construction — 1.5%
Beazer Homes USA, Inc. (a)		12,852		844,376
Champion Enterprises, Inc. *		20,771		310,734
Comfort Systems USA, Inc. *		85,487		1,154,075
Lennar Corp. (Class “A” Stock) (a)		15,274		922,244
Modtech Holdings, Inc. *(a)		50,095		438,331
Trex Co., Inc. *(a)		4,183		132,601

WCI Communities, Inc. *	9,889	275,112
		4,077,473
Consumer Cyclicals - Consumer Durables — 1.2%
Mohawk Industries, Inc. *	11,895	960,164
Select Comfort Corp. *(a)	56,343	2,228,366
		3,188,530
Consumer Cyclicals - Leisure & Entertainment — 1.7%
Aztar Corp. *	28,822	1,210,236
Fossil, Inc. *(a)	47,789	887,920
Harrah’s Entertainment, Inc.	16,315	1,271,917
K2, Inc. *	90,235	1,132,449
		4,502,522
Consumer Cyclicals - Motor Vehicle — 3.1%
Autoliv, Inc.	5,988	338,801
Commercial Vehicle Group, Inc. *	63,216	1,214,379
LoJack Corp. *	42,216	1,012,340
Tenneco Automotive, Inc. *	71,713	1,555,455
Wabash National Corp. (a)	205,785	4,064,254
		8,185,229
Consumer Cyclicals - Retail Apparel — 3.8%
Aaron Rents, Inc. (a)	86,954	2,362,540
Big Lots, Inc. *(a)	73,303	1,023,310
Dress Barn, Inc. *(a)	20,954	1,004,744
Gymboree Corp. *	35,141	915,072
J. C. Penney Co., Inc.	24,855	1,501,491
K-Swiss, Inc. (Class “A” Stock)	28,845	869,388
Kellwood Co.	8,301	260,568
Ross Stores, Inc.	18,450	538,556
Sharper Image Corp. *(a)	7,865	100,751
Tuesday Morning Corp. *	39,967	922,838
Zale Corp. *	18,343	514,154
		10,013,412
Consumer Staples - Food & Beverage — 0.8%
Archer-Daniels-Midland Co.	19,075	641,874
Corn Products International, Inc.	27,251	805,812
Pepsi Bottling Group, Inc.	7,144	217,106
Smithfield Foods, Inc. *	18,030	529,000
		2,193,792
Consumer Staples - Home Products — 2.4%
Clorox Co. (a)	10,424	623,876
Elizabeth Arden, Inc. *	71,364	1,664,209
Helen of Troy Ltd. (Bermuda) *(a)	71,985	1,526,082
Newell Rubbermaid, Inc. (a)	26,518	667,988

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Consumer Staples - Home Products (cont’d.)
Playtex Products, Inc. *		170,201	$	1,782,005
				6,264,160
Consumer Staples - Restaurants — 0.2%
California Pizza Kitchen, Inc. *		14,022		455,014
Consumer Staples - Tobacco — 0.2%
Reynolds America, Inc. (a)		4,560		481,080
Distribution/Wholesale — 0.1%
Aviall, Inc. *		6,830		260,086
Bell Microproducts, Inc.		10,291		63,393
				323,479
Electronic Components & Equipment — 0.2%
Checkpoint Systems, Inc.		21,643		581,764
Energy - Diversified Energy — 0.9%
Cleco Corp. *		34,702		774,896
CMS Energy Corp. *		6,951		90,015
Western Gas Resources, Inc.		14,602		704,547
Williams Cos., Inc.		39,573		846,466
				2,415,924
Energy - Energy Resources — 3.2%
EOG Resources, Inc.		16,633		1,197,576
Noble Energy, Inc.		—		10
Parallel Petroleum Corp. *		81,698		1,507,328
Range Resources Corp.		122,880		3,355,853
Whiting Petroleum Corp. *		62,539		2,563,474
				8,624,241
Energy - Oil Services — 1.9%
BJ Services Co.		18,868		652,833
Hydril Co. *		11,197		872,806
Oil States International, Inc. *(a)		52,080		1,919,148
Petroleum Development Corp. *		9,254		419,761
W-H Energy Services, Inc. *		25,449		1,132,226
				4,996,774
Entertainment & Leisure — 0.2%
Isle of Capri Casinos, Inc. *		18,133		603,466
Farming & Agriculture — 0.3%
Delta & Pine Land Co.		22,751		686,170
Financial - Bank & Trust — 10.5%
Alabama National Bancorp		24,044		1,644,610
Alliance Bankshares Corp. *		17,779		333,623
Bancorp Bank (The) *		62,037		1,523,008
Berkshire Hills Bancorp, Inc.		25,673		897,015
Brookline Bancorp, Inc.		64,044		992,042
Cardinal Financial Corp. *		68,035		920,513
Central Pacific Financial Corp. *		31,564		1,159,030
Citizens Banking Corp.		68,262		1,832,835
Commerce Bancshares, Inc.		3,843		198,568
First Niagara Financial Group, Inc.		139,187		2,040,481
First Oak Brook Bancshares, Inc.		13,940		372,895
FirstMerit Corp.		14,779		364,450

Hudson City Bancorp, Inc.	19,467	258,716
IBERIABANK Corp.	28,421	1,607,776
KeyCorp	19,617	721,906
M&T Bank Corp.	7,396	844,179
Main Street Banks, Inc.	47,805	1,237,193
Millennium Bankshares Corp. *	49,742	457,129
Northern Trust Corp.	10,326	542,115
PFF Bancorp, Inc.	82,210	2,771,299
Placer Sierra Bancshares	45,261	1,292,201
Prosperity Bancshares, Inc.	15,505	468,406
Signature Bank *	44,554	1,452,015
Southcoast Financial Corp. *	17,558	447,722
Sterling Bancorp	19,602	403,801
Sun Bancorp, Inc. *	8,724	170,118
Technology Investment Capital Corp.	49,137	714,452
Texas United Bancshares, Inc.	19,961	421,377
United Community Banks, Inc.	37,105	1,044,506
Zions Bancorp	11,086	917,145
		28,051,126
Financial - Brokerage — 0.7%
Bear Stearns Cos., Inc.	8,008	1,110,710
Knight Trading Group, Inc. (Class “A” Stock) *(a)	62,906	876,280
		1,986,990
Financial - Securities/Asset Management — 0.4%
Affiliated Managers Group, Inc. *(a)	11,050	1,178,040
Financial - Thrifts — 1.5%
BankUnited Financial Corp., (Class “A” Stock) *	50,425	1,363,492
Fidelity Bankshares, Inc.	48,690	1,637,444
Irwin Financial Corp.	31,712	612,993
NetBank, Inc.	63,416	459,132
		4,073,061
Financial Services — 3.7%
Accredited Home Lenders Holding Co. *(a)	72,632	3,717,306
American Capital Strategies Ltd.	6,091	214,159
Apollo Investment Corp.	88,389	1,574,208
Capital Source, Inc. *(a)	73,559	1,830,148
CIT Group, Inc.	9,732	520,857
Eaton Vance Corp.	9,122	249,760
Financial Federal Corp. (a)	51,630	1,512,759
Nexity Financial Corp.	19,731	248,611
		9,867,808
Food — 0.1%
Lance, Inc.	9,469	213,052
Health Care - Biotechnology — 0.2%
MedImmune, Inc. *	17,318	633,492
Health Care - Drugs — 1.2%
Charles River Laboratories International, Inc. *	15,337	751,820

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Health Care - Drugs (cont’d.)
Medarex, Inc. *(a)		85,939	$	1,136,114
PAREXEL International Corp. *		28,626		756,871
Salix Pharmaceuticals Ltd. *		38,193		630,566
				3,275,371
Health Care - Medical Products — 0.9%
Chattem, Inc. *		2,565		96,572
Cogdell Spencer, Inc.		21,830		465,416
Prestige Brands Holdings, Inc. *		77,136		938,745
PSS World Medical, Inc. *(a)		40,698		785,064
				2,285,797
Health Care - Medical Providers — 0.1%
Radiologix, Inc. *		163,517		302,506
Healthcare Services — 0.6%
Amedisys, Inc. *(a)		24,350		846,163
Apria Healthcare Group, Inc. *		14,929		343,068
Coventry Health Care, Inc. *		8,814		475,780
				1,665,011
Industrials - Components — 0.9%
Actuant Corp. (Class “A” Stock) (a)		15,261		934,278
American Standard Cos., Inc.		22,944		983,380
Applied Industrial Technologies, Inc.		12,395		552,817
				2,470,475
Industrials - Defense/Aerospace — 1.0%
Alliant Techsystems, Inc. *(a)		6,017		464,332
Ducommun, Inc. *		22,757		505,205
EDO Corp.		32,207		993,586
Rockwell Collins, Inc.		13,485		759,880
				2,723,003
Industrials - Diversified — 1.2%
GrafTech International Ltd. *		343,674		2,096,411
Lydall, Inc. *		73,295		707,297
Matthews International Corp. (Class “A” Stock)		8,746		334,622
				3,138,330
Industrials - Electrical Equipment — 2.6%
Amphenol Corp.		9,490		495,188
Anixter International, Inc. (a)		60,545		2,892,840
Baldor Electric Co.		30,469		1,031,985
Cooper Industries Ltd. (Class “A” Stock)		9,291		807,388
CyberOptics Corp. *		37,271		557,947
Franklin Electric Co., Inc.		19,697		1,076,441
				6,861,789
Industrials - Machinery — 1.2%
MTS Systems Corp.		13,374		559,435
Tennant Co.		13,470		704,750
Terex Corp. *		13,539		1,072,830

Zebra Technologies Corp. (Class “A” Stock) (a)	16,358	731,530
		3,068,545
Insurance — 1.0%
American Equity Investment Life Holding Co. (a)	61,124	876,518
Assurant, Inc.	5,999	295,451
Lincoln National Corp.	9,346	510,198
Republic Cos Group, Inc.	49,699	862,775
		2,544,942
Insurance - Health Insurance — 0.2%
Health Net, Inc. *	9,680	491,938
Insurance - Life Insurance — 0.6%
StanCorp Financial Group, Inc.	21,978	1,189,230
Torchmark Corp.	6,921	395,189
		1,584,419
Insurance - Property Insurance — 4.0%
AMBAC Financial Group, Inc.	15,460	1,230,616
Aspen Insurance Holdings, Ltd. (Bermuda) *	24,367	600,890
Donegal Group, Inc.	22,267	580,946
Everest Reinsurance Group Ltd. (Bermuda)	7,242	676,186
National Atlantic Holdings Corp *	30,872	313,351
Navigators Group, Inc. *	19,604	972,359
NYMAGIC, Inc.	17,046	508,482
PartnerRe Ltd. (Bermuda)	9,211	571,911
PMI Group, Inc. (The)	8,208	376,911
ProAssurance Corp. *	34,776	1,808,352
Procentury Corp.	64,988	886,436
RenaissanceRe Holdings Ltd.	9,655	421,151
RLI Corp.	30,611	1,754,010
Willis Group Holdings Ltd. (United Kingdom)	879	30,115
		10,731,716
IT Services — 0.2%
ADC Telecommunications, Inc.	15,822	404,885
Machinery & Equipment — 0.2%
Grant Prideco, Inc. *	10,198	436,882
Medical Supplies & Equipment — 0.9%
Cardiac Science Corp	57,124	521,542
Encore Medical Corp.	166,072	850,289
Greatbatch, Inc. *	14,161	310,267
Symmetry Medical, Inc.	37,761	800,911
		2,483,009
Metals & Mining — 0.4%
Allegheny Technologies, Inc.	8,424	515,380
Carpenter Technology	2,710	256,149

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
RBC Bearings, Inc.		13,432	$	275,356
				1,046,885
Office/Industrial — 0.1%
Liberty Property Trust (a)		5,838		275,320
Oil & Gas — 0.3%
Delta Petroleum Corp. *(a)		42,332		889,819
Petroleum Exploration & Production — 0.2%
Ultra Petroleum Corp.		8,660		539,605
Pharmaceuticals — 0.1%
IMS Health Inc.		14,200		365,934
Railroads — 0.3%
Norfolk Southern Corp.		14,391		778,121
Real Estate Investment Trust — 0.2%
Glenborough Realty Trust, Inc.		30,030		653,152
Real Estate Investment Trust - Apartment — 0.7%
American Campus Communities, Inc. *		15,832		410,207
Apartment Investment & Management Co. (Class “A” Stock)		21,351		1,001,362
Equity Residential Properties Trust		6,607		309,141
				1,720,710
Real Estate Investment Trust - Hotels — 0.5%
LaSalle Hotel Properties		30,755		1,260,955
Real Estate Investment Trust - Mortgage — 0.4%
MFA Mortgage Investments, Inc.		168,589		1,070,540
Real Estate Investment Trust - Office Industrial — 2.1%
Brandywine Realty Trust		64,965		2,063,288
Columbia Equity Trust Inc.		18,718		329,063
Lexington Corp. Properties Trust		61,406		1,280,315
Parkway Properties, Inc.		41,026		1,792,016
				5,464,682
Real Estate Investment Trust - Other REIT — 4.4%
Biomed Realty Trust, Inc.		38,306		1,135,390
Centacore Properties Trust		12,617		316,056
Commercial Net Lease Realty, Inc.		66,716		1,554,483
Digital Realty Trust, Inc.		24,405		687,489
Entertainment Properties Trust		23,433		983,717
HealthCare Realty Trust, Inc.		7,368		275,416
iStar Financial, Inc.		17,500		669,900
Omega Healthcare Investors, Inc.		88,948		1,247,051
Plum Creek Timber Co.		18,460		681,728
RAIT Investment Trust		59,528		1,681,071
Spirit Finance Corp. *		103,721		1,265,396
U-Store-It Trust		38,143		768,581

Windrose Medical Properties, Trust.	20,958	316,046
		11,582,324
Real Estate Investment Trust - Retail — 0.9%
Acadia Realty Trust	34,906	822,036
Agree Realty Corp.	25,890	831,069
Developers Diversified Realty Corp.	12,777	699,541
		2,352,646
Restaurants — 0.8%
CEC Entertainment, Inc. *(a)	54,100	1,818,842
Ruby Tuesday, Inc.	7,898	253,368
		2,072,210
Retail & Merchandising — 0.7%
Charming Shoppes, Inc. *	85,839	1,276,426
Christopher & Banks Corp.	11,769	273,158
Leapfrog Enterprises, Inc. *(a)	33,038	350,864
		1,900,448
Semiconductors — 1.2%
ATMI, Inc. *	16,521	498,934
Axcelis Technologies, Inc. *	48,185	282,364
Brooks Automation, Inc. *	19,954	284,145
Emulex Corp. *	8,811	150,580
Entegris, Inc. *	93,697	996,936
Formfactor, Inc. *	19,517	767,409
LSI Logic Corp. *	20,575	237,847
		3,218,215
Services - Environmental — 0.9%
Republic Services, Inc.	13,314	565,978
Waste Connections, Inc. *(a)	44,146	1,757,452
		2,323,430
Services - Industrial Services — 1.3%
Infrasource Services, Inc. *	42,910	738,481
ITT Educational Services, Inc. *	16,673	1,067,906
LECG Corp. *	24,937	480,536
Resources Connection, Inc. *	14,968	372,853
School Specialty, Inc. *	19,843	684,583
		3,344,359
Services - Media — 0.5%
ADVO, Inc.	26,573	850,336
Lamar Advertising Co. *	10,403	547,406
		1,397,742
Services - Publishing — 0.2%
Dow Jones & Co., Inc. (a)	11,054	434,422
Journal Register Co. *	16,164	196,878
		631,300
Services - Telephone — 1.2%
Alaska Communications Systems Group, Inc.	27,207	330,021
UbiquiTel, Inc. *	33,357	336,906

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Services - Telephone (cont’d.)
West Corp. *		56,907	$	2,541,466
				3,208,393
Technology - Computer Hardware — 2.3%
Ditech Communications Corp. *		61,371		641,327
Hutchinson Technology, Inc. *(a)		86,649		2,614,200
Ingram Micro, Inc. (Class “A” Stock) *		21,703		434,060
Insight Enterprises, Inc. *		90,291		1,987,305
Mobility Electronics, Inc. *		57,920		482,474
				6,159,366
Technology - Computer Software — 0.7%
Activision, Inc. *		49,199		678,454
Ultimate Software Group, Inc. (The) *		18,381		475,149
Viisage Technology, Inc. *(a)		34,382		602,029
				1,755,632
Technology - Information Services — 1.9%
BearingPoint, Inc. *		138,596		1,176,680
Lionbridge Technologies, Inc. *		211,173		1,670,379
MTC Technologies, Inc. *		81,681		2,286,251
				5,133,310
Technology - Internet — 0.2%
Avocent Corp. *		5,013		159,113
Entrust Technologies, Inc. *		64,920		292,140
				451,253
Technology - Semiconductors — 1.7%
Fairchild Semiconductor International, Inc. *		8,864		169,037
Freescale Semiconductor, Inc. (Class “A” Stock) *		7,069		196,589
Integrated Device Technology, Inc.		128,929		1,915,885
Tessera Technologies, Inc. *(a)		72,205		2,316,336
				4,597,847
Technology - Supply Chain — 0.3%
ScanSource, Inc. *		13,255		800,735
Telecommunications — 1.8%
Aeroflex, Inc. *		111,787		1,534,836
Andrew Corp.		54,958		674,884
Dobson Communications Corp. (Class “A” Stock) *(a)		172,136		1,380,531
Leap Wireless International, Inc. *		8,233		358,876
RCN Corp.		32,763		848,562
				4,797,689
Transportation - Airlines — 0.6%
AirTran Holdings, Inc. *(a)		60,877		1,102,483

Frontier Airlines, Inc. *	75,769	583,421
		1,685,904
Transportation - Truck Freight — 0.8%
Forward Air Corp.	14,150	527,654
Heartland Express, Inc.	28,921	630,189
SCS Transportation, Inc. *	28,222	821,542
Teekay Shipping Corp.	7,159	265,384
		2,244,769
Utilities — 0.2%
Northeast Utilities (a)	10,619	207,389
Unisource Energy Corp.	12,217	372,619
		580,008
Utilities - Electrical Utilities — 4.1%
Avista Corp.	15,596	322,057
Central Vermont Public Service Corp.	5,792	122,848
DPL, Inc. (a)	16,600	448,200
Dynegy, Inc. (Class “A” Stock) *	22,037	105,778
Edison International *	22,975	946,111
El Paso Electric Co. *	124,818	2,376,535
Entergy Corp.	18,929	1,304,965
FirstEnergy Corp.	6,276	306,896
MGE Energy, Inc.	5,886	195,297
PG&E Corp.	24,034	934,923
PNM Resources, Inc.	1,973	48,141
PPL Corp.	36,282	1,066,691
Public Service Enterprise Group, Inc.	1,948	124,750
Sierra Pacific Resources *	80,141	1,106,747
Southern Union Co. *	1	14
Westar Energy, Inc.	51,044	1,062,226
Wisconsin Energy Corp.	8,892	355,591
		10,827,770
Utilities - Gas Utilities — 1.3%
AGL Resources, Inc.	19,176	691,295
Cascade Natural Gas Corp.	1,220	24,034
Northwest Natural Gas Co.	42,487	1,507,864
South Jersey Industries, Inc.	15,339	418,294

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Utilities - Gas Utilities (cont’d.)
Southwest Gas Corp. *		27,553	$	770,106
				3,411,593
TOTAL LONG – TERM INVESTMENTS (cost $202,688,502)				260,484,708
SHORT-TERM INVESTMENT – 20.2%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $53,786,887; includes $48,141,084 of cash collateral for securities on loan(b) (w)		53,786,887		53,786,887
TOTAL SHORT-TERM INVESTMENTS (cost $53,786,887)				53,786,887
TOTAL INVESTMENTS — 118.0% (cost $256,475,389) (p)				314,271,595
LIABILITIES IN EXCESS OF OTHER ASSETS — (18.0)%				(47,934,170	)
NET ASSETS — 100.0%			$	266,337,425

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $46,193,893; cash collateral of $48,141,084 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $257,119,378; accordingly, net unrealized appreciation on investments for federal income tax purposes was $57,152,217 (gross unrealized appreciation - $61,138,029; gross unrealized depreciation - $3,985,812). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 97.8%
COMMON STOCKS
Advertising — 0.2%
ADVO, Inc.		61,390	$	1,964,480
Aerospace — 2.1%
AAR Corp. *		29,400		837,312
Armor Holdings, Inc.		34,600		2,016,834
CPI Aerostructures, Inc. *		11,100		88,245
Curtiss-Wright Corp. (Class “B” Stock)		67,200		4,448,640
DRS Technologies, Inc. *		92,300		5,064,501
Esterline Technologies Corp.		32,700		1,397,925
Heico Corp (Class “A” Stock) (a)		15,000		475,350
Heico Corp (Class “A” Stock)		40,700		1,108,261
Kaman Corp. (Class “A” Stock)		54,800		1,378,768
Moog, Inc. (Class “A” Stock)		77,850		2,762,897
Orbital Sciences Corp. *(a)		108,800		1,721,216
Teledyne Technologies, Inc. *		37,294		1,327,666
Triumph Group, Inc. *		16,900		747,994
				23,375,609
Airlines — 0.7%
AirTran Holdings, Inc. *(a)		37,600		680,936
Alaska Air Group, Inc.		40,100		1,421,545
Continental Airlines, Inc. (Class “B” Stock) *		39,400		1,059,860
ExpressJet Holdings, Inc. *		116,400		866,016
Mesa Air Group, Inc. *		49,500		566,280
SkyWest, Inc.		112,600		3,295,802
				7,890,439
Apartment/Residential — 0.3%
Post Properties, Inc.		69,600		3,097,200
Automotive Parts — 1.4%
Aftermarket Technology Corp.		104,470		2,362,067
American Axle & Manufacturing Holdings, Inc.		69,210		1,185,567
Asbury Automative Group, Inc.		109,700		2,163,284
Cooper Tire & Rubber Co.		185,460		2,659,496
CSK Auto Corp. *(a)		139,550		1,935,559
Keystone Automotive Industries, Inc. *		13,300		561,393
Lear Corp. (a)		53,400		946,782
Modine Manufacturing Co.		41,300		1,218,350
Sonic Automotive, Inc. (a)		10,800		299,808
Standard Motor Products, Inc. (a)		32,600		289,488
Tenneco Automotive, Inc. *		119,400		2,589,786
				16,211,580
Biotechnology — 0.1%
Cytokinetics, Inc. *		40,300		293,787
Genelabs Technologies, Inc. *		33,800		65,910
GTx, Inc.		28,600		312,312
Human Genome Sciences, Inc. *		15,400		167,398

Telik, Inc. *	24,100	466,576
		1,305,983
Broadcasting — 0.3%
4Kids Entertainment, Inc. *	4,200	72,198
Belo Corp. (Class “A” Stock)	57,680	1,146,678
Lin TV Corp. (Class “A” Stock) *	10,200	91,800
Media General, Inc. (Class “A” Stock)	12,100	564,102
Radio One, Inc. (Class “D” Stock) *	201,100	1,500,206
Saga Communications, Inc. (Class “A” Stock) *	18,300	176,961
Sinclair Broadcast Group, Inc. (Class “A” Stock)	11,000	89,650
		3,641,595
Building & Construction — 0.2%
Foster Wheeler Corporation *	43,600	2,062,716
Building Materials — 0.9%
Ameron International Corp.	13,300	973,959
Apogee Enterprises, Inc.	45,400	766,352
Chaparral Steel Co.	24,600	1,597,032
Eagle Materials, Inc. (a)	43,600	2,779,936
Genlyte Group, Inc.	11,800	804,052
NCI Building Systems, Inc. (a)	54,350	3,248,500
Patrick Industries, Inc. *	50,159	595,387
		10,765,218
Business Services — 1.6%
Angelica Corp.	68,500	1,405,620
BearingPoint, Inc. *	247,700	2,102,973
Century Business Services, Inc.	54,400	435,200
Clark, Inc.	14,600	172,426
CRA International, Inc. *	7,900	389,154
Harland, (John H.) Co.	57,600	2,263,680
infoUSA, Inc.	9,600	124,608
MAXIMUS, Inc.	6,500	233,870
School Specialty, Inc. *	52,451	1,809,559
Sourcecorp, Inc.	7,900	190,469
Spherion Corp. *(a)	92,500	962,000
TeleTech Holdings, Inc. *	72,300	803,253
UniFirst Corp.	54,958	1,825,705
Viad Corp.	37,700	1,292,356
Watson Wyatt & Co. Holdings	126,790	4,130,818
		18,141,691
Cable Television — 0.2%
Charter Communications, Inc. (Class “A” Stock) *(a)	540,500	589,145
Lodgenet Entertainment Corp. *	72,500	1,129,550
Mediacom Communications Corp. (Class “A” Stock) *	49,800	286,350
		2,005,045
Chemicals — 2.4%
Arch Chemicals, Inc.	65,507	1,991,413
FMC Corp.	79,590	4,932,988
Fuller, (H.B.) Co.	52,400	2,690,216

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
Georgia Gulf Corp.		121,800	$	3,165,582
Grace, (W.R.) & Co. *(a)		64,700		860,510
Hercules, Inc. *		129,500		1,787,100
Lyondell Chemical Co.		25,500		507,450
Minerals Technologies, Inc.		20,200		1,179,882
NewMarket Corp. *		37,400		1,779,866
Olin Corp. (a)		137,070		2,942,893
Pioneer Companies Inc *		78,800		2,403,400
PolyOne Corp. *		153,400		1,429,688
Sensient Technologies Corp.		10,300		185,915
Terra Industries, Inc. *(a)		52,400		369,420
UAP Holding Corp.		41,000		881,500
Wellman, Inc.		67,300		428,028
				27,535,851
Clothing & Apparel — 1.0%
Brown Shoe Co., Inc.		48,500		2,545,280
Burlington Coat Factory Warehouse Corp.		9,400		427,230
Kenneth Cole Productions, Inc. (Class “A” Stock)		21,400		592,780
Quiksilver, Inc. *		60,600		839,916
Skechers USA, Inc. (Class “A” Stock) *		51,100		1,273,923
Timberland Co. (Class “A” Stock)		41,400		1,417,122
Too, Inc. *		82,570		2,836,280
Warnaco Group, Inc. (The) *		55,220		1,325,280
				11,257,811
Commercial Banks — 0.6%
Midwest Banc Holdings, Inc.		51,600		1,338,504
Tompkins Trustco, Inc.		7,000		337,050
UCBH Holdings, Inc.		257,800		4,877,576
				6,553,130
Commercial Services — 0.4%
Arbitron, Inc.		6,200		209,684
Bell Microproducts, Inc.		39,600		243,936
HMS Holdings Corp.		416,100		3,640,875
NCO Group, Inc.		12,800		304,000
StarTek, Inc.		10,400		245,024
Vertrue, Inc. *		5,200		217,360
				4,860,879
Computer Hardware — 1.1%
Gateway, Inc. *		84,700		185,493
Hutchinson Technology, Inc. *(a)		86,242		2,601,921
Imation Corp.		37,700		1,617,707
Insight Enterprises, Inc. *		22,900		504,029
Komag, Inc. *(a)		61,500		2,927,400
MTS Systems Corp.		37,130		1,553,148
Palm, Inc. (a)		65,300		1,512,348
Quantum Corp.		373,900		1,398,386
				12,300,432
Computer Services & Software — 2.6%
Agilysys, Inc.		64,600		972,876
Atmel Corp.		144,100		680,152

BISYS Group, Inc. (The) *	81,760	1,102,125
Black Box Corp.	51,000	2,450,550
Brocade Communications Systems, Inc. *	257,300	1,718,764
Ciber, Inc. *	56,100	357,918
Covansys Corp. *	43,100	740,889
Gartner, Inc. (Class “A” Stock) *	59,900	835,605
Inter-Tel, Inc.	44,700	958,368
Intergraph Corp.	10,000	416,600
Intervideo, Inc. *	1,700	18,462
JDA Software Group, Inc.	26,000	375,440
Magma Design Automation, Inc. *	38,800	335,620
Mantech International Corp. (Class “A” Stock) *	18,400	611,248
McDATA Corp. (Class “A” Stock) *(a)	107,100	494,802
NetIQ Corp. *	122,200	1,362,530
Parametric Technology Corp. *	207,696	3,391,676
Perot Systems Corp. (Class “A” Stock) *	245,911	3,826,375
Phoenix Technologies, Ltd.	15,800	107,124
Progress Software Corp. *	27,600	802,884
QAD, Inc.	12,700	94,996
Radisys Corp. *(a)	19,600	389,060
Redback Networks, Inc. *	29,300	635,517
SafeNet, Inc. *	22,800	603,744
Si International Inc *	11,700	411,255
SPSS, Inc. *	5,500	174,130
Sybase, Inc.	86,022	1,816,784
Sykes Enterprises, Inc. *	34,300	486,374
SYNNEX Corp. *	5,300	98,368
Systemax, Inc. *	43,800	316,236
TALX Corp.	18,250	519,760
THQ, Inc.	40,800	1,056,312
Tyler Technologies, Inc. *	38,600	424,600
Webmethods, Inc. *	67,500	568,350
		29,155,494
Computers & Peripherals
Rimage Corp. *	17,100	386,118
Conglomerates — 0.2%
Griffon Corp. *(a)	107,150	2,661,606
Construction — 0.9%
Building Material Holding Corp. (a)	29,700	1,058,508
Chicago Bridge & Iron Co. NV (Netherlands)	36,700	880,800
Insituform Technologies, Inc. (Class “A” Stock) *	33,660	895,356
Levitt Corp. (Class “A” Stock)	27,500	606,100
M/I Homes, Inc.	6,100	286,700
Shaw Group, Inc.	31,100	945,440
Technical Olympic USA, Inc. (a)	73,600	1,497,760
URS Corp. *	23,300	937,825
Washington Group International, Inc. *	30,300	1,738,917

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Construction (cont’d.)
WCI Communities, Inc. *(a)		68,300	$	1,900,106
				10,747,512
Consumer Products & Services — 2.7%
Aaron Rents, Inc. (a)		62,900		1,708,993
American Greetings Corp., (Class “A” Stock)		30,100		650,762
AptarGroup, Inc.		63,900		3,530,475
ArvinMeritor, Inc. (a)		76,000		1,133,160
Aviall, Inc. *(a)		161,681		6,156,812
CNS, Inc.		35,998		775,397
Dollar Thrifty Automotive Group, Inc. *		44,600		2,024,840
Electro Rental Corp. *		17,600		299,200
Interpool, Inc.		22,900		462,580
Jacuzzi Brands, Inc. *		27,800		273,274
Jakks Pacific, Inc.		33,700		901,138
K2, Inc. *		84,700		1,062,985
Leapfrog Enterprises, Inc. *(a)		114,500		1,215,990
Regis Corp.		62,770		2,164,310
Rent-Way, Inc. *		65,700		473,697
Snap-on, Inc.		20,300		773,836
Steiner Leisure Ltd.		35,100		1,421,550
Steinway Musical Instruments, Inc. *		22,400		721,728
Tupperware Corp.		104,000		2,141,360
Universal Corp.		76,800		2,823,936
Water Pik Technologies, Inc. *		12,500		346,375
				31,062,398
Containers & Packaging — 0.5%
Bemis Co., Inc.		38,073		1,202,345
Chesapeake Corp.		47,300		656,524
Greif, Inc. (Class “A” Stock) (a)		20,500		1,402,610
Silgan Holdings, Inc.		74,500		2,992,665
				6,254,144
Diversified Operations — 0.6%
Walter Industries, Inc.		99,400		6,622,028
Drugs & Medicine — 0.1%
Adams Respiratory
Therapeutics, Inc.		15,300		608,481
Electronic Components & Equipment — 3.1%
Aeroflex, Inc. *		311,072		4,271,019
Anixter International, Inc. (a)		122,200		5,838,716
Arris Group, Inc. *		94,973		1,306,828
Avnet, Inc. *		81,510		2,068,724
Bel Fuse, Inc. (Class “A” Stock)		19,500		683,085
Bel Fuse, Inc. (Class “B” Stock)		10,800		378,324
Belden CDT, Inc.		55,240		1,504,185
Benchmark Electronics, Inc. *		41,800		1,603,030
C-COR, Inc.		12,500		109,250
Checkpoint Systems, Inc.		28,100		755,328
Coherent, Inc. *(a)		79,150		2,778,956
Conexant Systems, Inc. *		532,400		1,836,780
CTS Corp.		63,500		849,630
Electro Scientific Industries, Inc. *		17,800		393,914
Electronics For Imaging, Inc. *		26,400		738,408

Genesis Microchip, Inc. (a)	28,500	485,640
Hypercom Corp. *	16,100	149,730
Kopin Corp. *	113,100	566,631
Littelfuse, Inc. *	38,524	1,314,824
Mercury Computer Systems, Inc.	65,600	1,062,720
Park Electrochemical Corp.	12,400	365,800
Pericom Semiconductor Corp. *	13,000	128,180
Plexus Corp. *	14,500	544,765
Synopsys, Inc.	71,199	1,591,298
Sypris Solutions, Inc.	23,700	223,491
Tektronix, Inc.	48,400	1,728,364
The Empire District Electric Co.	40,090	890,800
TTM Technologies, Inc. *	16,500	239,085
Woodhead Industries, Inc.	58,400	969,440
		35,376,945
Energy - Energy Equipment & Services — 0.2%
National-Oilwell Varco, Inc. *	34,600	2,218,552
Superior Well Services, Inc.	14,000	406,980
		2,625,532
Energy - Energy Resources — 0.2%
Parallel Petroleum Corp. *	75,000	1,383,750
Tortoise Energy Infrastructure Corp. (a)	33,100	923,821
		2,307,571
Entertainment & Leisure — 0.5%
Carmike Cinemas, Inc.	13,800	332,994
Century Casinos, Inc.	189,400	2,015,216
Lakes Entertainment, Inc. *	175,800	1,912,704
Movie Gallery, Inc. (a)	10,600	32,012
Six Flags, Inc. *(a)	100,800	1,026,144
		5,319,070
Environmental Services — 0.8%
Aleris International, Inc.	106,100	5,100,227
Tetra Tech, Inc. *	98,660	1,883,419
Waste Services, Inc. *	55,400	174,510
WCA Waste Corp. *	340,300	2,368,488
		9,526,644
Equipment Services — 1.2%
Bally Tecnologies, Inc. *	68,107	1,157,138
General Cable Corp. *	178,800	5,423,004
Global Imaging Systems, Inc. *	4,500	170,910
RPC, Inc.	19,550	446,717
United Rentals, Inc. *(a)	121,686	4,198,167
Universal Compression Holdings, Inc. *	16,000	810,720
Watsco, Inc.	13,300	944,965
		13,151,621
Farming & Agriculture — 0.1%
Alliance One International, Inc.	119,500	580,770
Financial - Bank & Trust — 9.1%
Accredited Home Lenders Holding Co. *(a)	25,800	1,320,444
Advanta Corp. (Class “B” Stock)	40,800	1,504,296

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial - Bank & Trust (cont’d.)
Amcore Financial, Inc.		50,800	$	1,606,296
AmericanWest Bancorp. *		10,800		285,876
Ameris Bancorp.		16,120		374,951
Associated Banc-Corp		24,540		833,869
Bancfirst Corp.		14,800		645,280
Bancorpsouth, Inc.		72,610		1,743,366
Banctrust Financial Group, Inc.		30,700		680,005
Bank Mutual Corp.		152,300		1,803,232
Bank of The Ozarks, Inc. (a)		17,700		646,050
BankAtlantic Bancorp, Inc. (Class “A” Stock)		181,850		2,616,822
BankUnited Financial Corp., (Class “A” Stock) *		34,600		935,584
Banner Corp.		9,100		309,400
Capital Bancorp Ltd.		17,700		827,475
Capital Corp of The West		10,820		397,310
Capital Crossing Bank		1,700		54,162
Cardinal Financial Corp. *		101,400		1,371,942
Cascade Financial Corp		8,547		162,393
Cathay General Bancorp		19,100		718,924
Central Pacific Financial Corp. *		74,100		2,720,952
Chemical Financial Corp.		26,585		858,961
City Bank/Lynnwood WA		5,900		274,586
City Holding Co.		20,600		757,874
Colonial Bancgroup, Inc.		61,600		1,540,000
Columbia Banking System, Inc.		17,200		575,512
Commercial Capital Bancorp, Inc.		204,300		2,872,458
Community Bank System, Inc.		27,400		611,842
Community Trust Bancorp, Inc.		15,042		509,924
Corus Bankshares, Inc. (a)		67,800		4,030,032
Cullen / Frost Bankers, Inc.		59,900		3,219,625
EuroBancshares, Inc. *		35,000		412,650
Financial Institutions, Inc.		4,100		77,449
First Bancorp (Puerto Rico)		44,600		551,256
First Charter Corp.		41,900		1,034,930
First Citizens BancShares, Inc. (Class “A” Stock)		7,600		1,466,800
First Financial Bancorp		106,306		1,768,932
First Financial Holdings, Inc.		10,400		329,680
First Niagara Financial Group, Inc.		142,917		2,095,163
First Oak Brook Bancshares, Inc.		7,700		205,975
First Place Financial Corp. (OH)		25,400		629,920
First Republic Bank (CA)		43,850		1,658,407
First Security Group Inc.		83,700		924,885
First State Bancorporation		43,500		1,155,360
FirstFed Financial Corp. *(a)		19,700		1,178,257
FirstMerit Corp.		71,117		1,753,745
Flagstar Bancorp, Inc.		41,600		628,160
FNB Co.		5,700		193,686
Gold Banc Corp., Inc.		112,000		2,051,840
Great Southern Bancorp, Inc.		14,000		404,320
Greater Bay Bancorp.		107,050		2,969,567
Hancock Holding Co.		31,600		1,470,032
Heartland Financial USA, Inc.		10,900		257,240
Heritage Commerce Corp.		5,300		132,500
Horizon Financial Corp.		9,700		247,932

IBERIABANK Corp.	65,325	3,695,435
Independent Bank Corp. (MA)	51,300	1,649,295
Independent Bank Corp. (MI)	55,075	1,566,884
Irwin Financial Corp.	61,300	1,184,929
MAF Bancorp, Inc.	36,900	1,615,113
MainSource Financial Group, Inc.	10,415	196,844
MB Financial, Inc.	10,500	371,700
Mercantile Bank Corp.	17,745	693,830
Mid-State Bancshares	27,200	800,496
Nara Bancorp, Inc.	4,200	73,710
Ocwen Financial Corp. *(a)	40,100	409,822
Old Second Bancorp, Inc.	7,700	252,791
Oriental Financial Group, Inc.	37,620	543,609
Pacific Capital Bancorp	12,800	433,152
Peoples Bancorp, Inc.	10,200	306,000
PFF Bancorp, Inc.	22,440	756,452
Prosperity Bancshares, Inc.	23,600	712,956
Provident Bankshares Corp.	34,700	1,264,815
R&G Financial Corp. (Class “B” Stock) (a)	107,300	1,358,418
Rainier Pacific Financial Group, Inc.	38,743	626,862
Republic Bancorp, Inc. (KY) (Class “A” Stock)	7,959	161,727
Republic Bancorp, Inc. (MI)	137,320	1,653,333
Royal Bancshares of Pennsylvania, Inc. (Class “A” Stock)	10,825	265,429
SCBT Financial Corp.	7,355	258,013
Security Bank Corp. (GA)	20,100	507,927
Sierra Bancorp.	2,500	64,400
Signature Bank *	67,340	2,194,611
Simmons First National Corp. (Class “A” Stock)	15,000	446,400
Southside Bancshares, Inc.	16,292	329,577
Southwest Bancorp, Inc.	11,700	260,208
Sterling Financial Corp. (PA)	38,150	833,196
Sterling Financial Corp. (WA) *	146,660	4,253,140
Summit Bancshares, Inc.	30,300	583,881
Sun Bancorp, Inc. *	10,090	196,755
Taylor Capital Group, Inc.	19,500	764,205
TierOne Corp.	31,400	1,066,030
Trico Bancshares	13,100	370,992
UMB Financial Corp.	37,470	2,631,518
Umpqua Holdings Corp.	107,100	3,052,350
Union Bankshares Corp.	7,700	351,967
United Bancshares, Inc.	15,600	597,012
West Coast Bancorp	82,200	2,297,490
Western Sierra Bancorp *	6,200	281,108
		102,342,511
Financial - Brokerage — 0.6%
Charter Municipal Mortgage Acceptance Co.	37,500	761,250
Greenhill & Co., Inc.	2,400	158,664
Knight Trading Group, Inc. (Class “A” Stock) *	119,500	1,664,635
LaBranche & Co., Inc. *(a)	74,900	1,184,169
Piper Jaffray Cos., Inc. *	11,000	605,000

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial - Brokerage (cont’d.)
Sterling Banchares, Inc. (TX)		60,600	$	1,093,830
Texas Regional Bancshares, Inc. (Class “A” Stock)		45,100		1,329,999
				6,797,547
Financial Services — 2.4%
Advanta Corp. (Class “B” Stock)		35,484		1,308,295
Dime Community Bancshares		34,300		492,891
Doral Financial Corp.		49,300		569,415
Federal Agricultural Mortgage Corp. (Class “C” Stock)		9,800		288,316
Financial Federal Corp. (a)		63,450		1,859,085
Fremont General Corp.		61,200		1,319,472
Hanmi Financial Corp.		183,800		3,319,428
Investment Technology Group, Inc. *		30,100		1,498,980
Investors Financial Services Corp. (a)		14,900		698,363
ITLA Capital Corp. *		10,000		482,200
Jones Lang Lasalle, Inc. *		25,600		1,959,424
Lakeland Financial Corp.		2,500		116,875
MBT Financial Corp.		12,600		211,680
Partners Trust Financial Group, Inc.		75,200		896,384
Portfolio Recovery Associates, Inc. *(a)		43,800		2,051,154
Santander Bancorp		4,200		106,680
Technology Investment Capital Corp.		119,021		1,730,565
Thomas Weisel Partners Group, Inc. *		2,000		43,800
Triad Guaranty, Inc. *		40,000		1,876,000
Trustmark Corp.		41,002		1,297,303
W Holding Co., Inc.		97,012		763,485
Webster Financial Corp.		16,200		785,052
World Acceptance Corp. *		72,500		1,986,500
WSFS Financial Corp.		16,700		1,049,261
				26,710,608
Food — 1.6%
American Italian Pasta Co. (Class “A” Stock) (a)		45,400		284,204
Chiquita Brands International, Inc. *		160,200		2,686,554
Corn Products International, Inc.		128,060		3,786,734
Del Monte Foods Co. *(a)		165,700		1,965,202
Flowers Foods, Inc.		27,300		810,810
Gold Kist, Inc. *		14,400		182,016
Great Atlantic & Pacific Tea Co., Inc. *(a)		28,000		978,040
J & J Snack Foods Corp.		17,900		601,261
Nash Finch Co.		93,300		2,789,670
Pilgrim’s Pride Corp.		11,800		255,706
Ralcorp Holdings, Inc.		43,609		1,659,323
Ruddick Corp.		11,500		279,565
Smart & Final, Inc. *		42,500		696,575
Smucker, (J.M.) Co. (The)		27,777		1,102,747

SPARTAN	16,200	206,550
		18,284,957
Furniture — 0.2%
Furniture Brands International Inc. (a)	53,800	1,318,638
Kimball International, Inc. (Class “B” Stock)	35,400	532,416
		1,851,054
Gas Distribution — 0.2%
Petrohawk Energy Corp *	140,800	1,928,960
Healthcare Services — 1.5%
AMERIGROUP Corp. *	38,100	801,624
Apria Healthcare Group, Inc. *	37,700	866,346
Cross Country Healthcare, Inc. *	66,100	1,279,696
Dendrite International Inc. *	44,200	603,330
Gentiva Health Services, Inc *	21,300	387,873
Hanger Orthopedic Group Inc. *	249,400	1,733,330
Kindred Healthcare, Inc. *	37,000	930,550
Lifecell Corp. *	27,500	620,125
LifePoint Hospitals, Inc. *	61,190	1,903,009
Magellan Health Services, Inc. *	4,200	169,974
National Dentex Corp. *	68,615	1,593,926
Nuvelo Inc. *	8,500	151,470
Pediatrix Medical Group, Inc. *	16,300	1,673,032
Rehabcare Group, Inc. *	57,337	1,080,802
Res-Care, Inc. *	84,331	1,550,004
Triad Hospitals, Inc. *	20,090	841,771
Universal Health Services, Inc. (Class “B” Stock)	27,340	1,388,599
		17,575,461
Hotels & Motels — 0.2%
Ameristar Casinos, Inc.	26,300	678,277
Aztar Corp. *	18,400	772,616
Host Marriot Corp.	45,900	982,260
		2,433,153
Industrial Products — 2.0%
Actuant Corp. (Class “A” Stock) (a)	20,200	1,236,644
Acuity Brands, Inc.	67,560	2,702,400
Barnes Group, Inc.	58,300	2,361,150
Ceradyne, Inc. *	13,300	663,670
EnPro Industries, Inc. *	27,800	953,540
Flanders Corporation *	84,742	989,786
Hexel Corp. *	107,114	2,353,295
Interface, Inc. (Class “A” Stock)	108,297	1,495,582
Korn/Ferry International *	11,200	228,368
Labor Ready, Inc. *	66,500	1,592,675
Robbins & Myers, Inc.	49,410	1,067,256
Roper Industries, Inc.	32,500	1,580,475
Watts Water Technologies, Inc. (Class “A” Stock)	96,200	3,495,908
WESCO International, Inc. *	22,500	1,530,225
		22,250,974
Industrials - Machinery — 0.6%
Harsco Corp.	21,300	1,759,806

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Industrials - Machinery (cont’d.)
Mueller Industries, Inc.		27,600	$	985,044
Pentair, Inc.		49,200		2,004,900
Timken Co.		52,200		1,684,494
				6,434,244
Insurance — 4.6%
American Equity Investment Life Holding Co. (a)		207,398		2,974,087
American Physicians Capital, Inc.		7,300		350,400
Argonaut Group, Inc. *		94,176		3,347,957
Baldwin & Lyons, Inc. (Class “B” Stock)		9,500		252,225
CNA Surety Corp. *		50,400		843,192
Delphi Financial Group, Inc. (Class “A” Stock)		66,700		3,443,721
Direct General Corp. (a)		21,600		367,416
EMC Insurance Group, Inc.		47,850		1,333,580
Endurance Specialty Holdings Ltd. (Bermuda)		60,700		1,975,785
Horace Mann Educators Corp.		64,170		1,206,396
Infinity Property & Casual Corp.		27,300		1,139,502
LandAmerica Financial Group, Inc. (a)		40,200		2,727,570
Midland Co.		44,000		1,539,120
Nationwide Financial Services, Inc. (Class “A” Stock)		4,200		180,684
Navigators Group, Inc. *		5,700		282,720
Odyssey Re Holdings Corp.		80,500		1,746,850
Ohio Casualty Corp.		8,900		282,130
Platinum Underwriters Holdings Ltd.		132,640		3,859,824
PMA Capital Corp. (Class “A” Stock) *		199,300		2,028,874
PMI Group, Inc. (The)		76,080		3,493,594
ProAssurance Corp. *		46,900		2,438,800
Quanta Capital Holdings Ltd. (Bermuda)		88,828		266,484
RLI Corp.		35,600		2,039,880
Safety Insurance Group, Inc. *		52,900		2,415,414
Selective Insurance Group, Inc.		36,100		1,913,300
State Auto Financial Corp.		13,400		451,714
Stewart Information Services Corp.		46,300		2,179,804
The Phoenix Cos., Inc.		23,400		381,420
United Fire & Casualty Co.		16,200		532,980
United Insurance Cos., Inc.		37,100		1,372,329
Universal American Financial Corp. *		14,800		227,920
Zenith National Insurance Corp.		86,650		4,170,464
				51,766,136
Internet Services — 0.6%
Adaptec, Inc. *		95,600		528,668
Ariba, Inc. *		19,200		187,776
Avocent Corp. *		40,019		1,270,203
EPIQ Systems Inc. *		46,800		889,200
eSpeed, Inc. (Class “A” Stock)		4,600		36,662
Internet Security Systems, Inc. *		6,200		148,676
Interwoven, Inc. *		39,100		351,509

Ipass, Inc.	30,900	247,509
McAfee, Inc. *(a)	13,700	333,321
NGP Capital Resources Co.	48,300	656,880
Pegasus Solutions, Inc. *	41,700	392,397
ProQuest Co. *	10,800	231,012
Stellent, Inc. *	16,300	193,318
United Online, Inc. *	68,000	874,480
		6,341,611
IT - Electronic Equipment & Instruments — 0.1%
Tech Data Corp. *	16,000	590,560
Machinery & Equipment — 5.1%
AGCO Corp. (a)	252,900	5,245,146
Alamo Group, Inc.	7,700	170,478
Albany International Corp. (Class “A” Stock) (a)	40,600	1,546,454
Applied Industrial Technologies, Inc.	168,300	7,506,180
Astec Industries, Inc. *	10,800	387,720
Briggs & Stratton Corp.	57,370	2,029,177
Cascade Corp.	20,600	1,088,710
Crane Co.	48,200	1,976,682
Federal Signal Corp.	84,990	1,572,315
Flowserve Corp. *	19,700	1,149,298
Gardener Denver, Inc.	29,300	1,910,360
Gehl Co. *	10,500	347,760
IDEX Corp.	36,100	1,883,337
JLG Industries, Inc.	131,600	4,051,964
Kadant, Inc. *	96,634	2,193,592
Kennametal, Inc.	81,864	5,005,165
Lennox International, Inc.	86,100	2,570,946
Lincoln Electric Holdings, Inc.	37,000	1,997,630
Lone Star Technologies, Inc. *	18,300	1,014,003
Nacco Industries, Inc. (Class “A” Stock)	10,300	1,585,788
Regal-Beloit Corp.	46,170	1,951,606
Sauer-Danfoss, Inc.	104,100	2,389,095
Smith, (A.O.) Corp.	38,300	2,022,240
Tecumseh Products Co. (Class “A” Stock)	15,200	373,008
Toro Co.	43,200	2,062,800
Wabtec Corp.	97,323	3,172,729
		57,204,183
Medical Supplies & Equipment — 2.2%
Alliance Imaging, Inc.	38,100	245,364
Analogic Corp.	12,100	801,020
Applera Corp. - Celera Genomics Group	19,300	225,617
Avanir Pharmaceutical *	73,225	1,070,550
Beckman Coulter, Inc.	24,400	1,331,508
Bio-Rad Laboratories, Inc. (Class “A” Stock) *	25,100	1,564,985
Computer Programs and Systems, Inc.	23,200	1,160,000
CONMED Corp. *	15,800	302,570
Cypress Bioscience, Inc. *	73,000	459,900
HealthTronics, Inc. *	30,000	248,100
ICU Medical, Inc. *	6,100	220,759

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Medical Supplies & Equipment (cont’d.)
Invacare Corp.		4,900	$	152,194
Kinetic Concepts, Inc. *		78,600		3,235,962
LCA-Vision, Inc.		11,700		586,287
Mettler-Toledo International, Inc. *		38,600		2,329,124
Neurometrix, Inc. *		12,500		486,750
Orthofix International NV *		24,082		958,945
Owens & Minor, Inc.		41,221		1,350,812
Per-Se Technologies, Inc. *(a)		67,600		1,802,216
PSS World Medical, Inc. *		53,300		1,028,157
STERIS Corp. *		21,300		525,684
SurModics, Inc. *(a)		2,700		95,472
Sybron Dental Specialties, Inc. *		39,190		1,616,196
The Cooper Cos., Inc.		44,000		2,377,320
Viasys Healthcare, Inc.		12,100		363,968
				24,539,460
Metals & Mining — 5.4%
Cameco Corporation		97,800		3,520,800
Carpenter Technology Corp.		30,496		2,882,482
Century Aluminum Co.		64,956		2,757,382
CIRCOR International, Inc.		70,590		2,061,228
Commercial Metals Co.		130,914		7,002,590
Encore Wire Corp. *		37,500		1,270,500
Gibraltar Industries, Inc.		58,500		1,723,410
Kaydon Corp. (a)		185,588		7,490,332
Metal Management, Inc.		73,600		2,329,440
NN, Inc.		50,400		650,664
Novaamerican Steel, Inc. *		39,800		1,828,810
NS Group, Inc. *		24,100		1,109,323
Oregon Steel Mills, Inc. *(a)		92,700		4,743,459
Quanex Corp.		42,350		2,821,780
Reliance Steel & Aluminum Co. *		39,600		3,719,232
RTI International Metals, Inc. *		83,449		4,577,178
Ryerson Tull, Inc. (a)		13,700		366,612
Schnitzer Steel Industries, Inc. (Class “A” Stock)		73,334		3,142,362
Steel Dynamics, Inc.		59,800		3,392,454
Uranium Resources, Inc. (New) *		675,800		1,263,746
Valmont Industries, Inc.		59,500		2,501,380
				61,155,164
Office Equipment — 0.5%
Ennis, Inc.		15,200		296,400
IKON Office Solutions, Inc.		119,700		1,705,725
United Stationers, Inc. *		65,400		3,472,740
				5,474,865
Oil & Gas — 5.2%
Atwood Oceanics, Inc. *		41,700		4,212,117
Berry Petroleum Co. (Class “A” Stock)		31,960		2,187,662
Bois D Arc Energy, Inc. *		28,600		476,190
Cabot Oil & Gas Corp. (a)		29,500		1,413,935
Callon Petroleum Co. *		14,500		304,790
Cimarex Energy Co.		80,326		3,474,903
Comstock Resources, Inc. *		42,200		1,252,918
Covanta Holding Corp. *		81,400		1,356,938
Denbury Resources, Inc.		62,400		1,976,208
Energy Partners Ltd. *		36,200		853,596
Frontier Oil Corp.		57,200		3,394,820
Giant Industries, Inc. *		28,165		1,958,594
Hanover Compressor Co. *(a)		23,500		437,570
Harvest Natural Resources, Inc. *(a)		33,000		320,760
Helix Energy Solution Group, Inc. *		15,800		598,820
Holly Corp.		27,188		2,015,175
Houston Exploration Co. *		28,500		1,501,950
Jer Investors Trust Inc.		124,700		2,072,514
KCS Energy, Inc. *		70,508		1,833,208
Nicor, Inc.		46,400		1,835,584
Northwest Natural Gas Co.		50,800		1,802,892
Oceaneering International, Inc. *		6,200		355,260
Oil States International, Inc. *(a)		137,045		5,050,108
Pioneer Drilling, Co. *		74,400		1,222,392
Remington Oil & Gas Corp. *		7,800		337,116
St. Mary Land & Exploration Co.		18,200		743,106
Stone Energy Corp. *		36,500		1,610,745
Swift Energy Co. *(a)		87,630		3,282,620
Todco (Class “A” Stock) *		153,000		6,029,730
Veritas DGC, Inc.		30,000		1,361,700
Western Refining, Inc.		25,400		549,148
Whiting Petroleum Corp. *		32,778		1,343,570
XTO Energy, Inc.		35,600		1,551,092
				58,717,731
Paper & Forest Products — 0.8%
Neenah Paper, Inc.		55,306		1,811,272
Rock-Tenn Co. (Class “A” Stock)		46,700		700,033
Schweitzer-Manduit International, Inc.		71,790		1,722,960
Universal Forest Products, Inc.		62,600		3,974,474
Wausau-Mosinee Paper Corp.		45,400		643,318
				8,852,057
Personal Services — 0.4%
Alderwoods Group, Inc.		32,100		574,590
CompuCredit Corp. *(a)		24,100		887,121
Geo Group, Inc. *		38,900		1,296,926
Stewart Enterprises, Inc. (Class “A” Stock)		177,500		1,013,525
Volt Information Sciences, Inc. *		11,400		348,384
				4,120,546
Pharmaceuticals — 1.3%
Adolor Corp. *		26,400		628,320
Alexion Pharmaceuticals, Inc. *		17,900		634,018
Alpharma, Inc. (Class “A” Stock) (a)		31,900		855,558
Atherogenics, Inc. (a)		17,700		288,864
Bentley Pharmaceuticals, Inc. (a)		96,500		1,268,975
Cubist Pharmaceuticals, Inc. *		25,400		583,438
Myogen, Inc.		15,400		557,942
Nektar Therapeutics *(a)		28,100		572,678
Par Pharmaceutical Cos., Inc. *		83,600		2,355,848

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
PAREXEL International Corp. *		36,686	$	969,978
Progenics Pharmaceuticals, Inc. *		21,500		569,535
SFBC International, Inc. *(a)		83,300		2,030,854
United Therapeutics Corp. *		9,100		603,148
Valeant Pharmaceuticals International		17,700		280,545
Vertex Pharmaceuticals, Inc. (a)		56,200		2,056,358
				14,256,059
Printing & Publishing — 0.7%
Banta Corp.		48,120		2,501,278
Consolidated Graphics, Inc. *		14,900		776,588
Courier Corp.		26,648		1,181,572
Journal Register Co. *		19,600		238,728
PRIMEDIA, Inc. *		42,900		88,803
Scholastic Corp. *		45,000		1,204,200
Valassis Communications, Inc. *		63,660		1,869,694
				7,860,863
Railroads — 0.4%
Genesee & Wyoming, Inc. (Class “A” Stock) *(a)		134,523		4,127,162
RailAmerica, Inc. *		67,200		716,352
				4,843,514
Real Estate — 0.4%
American Land Lease, Inc.		19,600		536,060
Cousins Properties, Inc.		34,500		1,153,335
Duke Realty Corp.		14,400		546,480
Liberty Property Trust (a)		13,800		650,808
Pan Pacific Retail Properties, Inc.		17,800		1,262,020
				4,148,703
Real Estate Investment Trust — 7.6%
American Home Mortgage Investment, Corp. (a)		88,600		2,765,206
Anthracite Capital, Inc.		191,200		2,099,376
Arbor Realty Trust, Inc.		40,960		1,105,510
Ashford Hospitality,Trust.		97,800		1,212,720
Boykin Lodging Co. *		20,600		232,574
Capital Trust, Inc. (Class “A” Stock)		18,000		560,160
CarrAmerica Realty Corp.		84,100		3,751,701
Columbia Equity Trust Inc.		14,200		249,636
Education Realty Trust, Inc.		112,102		1,715,161
Equity Inns, Inc.		75,300		1,219,860
Equity One, Inc.		118,260		2,904,466
Extra Space Storage, Inc.		20,100		345,519
FelCor Lodging Trust, Inc. *		87,100		1,837,810
Fieldstone Investment Corp.		200,000		2,360,000
First Potomac Realty Trust		58,600		1,655,450
Glenborough Realty Trust, Inc.		41,900		911,325
Government Properties Trust, Inc.		61,000		581,940
IMPAC Mortgage Holdings, Inc. (a)		78,600		757,704
Innkeepers USA Trust		250,802		4,251,094
Kilroy Realty Corp.		72,400		5,593,624

KKR Financial Corp. *	136,600	3,063,938
LaSalle Hotel Properties	64,600	2,648,600
Lexington Corp. Properties Trust	214,000	4,461,900
LTC Properties, Inc.	42,500	988,550
Maguire Properties, Inc. *	27,500	1,003,750
Meristar Hospitality Corp. *	265,400	2,754,852
MFA Mortgage Investments, Inc.	54,900	348,615
Mid-America Apartment Communities, Inc.	76,400	4,182,900
Mortgageit Holdings Inc.	61,500	666,045
National Health Investors, Inc.	98,700	2,506,980
Newcastle Investment Corp.	128,700	3,078,504
Novastar Financial, Inc. (a)	162,100	5,420,624
Parkway Properties, Inc.	23,500	1,026,480
Pennsylvania Real Estate Investment Trust	99,000	4,356,000
RAIT Investment Trust	76,600	2,163,184
Saul Centers, Inc.	47,400	2,081,334
Senior Housing Properties Trust	100,500	1,819,050
SIRVA Inc.	106,700	910,151
SL Green Realty Corp.	8,477	860,415
Sunstone Hotel Investors, Inc.	106,400	3,082,408
Taubman Centers, Inc.	29,300	1,220,931
Urstadt Biddle Properties (Class “A” Stock)	10,900	196,200
Winston Hotels, Inc.	103,030	1,171,451
		86,123,698
Registered Investment Companies — 1.3%
iShares Nasdaq Biotechnology Index Fund (a)	18,500	1,523,105
iShares Russell 2000 Value Index Fund (a)	100,000	7,465,000
iShares S&P Smallcap 600 Barra Value Index Fund (a)	76,770	5,590,391
		14,578,496
Restaurants — 0.9%
Applebee’s International, Inc.	44,490	1,092,229
Bob Evans Farms, Inc.	3,600	106,956
Brinker International, Inc. *	22,470	949,358
Jack in the Box, Inc. *	53,700	2,335,950
Landry’s Restaurants, Inc. (a)	78,100	2,759,273
Luby’s, Inc. *	25,400	317,246
O’ Charleys, Inc. *	83,700	1,545,102
Papa John’s International, Inc. *	26,000	853,060
Ryan’s Restaurant Group, Inc. *	11,700	169,650
		10,128,824
Retail & Merchandising — 3.1%
Buckle, Inc. (The)	20,300	831,285
Build-A-Bear Workshop, Inc. *(a)	13,900	426,035
Casey’s General Stores, Inc.	78,947	1,805,518
Cash America International, Inc.	91,500	2,746,830
Cato Corp. (Class “A” Stock)	80,700	1,925,502
Charming Shoppes, Inc. *	321,900	4,786,653
Deb Shops, Inc.	20,400	605,880

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising (cont’d.)
Dillard’s, Inc. (Class “A” Stock)		36,400	$	947,856
Dress Barn, Inc. *(a)		48,700		2,335,165
Foot Locker, Inc.		70,989		1,695,217
Genesco, Inc. *(a)		21,100		820,579
Jo-Ann Stores, Inc. *(a)		28,000		376,880
Lithia Motors, Inc. (Class “A” Stock)		116,600		4,046,020
Men’s Wearhouse, Inc. (The) *		31,459		1,130,637
Movado Group, Inc.		19,800		456,984
Oxford Industries, Inc.		4,200		214,746
Pantry, Inc. (The) *		11,700		729,963
Pathmark Stores, Inc. *		3,300		34,518
Paxar Corp. *		104,860		2,052,110
Payless Shoesource, Inc. *		44,300		1,014,027
Perry Ellis International, Inc.		9,500		214,985
RC2 Corp. *		30,500		1,214,205
Russell Corp.		81,230		1,120,974
Sports Authority, Inc. (The)		7,500		276,750
Stage Stores, Inc. *		55,400		1,648,150
Stein Mart, Inc.		60,100		1,046,942
United Auto Group, Inc. (a)		12,900		554,700
Zale Corp. *		2,000		56,060
				35,115,171
Semiconductors — 2.1%
Actel Corp.		23,700		377,778
AMIS Holdings, Inc. *		24,400		221,064
Amkor Technology, Inc. (a)		85,600		739,584
Applied Micro Circuits Corp. *		170,600		694,342
Asyst Technologies, Inc.		93,400		972,294
ATI Technologies, Inc. *		69,700		1,197,446
Axcelis Technologies, Inc. *		80,400		471,144
Cabot Microelectronics Corp. *(a)		2,400		89,040
Cirrus Logic, Inc. *		57,200		485,056
Cohu, Inc.		26,400		560,208
Credence Systems Corp. *		48,700		357,458
Cypress Semiconductor Corp. *(a)		70,939		1,202,416
DSP Group, Inc. *		22,700		658,527
Emulex Corp. *		20,200		345,218
Entegris, Inc. *		95,811		1,019,429
Exar Corp. *		224,500		3,205,860
Fairchild Semiconductor International, Inc. *(a)		79,300		1,512,251
Integrated Device Technology, Inc.		99,100		1,472,626
Integrated Silicon Solution, Inc. *		31,100		206,504
Kulicke & Soffa Industries, Inc.		41,600		396,864
Lattice Semiconductor Corp. *		63,900		425,574
Mattson Technology, Inc.		6,300		75,600
MKS Instruments, Inc. *		75,842		1,776,978
MRV Communications, Inc. *(a)		31,400		128,740
ON Semiconductor Corp. *		66,100		479,886
Photronics, Inc. *		104,716		1,964,472
Richardson Electronics, Ltd.		105,981		996,222
Silcon Storage Technology, Inc. *		32,100		140,598
Skyworks Solutions, Inc. *		54,300		368,697

Standard Microsystems Corp. *	25,300	657,294
Vitesse Semiconductor Corp. *(a)	50,300	180,074
Zoran Corp. *	13,400	293,192
		23,672,436
Telecommunications — 3.3%
AsiaInfo Holdings, Inc. *	12,000	60,000
Audiovox Corp. (Class “A” Stock)	18,000	214,920
Brightpoint, Inc. *	27,950	868,127
Broadwing Corp. (a)	61,900	912,406
Centennial Communications, Inc. *	38,600	282,938
Ciena Corp. *(a)	620,400	3,232,284
Cincinnati Bell, Inc. *	443,600	2,005,072
Commonwealth Telephone Enterprises, Inc. *	46,040	1,586,078
CommScope, Inc.	322,519	9,207,917
CT Communications, Inc.	81,400	1,106,226
Ditech Communications Corp. *	27,400	286,330
Dobson Communications Corp. (Class “A” Stock) *(a)	151,400	1,214,228
Finisar Corporation *(a)	141,500	700,425
General Communication, Inc. (Class “A” Stock). *	37,900	458,211
Glenayre Technologies, Inc. *	30,800	161,700
Level 3 Communications, Inc. (a)	737,400	3,819,732
Mastec, Inc. *	48,700	690,079
Newport Corp. *	54,100	1,020,326
North Pittsburgh Systems, Inc.	17,900	417,786
Powerwave Technologies, Inc. *(a)	118,700	1,601,263
Premiere Global Services, Inc. *	235,800	1,898,190
RF Micro Devices, Inc.	137,200	1,186,780
Surewest Communications	12,500	301,500
Sycamore Networks, Inc.	59,900	281,530
Talk America Holdings, Inc.	34,700	295,991
Time Warner Telecom, Inc. (Class “A” Stock) *(a)	158,200	2,839,690
Utstarcom, Inc. *(a)	37,800	237,762
		36,887,491
Transportation — 1.4%
Amerco	12,000	1,187,640
Arkansas Best Corp. (a)	47,700	1,866,024
Bristow Group, Inc. *	26,100	806,490
Covenant Transportation, Inc. (Class “A” Stock) *	15,300	223,380
GATX Corp.	55,700	2,299,853
Greenbrier Cos., Inc.	14,100	564,705
Kansas City Southern *	81,260	2,007,122
Kirby Corp. *	26,700	1,818,537
Marten Transport, Ltd.	6,600	119,394
Old Dominion Freight Line, Inc. *	76,500	2,061,675
SCS Transportation, Inc. *	51,200	1,490,432
U.S. Xpress Enterprises, Inc. (Class “A” Stock) *	29,000	564,630

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Transportation (cont’d.)
Werner Enterprises, Inc. *		60,000	$	1,102,200
				16,112,082
Utilities — 4.8%
AGL Resources, Inc.		60,025		2,163,901
Allegheny Energy, Inc. *		37,100		1,255,835
American States Water Co.		12,900		481,944
Atlas America, Inc.		33,090		1,582,033
Avista Corp.		29,800		615,370
Black Hills Corp.		31,800		1,081,200
California Water Service Group		12,900		581,145
Cascade Natural Gas Corp.		50,700		998,790
CH Energy Group, Inc.		20,800		998,400
Cleco Corp. *		58,800		1,313,004
Comfort Systems USA, Inc. *		101,904		1,375,704
El Paso Electric Co. *		94,200		1,793,568
EMCOR Group, Inc. *		115,300		5,725,798
Idacorp, Inc. (a)		104,940		3,412,649
MGE Energy, Inc.		8,000		265,440
New Jersey Resources Corp.		76,200		3,448,050
Sierra Pacific Resources *		373,936		5,164,056
SJW Corp.		7,900		212,115
South Jersey Industries, Inc.		91,100		2,484,297
Southern Union Co. *		153,500		3,811,405
Southwest Gas Corp. *		95,400		2,666,430
UIL Holdings Corp.		6,400		335,040
Unisource Energy Corp.		111,600		3,403,800
Vectren Corp.		46,376		1,223,399
W-H Energy Services, Inc. *		61,820		2,750,372
Westar Energy, Inc.		122,818		2,555,842
WGL Holdings, Inc.		33,885		1,030,782

Wisconsin Energy Corp.	27,915	1,116,321
		53,846,690
TOTAL LONG-TERM INVESTMENTS (cost $966,148,548)		1,102,301,402
SHORT-TERM INVESTMENTS — 17.9%
AFFILIATED MONEY MARKET MUTUAL FUND -17.7%
Dryden Core Investment Fund - Taxable Money Market Series (cost $199,728,579; includes $136,454,231 of cash collateral for securities on loan)(b)(w)	199,728,579	199,728,579

Interest Rate	Maturity Date		Principal Amount (000)
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Note (n)(k)
(cost $2,862,512)
2.875%		11/30/06	$	2,890		2,852,745
TOTAL SHORT-TERM INVESTMENTS (cost $202,591,091)						202,581,324
TOTAL INVESTMENTS — 115.7% (cost $1,168,739,639) (p)						1,304,882,726
LIABILITIES IN EXCESS OF OTHER ASSETS (u) — (15.7)%						(177,429,656	)
NET ASSETS — 100.0%					$	1,127,453,070

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $130,380,660; cash collateral of $136,454,231 (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 or a portion thereof with an aggregate market value of $2,852,745 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006:

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

AST SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

(p) The United States federal income tax basis of the Portfolio’s investments was $1,169,049,974; accordingly, net unrealized appreciation on investments for federal income tax purposes was $135,832,752 (gross unrealized appreciation - $169,992,452; gross unrealized depreciation - $34,159,700). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(u) Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Number of Contracts	Type	Expiration Month		Value at Trade Date		Value at March 31, 2006		Unrealized Appreciation
Long Position: 30 Russell 2000			Jun 06	$	11,330,275	$	11,577,000	$	246,725

(w) Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS – 97.6%
COMMON STOCKS
Advertising — 0.5%
Catalina Marketing Corp.		23,800	$	549,780
Automotive Parts — 1.8%
Aftermarket Technology Corp. *		32,200		728,042
Sonic Automotive, Inc. (a)		46,700		1,296,392
				2,024,434
Building Materials — 1.9%
Genlyte Group, Inc.		18,100		1,233,334
NCI Buildings Systems, Inc. *		7,800		466,206
Texas Industries, Inc.		6,800		411,332
				2,110,872
Business Services — 2.9%
Building Material Holding Corp. (a)		32,400		1,154,736
CSG Systems International, Inc.		46,200		1,074,612
Lawson Software, Inc. *(a)		138,400		1,061,528
				3,290,876
Chemicals — 1.5%
Fuller, (H.B.) Co.		8,100		415,854
Spartech Corp.		10,900		261,600
Terra Industries, Inc. *		61,800		435,690
USEC, Inc.		51,800		624,190
				1,737,334
Clothing & Apparel — 2.3%
Brown Shoe Co., Inc.		18,900		991,872
Cato Corp. (Class ‘‘A’’ Stock)		28,150		671,659
Gymboree Corp. *		35,200		916,608
				2,580,139
Commercial Services — 0.6%
PHH Corp. *		25,200		672,840
Computer Hardware — 0.8%
Komag, Inc. *(a)		19,600		932,960
Computer Services & Software — 2.7%
Advanced Digital Information Corp. *		113,400		995,652
Agilysys, Inc.		52,500		790,650
Avocent Corp. *		8,900		282,486
Covansys Corp. *		47,000		807,930
Internet Security Systems, Inc. *		10,100		242,198
				3,118,916
Construction — 3.9%
Fleetwood Enterprises, Inc. *		85,700		957,269
Granite Construction, Inc.		36,800		1,791,424
LSI Industries, Inc.		78,000		1,329,120
WCI Communities, Inc. *		13,500		375,570
				4,453,383
Consumer Cyclicals - Motor Vehicle — 0.7%
ArvinMeritor, Inc.		52,000		775,320

Consumer Products & Services — 1.4%
Coinstar, Inc. *	15,000	388,650
Dollar Thrifty Automotive Group, Inc. *	12,000	544,800
Jakks Pacific, Inc. *	26,500	708,610
		1,642,060
Containers & Packaging — 1.5%
Rock-Tenn Co.	35,500	532,145
Silgan Holdings, Inc.	29,600	1,189,032
		1,721,177
Diversified Operations — 1.1%
Acuity Brands, Inc.	32,000	1,280,000
Electronic Components & Equipment — 3.4%
Electro Rental Corp. *	29,800	506,600
Fairchild Semiconductor International, Inc. *(a)	54,300	1,035,501
Plexus Corp. *	29,500	1,108,315
Technitrol, Inc.	53,600	1,285,328
		3,935,744
Equipment Services — 0.3%
United Rentals, Inc. *	11,300	389,850
Exploration & Production — 0.5%
Encore Acquisition Co. *	18,400	570,400
Financial - Bank & Trust — 10.9%
Central Pacific Financial Corp.	47,400	1,740,528
City Holding Co.	6,200	228,098
Corus Bankshares, Inc. (a)	29,800	1,771,312
FirstFed Financial Corp. *(a)	19,200	1,148,352
Fremont General Corp.	47,500	1,024,100
Frontier Financial Corp.	3,400	112,336
Oriental Financial Group	23,500	339,575
Pacific Capital Bancorp	26,800	906,912
Partners Trust Financial Group, Inc.	74,100	883,272
PFF Bancorp, Inc.	27,950	942,194
Prosperity Bancshares, Inc.	39,200	1,184,232
Sterling Financial Corp.	37,056	1,074,624
TierOne Corp.	10,400	353,080
Umpqua Holdings Corp.	23,100	658,350
United Bancshares, Inc.	3,600	137,772
		12,504,737
Financial Services — 5.4%
Apollo Investment Corp.	60,081	1,070,043
Bancfirst Corp.	14,400	627,840
CompuCredit Corp. *(a)	27,900	1,026,999
Domino’s Pizza, Inc.	56,100	1,601,655
Hanmi Financial Corp.	31,300	565,278
ITLA Capital Corp. *	9,700	467,734
WSFS Financial Corp.	13,300	835,639
		6,195,188
Food — 1.5%
Flowers Foods, Inc.	15,500	460,350
J & J Snack Foods Corp.	4,300	144,437

AST DEAM SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Food (cont’d.)
Seaboard Corp.		700	$	1,115,800
				1,720,587
Healthcare Services — 1.4%
Magellan Health Services, Inc. *		40,000		1,618,800
Industrial Products — 2.2%
Hexcel Corp. *		55,100		1,210,547
Quanex Corp.		20,050		1,335,931
				2,546,478
Insurance — 3.9%
Bristol West Holdings, Inc.		24,300		467,775
LandAmerica Financial Group, Inc.		16,200		1,099,170
Navigators Group, Inc. *		34,900		1,731,040
Tower Group, Inc.		47,900		1,106,490
				4,404,475
Internet Services — 0.6%
RSA Security, Inc. *		16,200		290,628
Stellent, Inc.		7,900		93,694
United Online, Inc. *		25,100		322,786
				707,108
Lumber & Wood Products — 0.7%
Universal Forest Products, Inc.		12,500		793,625
Machinery & Equipment — 2.5%
Cascade Corp.		14,600		771,610
Flowserve Corp. *		9,200		536,728
Smith, (A.O.) Corp.		29,100		1,536,480
				2,844,818
Medical Supplies & Equipment — 0.6%
Cambrex Corp.		22,700		443,558
STERIS Corp.		11,000		271,480
				715,038
Metals & Mining — 2.6%
Century Aluminum Co. (a)		35,100		1,489,995
Steel Dynamics, Inc.		10,500		595,665
Valmont Industries, Inc.		20,200		849,208
				2,934,868
Office Equipment — 0.5%
Biomed Realty Trust, Inc.		4,300		127,452
Standard Register Co.		26,200		406,100
				533,552
Oil & Gas — 4.1%
Edge Petroleum Corp. *		38,100		951,738
Harvest Natural Resources, Inc. *(a)		96,100		934,092
Penn Virginia Corp.		2,300		163,300
Swift Energy Co. *(a)		33,700		1,262,402
The Laclede Group, Inc.		3,300		113,586
Veritas DGC, Inc. *		27,200		1,234,608
				4,659,726

Personal Services — 1.2%
Alderwoods Group, Inc.	73,300	1,312,070
Pharmaceuticals — 2.0%
Albany Molecular Research, Inc.	66,600	676,656
Alpharma, Inc. (Class “A” Stock) (a)	35,100	941,382
Regeneron Pharmaceuticals, Inc. *	39,700	660,211
		2,278,249
Printing & Publishing — 1.1%
Scholastic Corp. *	45,300	1,212,228
Real Estate Investment Trust — 10.4%
Alexandria Real Estate Equities, Inc.	6,200	591,046
American Home Mortgage Investment, Corp. (a)	8,900	277,769
Brandywine Realty Trust	19,001	603,472
Colonial Properties Trust	12,100	606,573
Commercial Net Lease Realty, Inc.	18,700	435,710
Corporate Office Properties Trust	10,100	461,974
Cousins Properties, Inc.	12,800	427,904
EastGroup Properties, Inc.	7,100	336,824
Equity Lifestyle Properties, Inc.	7,500	373,125
Equity One, Inc.	15,900	390,504
First Industrial Realty Trust, Inc. (a)	13,000	554,970
Glenborough Realty Trust, Inc.	15,900	345,825
Heritage Property Investment Trust	11,900	471,121
Highwoods Properties, Inc.	18,100	610,513
Home Properties of New York, Inc.	9,300	475,230
Kilroy Realty Corp.	6,100	471,286
LaSalle Hotel Properties	8,800	360,800
Lexington Corp. Properties Trust	17,500	364,875
Maguire Properties, Inc.	14,000	511,000
Mid-America Apartment Communities, Inc.	8,500	465,375
Nationwide Health Properties, Inc.	19,400	417,100
Newcastle Investment Corp.	9,700	232,024
Pennsylvania Real Estate Investment Trust	11,200	492,800
PS Business Parks, Inc.	2,200	123,024
RAIT Investment Trust	12,600	355,824
Senior Housing Properties Trust	21,800	394,580
Sovran Self Storage, Inc.	7,400	408,480
Taubman Centers, Inc.	8,800	366,696
		11,926,424
Restaurants — 1.1%
Luby’s, Inc. *	41,900	523,331

AST DEAM SMALL-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Papa John’s International, Inc. *	23,500	771,035
		1,294,366

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising — 4.5%
Casey’s General Stores, Inc.		63,200	$	1,445,384
Cash America International, Inc.		15,400		462,308
Charming Shoppes, Inc. *		43,800		651,306
Payless Shoesource, Inc. *		56,300		1,288,707
Steven Madden, Ltd.		36,000		1,278,000
				5,125,705
Semiconductors — 3.3%
Brooks Automation, Inc. *		63,400		902,816
Cymer, Inc. *(a)		19,300		876,992
Integrated Device Technology, Inc. *		72,300		1,074,378
Photronics, Inc. *		51,000		956,760
				3,810,946
Telecommunications — 4.4%
Audiovox Corp. (Class “A” Stock)		51,900		619,686
Ciena Corp. *		152,600		795,046
Commonwealth Telephone Enterprises, Inc. *		3,100		106,795
CT Communications, Inc.		36,400		494,676
General Communication, Inc. (Class “A” Stock). *		91,800		1,109,862
Golden Telecom, Inc. (a)		37,300		1,120,865
Shenandoah Telecommunications Co.		2,000		89,980
Talk America Holdings, Inc.		82,300		702,019
				5,038,929
Transportation — 0.5%
Marten Transport, Ltd.		30,800		557,172
Utilities — 4.4%
Allete, Inc.		24,500		1,141,700
Black Hills Corp.		19,600		666,400
EMCOR Group, Inc. *		14,700		730,002
Otter Tail Corp.		10,200		292,638
Sierra Pacific Resources *		128,300		1,771,823
South Jersey Industries, Inc.		15,800		430,866
				5,033,429
TOTAL LONG-TERM INVESTMENTS    (cost $100,225,681)				111,554,603
SHORT-TERM INVESTMENTS - 17.7%

Interest Rate	Maturity Date		Principal Amount (000)
U.S. TREASURY OBLIGATION - 0.6%
U.S. Treasury Bill (k)(n)
(cost $693,607)         4.27%		04/20/06		695	693,579

	Shares
AFFILIATED MONEY MARKET MUTUAL FUND -17.1%
Dryden Core Investment Fund -Taxable Money Market Series (cost $19,576,995; includes $15,900,984 of cash collateral for securities on loan)(b)(w)		19,576,995	$	19,576,995
TOTAL AFFILIATED MONEY MARKET MUTUAL FUND (cost $19,576,995)				19,576,995
TOTAL SHORT-TERM INVESTMENTS (cost $20,270,602)				20,270,574
TOTAL INVESTMENTS — 115.3% (cost $120,496,283)(p)				131,825,177
LIABILITIES IN EXCESS OF OTHER ASSETS(u) — (15.3)%				(17,510,784	)
NET ASSETS — 100.0%			$	114,314,393

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $15,163,111; cash collateral of $15,900,984 (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 or a portion thereof with an aggregate market value of $693,579 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006.

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

(p) The United States federal income tax basis of the Portfolio’s investments was $120,640,184; accordingly, net unrealized appreciation on investments for federal income tax purposes was $11,184,993 (gross unrealized appreciation - $13,330,104; gross unrealized depreciation - $2,145,111). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(u) Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Number of Contracts	Type	Expiration Month		Value at Trade Date		Value at March 31, 2006		Unrealized Appreciation
Long Position:
11 Russell 2000			Jun 06	$	4,070,496	$	4,244,900	$	174,404

(w) Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 100.7%
COMMON STOCKS
Aerospace/Defense — 1.8%
Alliant Techsystems, Inc. *(a)		86,825	$	6,700,285
Apparel/Shoes — 3.0%
Chico’s FAS, Inc. *(a)		139,726		5,678,465
Urban Outfitters, Inc. *		222,800		5,467,512
				11,145,977
Audio & Visual Equipment — 1.8%
Harman International Industries, Inc.		59,650		6,628,904
Audio Technology — 0.9%
Dolby Laboratories, Inc. (Class “A” Stock) *		164,790		3,444,111
Auto Parts & Related — 1.8%
Gentex Corp.		378,513		6,608,837
Banks — 1.8%
City National Corp.		20,200		1,551,158
Commerce Bancorp, Inc.		65,900		2,415,235
TCF Financial Corp.		105,800		2,724,350
				6,690,743
Beverages — 2.0%
Fortune Brands, Inc.		93,900		7,571,157
Biotechnology — 1.1%
MedImmune, Inc. *(a)		113,400		4,148,172
Broadcasting & Cable/Satellite TV — 5.3%
Entravision Communications Corp. (Class “A” Stock)		689,005		6,311,286
Univision Communications, Inc. (Class “A” Stock) *(a)		182,200		6,280,434
XM Satellite Radio Holdings, Inc. (Class “A” Stock) (a)		320,900		7,146,443
				19,738,163
Commercial Services — 8.5%
Alliance Data Systems Corp. *(a)		152,248		7,120,639
ARAMARK Corp. (Class “B” Stock)		233,075		6,885,035
Ceridian Corp. *		249,567		6,351,480
ChoicePoint, Inc. *		116,125		5,196,594
Iron Mountain, Inc. *		145,690		5,935,411
				31,489,159
Computer Hardware — 3.5%
Avocent Corp. *		197,130		6,256,906
Zebra Technologies Corp. (Class “A” Stock) (a)		148,276		6,630,903
				12,887,809
Computer Software — 7.9%
Activision, Inc. *(a)		466,460		6,432,483
Cogent, Inc. *(a)		213,788		3,920,872

Cognizant Technology Solutions Corp. *	93,011	5,533,224
Cognos, Inc. * (Canada)	163,275	6,351,398
NAVTEQ Corp. *(a)	110,064	5,574,742
Salesforce.com, Inc. *(a)	43,200	1,569,456
		29,382,175
Consumer Products & Services — 0.5%
Weight Watchers International, Inc.	35,500	1,824,700
Drugs & Medicine — 1.2%
OSI Pharmaceuticals, Inc. *(a)	133,800	4,294,980
Financial Services — 1.5%
MoneyGram International, Inc.	181,205	5,566,617
Food — 1.0%
Hershey Co. (The)	71,200	3,718,776
Gaming/Lodging — 2.2%
Harrah’s Entertainment, Inc.	64,675	5,042,063
Hilton Hotels Corp.	48,700	1,239,902
Marriott International, Inc. (Class “A” Stock)	29,278	2,008,471
		8,290,436
Health Care Services — 2.0%
Covance, Inc.	45,400	2,667,250
Omnicare, Inc. (a)	52,200	2,870,478
VCA Antech, Inc. *	66,900	1,905,312
		7,443,040
Insurance — 0.7%
Willis Group Holdings Ltd.	78,887	2,702,669
Internet & Online — 1.2%
CNET Networks, Inc. *(a)	303,245	4,309,111
Manufacturing — 5.4%
American Standard Cos., Inc.	152,850	6,551,151
Pentair, Inc.	142,141	5,792,246
Rockwell Automation, Inc.	109,421	7,868,464
		20,211,861
Medical Products — 8.6%
Advanced Medical Optics, Inc. *(a)	139,529	6,507,633
Bard (C.R.), Inc.	101,825	6,904,753
Biomet, Inc. (a)	193,420	6,870,278
Fisher Scientific International, Inc. *(a)	112,916	7,683,934
Gen-Probe, Inc.	74,990	4,133,449
		32,100,047
Medical Supplies — 2.1%
Charles River Laboratories International, Inc. *	155,575	7,626,286
Networking/Telecommunications Equipment — 6.1%
Amphenol Corp.	142,286	7,424,483

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Networking/Telecommunications Equipment (cont’d.)
FLIR Systems, Inc. *(a)		231,072	$	6,564,756
Juniper Networks, Inc. *(a)		150,600		2,879,472
Research in Motion Ltd. *(a)		66,300		5,627,544
				22,496,255
Oil & Gas — 1.4%
Chesapeake Energy Corp.		64,700		2,032,227
Quicksilver Resources, Inc. *(a)		84,000		3,247,440
				5,279,667
Oil Well Services & Equipment — 6.8%
Cooper Cameron Corp. *(a)		136,100		5,999,288
Grant Prideco, Inc. *		40,800		1,747,872
Smith International, Inc.		177,700		6,923,192
Weatherford International Ltd. (a)		181,400		8,299,050
XTO Energy, Inc.		54,533		2,376,003
				25,345,405
Pharmacy Benefit Manager — 1.3%
Caremark Rx, Inc. *		53,375		2,624,983
Medco Health Solutions, Inc. *		38,584		2,207,776
				4,832,759
Producer Goods — 2.0%
WW Grainger, Inc.		99,125		7,469,069
Publishing — 3.0%
Getty Images, Inc. *		19,800		1,482,624
Lamar Advertising Co. *(a)		148,450		7,811,439
Scripps, (E.W.) Co. (Class “A” Stock)		38,382		1,716,059
				11,010,122
Restaurants — 1.4%
Chang’s China Bistro, (P.F.), Inc. *(a)		104,914		5,171,211
Retailing — 2.0%
Williams-Sonoma, Inc. *		175,655		7,447,772
Semi Cap Equipment — 2.4%
Formfactor, Inc. *		73,968		2,908,422
Tessera Technologies, Inc. *(a)		188,500		6,047,080
				8,955,502
Semiconductors — 5.1%
Advanced Mirco Devices, Inc. *(a)		74,400		2,467,104
Linear Technology Corp.		199,296		6,991,304
Marvell Technology Group Ltd. (Bermuda) *(a)		44,700		2,418,270
Microchip Technology, Inc.		98,298		3,568,217
Xilinx, Inc.		141,300		3,597,498
				19,042,393

Telecommunications — 3.4%
Crown Castle International Corp. *(a)	201,575		5,714,651
Neustar, Inc. (Class “A” Stock) *	219,807		6,814,017
			12,528,668
TOTAL
(cost $332,675,602)			374,102,838
SHORT-TERM INVESTMENT — 35.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $130,537,004; includes $129,848,000 of cash collateral for securities on loan)(b)(w)	130,537,004		130,537,004
TOTAL INVESTMENTS — 135.8%
(cost $463,212,606) (p)			504,639,842
LIABILITIES IN EXCESS OF OTHER ASSETS — (35.8)%			(133,160,491	)
NET ASSETS — 100.0%		$	371,479,351

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $124,944,706; cash collateral of $129,848,000 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $463,767,207; accordingly, net unrealized appreciation on investments for federal income tax purposes was $40,872,635 (gross unrealized appreciation - $49,636,655; gross unrealized depreciation - $8,764,020). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 99.0%
COMMON STOCKS
Advertising — 2.6%
aQuantive, Inc. *(a)		145,000	$	3,413,300
Getty Images, Inc. *		101,000		7,562,880
Lamar Advertising Co. *		31,500		1,657,530
Monster Worldwide, Inc. *(a)		140,000		6,980,400
				19,614,110
Aerospace — 1.1%
Rockwell Collins, Inc.		145,000		8,170,750
Aerospace & Defense — 0.6%
United Technologies Corp.		74,800		4,336,156
Automotive Parts — 0.7%
Advance Auto Parts, Inc. *		122,000		5,080,080
Biotechnology — 0.7%
Genentech, Inc. *		40,000		3,380,400
Myogen, Inc.		45,000		1,630,350
				5,010,750
Biotechnology Healthcare — 2.1%
Celgene Corp. *(a)		370,000		16,361,400
Business Services — 4.0%
Alliance Data Systems Corp. *(a)		230,000		10,757,100
Corporate Executive Board Co. (The)		140,000		14,126,000
Iron Mountain, Inc. *		70,000		2,851,800
NAVTEQ Corp. *(a)		58,000		2,937,700
				30,672,600
Chemicals — 1.8%
Airgas, Inc.		185,000		7,231,650
Ecolab, Inc.		96,000		3,667,200
Lubrizol Corp. (The)		65,100		2,789,535
				13,688,385
Clothing & Apparel — 1.6%
Coach, Inc. *		360,000		12,448,800
Commercial Services — 0.4%
Laureate Education, Inc. (a)		62,500		3,336,250
Commercial Services & Supplies — 1.5%
CB Richard Ellis Group, Inc. *		145,500		11,741,850
Computer Hardware — 2.7%
CACI International, Inc. (Class “A” Stock) (a)		72,000		4,734,000
Cognizant Technology Solutions Corp. (Class “A” Stock) *(a)		220,000		13,087,800
Logitech International SA, ADR (Switzerland) (a)		67,500		2,683,800
				20,505,600
Computer Services & Software — 5.6%
Activision, Inc. *		—		—
Akamai Technologies, Inc. *		79,500		2,614,755
Allscripts Healthcare Solutions, Inc. *(a)		90,000		1,647,900

Autodesk, Inc.	175,500	6,760,260
Cerner Corp. *(a)	180,000	8,541,000
EMC Corp. *	213,200	2,905,916
Microsemi Corp. *(a)	330,000	9,606,300
Microsoft Corp.	225,000	6,122,250
Salesforce.com, Inc. *(a)	115,000	4,177,950
		42,376,331
Computer Software — 1.1%
Network Appliance, Inc. *	230,000	8,286,900
Construction — 0.3%
Eagle Materials, Inc. (a)	37,500	2,391,000
Consumer Products & Services — 1.9%
Fluor Corp.	35,000	3,003,000
Fortune Brands, Inc.	80,000	6,450,400
Procter & Gamble Co.	90,000	5,185,800
		14,639,200
Diversified — 0.3%
Roper Industries, Inc.	40,900	1,988,967
Diversified Financial Services — 1.2%
Moody’s Corp. (a)	130,000	9,289,800
Drugs & Healthcare — 0.2%
IMS Health, Inc.	60,000	1,546,200
Electronic Components — 1.6%
American Power Conversion Corp.	75,000	1,733,250
Harman International Industries, Inc.	65,000	7,223,450
PMC-Sierra, Inc. *	125,000	1,536,250
Trimble Navigation Ltd. *	45,000	2,027,250
		12,520,200
Electronics — 0.4%
Agilent Technologies, Inc. *	80,000	3,004,000
Entertainment & Leisure — 3.6%
Gaylord Entertainment Co. *	140,000	6,353,200
Penn National Gaming, Inc. *	92,000	3,880,560
Scientific Games Corp. (Class “A” Stock) (a)	135,000	4,742,550
Station Casinos, Inc.	155,000	12,302,350
		27,278,660
Financial - Brokerage — 0.9%
Legg Mason, Inc.	55,000	6,893,150
Financial Services — 3.0%
Chicago Mercantile Exchange Holdings, Inc.	27,000	12,082,500
Citigroup, Inc.	92,400	4,364,976

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial Services (cont’d.)
Nuveen Investments, Inc. (Class “A” Stock)		130,000	$	6,259,500
				22,706,976
Food & Staples Retailing — 0.5%
Wal-Mart Stores, Inc.		85,000		4,015,400
Healthcare Providers & Services — 0.8%
AmerisourceBergen Corp.		64,400		3,108,588
UnitedHealth Group, Inc.		54,670		3,053,866
				6,162,454
Healthcare Services — 3.4%
American Healthways *(a)		78,000		3,973,320
Omnicare, Inc. (a)		110,000		6,048,900
Psychiatric Solutions, Inc. *		127,500		4,224,075
United Surgical Partners International, Inc. *		86,500		3,062,965
VCA Antech, Inc. *		192,500		5,482,400
WellCare Health Plans, Inc. *		77,500		3,521,600
				26,313,260
Hotels & Motels — 0.2%
Orient-Express Hotels Ltd. (Class “A” Stock) (Bermuda)		41,500		1,628,045
Hotels, Restaurants & Leisure — 1.8%
Carnival Corp.		52,500		2,486,925
Hilton Hotels Corp.		170,000		4,328,200
Marriott International, Inc. (Class “A” Stock)		102,500		7,031,500
				13,846,625
Industrial Products — 2.9%
Donaldson Co., Inc.		90,000		3,041,100
Fastenal Co. (a)		257,500		12,190,050
Precision Castparts Corp.		117,500		6,979,500
				22,210,650
Insurance — 0.4%
Genworth Financial, Inc. (Class “A” Stock)		90,700		3,032,101
Internet Services — 0.4%
eBay, Inc. *		75,000		2,929,500
Machinery — 0.5%
Caterpillar, Inc.		52,500		3,770,025
Machinery & Equipment — 2.4%
Rockwell Automation, Inc.		120,000		8,629,200
Terex Corp. *		41,800		3,312,232
WW Grainger, Inc.		85,000		6,404,750
				18,346,182
Manufacturing — 0.9%
Danaher Corp.		110,000		6,990,500
Media — 0.5%
Time Warner, Inc. *		230,500		3,870,095
Medical Supplies & Equipment — 7.7%
Bard (C.R.), Inc.		75,000		5,085,750

Cytyc Corp. *	290,000	8,172,200
Gen-Probe, Inc.	70,000	3,858,400
Hologic, Inc. *(a)	103,200	5,712,120
IDEXX Laboratories, Inc.	22,700	1,960,372
Intuitive Surgical, Inc. (a)	26,000	3,068,000
Invitrogen Corp. *	70,000	4,909,100
Kyphon, Inc. *	192,500	7,161,000
PDL BioPharma, Inc. *(a)	100,000	3,280,000
ResMed, Inc. *	175,500	7,718,490
Varian Medical Systems, Inc. *	140,000	7,862,400
		58,787,832
Metals & Mining — 0.8%
Alpha Natural Resources, Inc. *	52,100	1,205,594
Phelps Dodge Corp.	65,000	5,234,450
		6,440,044
Oil, Gas & Consumable Fuels — 8.4%
Denbury Resources, Inc.	218,900	6,932,563
EXCO Resources, Inc. *	120,000	1,503,600
GlobalSantaFe Corp.	135,000	8,201,250
Maverick Tube Corp. *(a)	100,000	5,299,000
National-Oilwell Varco, Inc. *	155,600	9,977,072
Quicksilver Resources, Inc. *(a)	90,000	3,479,400
Range Resources Corp.	260,500	7,114,255
Smith International, Inc.	170,000	6,623,200
Western Oil Sands, Inc. (Class “A” Stock)	155,000	4,358,600
XTO Energy, Inc.	240,000	10,456,800
		63,945,740
Pharmaceuticals — 4.3%
Gilead Sciences, Inc. *	150,000	9,333,000
Johnson & Johnson	70,000	4,145,400
MedImmune, Inc. *	31,500	1,152,270
Novartis AG, ADR (Switzerland)	63,100	3,498,264
Sanofi-Aventis, ADR (France)	66,500	3,155,425
Schering-Plough Corp.	151,600	2,878,884
Teva Pharmaceutical Industries Ltd., ADR (Israel)	73,983	3,046,620
Vertex Pharmaceuticals, Inc. (a)	144,000	5,268,960
		32,478,823
Retail & Merchandising — 5.1%
Ann Taylor Stores Corp. (a)	180,000	6,622,200
CVS Corp.	88,700	2,649,469
Kohl’s Corp. *	44,300	2,348,343
Michaels Stores, Inc. *	115,000	4,321,700
Nordstrom, Inc.	215,000	8,423,700
Shoppers Drug Mart Corp.	162,500	6,163,625
Tiffany & Co. (a)	70,000	2,627,800
Whole Foods Market, Inc. (a)	90,000	5,979,600
		39,136,437
Semiconductors — 6.2%
Advanced Mirco Devices, Inc. *	184,400	6,114,704
Analog Devices, Inc.	96,500	3,694,985
Broadcom Corp., (Class “A” Stock) *	120,000	5,179,200

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Semiconductors (cont’d.)
Linear Technology Corp. (a)		102,500	$	3,595,700
Marvell Technology Group Ltd. (Bermuda) *		137,500		7,438,750
MEMC Electronic Materials, Inc. *(a)		203,500		7,513,220
Microchip Technology, Inc. (a)		200,000		7,260,000
National Semiconductor Corp.		110,000		3,062,400
Varian Semiconductor Equipment Associates, Inc. *(a)		127,500		3,580,200
				47,439,159
Telecommunications — 7.7%
ADC Telecommunications, Inc. (a)		74,000		1,893,660
American Tower Corp., (Class “A” Stock) (a)		265,137		8,038,954
CommScope, Inc.		55,500		1,584,525
Comverse Technology, Inc. *		121,500		2,858,895
Dobson Communications Corp. (Class “A” Stock) *(a)		300,000		2,406,000
Harris Corp.		71,000		3,357,590
Leap Wireless International, Inc. *		220,000		9,589,800
Motorola, Inc.		166,300		3,809,933
NeuStar, Inc. (Class “A” Stock)		52,500		1,627,500
Nextel Partners, Inc. (Class “A” Stock) *		142,400		4,032,768
NII Holdings, Inc. *(a)		258,700		15,255,539
Tellabs, Inc. *		181,500		2,885,850
VeriFone Holdings, Inc. *		55,000		1,665,950
				59,006,964
Transportation — 1.2%
C.H. Robinson Worldwide, Inc.		126,000		6,185,340
UTI Worldwide, Inc. (British Virgin Islands)		97,500		3,081,000
				9,266,340
Utilities — 3.0%
General Electric Co.		140,000		4,869,200
Jabil Circuit, Inc. *		138,800		5,948,968
Peabody Energy Corp.		192,200		9,688,802
The Mirant Corp. (a)		100,000		2,500,000
				23,006,970
TOTAL LONG-TERM INVESTMENTS (cost $564,290,468)				756,511,261
SHORT-TERM INVESTMENT — 20.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $152,918,335; includes $142,397,584 of cash collateral for securities on loan)(b)(w)		152,918,336		152,918,336
TOTAL INVESTMENTS — 119.0% (cost $717,208,803) (p)				909,429,597
LIABILITIES IN EXCESS OF OTHER ASSETS — (19.0)%				(145,498,740	)
NET ASSETS — 100.0%			$	763,930,857

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 $137,614,159; cash collateral of $142,397,584 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $717,686,878; accordingly, net unrealized appreciation on investments for federal income tax purposes was $191,742,719 (gross unrealized appreciation - $195,456,398; gross unrealized depreciation - $3,713,679). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS — 98.7%
COMMON STOCKS
Automotive Parts — 1.8%
Advance Auto Parts, Inc. *	613,050	$	25,527,402
Beverages — 1.2%
Constellation Brands, Inc. (Class “A” Stock) (a)	722,500		18,098,625
Computer Hardware — 1.2%
Lexmark International, Inc., (Class “A” Stock) *(a)	398,400		18,079,392
Computer Software — 1.3%
Activision, Inc. *(a)	1,374,700		18,957,113
Conglomerates — 1.6%
Johnson Controls, Inc.	315,700		23,971,101
Construction — 13.6%
Beazer Homes USA, Inc. (a)	151,700		9,966,690
Centex Corp. (a)	488,100		30,257,319
Chicago Bridge & Iron Co. NV (Netherlands)	954,300		22,903,200
Hovnanian Enterprises, Inc. (Class “A” Stock) *(a)	608,100		26,713,833
KB Home (a)	363,600		23,626,728
Lennar Corp. (Class “A” Stock)	526,700		31,802,146
NVR, Inc. *(a)	29,500		21,799,025
Pulte Homes, Inc.	779,800		29,959,916
			197,028,857
Consumer Products & Services — 2.7%
Jarden Corp. *(a)	584,700		19,207,395
Whirlpool Corp. (a)	215,200		19,684,344
			38,891,739
Education — 1.4%
Career Education Corp. (a)	533,653		20,134,728
Energy Services — 1.0%
NRG Energy, Inc. *(a)	312,400		14,126,728
Entertainment & Leisure — 1.5%
Harley-Davidson, Inc.	416,700		21,618,396
Financial - Bank & Trust — 1.9%
Hudson City Bancorp, Inc.	2,048,600		27,225,894
Financial Services — 3.1%
AMBAC Financial Group, Inc.	38,050		3,028,780
Bear Stearns Cos., Inc. (a)	128,700		17,850,690
IndyMac Bancorp, Inc. (a)	577,100		23,620,703
			44,500,173
Healthcare Services — 4.0%
Coventry Health Care, Inc. *	360,450		19,457,091
LifePoint Hospitals, Inc. *	47,900		1,489,690
Omnicare, Inc. (a)	424,800		23,359,752

Triad Hospitals, Inc. *	330,300	13,839,570
		58,146,103
Industrial Products — 1.1%
Ingersoll-Rand Co. Ltd. (Class “A” Stock)	395,900	16,544,661
Insurance — 3.1%
Endurance Specialty Holdings Ltd. (Bermuda)	679,800	22,127,490
PMI Group, Inc. (The)	513,300	23,570,736
		45,698,226
Internet Services — 2.2%
Check Point Software Technologies Ltd. *	1,053,400	21,089,068
McAfee, Inc. *(a)	445,000	10,826,850
		31,915,918
Machinery & Equipment — 5.1%
Eaton Corp.	219,900	16,046,103
Manitowoc Company, Inc.	223,800	20,399,370
Terex Corp. *	471,800	37,385,432
		73,830,905
Metals & Mining — 9.3%
Arch Coal, Inc. (a)	397,300	30,170,962
Joy Global, Inc.	480,500	28,719,485
Peabody Energy Corp.	631,800	31,849,038
Phelps Dodge Corp.	404,600	32,582,438
Timken Co.	383,200	12,365,864
		135,687,787
Oil & Gas — 16.1%
Canadian Natural Resources Ltd.	681,800	37,764,902
Denbury Resources, Inc.	1,248,200	39,530,494
Kerr-McGee Corp.	7,600	725,648
National Fuel Gas Co.	448,400	14,671,648
Quicksilver Resources, Inc. *(a)	679,950	26,286,867
Southwestern Energy Co. *	636,700	20,495,373
Sunoco, Inc.	204,400	15,855,308
Talisman Energy, Inc. (Canada)	540,800	28,759,744
Williams Cos., Inc.	1,055,800	22,583,562
XTO Energy, Inc.	611,709	26,652,161
		233,325,707
Pharmaceuticals — 1.3%
Shire Pharmaceuticals Group PLC, ADR (United Kingdom)	395,500	18,386,795
Real Estate Investment Trust — 4.6%
Colonial Properties Trust (a)	314,700	15,775,911
Developers Diversified Realty Corp.	441,200	24,155,700

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
COMMON STOCKS (Continued)
Real Estate Investment Trust (cont’d.)
iStar Financial, Inc.	400,500	$	15,331,140
Trizec Properties, Inc.	431,200		11,094,776
			66,357,527
Retail & Merchandising — 6.8%
Aeropostale, Inc. *	337,300		10,172,968
Foot Locker, Inc.	440,200		10,511,976
Hot Topic, Inc. *(a)	896,526		12,999,627
NBTY, Inc. *	1,060,400		23,880,208
Ross Stores, Inc.	636,600		18,582,354
TJX Cos., Inc.	904,700		22,454,654
			98,601,787
Semiconductors — 0.7%
International Rectifier Corp. *(a)	262,800		10,887,804
Technology - Computer Software — 1.0%
Take-Two Interactive Software, Inc. *(a)	802,400		14,972,784
Telecommunications — 2.2%
Arris Group, Inc. *	1,150,800		15,835,008
Avaya, Inc. *(a)	1,451,600		16,403,080
			32,238,088
Transportation — 3.1%
Frontline Ltd. (a)	427,800		14,327,022
General Maritime Corp.	357,400		11,915,716
Overseas Shipholding Group, Inc.	117,900		5,650,947
Ship Finance International Ltd.	64,590		1,108,364
Teekay Shipping Corp. (a)	326,900		12,118,183
			45,120,232
Utilities — 5.8%
DPL, Inc. (a)	808,700		21,834,900
Edison International *	345,500		14,227,690
The Mirant Corp. *(a)	708,500		17,712,500

	Shares	Value
COMMON STOCKS (Continued)
Utilities (cont’d.)
TXU Corp.	684,900	$	30,656,124
			84,431,214
TOTAL LONG-TERM INVESTMENTS (cost $1,236,394,531)			1,434,305,686
SHORT-TERM INVESTMENT — 23.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund -Taxable Money Market Series (cost $333,299,119; includes $317,711,156 of cash collateral for securities on loan)(b)(w)	333,299,119		333,299,119
TOTAL INVESTMENTS — 121.7% (cost $1,569,693,650) (p)			1,767,604,805
LIABILITIES IN EXCESS OF OTHER ASSETS — (21.7)%			(314,833,721	)
NET ASSETS — 100.0%		$	1,452,771,084

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 $306,589,136; cash collateral of $317,711,156 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $1,571,706,733; accordingly, net unrealized appreciation on investments for federal income tax purposes was $195,898,072 (gross unrealized appreciation - $233,195,626; gross unrealized depreciation - $37,297,554). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST MID-CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 97.1%
COMMON STOCKS
Aerospace & Defense — 0.8%
General Dynamics Corp.		20,200	$	1,292,396
Business Services — 2.0%
URS Corp. *		76,400		3,075,100
Cable Television — 0.7%
Cablevision Systems New York Group (Class “A” Stock) *		38,700		1,033,290
Chemicals — 0.7%
Eastman Chemical Co.		15,700		803,526
Tronox, Inc. (Class “B” Stock) *		1,573		26,722
Valspar Corp.		10,300		287,061
				1,117,309
Clothing & Apparel — 2.0%
VF Corp.		55,600		3,163,640
Commercial Banks — 0.6%
North Fork Bancorp, Inc.		34,300		988,869
Commercial Services — 1.0%
Education Management Corp. *		36,900		1,535,040
Communication Equipment — 0.7%
Avaya, Inc. *(a)		90,700		1,024,910
Computer Hardware — 2.8%
Affiliated Computer Services, Inc. (Class “A” Stock) *		15,900		948,594
Ansys, Inc. *		20,000		1,083,000
Cadence Design Systems, Inc. *		128,700		2,379,663
				4,411,257
Computer Services & Software — 3.9%
Autodesk, Inc. *		29,300		1,128,636
Computer Sciences Corp. *		60,000		3,333,000
Hyperion Solution, Corp.		48,450		1,579,470
				6,041,106
Construction — 2.9%
D.R. Horton, Inc.		56,500		1,876,930
Hovnanian Enterprises, Inc. (Class “A” Stock) *		21,900		962,067
Pulte Homes, Inc.		45,100		1,732,742
				4,571,739
Consumer Products & Services — 0.7%
Scotts Co. (The) (Class “A” Stock)		25,400		1,162,304
Containers & Packaging — 1.6%
Sonoco Products Co.		71,800		2,431,866
Diversified — 2.0%
AptarGroup, Inc.		57,200		3,160,300
Diversified Financial Services — 0.8%
CIT Group, Inc.		22,500		1,204,200

Drugs & Healthcare — 1.5%
IMS Health, Inc.	91,600	$	2,360,532
Drugs & Medicine — 0.8%
Coventry Health Care, Inc. *	22,700		1,225,346
Electronic Components — 3.3%
Flextronics International Ltd. *	334,000		3,456,900
Harman International Industries, Inc. (a)	15,000		1,666,950
			5,123,850
Environmental Services — 2.0%
Allied Waste Industries, Inc. *(a)	147,800		1,809,072
Republic Services, Inc.	32,100		1,364,571
			3,173,643
Exchange Traded Fund — 2.1%
IShares Russell Midcap Value Index Fund (a)	24,400		3,254,960
Financial - Bank & Trust — 3.0%
Astoria Financial Corp.	48,900		1,513,944
Compass Banshares, Inc.	61,600		3,117,576
			4,631,520
Financial - Brokerage — 0.7%
Edwards, (A.G.), Inc.	21,600		1,076,976
Financial Services — 2.4%
Eaton Vance Corp.	41,200		1,128,056
Jefferies Group, Inc.	23,500		1,374,750
Raymond James Financial, Inc.	44,100		1,303,596
			3,806,402
Food — 2.0%
Hormel Foods Corp. *	91,500		3,092,700
Health Care Equipment & Supplies — 0.6%
Cooper Cos., Inc. (The) (a)	16,600		896,898
Health Care Providers & Services — 1.4%
Covance, Inc. *	37,300		2,191,375
Hotels, Restaurants & Leisure — 1.7%
International Game Technology (a)	43,100		1,517,982
Yum! Brands, Inc. (a)	22,400		1,094,464
			2,612,446
Insurance — 5.8%
Lincoln National Corp.	41,900		2,287,321
Old Republic International Corp.	145,925		3,184,083
Protective Life Corp.	27,200		1,352,928
Safeco Corp.	44,900		2,254,429
			9,078,761
Insurance - Health Insurance — 0.5%
CIGNA Corp.	6,400		835,968

AST MID-CAP VALUE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Internet Services — 0.5%
Check Point Software Technologies Ltd. (Israel) *(a)		38,200	$	764,764
Machinery — 1.2%
Cummins, Inc. (a)		17,700		1,860,270
Machinery & Equipment — 1.8%
Eaton Corp.		34,100		2,488,277
Snap-on, Inc.		7,900		301,148
				2,789,425
Manufacturing — 0.9%
Harsco Corp.		16,700		1,379,754
Medical Products — 1.0%
Express Scripts, Inc. *		17,800		1,564,620
Medical Supplies & Equipment — 3.4%
Bard (C.R.), Inc.		13,200		895,092
Beckman Coulter, Inc.		30,000		1,637,100
Biomet, Inc.		36,900		1,310,688
Forest Laboratories, Inc. *		34,200		1,526,346
				5,369,226
Oil, Gas & Consumable Fuels — 7.5%
Chesapeake Energy Corp.		23,200		728,712
Houston Exploration Co. *		17,300		911,710
Kerr-McGee Corp.		7,800		744,744
Keyspan Energy.		20,800		850,096
Newfield Exploration Co. *		32,400		1,357,560
Noble Corp. (Cayman Islands)		19,500		1,581,450
Pioneer Natural Resources Co.		28,500		1,261,125
Questar Corp.		39,500		2,766,975
XTO Energy, Inc.		35,400		1,542,378
				11,744,750
Pharmaceuticals — 2.2%
Barr Pharmaceuticals, Inc. *		28,700		1,807,526
Medco Health Solutions, Inc. *		28,900		1,653,658
				3,461,184
Printing & Publishing — 1.0%
Donnelley, (R.R.) & Sons Co.		48,700		1,593,464
Real Estate Investment Trust — 4.9%
Apartment Investment & Management Co. (Class “A” Stock)		32,700		1,533,630
Boston Properties, Inc.		16,400		1,529,300
Duke Realty Corp.		81,900		3,108,105
Simon Property Group, Inc.		18,300		1,539,762
				7,710,797
Restaurants — 3.5%
Brinker International, Inc.		21,200		895,700
Darden Restaurants, Inc.		111,400		4,570,742
				5,466,442
Retail & Merchandising — 5.8%
Borders Group, Inc.		95,600		2,412,944
Federated Department Stores, Inc.		22,900		1,671,700

Guitar Center, Inc. *	20,100		958,770
Michaels Stores, Inc.	35,900		1,349,122
Ruddick Corp.	65,600		1,594,736
TJX Cos., Inc.	41,700		1,034,994
			9,022,266
Semi-Conductors — 0.6%
International Rectifier Corp. *(a)	24,700		1,023,321
Telecommunications — 3.6%
American Tower Corp., (Class “A” Stock) *(a)	59,500		1,804,040
Corning, Inc. *	113,100		3,043,521
Plantronics, Inc.	23,400		829,062
			5,676,623
Thrifts & Mortgage Finance — 0.9%
Countrywide Financial Corp.	36,700		1,346,890
Transportation — 2.8%
GATX Corp.	19,200		792,768
Union Pacific Corp.	15,200		1,418,920
Werner Enterprises, Inc. *	115,400		2,119,898
			4,331,586
Utilities — 2.5%
Consol Energy, Inc.	10,800		800,928
Idacorp, Inc.	98,000		3,186,960
			3,987,888
Utilities - Electrical Utilities — 2.0%
Pinnacle West Capital Corp.	78,300		3,061,530
TOTAL LONG-TERM INVESTMENTS
(cost $143,762,418)			151,729,503
SHORT-TERM INVESTMENT — 11.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $18,241,820; includes $13,695,030 of cash collateral for securities on loan)(b)(w)	18,241,820		18,241,820
TOTAL INVESTMENTS — 108.8%
(cost $162,004,238) (p)			169,971,323
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.8)%			(13,695,030	)
NET ASSETS — 100.0%		$	156,276,293

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $13,211,692; cash collateral of $13,695,030 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.

AST MID-CAP VALUE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(p)	The United States federal income tax basis of the Portfolio’s investments was $162,018,335; accordingly, net unrealized appreciation on investments for federal income tax purposes was $7,952,988 (gross unrealized appreciation - $10,946,014; gross unrealized depreciation - $2,993,026). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS – 96.4%
COMMON STOCKS
Building & Real Estate — 0.3%
Saint Joe Co. (The) (a)		24,900	$	1,564,716
Chemicals — 3.6%
Dow Chemical Co.		92,100		3,739,260
DuPont, (E.I.) de Nemours & Co.		72,900		3,077,109
Nova Chemicals Corp. (a) (Canada)		74,100		2,111,850
Potash Corp. of Saskatchewan, Inc. (Canada)		103,400		9,108,506
				18,036,725
Construction — 0.9%
Technip SA (France)		64,400		4,358,734
Containers & Packaging — 0.9%
Smurfit-Stone Container Corp. *		313,562		4,255,036
Diversified Metals — 3.4%
Companhia Vale Do Rio Doce, ADR (Brazil)		68,800		3,338,864
Inco Ltd. (a) (Canada)		188,800		9,419,232
Nucor Corp.		41,900		4,390,701
				17,148,797
Energy Services — 3.9%
Duke Energy Corp.		80,600		2,349,490
Dynegy, Inc. (Class “A” Stock) *		158,400		760,320
Edison International *		36,300		1,494,834
NRG Energy, Inc. *		95,000		4,295,900
Peabody Energy Corp.		124,600		6,281,086
W-H Energy Services, Inc. *		99,700		4,435,653
				19,617,283
Exploration & Production — 7.9%
Devon Energy Corp.		122,414		7,488,065
Dresser Rand Group, Inc. *		53,500		1,329,475
Encore Acquisition Co. *		132,300		4,101,300
Murphy Oil Corp.		220,800		11,000,256
Nexen, Inc. (Canada)		29,900		1,645,696
Royal Dutch Shell PLC, ADR		223,400		13,908,884
				39,473,676
Gas Transmission & Distribution — 0.3%
NiSource, Inc. *		83,200		1,682,304
Integrated Petroleum — 12.2%
Baker Hughes, Inc.		175,400		11,997,360
BP PLC, ADR (United Kingdom)		146,400		10,092,816
ChevronTexaco Corp.		55,956		3,243,769
Eni SpA, ADR (a) (Italy)		100,000		5,698,000
Exxon Mobil Corp.		227,900		13,869,994
Lukoil, ADR (Russia)		56,200		4,675,840

Total Fina SA, ADR (a) (France)	87,000	11,460,510
		61,038,289
Machinery & Equipment — 7.7%
Caterpillar, Inc.	67,700	4,861,537
Cooper Cameron Corp. *	303,800	13,391,504
Deere & Co.	73,800	5,833,890
Finning International, Inc. (Canada)	42,100	1,391,497
Grant Prideco, Inc. *	162,400	6,957,216
Terex Corp. *	73,500	5,824,140
		38,259,784
Metals & Mining — 12.5%
Alcan, Inc. (Canada)	189,100	8,647,543
Arch Coal, Inc. (a)	125,600	9,538,064
BHP Billiton Ltd. (Australia)	539,800	10,820,423
International Coal Group, Inc. *(a)	268,300	2,613,242
Mechel, ADR *(a) (Russia)	94,300	2,423,510
Metal Management, Inc.	69,800	2,209,170
Newmont Mining Corp. (a)	146,726	7,613,612
Rio Tinto PLC (United Kingdom)	149,300	7,579,523
Schnitzer Steel Industries, Inc. (Class “A” Stock)	63,800	2,733,830
Teck Cominco Ltd. (Class ‘‘B’’ Stock) (Canada)	125,900	8,100,406
		62,279,323
Oil & Gas — 16.1%
Bill Barrett Corp. *	59,700	1,945,623
Diamond Offshore Drilling, Inc. (a)	160,700	14,382,650
Halliburton Co. (a)	26,200	1,913,124
Helmerich & Payne, Inc.	25,200	1,759,464
Key Energy Services, Inc. *	51,000	777,750
Mol Magyar Olaj-Es Gazipari Rt. GDR. (Hungary)	15,600	1,584,960
Nabors Industries Ltd. *	53,100	3,800,898
Neste Oil Oyj Ltd. * (Finland)	43,600	1,498,984
Petroleo Brasileiro SA, ADR (Brazil)	40,000	3,194,000
Schlumberger Ltd.	133,200	16,859,124
Statoil ASA (Norway)	387,900	11,186,691
Transocean, Inc. * (Cayman Island)	147,900	11,876,370
Valero Energy Corp.	77,934	4,658,895
Williams Cos., Inc.	244,000	5,219,160
		80,657,693
Paper & Forest Products — 4.9%
Bowater, Inc. (a)	68,300	2,020,314
Domtar, Inc. (a)	251,300	1,791,769
International Paper Co.	206,400	7,135,248
Kimberly-Clark Corp.	56,100	3,242,580
MeadWestvaco Corp.	62,500	1,706,875
Potlatch Corp.	78,300	3,354,372

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Paper & Forest Products (cont’d.)
Weyerhaeuser Co.		71,500	$	5,178,745
				24,429,903
Petroleum Exploration & Production — 16.9%
Anadarko Petroleum Corp.		37,700		3,808,077
BG Group PLC (United Kingdom)		346,500		4,331,476
BJ Services Co.		278,400		9,632,640
Burlington Resources, Inc.		113,500		10,431,785
Canadian Natural Resources Ltd. (China)		243,600		13,493,004
ConocoPhillips (a)		163,878		10,348,896
EOG Resources, Inc.		104,800		7,545,600
FMC Technologies, Inc. *		75,500		3,867,110
Newfield Exploration Co. *		21,200		888,280
Noble Corp. (a) (Cayman Island)		104,600		8,483,060
Smith International, Inc.		269,100		10,484,136
XTO Energy, Inc.		27,476		1,197,129
				84,511,193
Precious Metals — 1.4%
Meridian Gold, Inc. *		239,100		7,089,315
Railroads — 0.7%
Burlington North Santa Fe Corp.		42,400		3,533,192
Real Estate Investment Trust — 2.8%
AMB Property Corp.		48,100		2,610,387
Archstone-Smith Trust		46,000		2,243,420
Boston Properties, Inc.		25,500		2,377,875
Camden Property Trust		31,000		2,233,550
Duke-Weeks Realty Corp.		42,730		1,621,604
ProLogis		32,715		1,750,252
Simon Property Group, Inc.		11,100		933,954
				13,771,042
TOTAL LONG-TERM INVESTMENTS (cost $351,741,361)				481,707,005
SHORT-TERM INVESTMENTS – 18.6%
AFFILIATED MONEY MARKET MUTUAL FUND– 17.8%
Dryden Core Investment Fund - Taxable Money Market Series (cost $89,013,369; includes $73,241,762 of cash collateral for securities on loan)(b)(w)		89,013,369		89,013,369

		Principal
Interest	Maturity	Amount
Rate	Date	(000)
COMMERCIAL PAPER — 0.8%
Alpine Security Corp., 144A(h) (cost $3,998,980; purchased 03/06/06)
4.59%	04/05/06		4,000	3,998,980
TOTAL SHORT-TERM INVESTMENTS (cost $93,012,349)				93,012,349
TOTAL INVESTMENTS — 115.0% (cost $444,753,710) (p)				574,719,354
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.0)%				(74,843,852	)
NET ASSETS — 100.0%				$499,875,502

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 $70,064,690; cash collateral of $73,241,762 (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 $3,984,700. The aggregate market value of $3,998,980 is approximately 0.80% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(p)	The United States federal income tax basis of the Portfolio’s investments was $446,297,462; accordingly, net unrealized appreciation on investments for federal income tax purposes was $128,421,892 (gross unrealized appreciation - $130,669,798; gross unrealized depreciation - $2,247,906). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST T. ROWE PRICE LARGE-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 96.0%
COMMON STOCKS
Advertising — 4.6%
Lamar Advertising Co. (Class “A” Stock) *		236,000	$	12,418,320
Sepracor, Inc. *(a)		86,800		4,236,708
SLM Corp. (a)		266,000		13,816,040
				30,471,068
Aerospace — 1.0%
General Dynamics Corp.		108,000		6,909,840
Airlines — 2.0%
Southwest Airlines Co.		741,500		13,339,585
Broadcasting — 0.4%
Scripps, (E.W.) Co. (Class “A” Stock)		54,700		2,445,637
Business Services — 1.6%
Accenture Ltd. (Class “A” Stock)		354,800		10,668,836
Cable Television — 0.4%
Rogers Communications, Inc. (Class “B” Stock) (Canada)		70,900		2,704,835
Computer Hardware — 2.2%
Dell, Inc. *		501,600		14,927,616
Computer Services & Software — 11.0%
Automatic Data Processing, Inc.		212,100		9,688,728
EMC Corp. *		806,800		10,996,684
Microsoft Corp.		1,012,500		27,550,125
NAVTEQ Corp. *(a)		182,500		9,243,625
Oracle Corp. *		775,800		10,620,702
Red Hat, Inc. *		192,500		5,386,150
				73,486,014
Consumer Staples - Home Products — 1.4%
Harman International Industries, Inc.		86,000		9,557,180
Electronic Components & Equipment — 5.0%
General Electric Co.		959,100		33,357,498
Electronics — 1.4%
Garmin Ltd. (a)		116,100		9,221,823
Entertainment & Leisure — 2.9%
International Game Technology (a)		279,600		9,847,512
Wynn Resorts Ltd. *(a)		121,900		9,368,015
				19,215,527
Farming & Agriculture — 1.0%
Monsanto Co.		77,400		6,559,650
Financial Services — 6.5%
E*trade Group Corp. *(a)		228,200		6,156,836
Franklin Resources, Inc.		77,400		7,294,176
Legg Mason, Inc.		58,200		7,294,206
Morgan Stanley Dean Witter & Co.		63,700		4,001,634

State Street Corp.	311,000	18,793,730
		43,540,582
Food — 1.6%
Sysco Corp.	329,000	10,544,450
Healthcare Services — 6.7%
Caremark Rx, Inc. *	229,000	11,262,220
Humana, Inc. *	172,100	9,061,065
UnitedHealth Group, Inc.	434,700	24,282,342
		44,605,627
Internet Services — 7.1%
eBay, Inc. *	198,400	7,749,504
Google, Inc. (Class “A” Stock) *	35,100	13,689,000
Juniper Networks, Inc. *	692,700	13,244,424
Yahoo!, Inc. *	398,000	12,839,480
		47,522,408
Manufacturing — 2.5%
Danaher Corp.	265,400	16,866,170
Media — 1.2%
Viacom, Inc. (Class “B” Stock) *	213,500	8,283,800
Medical Supplies & Equipment — 5.3%
Alcon, Inc. (Switzerland)	35,900	3,742,934
Amgen, Inc. *	145,600	10,592,400
Medtronic, Inc.	271,300	13,768,475
St. Jude Medical, Inc. *	181,900	7,457,900
		35,561,709
Oil & Gas — 2.0%
Schlumberger Ltd.	50,700	6,417,099
Transocean, Inc. (Cayman Islands) *	84,200	6,761,260
		13,178,359
Pharmaceuticals — 3.8%
Cardinal Health, Inc.	98,900	7,370,028
Genentech, Inc. *(a)	111,900	9,456,669
Gilead Sciences, Inc. *	133,100	8,281,482
		25,108,179
Retail & Merchandising — 9.1%
Amazon.Com, Inc. *(a)	206,000	7,521,060
Kohl’s Corp. *	280,900	14,890,509
PETsMart, Inc.	231,600	6,517,224
Target Corp.	109,400	5,689,894
Wal-Mart Stores, Inc.	317,200	14,984,528
Walgreen Co.	260,600	11,239,678
		60,842,893
Semiconductors — 11.6%
Analog Devices, Inc.	434,300	16,629,347
Applied Materials, Inc. *	545,700	9,555,207
Intel Corp.	394,000	7,623,900
Marvell Technology Group Ltd. (Bermuda) *(a)	166,900	9,029,290
Maxim Integrated Products, Inc.	371,900	13,816,085

AST T. ROWE PRICE LARGE-CAP GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Semiconductors (cont’d.)
Texas Instruments, Inc.		213,000	$	6,916,110
Xilinx, Inc. (a)		532,500		13,557,450
				77,127,389
Telecommunications — 3.7%
American Tower Corp., (Class “A” Stock) *(a)		486,600		14,753,712
Corning, Inc. *		374,200		10,069,722
				24,823,434
TOTAL LONG – TERM INVESTMENTS (cost $627,443,193)				640,870,109
SHORT-TERM INVESTMENT – 17.2%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $115,196,458; includes $11,740,219 of cash collateral for securities on loan)(b)(w)		115,196,458		115,196,458
TOTAL INVESTMENTS — 113.2% (cost $742,639,651) (p)				756,066,567
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.2)%				(88,248,549	)
NET ASSETS — 100.0%			$	667,818,018

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $11,499,061; cash collateral of $11,740,219 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $744,227,041; accordingly, net unrealized appreciation on investments for federal income tax purposes was $11,839,526 (gross unrealized appreciation - $25,693,695; gross unrealized depreciation - $13,854,169). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series

AST MFS GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS – 96.4%
COMMON STOCKS
Aerospace — 1.8%
United Technologies Corp.		167,560	$	9,713,453
Apparel/Shoes — 0.7%
Chico’s FAS, Inc. *		88,700		3,604,768
Beverages — 1.0%
PepsiCo, Inc.		91,920		5,312,057
Business Services — 1.6%
Accenture Ltd. (Class “A” Stock) *		50,900		1,530,563
Amdocs Ltd. *(a)		194,410		7,010,425
				8,540,988
Chemicals — 0.4%
Praxair, Inc. *		43,920		2,422,188
Clothing & Apparel — 1.6%
NIKE, Inc. (Class “B” Stock)		100,150		8,522,765
Commercial Banks — 1.3%
UBS AG		62,561		6,872,040
Computer Hardware — 2.3%
Apple Computer, Inc. *		30,120		1,889,127
Dell, Inc. *		222,420		6,619,219
Hewlett-Packard Co.		125,600		4,132,240
				12,640,586
Computer Services — 3.1%
EMC Corp. *		540,270		7,363,880
First Data Corp.		204,500		9,574,690
				16,938,570
Computers — 0.5%
Sandisk Corp.		48,100		2,766,712
Conglomerates — 5.3%
3M Co.		35,470		2,684,724
Danaher Corp.		76,000		4,829,800
General Electric Co.		528,940		18,396,533
Textron, Inc.		32,500		3,035,175
				28,946,232
Consumer Products & Services — 2.0%
Procter & Gamble Co.		185,000		10,659,700
Electronic Components & Equipment — 0.9%
Harman International Industries, Inc. (a)		45,660		5,074,196
Entertainment & Leisure — 2.0%
Carnival Corp.		20,450		968,716
International Game Technology Group, Inc.		200,100		7,047,522

Las Vegas Sands Corp.	45,100	2,555,366
		10,571,604
Farming & Agriculture — 1.3%
Monsanto Co.	81,000	6,864,750
Financial - Securities/Asset Management — 0.5%
Affiliated Managers Group, Inc. *(a)	25,700	2,739,877
Financial Services — 5.3%
American Express Co.	155,909	8,193,018
Chicago Mercantile Exchange Holdings, Inc.	15,700	7,025,750
Countrywide Financial Corp.	36,300	1,332,210
Morgan Stanley Dean Witter & Co.	108,100	6,790,842
SLM Corp.	101,490	5,271,391
		28,613,211
Food — 0.7%
Sysco Corp.	126,400	4,051,120
Healthcare Services — 0.9%
Caremark Rx, Inc. *	43,100	2,119,658
UnitedHealth Group, Inc.	47,800	2,670,108
		4,789,766
Hotels & Motels — 2.3%
Harrah’s Entertainment, Inc.	111,600	8,700,336
Starwood Hotels & Resorts Worldwide, Inc.	54,700	3,704,831
		12,405,167
Insurance — 2.5%
ACE Ltd.	36,200	1,882,762
AFLAC, Inc.	70,500	3,181,665
American International Group, Inc.	32,320	2,136,029
WellPoint, Inc. *	84,600	6,550,578
		13,751,034
Internet Services — 2.8%
eBay, Inc. *	104,300	4,073,958
Google, Inc. (Class “A” Stock) *	13,980	5,452,200
Yahoo!, Inc. *	178,400	5,755,184
		15,281,342
Machinery & Equipment — 1.1%
Caterpillar, Inc. *	18,000	1,292,580
Rockwell Automation, Inc.	67,000	4,817,970
		6,110,550
Medical Supplies & Equipment — 9.2%
Advanced Medical Optics *(a)	95,040	4,432,666
Amgen, Inc. *	111,730	8,128,357
Bard (C.R.), Inc.	71,000	4,814,510
DENTSPLY International, Inc.	113,700	6,611,655
Genzyme Corp. *	180,880	12,158,754
Medtronic, Inc.	116,190	5,896,642

AST MFS GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Medical Supplies & Equipment (cont’d.)
Quest Diagnostics, Inc.		67,700	$	3,473,010
St. Jude Medical, Inc. *		107,330		4,400,530
				49,916,124
Network/Hardware — 9.2%
Cisco Systems, Inc. *		707,460		15,330,658
Corning, Inc. *		487,570		13,120,509
Juniper Networks, Inc. *		141,000		2,695,920
Nokia Corp. (Class ‘‘A’’ Stock), ADR * (Norway)		196,600		4,073,552
Qualcomm, Inc.		290,460		14,700,180
				49,920,819
Oil & Gas — 3.9%
GlobalSantaFe Corp.		133,110		8,086,432
Transocean, Inc. (Cayman Islands) *		33,100		2,657,930
Weatherford International Ltd. (a)		232,400		10,632,300
				21,376,662
Pharmaceuticals — 9.1%
Allergan, Inc. (a)		37,100		4,025,350
Celgene Corp. *(a)		108,800		4,811,136
Gilead Sciences, Inc. *		92,050		5,727,351
Johnson & Johnson		137,268		8,129,011
Lilly, (Eli) & Co. (a)		95,840		5,299,952
Roche Holding AG (Switzerland)		55,340		8,239,553
Teva Pharmaceutical Industries Ltd., ADR (Israel)		135,510		5,580,302
Wyeth		150,110		7,283,337
				49,095,992
Pharmaceuticals - Manufacturing — 0.3%
Barr Pharmaceuticals, Inc.		21,700		1,366,666
Railroads — 0.1%
Norfolk Southern Corp.		10,000		540,700
Retail & Merchandising — 8.4%
Best Buy Co., Inc.		25,000		1,398,250
CVS Corp.		231,100		6,902,957
Home Depot, Inc.		209,100		8,844,930
Kohl’s Corp. *		185,020		9,807,910
Lowe’s Cos., Inc.		19,850		1,279,134
Staples, Inc.		159,200		4,062,784
Target Corp.		97,740		5,083,457
Wal-Mart Stores, Inc.		177,610		8,390,297
				45,769,719
Semiconductors — 3.4%
Analog Devices, Inc.		99,600		3,813,684
Intel Corp.		300,000		5,805,000
Marvell Technology Group Ltd. (Bermuda) *		26,300		1,422,830
Texas Instruments, Inc.		154,200		5,006,874

Xilinx, Inc. (a)	103,110	2,625,181
		18,673,569
Software — 6.8%
Adobe Systems, Inc.	216,200	7,549,704
Electronic Arts, Inc. *(a)	196,560	10,755,763
Microsoft Corp.	403,870	10,989,303
Oracle Corp. *	568,120	7,777,563
		37,072,333
Telecommunications — 2.3%
America Movil SA de CV (Class “L” Stock), ADR (Mexico)	159,860	5,476,804
NII Holdings, Inc. *	50,200	2,960,294
Sprint Corp.	157,700	4,074,968
		12,512,066
Transportation — 1.8%
FedEx Corp.	84,680	9,563,759
TOTAL LONG – TERM INVESTMENTS
(cost $500,251,055)		523,001,085

	Interest Rate	Maturity Date	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS - 11.3%
COMMERCIAL PAPER – 6.4%
Citigroup Funding, Inc.
	4.83%	04/03/06		5,013		5,013,000
Goldman Sachs
	4.83%	04/03/06		21,798		21,798,000
Thunder Bay Funding LLC, 144A (g) (cost $7,766,000; purchased 03/31/06)
	4.85%	04/03/06		7,766		7,766,000
						34,577,000

	Shares
AFFILIATED MONEY MARKET MUTUAL FUND – 4.9%
Dryden Core Investment Fund - Taxable Money Market Series (cost $26,620,921; includes $26,620,921 is cash collateral for securities on loan)(b)(w)		26,620,921		26,620,921
TOTAL SHORT-TERM INVESTMENTS
(cost $61,197,921)				61,197,921
TOTAL INVESTMENTS — 107.7%
(cost $561,448,976) (p)				584,199,006
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.7)%				(41,681,168	)
NET ASSETS — 100.0%			$	542,517,838

The following abbreviations are used in portfolio descriptions:

AST MFS GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

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 $25,730,989; cash collateral of $26,620,921 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $576,767,176; accordingly, net unrealized appreciation on investments for federal income tax purposes was $7,431,830 (gross unrealized appreciation - $15,070,118; gross unrealized depreciation - $7,638,288). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST MARSICO CAPITAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 95.1%
COMMON STOCKS
Aerospace — 4.4%
General Dynamics Corp.		1,203,120	$	76,975,618
Lockheed Martin Corp.		575,100		43,207,263
United Technologies Corp.		584,696		33,894,827
				154,077,708
Automobile Manufacturers — 2.5%
Toyota Motor Corp. ADR (Japan)		804,268		87,584,785
Beverages — 0.5%
PepsiCo, Inc.		301,496		17,423,454
Clothing & Apparel — 0.7%
Coach, Inc. *		700,599		24,226,713
Construction — 3.0%
KB Home (a)		778,564		50,591,089
Lennar Corp. (Class “A” Stock) (a)		698,714		42,188,351
Toll Brothers, Inc. *		372,360		12,894,827
				105,674,267
Consumer Products & Services — 3.3%
Procter & Gamble Co.		2,014,513		116,076,239
Entertainment & Leisure — 4.6%
Las Vegas Sands Corp. (a)		980,578		55,559,550
Station Casinos, Inc.		190,776		15,141,891
Wynn Resorts Ltd. *(a)		1,185,639		91,116,357
				161,817,798
Farming & Agriculture — 0.3%
Monsanto Co.		134,427		11,392,688
Financial - Bank & Trust — 3.9%
UBS AG (Switzerland) (a)		1,238,959		136,248,321
Financial Services — 9.5%
Chicago Mercantile Exchange Holdings, Inc.		203,879		91,235,852
Goldman Sachs Group, Inc. (a)		455,205		71,448,977
Lehman Brothers Holdings, Inc. (a)		762,242		110,166,836
SLM Corp. (a)		1,212,075		62,955,176
				335,806,841
Food — 0.3%
Archer-Daniels-Midland Co.		351,868		11,840,358
Healthcare Services — 6.8%
Quest Diagnostics, Inc.		413,619		21,218,655
UnitedHealth Group, Inc.		3,911,972		218,522,756
				239,741,411
Hotels & Motels — 3.0%
Four Seasons Hotels, Inc. (Canada) (a)		545,714		27,667,700

MGM Mirage *(a)	1,807,351	77,878,754
		105,546,454
Insurance — 1.4%
Genworth Financial, Inc. (Class “A” Stock)	550,884	18,416,052
Progressive Corp.	288,745	30,104,554
		48,520,606
Machinery & Equipment — 3.8%
Caterpillar, Inc. *	1,450,555	104,164,354
Deere & Co.	369,458	29,205,655
		133,370,009
Medical Supplies & Equipment — 4.5%
Genzyme Corp. *	621,792	41,796,858
Medtronic, Inc.	1,272,492	64,578,969
Zimmer Holdings, Inc. *	782,089	52,869,217
		159,245,044
Metals & Mining — 1.6%
Companhia Vale Do Rio Doce, ADR (Brazil)	653,457	31,712,268
Peabody Energy Corp.	475,904	23,990,321
		55,702,589
Oil & Gas — 3.5%
Halliburton Co. (a)	721,639	52,694,080
Schlumberger Ltd.	552,595	69,941,949
		122,636,029
Pharmaceuticals — 6.8%
Amylin Pharmaceuticals, Inc. *(a)	1,087,720	53,243,894
Genentech, Inc. *(a)	2,199,363	185,868,167
		239,112,061
Railroads — 5.5%
Burlington North Santa Fe Corp.	1,414,384	117,860,619
Union Pacific Corp.	830,293	77,507,851
		195,368,470
Real Estate Operating Company — 0.6%
Saint Joe Co. (The) (a)	340,876	21,420,648
Restaurants — 3.6%
Starbucks Corp. *	1,676,854	63,116,785
Yum! Brands, Inc. (a)	1,319,663	64,478,734
		127,595,519
Retail & Merchandising — 9.2%
CVS Corp. (a)	760,317	22,710,669
Home Depot, Inc.	1,886,922	79,816,801
Lowe’s Cos., Inc.	2,253,869	145,239,318
Target Corp.	1,023,949	53,255,587

AST MARSICO CAPITAL GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising (cont’d.)
Walgreen Co.		532,627	$	22,972,203
				323,994,578
Telecommunications — 8.2%
America Movil SA de CV ADR, (a) (Mexico)		1,354,899		46,418,840
Cisco Systems, Inc. *		1,684,505		36,503,223
Motorola, Inc.		4,224,580		96,785,128
Qualcomm, Inc.		2,142,813		108,447,766
				288,154,957
Transportation — 3.6%
FedEx Corp.		1,121,038		126,610,032
TOTAL LONG – TERM INVESTMENTS (cost $2,563,954,315)				3,349,187,579
SHORT-TERM INVESTMENT — 16.2%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $570,633,254; includes $400,228,470 of cash collateral for securities on loan) (b)(w)		570,633,254		570,633,254
TOTAL SHORT-TERM INVESTMENTS (cost $570,633,254)				570,633,254
TOTAL INVESTMENTS — 111.3% (cost $3,134,587,569) (p)				3,919,820,833
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.3)%				(397,715,750	)
NET ASSETS — 100.0%			$	3,522,105,083

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 $388,769,786; cash collateral of $400,228,470 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $3,136,669,378; accordingly, net unrealized appreciation on investments for federal income tax purposes was $783,151,455 (gross unrealized appreciation - $797,626,560; gross unrealized depreciation - $14,475,105). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 98.9%
COMMON STOCKS
Beverages — 3.8%
PepsiCo, Inc.		491,410	$	28,398,584
Biotechnology — 2.0%
Amgen, Inc. *		201,000		14,622,750
Broadcast & Cable/Satellite TV — 7.3%
Clear Channel Communications, Inc.		282,240		8,187,782
Univision Communications, Inc. (Class “A” Stock) *(a)		852,840		29,397,395
XM Satellite Radio Holdings, Inc. (Class “A” Stock) (a)		737,040		16,413,881
				53,999,058
Commercial Services — 7.3%
McGraw-Hill Cos., Inc.		816,014		47,018,726
Moody’s Corp.		107,656		7,693,098
				54,711,824
Computer Hardware — 0.9%
EMC Corp. *		481,694		6,565,489
Computer Services — 5.6%
First Data Corp.		895,800		41,941,356
Computer Software — 7.5%
Electronic Arts, Inc. *(a)		418,640		22,907,981
Microsoft Corp.		1,222,114		33,253,722
				56,161,703
Financials — 2.8%
Schwab, (Charles) Corp.		1,207,200		20,775,912
Foods — 1.5%
Wrigley, (Wm., Jr.) Co. *		223,445		11,440,384
Gaming/Lodging — 7.7%
Carnival Corp. (a)		282,050		13,360,709
Cendant Corp.		949,735		16,477,902
Harrah’s Entertainment, Inc.		356,153		27,765,688
				57,604,299
Internet & Online — 4.6%
Google, Inc. (Class “A” Stock) *		41,420		16,153,800
Yahoo!, Inc. *		568,000		18,323,680
				34,477,480
Medical Supplies & Equipment — 4.7%
Medtronic, Inc.		356,980		18,116,735
Stryker Corp.		385,800		17,106,372
				35,223,107
Movies & Entertainment — 3.6%
Time Warner, Inc. *		614,424		10,316,179
Viacom, Inc. (Class “B” Stock) *		421,280		16,345,664
				26,661,843
Networking/Telecom Equipment — 3.8%
Cisco Systems, Inc. *		818,950		17,746,647

Research in Motion Ltd. * (Canada)	123,400		10,474,192
			28,220,839
Oil & Gas — 3.3%
Suncor Energy, Inc.	313,760		24,165,795
Oil Well Services & Equipment — 6.6%
Baker Hughes, Inc.	199,000		13,611,600
Schlumberger Ltd.	278,090		35,197,851
			48,809,451
Pharmacy Benefit Manager — 4.3%
Caremark Rx, Inc. *	429,188		21,107,466
Medco Health Solutions, Inc. *	195,570		11,190,515
			32,297,981
Retailing — 3.9%
Lowe’s Cos., Inc.	234,350		15,101,514
Target Corp.	269,270		14,004,733
			29,106,247
Semiconductors — 5.6%
Linear Technology Corp. (a)	387,340		13,587,887
Qualcomm, Inc.	555,940		28,136,124
			41,724,011
Specialty Finance — 8.2%
American Express Co.	278,880		14,655,144
Freddie Mac	765,427		46,691,047
			61,346,191
Telecommunications — 3.9%
American Tower Corp., (Class “A” Stock) (a)	497,060		15,070,859
Crown Castle International Corp. *(a)	485,000		13,749,750
			28,820,609
TOTAL LONG-TERM INVESTMENTS (cost $626,873,435)			737,074,913
SHORT-TERM INVESTMENT — 11.6%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $86,133,957; includes $80,619,226 of cash collateral for securities on loan)(b)(w)	86,133,957		86,133,957
TOTAL INVESTMENTS — 110.5% (cost $713,007,392) (p)			823,208,870
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.5)%			(78,143,022	)
NET ASSETS — 100.0%		$	745,065,848

* Non-income producing security.

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $77,656,338; cash collateral of $80,619,226 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $723,386,610; accordingly, net unrealized appreciation on investments for federal income tax purposes was $99,822,260 (gross unrealized appreciation - $122,174,156; gross unrealized depreciation - $22,351,896). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST DEAM LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS - 95.3%
COMMON STOCKS
Aerospace—2.1%
Northrop Grumman Corp.		11,400	$	778,506
Raytheon Co.		73,800		3,382,992
				4,161,498
Automotive Parts—0.9%
TRW Automotive Holdings Corp. *(a)		74,100		1,726,530
Banks—0.1%
City National Corp.		2,800		215,012
Beverages—1.4%
Pepsi Bottling Group, Inc.		75,300		2,288,367
PepsiAmericas, Inc.		17,600		430,320
				2,718,687
Broadcasting—1.3%
CBS Corp. (Class “B” Stock)		109,750		2,631,805
Chemicals—1.5%
Air Products & Chemicals, Inc.		18,000		1,209,420
Lyondell Chemical Co.		65,700		1,307,430
Praxair, Inc. *(a)		9,000		496,350
				3,013,200
Computer Hardware—1.8%
Hewlett-Packard Co.		105,800		3,480,820
Conglomerates—1.0%
Altria Group, Inc.		27,600		1,955,736
Consumer Products & Services—4.3%
Colgate-Palmolive Co.		37,200		2,124,120
Hasbro, Inc.		9,700		204,670
Loews Corp. - Carolina Group (a)		51,400		2,429,678
Newell Rubbermaid, Inc. (a)		59,600		1,501,324
Scotts Co. (The) (Class “A” Stock)		8,900		407,264
Whirlpool Corp. (a)		20,600		1,884,282
				8,551,338
Diversified Operations
Thornburg Mortgage Asset Corp.		3,400		92,004
Electronic Components & Equipment—1.1%
Agilent Technologies, Inc. *		32,500		1,220,375
Arrow Electronics, Inc. *		32,800		1,058,456
				2,278,831
Entertainment & Leisure—2.3%
Time Warner, Inc. *		277,400		4,657,546
Environmental Services—0.8%
Republic Services, Inc.		23,800		1,011,738
Waste Management, Inc.		17,000		600,100
				1,611,838

Financial - Bank & Trust—8.5%
Bank of America Corp.	55,700	2,536,578
BB&T Corp. *	11,800	462,560
Mellon Financial Corp.	24,900	886,440
Mercantile Bankshares Corp.	3,900	149,955
SunTrust Banks, Inc.	22,000	1,600,720
U.S. Bancorp	98,000	2,989,000
Wachovia Corp.	18,500	1,036,925
Wells Fargo & Co.	101,800	6,501,966
Zions Bancorp	8,200	678,386
		16,842,530
Financial Services—14.5%
Bear Stearns Cos., Inc.	15,100	2,094,370
CIT Group, Inc.	36,500	1,953,480
Citigroup, Inc.	97,975	4,628,339
Fannie Mae	28,000	1,439,200
Goldman Sachs Group, Inc.	26,900	4,222,224
J.P. Morgan Chase & Co.	31,684	1,319,322
KeyCorp	71,200	2,620,160
Lehman Brothers Holdings, Inc.	26,800	3,873,404
Merrill Lynch & Co., Inc.	35,200	2,772,352
PNC Financial Services Group, Inc.	58,900	3,964,559
		28,887,410
Food—2.0%
Hormel Foods Corp. *	37,100	1,253,980
Kroger Co. (The) *	10,700	217,852
Safeway, Inc. *	96,400	2,421,568
		3,893,400
Healthcare Services—0.8%
Humana, Inc.	28,800	1,516,320
Industrial Conglomerates—1.3%
Teleflex, Inc.	36,100	2,585,843
Insurance—6.4%
Alleghany Corp. *	845	244,500
American Financial Group, Inc.	59,000	2,454,990
American International Group, Inc.	8,400	555,156
Berkley, (W.R.) Corp.	53,525	3,107,662
Commerce Group, Inc.	7,000	369,880
Hartford Financial Services Group, Inc. (a)	7,900	636,345
HCC Insurance Holdings, Inc. *	52,000	1,809,600
Loews Corp. *	13,000	1,315,600
Markel Corp. *	700	236,376
MetLife, Inc.	41,500	2,007,355
		12,737,464
Machinery & Equipment—0.5%
Terex Corp. *	11,700	927,108
Medical Supplies & Equipment—1.3%
AmerisourceBergen Corp.	53,600	2,587,272
Metals & Mining—2.3%
Nucor Corp.	24,100	2,525,439

AST DEAM LARGE-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
Phelps Dodge Corp.		26,400	$	2,125,992
				4,651,431
Oil & Gas—12.5%
Anadarko Petroleum Corp.		29,800		3,010,098
Apache Corp. (a)		41,700		2,731,767
ChevronTexaco Corp.		16,300		944,911
ConocoPhillips (a)		75,800		4,786,770
Devon Energy Corp.		4,000		244,680
Exxon Mobil Corp.		171,400		10,431,404
Forest Oil Corp. *		8,000		297,440
Mariner Energy, Inc. *		6,474		132,782
Newfield Exploration Co. *		16,500		691,350
Sunoco, Inc.		19,100		1,481,587
				24,752,789
Paper & Forest Products—0.2%
Rayonier, Inc.		10,050		458,179
Pharmaceuticals—4.8%
Hospira, Inc.		41,200		1,625,752
McKesson Corp.		37,800		1,970,514
Merck & Co., Inc.		53,500		1,884,805
Pfizer, Inc.		130,700		3,257,044
Watson Pharmaceuticals, Inc. *		29,700		853,578
				9,591,693
Railroads—0.5%
Burlington North Santa Fe Corp.		11,200		933,296
Real Estate Investment Trust—2.8%
Apartment Investment & Management Co. (Class “A” Stock)		9,800		459,620
Boston Properties, Inc.		7,100		662,075
Camden Property Trust		4,100		295,405
Equity Office Properties Trust		18,400		617,872
Equity Residential Properties Trust		15,900		743,961
Federal Realty Investment Trust		2,800		210,560
Kimco Realty Corp.		8,400		341,376
Macerich Co., REIT		2,400		177,480
Pan Pacific Retail Properties, Inc.		1,900		134,710
ProLogis		6,300		337,050
Public Storage, Inc.		5,400		438,642
Simon Property Group, Inc.		5,500		462,770
Vornado Realty Trust		6,400		614,400
				5,495,921
Restaurants—1.6%
McDonald’s Corp.		91,100		3,130,196
Retail & Merchandising—2.1%
Barnes & Noble, Inc. *		47,100		2,178,375
Office Depot, Inc. *		52,800		1,966,272
				4,144,647

Semiconductors—1.6%
Freescale Semiconductor, Inc. (Class “B” Stock)	60,100	1,668,977
Micron Technology, Inc.	101,800	1,498,496
		3,167,473
Software—0.9%
BMC Software, Inc. *	84,800	1,836,768
Telecommunications—5.4%
AT&T, Inc.	214,700	5,805,488
Citizens Communications Co.	34,700	460,469
Verizon Communications, Inc.	130,200	4,434,612
		10,700,569
Transportation—1.4%
Ryder System, Inc.	55,500	2,485,290
YRC Worldwide, Inc. *	7,500	285,450
		2,770,740
Utilities—5.3%
American Electric Power Co., Inc.	46,000	1,564,920
Consolidated Edison, Inc. (a)	6,700	291,450
Dominion Resources, Inc.	11,600	800,748
Duke Energy Corp.	41,600	1,212,640
Edison International *	63,300	2,606,694
Exelon Corp.	22,200	1,174,380
FirstEnergy Corp.	40,200	1,965,780
Sempra Energy *	21,500	998,890
		10,615,502
TOTAL COMMON STOCKS (cost $173,154,614)		189,321,396

Interest Rate	Maturity Date		Moody’s Ratings		Principal Amount (000)
CORPORATE BOND
Retail & Merchandising
Ames Department Stores, Inc., Sr. Notes (g)(i)
10.00%		04/15/06		NR	$	40	4
TOTAL LONG-TERM INVESTMENTS
(cost $173,167,770)							189,321,400
SHORT-TERM INVESTMENTS - 12.3%

	Shares		Value
AFFILIATED MONEY MARKET MUTUAL FUND -11.9%
Dryden Core Investment Fund - Taxable Money Market Series (cost $23,713,818; includes $14,606,459 of cash collateral for securities on loan)(b)(w)		23,713,818		23,713,818

Interest Rate	Maturity Date	Principal Amount (000)	Value
U.S. TREASURY OBLIGATIONS – 0.4%
U.S. Treasury Bills

AST DEAM LARGE-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

4.317%	04/20/06(k)(n)	$	760	$	758,446
4.413%	04/20/06(k)(n)		40		39,917
(cost $798,394)					798,363
TOTAL SHORT-TERM INVESTMENTS
(cost $24,512,212)					24,512,181
TOTAL INVESTMENTS — 107.6%
(cost $197,679,982) (p)					213,833,581
LIABILITIES IN EXCESS OF OTHER ASSETS(x) — (7.6)%					(15,143,654	)
NET ASSETS  — 100.0%				$	198,689,927

The following abbreviations are used in portfolio descriptions:

NR	Not Rated by Moody’s or Standard & Poor’s
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 $13,967,060; cash collateral of $14,606,459 (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 or a portion thereof with an aggregate market value of $798,363 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006.

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

(p) The United States federal income tax basis of the Portfolio’s investments was $198,276,940; accordingly, net unrealized appreciation on investments for federal income tax purposes was $15,556,641 (gross unrealized appreciation - $17,571,963; gross unrealized depreciation - $2,015,322). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(w) Prudential Investments LLC, the 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 unrealize appreciation on futures contracts as follows:

Number of Contracts	Type	Expiration Month		Value at Trade Date		Value at March 31, 2006		Unrealized Appreciation
Long Position:
30	S&P 500	Jun 06	$	9,702,225	$	9,774,750	$	72,525

AST LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 94.2%
COMMON STOCKS
Aerospace & Defense — 1.6%
Lockheed Martin Corp.		98,600	$	7,407,818
Northrop Grumman Corp.		74,700		5,101,263
Raytheon Co.		150,150		6,882,876
				19,391,957
Auto Components — 0.6%
Delphi Corp.		234,800		149,098
Johnson Controls, Inc.		58,800		4,464,684
Lear Corp. (a)		8,900		157,797
Magna International, Inc. (Class “A” Stock)		32,750		2,478,848
				7,250,427
Auto Parts & Related — 0.3%
Paccar, Inc.		47,000		3,312,560
Banks — 0.1%
Bank of New York Co., Inc. (The)		28,500		1,027,140
Beverages — 0.7%
Coca-Cola Co.		146,700		6,142,329
Coca-Cola Enterprises, Inc.		122,200		2,485,548
				8,627,877
Biotechnology — 0.1%
Amgen, Inc. *		20,500		1,491,375
Chemicals — 1.6%
Air Products & Chemicals, Inc.		81,100		5,449,109
Dow Chemical Co.		4,500		182,700
Du Pont de Nemours & Co.		21,000		886,410
Eastman Chemical Co.		105,000		5,373,900
PPG Industries, Inc.		16,500		1,045,275
Praxair, Inc. (a)		77,000		4,246,550
Rohm & Haas Co.		47,800		2,335,986
				19,519,930
Commercial Banks — 4.8%
Bank of America Corp.		798,509		36,364,100
BB & T Corp.		14,200		556,640
KeyCorp		245,150		9,021,520
Marshall & Ilsley Corp.		19,600		854,168
Mellon Financial Corp.		152,900		5,443,240
North Fork Bancorp, Inc.		76,400		2,202,612
UnionBanCal Corp.		37,300		2,616,968
				57,059,248
Commercial Services & Supplies — 0.9%
Cendant Corp.		345,300		5,990,955
Nalco Holding Co. *		46,800		828,360
PHH Corp.		8,200		218,940
Waste Management, Inc.		107,650		3,800,045
				10,838,300
Computer Networking
Network Appliance, Inc. *		200		7,206
Computer Services & Software — 1.7%
Altera Corp. *		22,800		470,592

CA, Inc.	450,100	12,247,221
Hewlett-Packard Co.	193,800	6,376,020
Oracle Corp. *	80,600	1,103,414
		20,197,247
Computers — 0.1%
Affiliated Computer Services, Inc. (Class “A” Stock) *	19,500	1,163,370
NCR Corp. *	6,000	250,740
		1,414,110
Construction — 0.1%
Centex Corp.	9,600	595,104
Consumer Products & Services — 1.7%
Kimberly-Clark Corp.	8,500	491,300
Unilever PLC, ADR (a) (United Kingdom)	125,950	5,172,766
UST, Inc.	341,900	14,223,040
		19,887,106
Containers & Packaging
Smurfit-Stone Container Corp. *	19,700	267,329
Diversified Financial Services — 11.0%
Astoria Financial Corp.	20,600	637,776
Capital One Financial Corp. (a)	18,000	1,449,360
CIT Group, Inc.	107,600	5,758,752
Citigroup, Inc.	616,300	29,114,012
Compass Banshares, Inc.	6,500	328,965
E*Trade Financial Corp. *(a)	83,300	2,247,434
Fannie Mae	358,000	18,401,200
Goldman Sachs Group, Inc.	66,200	10,390,752
JPMorgan Chase & Co.	194,900	8,115,636
Merrill Lynch & Co., Inc.	90,400	7,119,904
Morgan Stanley Dean Witter & Co.	183,600	11,533,752
State Street Corp.	52,200	3,154,446
TCF Financial Corp.	48,600	1,251,450
U.S. Bancorp	453,500	13,831,750
Wachovia Corp.	94,100	5,274,305
Wells Fargo & Co.	170,100	10,864,287
Zions Bancorp	18,500	1,530,505
		131,004,286
Diversified Machinery — 0.1%
Ingersoll-Rand Co. Ltd. (Class “A” Stock)	30,800	1,287,132
Electric Utilities — 5.2%
American Electric Power Co., Inc.	11,600	394,632
CMS Energy Corp. *	143,200	1,854,440
Consolidated Edison, Inc. (a)	62,700	2,727,450
Dominion Resources, Inc.	88,700	6,122,961
Duke Energy Corp. *	154,600	4,506,590
Dynegy, Inc. (Class “A” Stock) *	38,800	186,240
Edison International	58,400	2,404,912
Entergy Corp.	55,400	3,819,276
FirstEnergy Corp.	67,650	3,308,085
FPL Group, Inc. (a)	303,850	12,196,539

AST LARGE-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont’d.)
General Electric Co.		421,600	$	14,663,248
Northeast Utilities (a)		80,000		1,562,400
PG&E Corp.		18,100		704,090
Pinnacle West Capital Corp.		36,100		1,411,510
PPL Corp.		146,000		4,292,400
SCANA Corp.		38,600		1,514,664
Sierra Pacific Resources *		27,200		375,632
				62,045,069
Exchange Traded Fund — 2.0%
iShares Russell 1000 Value Index Fund (a)		328,840		24,011,897
Financial - Bank & Trust — 1.1%
Amsouth Bancorporation		44,800		1,211,840
PNC Financial Services Group, Inc.		56,800		3,823,208
Sovereign Bancorp, Inc.		247,800		5,429,298
SunTrust Banks, Inc.		27,600		2,008,176
				12,472,522
Food & Staples Retailing — 0.5%
Albertson’s, Inc.		234,200		6,011,914
Food Products — 0.8%
Kellogg Co.		4,600		202,584
Kraft Foods, Inc. (Class “A” Stock) (a)		195,450		5,924,090
Sara Lee Corp.		143,750		2,570,250
Sysco Corp.		29,400		942,270
				9,639,194
Health Care Equipment & Supplies
Cooper Cos, Inc. (The) (a)		5,500		297,165
Healthcare Providers & Services — 1.5%
Aetna, Inc.		36,600		1,798,524
HCA, Inc.		173,150		7,928,538
Tenet Healthcare Corp. *		452,300		3,337,974
WellPoint, Inc. *		69,000		5,342,670
				18,407,706
Healthcare Services — 1.0%
Laboratory Corp. of America Holdings *		111,800		6,538,064
Quest Diagnostics, Inc.		98,000		5,027,400
				11,565,464
Hotels, Restaurants & Leisure — 1.3%
Carnival Corp. (Panama)		40,000		1,894,800
Harrah’s Entertainment, Inc.		59,430		4,633,163
Hilton Hotels Corp.		46,700		1,188,982
McDonald’s Corp.		108,300		3,721,188
Yum! Brands, Inc.		70,950		3,466,617
				14,904,750
Household Durables — 1.5%
Lennar Corp. (Class “A” Stock) (a)		271,600		16,399,208
Lennar Corp. (Class “B” Stock)		16,950		945,640
				17,344,848

Independent Power Producers & Energy Traders — 0.1%
Constellation Energy Group, Inc.	27,100	1,482,641
Industrial Conglomerates — 2.2%
3M Co.	103,800	7,856,622
Tyco International Ltd.	697,200	18,740,736
		26,597,358
Insurance — 7.2%
AFLAC, Inc.	19,800	893,574
Allstate Corp. (The)	49,900	2,600,289
American International Group, Inc.	165,100	10,911,459
AON Corp.	16,400	680,764
Assurant, Inc.	69,500	3,422,875
Berkley, (W.R.) Corp.	32,700	1,898,562
Chubb Corp.	19,400	1,851,536
Genworth Financial, Inc. (Class “A” Stock)	333,100	11,135,533
Hanover Insurance Group, Inc. (The)	69,800	3,658,916
Hartford Financial Service Group, Inc. (a)	93,700	7,547,535
Jefferson-Pilot Corporation	19,600	1,096,424
Lincoln National Corp.	45,900	2,505,681
MBIA, Inc. (a)	86,600	5,207,258
MetLife, Inc.	173,550	8,394,614
Progressive Corp.	4,500	469,170
Protective Life Corp.	22,200	1,104,228
St. Paul Travelers Cos., Inc. (The)	291,050	12,162,979
Torchmark Corp.	32,600	1,861,460
UnumProvident Corp. (a)	429,050	8,786,944
		86,189,801
Internet Services
eBay, Inc. *	9,400	367,164
IT Services — 1.5%
Electronic Data Systems Corp.	679,950	18,243,058
Leisure Equipment & Products — 0.2%
Eastman Kodak Co. (a)	85,450	2,430,198
Mattel, Inc.	14,800	268,324
		2,698,522
Machinery — 0.9%
Deere & Co.	20,700	1,636,335
Eaton Corp.	44,900	3,276,353
SPX Corp. (a)	98,800	5,277,896
		10,190,584
Manufacturing
Danaher Corp.	2,400	152,520
Media — 2.1%
CBS Corp Class B	193,800	4,647,324
E.W. Scripps Co., (Class “A” Stock)	20,800	929,968
Echostar Communications Corp. (Class “A” Stock) *	12,900	385,323
Gannett Co., Inc.	113,600	6,806,912

AST LARGE-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
News Corp. (Class “A” Stock)		361,000	$	5,996,210
Time Warner, Inc.		90,700		1,522,853
Viacom, Inc. (Class “B” Stock) *		121,100		4,698,680
				24,987,270
Medical Supplies & Equipment — 0.8%
Bausch & Lomb, Inc.		15,900		1,012,830
Baxter International, Inc.		8,900		345,409
Becton Dickinson & Co.		36,500		2,247,670
Cardinal Health, Inc.		38,800		2,891,376
Charles River Laboratories International, Inc. *		7,600		372,552
McKesson Corp.		2,800		145,964
Sepracor, Inc. *(a)		27,800		1,356,918
Zimmer Holdings, Inc. *		7,700		520,520
				8,893,239
Metals & Mining — 1.3%
Alcoa, Inc.		387,550		11,843,528
United States Steel Corp. (a)		51,100		3,100,748
				14,944,276
Multi-Utilities — 0.7%
Public Service Enterprise Group, Inc.		76,700		4,911,868
Wisconsin Energy Corp.		28,800		1,151,712
Xcel Energy, Inc.		107,000		1,942,050
				8,005,630
Multiline Retail — 0.1%
Dollar General Corp.		42,600		752,742
Oil, Gas & Consumable Fuels — 10.5%
Anadarko Petroleum Corp.		42,600		4,303,026
Apache Corp. (a)		103,800		6,799,938
BJ Services Co.		400		13,840
Burlington Resources, Inc.		89,200		8,198,372
ChevronTexaco Corp.		393,400		22,805,398
ConocoPhillips (a)		485,200		30,640,380
Ecnana Corp.		20,200		943,946
El Paso Corp		284,000		3,422,200
EOG Resources, Inc.		28,700		2,066,400
Exxon Mobil Corp.		457,900		27,867,794
Halliburton Co. (a)		20,100		1,467,702
Occidental Petroleum Corp.		121,600		11,266,240
Valero Energy Corp.		53,400		3,192,252
Weatherford International Ltd. *		34,900		1,596,675
				124,584,163
Oil, Gas & Consumable Fuels — 1.5%
Devon Energy Corp.		222,000		13,579,740
Rowan Cos., Inc.		10,100		443,996
Tesoro Corp. (a)		48,950		3,345,243
XTO Energy, Inc.		18,300		797,331
				18,166,310
Paper & Forest Products — 0.4%
Bowater, Inc. (a)		11,300		334,254
International Paper Co.		40,400		1,396,628
Temple-Inland, Inc.		7,800		347,490

Weyerhaeuser Co.	43,050	3,118,112
		5,196,484
Pharmaceuticals — 4.2%
Abbott Laboratories	54,200	2,301,874
Barr Pharmaceuticals, Inc. *	8,500	535,330
Bristol-Myers Squibb Co.	136,600	3,361,726
Eli Lilly & Co.	43,500	2,405,550
Medco Health Solutions, Inc. *	58,800	3,364,536
Merck & Co., Inc.	209,600	7,384,208
Pfizer, Inc.	833,700	20,775,804
Watson Pharmaceuticals, Inc. *	4,700	135,078
Wyeth	202,700	9,835,004
		50,099,110
Printing & Publishing
Knight-Ridder, Inc.	7,000	442,470
Real Estate Investment Trust — 2.4%
Apartment Investment & Management Co. (Class “A” Stock)	112,750	5,287,975
Cresent Real Estate (a)	41,700	878,619
Duke Realty Corp.	100	3,795
Hospitality Pptys Trust	34,200	1,493,514
Host Marriot Corp.	206,400	4,416,960
Liberty Property Trust (a)	17,500	825,300
Mack-Cali Realty Corp.	36,100	1,732,800
Mills Corp. (The)	2,200	61,600
New Century Financial Corp.	81,900	3,769,038
Plum Creek Timber Co.	66,900	2,470,617
ProLogis	88,700	4,745,450
Realty Income Corporation	37,800	915,138
Simon Property Group, Inc.	21,100	1,775,354
		28,376,160
Retail & Merchandising — 2.2%
Abercrombie & Fitch Co., (Class “A” Stock)	12,800	746,240
Federated Department Stores, Inc.	54,000	3,942,000
Home Depot, Inc.	194,900	8,244,270
J. C. Penney Co., Inc.	36,000	2,174,760
Kohl’s Corp. *	20,800	1,102,608
Lowe’s Cos., Inc.	16,200	1,043,928
Nordstrom, Inc.	19,400	760,092
Safeway, Inc.	91,400	2,295,968
Staples, Inc.	212,300	5,417,896
Target Corp.	9,900	514,899
		26,242,661
Semiconductors — 0.2%
Broadcom Corp., (Class “A” Stock) *	18,800	811,408
Linear Technology Corp. (a)	5,500	192,940
Maxim Integrated Products, Inc.	8,300	308,345
Novellus Systems, Inc. *	1,000	24,000
Teradyne, Inc. *	13,000	201,630
Xilinx, Inc.	42,700	1,087,142
		2,625,465

AST LARGE-CAP VALUE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment — 0.2%
Fisher Scientific International, Inc. *		35,600	$	2,422,580
Software — 1.4%
BMC Software, Inc. *		297,400		6,441,684
IBM Business Machines Corp.		43,300		3,570,951
Microsoft Corp.		254,750		6,931,747
				16,944,382
Specialty Retail — 0.5%
Borders Group, Inc.		223,500		5,641,140
Telecommunications — 3.5%
AT&T, Inc. (a)		521,300		14,095,952
Cisco Systems, Inc. *		25,400		550,418
Corning, Inc. *		119,100		3,204,981
Juniper Networks, Inc. *(a)		86,500		1,653,880
Lucent Technologies, Inc. *		62,100		189,405
Motorola, Inc.		90,200		2,066,482
QUALCOMM, Inc.		12,800		647,808
Sprint Nextel Corp.		187,400		4,842,416
Tellabs, Inc. *		32,900		523,110
Verizon Communications, Inc.		419,700		14,294,982
				42,069,434
Textiles, Apparel & Luxury Goods — 0.7%
Jones Apparel Group, Inc.		152,100		5,379,777
Mohawk Industries, Inc. *		8,500		686,120
NIKE, Inc. (Class “B” Stock)		28,700		2,442,370
				8,508,267
Thrifts & Mortgage Finance — 4.1%
Countrywide Financial Corp.		139,900		5,134,330
Freddie Mac		391,050		23,854,050
Washington Mutual, Inc. (a)		457,050		19,479,471
				48,467,851
Tobacco — 3.9%
Altria Group, Inc.		622,650		44,120,979
Imperial Tobacco Group ADR		31,700		1,898,196
				46,019,175
Transportation — 1.1%
CSX Corp.		56,900		3,402,620
FedEx Corp.		23,900		2,699,266
Norfolk Southern Corp.		138,800		7,504,916
				13,606,802
TOTAL LONG-TERM INVESTMENTS (cost $1,081,366,233)				1,122,796,122
SHORT-TERM INVESTMENT — 17.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $209,398,196; includes $137,173,942 of cash collateral for securities on loan)(b)(w)		209,398,196		209,398,196
TOTAL INVESTMENTS — 111.7% (cost $1,290,764,429)(p)			$	1,332,194,318
LIABILITIES IN EXCESS OF OTHER ASSETS(u) — (11.7)%				(139,983,594	)
NET ASSETS — 100.0%			$	1,192,210,724

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 $131,585,870; cash collateral of $137,173,942 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $1,292,613,816; accordingly, net unrealized appreciation on investments for federal income tax purposes was $39,580,502 (gross unrealized appreciation - $55,669,000; gross unrealized depreciation - $16,088,498). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(u)	Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Number of		Expiration	Value at	Value at		Unrealized
Contracts	Type	Month	Trade Date	March 31, 2006		Depreciation
Long Position:
130	S&P 500	Jun 06	$  42,562,133	$  42,357,250	$	(204,883	)

⁽¹⁾    Cash of $7,047,500 has been segregated with the custodian to cover requirements for
        the above open futures contracts at March 31, 2006.

(w) Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

4

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 98.3%
COMMON STOCKS
Advertising — 0.4%
Interpublic Group of Cos., Inc. (The) *(a)		130,600	$	1,248,536
Aerospace — 1.7%
Boeing Co.		27,900		2,174,247
Goodrich Corp.		40,800		1,779,288
Northrop Grumman Corp.		16,600		1,133,614
				5,087,149
Automobile Manufacturers — 0.5%
Toyota Motor Corp., ADR (Japan)		13,200		1,437,480
Automotive Parts — 1.3%
American Axle & Manufacturing Holdings, Inc.		3,400		58,242
Autoliv, Inc.		24,600		1,391,868
BorgWarner, Inc.		16,400		984,656
Cooper Tire & Rubber Co.		17,900		256,686
Lear Corp. (a)		18,000		319,140
Magna International, Inc. (Class “A” Stock)		10,200		772,038
				3,782,630
Beverages — 1.7%
Coca-Cola Co.		73,200		3,064,884
Molson Coors Brewing Co. (Class “B” Stock)		11,400		782,268
PepsiCo, Inc.		22,200		1,282,938
				5,130,090
Broadcasting — 0.7%
CBS Corp. (Class “B” Stock)		85,700		2,055,086
Building Materials — 0.4%
Martin Marietta Materials, Inc.		9,600		1,027,488
Cable Television — 0.8%
Comcast Corp. (Class “A” Stock) *(a)		87,500		2,289,000
Chemicals — 0.7%
Lubrizol Corp. (The)		5,650		242,103
PPG Industries, Inc.		27,900		1,767,465
				2,009,568
Clothing & Apparel — 0.6%
Jones Apparel Group, Inc.		46,900		1,658,853
Computer Hardware — 2.4%
Hewlett-Packard Co.		190,624		6,271,530
International Business Machines Corp.		10,000		824,700
				7,096,230
Computer Services & Software — 1.7%
Electronic Data Systems Corp.		97,200		2,607,876
Microsoft Corp.		66,500		1,809,465

Tech Data Corp. *	18,850	695,754
		5,113,095
Conglomerates — 2.5%
Altria Group, Inc.	88,900	6,299,454
Textron, Inc.	10,300	961,917
		7,261,371
Consumer Products & Services — 2.2%
Clorox Co. (a)	33,700	2,016,945
Kimberly-Clark Corp.	25,400	1,468,120
Procter & Gamble Co.	24,900	1,434,738
UST, Inc.	38,600	1,605,760
		6,525,563
Containers & Packaging — 0.6%
Owens-Illinois, Inc. *	61,800	1,073,466
Smurfit-Stone Container Corp. *	40,200	545,514
		1,618,980
Electronic Components & Equipment — 4.6%
Agere Systems, Inc. *	42,510	639,350
Arrow Electronics, Inc. *	24,000	774,480
Celestica, Inc.	69,200	792,340
Flextronics International Ltd. *	112,600	1,165,410
General Electric Co.	180,000	6,260,400
Hubbell, Inc. (Class “B” Stock) (a)	12,375	634,343
Sanmina-SCI Corp. *	190,600	781,460
Solectron Corp. *(a)	227,350	909,400
SPX Corp. (a)	31,200	1,666,704
		13,623,887
Entertainment & Leisure — 1.5%
Disney, (Walt) Co.	15,200	423,928
Time Warner, Inc. (a)	234,800	3,942,292
		4,366,220
Financial - Bank & Trust — 10.3%
Astoria Financial Corp.	19,800	613,008
Bank of America Corp.	233,576	10,637,051
BB&T Corp.	21,500	842,800
Comerica, Inc.	31,300	1,814,461
Huntington Bancshares, Inc.	70,300	1,696,339
National City Corp.	63,650	2,221,385
Regions Financial Corp.	24,800	872,216
SunTrust Banks, Inc.	15,600	1,135,056
U.S. Bancorp	63,700	1,942,850
Wachovia Corp.	113,000	6,333,650
Wells Fargo & Co.	33,700	2,152,419
		30,261,235
Financial Services — 16.0%
Citigroup, Inc.	284,900	13,458,676
Fannie Mae	77,500	3,983,500
Freddie Mac	60,300	3,678,300
Goldman Sachs Group, Inc.	4,500	706,320
J.P. Morgan Chase & Co.	169,100	7,041,324
KeyCorp	43,475	1,599,880

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial Services (cont’d.)
Lehman Brothers Holdings, Inc.		9,800	$	1,416,394
MBIA, Inc. (a)		19,300		1,160,509
Mellon Financial Co.		59,300		2,111,080
Merrill Lynch & Co., Inc.		67,300		5,300,548
MGIC Investment Corp.		6,900		459,747
Morgan Stanley Dean Witter & Co. (a)		19,600		1,231,272
PNC Financial Services Group, Inc.		19,800		1,332,738
Waddell & Reed Financial, Inc. (Class “A” Stock)		21,100		487,410
Washington Mutual, Inc. (a)		71,775		3,059,050
				47,026,748
Food — 1.5%
ConAgra Foods, Inc.		90,700		1,946,422
Kraft Foods, Inc. (Class “A” Stock) (a)		20,100		609,231
Safeway, Inc.		49,700		1,248,464
Sara Lee Corp.		40,400		722,352
				4,526,469
Healthcare Services — 0.3%
HCA, Inc.		12,800		586,112
Tenet Healthcare Corp. *		56,700		418,446
				1,004,558
Industrial Products — 0.6%
Cooper Industries Ltd. (Class “A” Stock)		9,800		851,620
Crane Co.		24,300		996,543
				1,848,163
Insurance — 7.2%
ACE Ltd.		15,100		785,351
Allstate Corp. (The)		5,500		286,605
American International Group, Inc.		55,800		3,687,822
Chubb Corp.		20,700		1,975,608
Genworth Financial, Inc. (Class “A” Stock)		53,300		1,781,819
Hartford Financial Services Group, Inc. (The) (a)		36,100		2,907,855
MetLife, Inc.		52,625		2,545,471
PartnerRe Ltd. (Bermuda)		6,200		384,958
RenaissanceRe Holdings Ltd.		30,700		1,339,134
St. Paul Travelers Cos., Inc. (The)		71,040		2,968,762
Torchmark Corp.		2,225		127,047
UnumProvident Corp. (a)		64,800		1,327,104

XL Capital Ltd. (Class “A” Stock)	17,800	1,141,158
		21,258,694
Machinery & Equipment — 0.4%
Eaton Corp.	15,900	1,160,223
Movies & Entertainment — 0.5%
Viacom, Inc. (Class “B” Stock) *	39,700	1,540,360
Oil & Gas — 14.4%
BP PLC, ADR (United Kingdom)	24,300	1,675,242
ChevronTexaco Corp.	94,300	5,466,571
ConocoPhillips (a)	60,500	3,820,575
Diamond Offshore Drilling, Inc. (a)	32,900	2,944,550
ENSCO International, Inc.	24,400	1,255,380
Exxon Mobil Corp.	299,100	18,203,226
GlobalSantaFe Corp.	42,200	2,563,650
Noble Corp. (Cayman Islands)	28,000	2,270,800
Occidental Petroleum Corp.	5,900	546,635
Rowan Cos., Inc.	43,700	1,921,052
Total Fina SA, ADR (a) (France)	13,200	1,738,836
		42,406,517
Paper & Forest Products — 0.2%
Temple-Inland, Inc.	15,300	681,615
Pharmaceuticals — 5.3%
Lilly, (Eli) & Co. (a)	31,200	1,725,360
Merck & Co., Inc.	118,500	4,174,755
Pfizer, Inc.	392,500	9,781,100
		15,681,215
Railroads — 1.3%
CSX Corp.	42,700	2,553,460
Norfolk Southern Corp.	21,300	1,151,691
		3,705,151
Restaurants — 1.2%
McDonald’s Corp.	101,100	3,473,796
Retail & Merchandising — 3.7%
Kroger Co. (The) *	118,900	2,420,804
Limited Brands, Inc.	86,900	2,125,574
Mattel, Inc.	33,100	600,103
Office Depot, Inc. *	88,900	3,310,636
SUPERVALU, Inc.	33,325	1,027,076
Target Corp.	26,100	1,357,461
		10,841,654
Semiconductors — 0.4%
Intel Corp.	61,900	1,197,765
Telecommunications — 7.6%
ADC Telecommunications, Inc. *(a)	34,485	882,471
American Tower Corp., (Class “A” Stock) *(a)	35,300	1,070,296
AT&T, Inc.	135,900	3,674,736

AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Telecommunications (cont’d.)
BellSouth Corp.		39,000	$	1,351,350
Corning, Inc. *		48,400		1,302,444
Crown Castle International Corp. *(a)		35,700		1,012,095
Nokia Corp. (Class “A” Stock), ADR (a) (Norway)		73,600		1,524,992
Sprint Corp.		170,750		4,412,180
Tellabs, Inc. *		72,000		1,144,800
Verizon Communications, Inc.		177,300		6,038,838
				22,414,202
Utilities — 3.1%
American Electric Power Co., Inc.		60,600		2,061,612
Constellation Energy Group, Inc.		19,500		1,066,845
Dominion Resources, Inc.		35,100		2,422,953
Entergy Corp.		30,500		2,102,670
Exelon Corp.		5,800		306,820
Wisconsin Energy Corp.		30,700		1,227,693
				9,188,593
TOTAL LONG-TERM INVESTMENTS
(cost $240,271,912)				289,548,184
SHORT-TERM INVESTMENT- 14.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $41,143,540; includes $35,944,396 of cash collateral for securities on loan)(b)(w)		41,143,540		41,143,540
TOTAL INVESTMENTS — 112.3%
(cost $281,415,452)(p)				330,691,724
LIABILITIES IN EXCESS OF OTHER ASSETS — (12.3)%				(36,105,206)
NET ASSETS — 100.0%			$	294,586,518

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 $34,115,542; cash collateral of $35,944,396 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $282,729,750; accordingly, net unrealized appreciation on investments for federal income tax purposes was $47,961,974 (gross unrealized appreciation - $55,285,568; gross unrealized depreciation - $7,323,594). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST COHEN & STEERS REALTY PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS - 97.4%
COMMON STOCKS
Apartment/Residential — 22.5%
Apartment Investment & Management Co. (Class “A” Stock), REIT		316,100	$	14,825,090
Archstone-Smith Trust, REIT		375,000		18,288,750
Avalonbay Communities, Inc., REIT		222,335		24,256,748
BRE Properties, Inc., REIT		241,000		13,496,000
Equity Residential Properties Trust, REIT		495,100		23,165,729
Essex Property Trust, Inc., REIT		61,900		6,730,387
GMH Communities Trust, REIT		109,800		1,278,072
Post Properties, Inc., REIT		112,661		5,013,415
				107,054,191
Diversified Operations — 7.6%
Sun Communities, Inc., REIT		143,100		5,058,585
Vornado Realty Trust, REIT		321,463		30,860,448
Glenborough Realty Trust, Inc.		68,000		1,479,000
				37,398,033
Healthcare Services — 1.7%
Ventas, Inc., REIT		251,600		8,348,088
Hotels & Motels — 8.9%
Hilton Hotels Corp.		362,100		9,219,066
Host Marriott Corp., REIT		643,700		13,775,180
Starwood Hotels & Resorts Worldwide, Inc.		196,500		13,308,945
Strategic Hotel Capital, Inc., REIT		255,700		5,952,696
				42,255,887
Industrial — 5.3%
AMB Property Corp., REIT		147,700		8,015,679
ProLogis, REIT		318,664		17,048,524
				25,064,203
Office — 23.8%
Alexandria Real Estate Equities, Inc., REIT		106,724		10,173,999
American Financial Realty Trust, REIT		216,600		2,523,390
Biomed Realty Trust, Inc., REIT		109,300		3,239,652
Boston Properties, Inc., REIT		265,700		24,776,525
Brandywine Realty Trust		26,082		828,364
Brookfield Properties Corp. (Canada)		605,750		20,550,426
CarrAmerica Realty Corp., REIT		30,300		1,351,683
Cousins Properties, Inc.		13,100		437,933
Equity Office Properties Trust, REIT		463,300		15,557,614
Extra Space Storage, Inc.		105,400		1,811,826
Kilroy Realty Corp., REIT		61,000		4,712,860
Mack-Cali Realty Corp.		158,012		7,584,576
Maguire Properties, Inc., REIT		137,700		5,026,050
SL Green Realty Corp., REIT		69,500		7,054,250
Trizec Properties, Inc., REIT		260,300		6,697,519
				112,326,667

Office Equipment — 0.1%
Republic Property Trust *	23,585	277,596
Office/Industrial — 3.2%
Liberty Property Trust, REIT	160,200	7,555,032
Reckson Associates Realty Corp., REIT	164,000	7,514,480
		15,069,512
Regional Mall — 13.7%
CBL & Associates Properties, Inc., REIT	73,000	3,098,850
General Growth Properties, Inc., REIT	169,700	8,293,239
Macerich Co., REIT	148,900	11,011,155
Mills Corp. (The), REIT	214,000	5,992,000
Simon Property Group, Inc., REIT	281,500	23,685,410
Tanger Factory Outlet Centers, Inc., REIT	159,600	5,491,836
Taubman Centers, Inc., REIT	182,200	7,592,274
		65,164,764
Self Storage — 4.8%
Public Storage, Inc., REIT	161,200	13,094,276
Shurgard Storage Centers, Inc. (Class “A” Stock), REIT	132,083	8,800,690
U-Store-It Trust, REIT	60,700	1,223,105
		23,118,071
Shopping Centers — 5.8%
Developers Diversified Realty Corp., REIT	178,400	9,767,400
Federal Realty Investment Trust, REIT	116,900	8,790,880
Inland Real Estate, Corp.	53,400	870,954
Pan Pacific Retail Properties, Inc., REIT	52,700	3,736,430
Regency Centers Corp., REIT	67,359	4,525,851
		27,691,515
TOTAL LONG-TERM INVESTMENTS (cost $325,182,631)		463,768,527
SHORT-TERM INVESTMENT— 2.6%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $12,484,878)(w)	12,484,878	12,484,878

AST COHEN & STEERS REALTY PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

TOTAL INVESTMENTS — 100.0% (cost $337,667,509) (p)	$	476,253,405
OTHER ASSETS IN EXCESS OF LIABILITIES		236,893
NET ASSETS — 100.0%	$	476,490,298

The following abbreviations are used in portfolio descriptions:

REIT	Real Estate Investment Trust
*	Non-income producing security.
(p)	The United States federal income tax basis of the Portfolio’s investments was $337,865,755; accordingly, net unrealized appreciation on investments for federal income tax purposes was $138,387,650 (gross unrealized appreciation - $142,446,803; gross unrealized depreciation - $4,059,153). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS — 99.0%
COMMON STOCKS
Advertising — 0.2%
Interpublic Group of Cos., Inc. (The) *(a)	90,000	$	860,400
Aerospace — 0.4%
Rockwell Collins, Inc.	32,100		1,808,835
Aerospace & Defense — 3.2%
Boeing Co. (The)	91,500		7,130,595
General Dynamics Corp.	50,800		3,250,184
Goodrich Corp.	40,900		1,783,649
Northrop Grumman Corp.	49,600		3,387,184
			15,551,612
Air Freight & Couriers — 1.0%
United Parcel Service, Inc. (Class “B” Stock) (a)	62,300		4,945,374
Apparel — 0.1%
Jones Apparel Group, Inc.	10,200		360,774
Automobile Manufacturers — 0.5%
Ford Motor Co.	108,400		862,864
General Motors Corp. (a)	60,600		1,288,962
Toyota Motor Corp.	3,200		348,480
			2,500,306
Automotive Parts — 0.7%
BorgWarner, Inc.	20,700		1,242,828
Cooper Tire & Rubber Co.	71,900		1,031,046
Lear Corp. (a)	48,700		863,451
Magna International, Inc. (Class “A” Stock)	4,400		333,036
			3,470,361
Banks — 0.4%
KeyCorp	58,100		2,138,080
Beverages — 0.6%
Coca-Cola Co.	61,700		2,583,379
PepsiCo, Inc.	9,600		554,784
			3,138,163
Building Materials — 0.6%
American Standard Cos., Inc.	57,000		2,443,020
Masco Corp. (a)	15,000		487,350
			2,930,370
Business Services — 0.3%
Unisys Corp. *	193,900		1,335,971
Chemicals — 1.2%
Ashland, Inc.	15,300		1,087,524
Du Pont de Nemours & Co.	26,800		1,131,228
Hercules, Inc. *	6,900		95,220
Lubrizol Corp. (The)	18,400		788,440
Lyondell Chemical Co.	58,700		1,168,130

PPG Industries, Inc.	22,000	1,393,700
		5,664,242
Clothing & Apparel — 0.6%
Limited Brands, Inc.	44,300	1,083,578
VF Corp.	34,375	1,955,937
		3,039,515
Commercial Banks — 3.6%
Bank of America Corp.	261,446	11,906,251
Wachovia Corp.	96,050	5,383,602
		17,289,853
Communication Equipment — 3.7%
Cisco Systems, Inc. *	139,000	3,012,130
Corning, Inc. *	112,800	3,035,448
Juniper Networks, Inc. *(a)	34,800	665,376
Motorola, Inc.	136,800	3,134,088
Qualcomm, Inc.	125,200	6,336,372
Tellabs, Inc. *	100,700	1,601,130
		17,784,544
Computer Hardware — 1.8%
Apple Computer, Inc. *	49,800	3,123,456
International Business Machines Corp.	69,600	5,739,912
		8,863,368
Computer Services & Software — 5.3%
Electronic Arts, Inc. *	69,900	3,824,928
EMC Corp. *	267,700	3,648,751
Microsoft Corp.	531,900	14,472,999
Oracle Corp. *	184,200	2,521,698
Tech Data Corp. *	33,000	1,218,030
		25,686,406
Computers & Peripherals — 1.7%
Dell, Inc.	59,085	1,758,370
Hewlett-Packard Co.	203,060	6,680,674
		8,439,044
Conglomerates — 4.8%
General Electric Co.	568,770	19,781,821
Textron, Inc.	9,000	840,510
Tyco International Ltd.	88,100	2,368,128
		22,990,459
Construction — 0.2%
Pulte Homes, Inc.	25,600	983,552
Consumer Products & Services — 0.5%
Fortune Brands, Inc.	27,400	2,209,262

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
COMMON STOCKS (Continued)
Consumer Products & Services (cont’d.)
Kimberly-Clark Corp.	4,425	$	255,765
			2,465,027
Containers & Packaging — 0.1%
Sonoco Products Co.	20,500		694,335
Cosmetics & Toiletries — 2.6%
Procter & Gamble Co.	215,400		12,411,348
Diversified Financial Services — 1.0%
Goldman Sachs Group, Inc.	7,000		1,098,720
Lehman Brothers Holdings, Inc.	5,400		780,462
Morgan Stanley Dean Witter & Co. (a)	50,400		3,166,128
			5,045,310
Diversified Telecommunication Services — 0.8%
Verizon Communications Inc.	117,700		4,008,862
Education — 0.3%
Strayer Education, Inc.	15,500		1,585,030
Electric Utilities — 0.6%
Dominion Resources Inc.	10,400		717,912
Entergy Corp.	32,800		2,261,232
			2,979,144
Electronic Components — 1.2%
Arrow Electronics, Inc. *	28,300		913,241
Avnet, Inc. *	28,700		728,406
Emerson Electric Co.	14,000		1,170,820
Flextronics International Ltd. *	66,800		691,380
Hubbell, Inc. (Class “B” Stock) *(a)	21,000		1,076,460
Solectron Corp. *(a)	347,697		1,390,788
			5,971,095
Farming & Agriculture — 0.2%
Bunge Ltd. (Bermuda)	14,100		785,511
Financial - Bank & Trust — 2.9%
BB & T Corp. *	15,800		619,360
Comerica, Inc.	27,600		1,599,972
Commerce Bancorp, Inc.	16,100		590,065
Fannie Mae	87,600		4,502,640
National City Corp. (a)	108,000		3,769,200
Northern Trust Corp. (a)	3,900		204,750
SunTrust Banks, Inc.	14,200		1,033,192
U.S. Bancorp	29,000		884,500
Wells Fargo & Co.	12,500		798,375
			14,002,054
Financial - Brokerage — 0.4%
Legg Mason, Inc.	14,750		1,848,617
Financial Services — 7.1%
Citigroup, Inc.	299,200		14,134,208
Franklin Resources, Inc.	22,500		2,120,400
JPMorgan Chase & Co.	252,176		10,500,609

Merrill Lynch & Co., Inc.	97,800	7,702,728
		34,457,945
Food & Staples Retailing — 0.3%
Wal-Mart Stores, Inc.	26,800	1,266,032
Food Products — 0.4%
ConAgra Foods, Inc. (a)	94,200	2,021,532
Foods — 1.2%
Safeway, Inc.	54,775	1,375,948
Unilever NV	6,000	415,320
Whole Foods Market, Inc. (a)	26,100	1,734,084
Wrigley, (Wm., Jr.) Co. *(a)	36,200	2,316,800
		5,842,152
Healthcare Services — 2.9%
Caremark Rx, Inc. *	82,000	4,032,760
HCA, Inc.	24,600	1,126,434
Tenet Healthcare Corp. *	140,500	1,036,890
UnitedHealth Group, Inc.	141,100	7,881,846
		14,077,930
Hotels, Restaurants & Leisure — 1.5%
McDonald’s Corp.	139,000	4,776,040
Starbucks Corp. *	67,600	2,544,464
		7,320,504
Household/Personal Care — 0.4%
Colgate-Palmolive Co.	37,000	2,112,700
Industrial Products — 0.4%
Cooper Industries Ltd. (Class “A” Stock)	20,200	1,755,380
Insurance — 6.5%
ACE Ltd.	46,400	2,413,264
American International Group, Inc.	176,887	11,690,462
Axis Capital Holdings Ltd. (Bermuda)	26,550	793,845
Chubb Corp.	8,400	801,696
Genworth Financial, Inc. (Class “A” Stock)	8,800	294,184
Hartford Financial Service Group, Inc. (a)	18,500	1,490,175
Lincoln National Corp.	26,200	1,430,258
Loews Corp. *	33,400	3,380,080
MetLife, Inc.	9,800	474,026
PartnerRe Ltd. (Bermuda)	19,800	1,229,382
St. Paul Travelers Cos., Inc. (The)	74,193	3,100,525
UnumProvident Corp. (a)	93,000	1,904,640
XL Capital Ltd. (Class “A” Stock)	34,800	2,231,028
		31,233,565
Internet Services — 2.2%
eBay, Inc. *	142,600	5,569,956
Google, Inc. (Class “A” Stock) *	5,900	2,301,000

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
COMMON STOCKS (Continued)
Internet Services (cont’d.)
Yahoo!, Inc. *(a)	92,300	$	2,977,598
			10,848,554
IT Services — 0.5%
Electronic Data Systems Corp.	82,000		2,200,060
Machinery & Equipment — 0.8%
Eaton Corp.	28,700		2,094,239
			4,141,949
Ingersoll-Rand Co. Ltd. (Class “A” Stock)	49,000	$	2,047,710
Media — 2.2%
CBS Corp. (Class “B” Stock)	13,950		334,521
Comcast Corp. (Class “A” Stock) (a)	85,500		2,236,680
Comcast Corp. (Special Class “A” Stock) *(a)	19,100		498,892
Time Warner, Inc. (a)	348,600		5,852,994
Viacom, Inc. (Class “B” Stock) *	13,950		541,260
Walt Disney Co. (The)	47,100		1,313,619
			10,777,966
Medical Supplies & Equipment — 3.0%
Alcon, Inc. (Switzerland)	18,400		1,918,384
Amgen, Inc. *	78,200		5,689,050
Merck & Co., Inc.	196,300		6,915,649
			14,523,083
Metals & Mining
Novelis, Inc.	3,800		78,166
Oil, Gas & Consumable Fuels — 6.5%
Baker Hughes, Inc.	11,000		752,400
ChevronTexaco Corp.	30,546		1,770,752
Diamond Offshore Drilling, Inc. (a)	26,900		2,407,550
Exxon Mobil Corp.	279,100		16,986,026
GlobalSantaFe Corp.	27,000		1,640,250
Halliburton Co. (a)	23,600		1,723,272
Marathon Oil Corp.	7,300		556,041
Nabors Industries Ltd. *(a)	44,600		3,192,468
Noble Corp. (Cayman Islands)	5,200		421,720
Noble Energy, Inc.	33,800		1,484,496
Schlumberger Ltd.	2,400		303,768
			31,238,743
Oil, Gas & Consumable Fuels — 1.1%
BP PLC, ADR (United Kingdom)	32,000		2,206,080
Occidental Petroleum Corp.	31,000		2,872,150
			5,078,230
Paper & Forest Products — 0.3%
Smurfit-Stone Container Corp. *	102,400		1,389,568
Personal Services — 0.4%
Apollo Group, Inc. (Class “A” Stock) *	33,400		1,753,834
Pharmaceuticals — 5.0%
Bristol-Meyers Squibb Co.	60,600		1,491,366
Eli Lilly & Co. (a)	111,600		6,171,480
Genentech, Inc. *(a)	23,800		2,011,338
Gilead Sciences, Inc. *	55,350		3,443,877

Johnson & Johnson	66,100	3,914,442
MedImmune, Inc. *(a)	43,300	1,583,914
Pfizer, Inc.	172,820	4,306,674
Teva Pharmaceutical Industries Ltd., ADR (a)	26,300	1,083,034
		24,006,125
Printing & Publishing — 0.1%
Donnelley, (R.R.) & Sons Co.	15,100	494,072
Retail & Merchandising — 5.3%
Home Depot, Inc.	142,900	6,044,670
Kroger Co. (The) *	34,000	692,240
Lowe’s Cos., Inc. (a)	97,800	6,302,232
Office Depot, Inc. *	23,300	867,692
SUPERVALU, Inc.	15,100	465,382
Target Corp.	117,200	6,095,572
Walgreen Co.	72,000	3,105,360
Williams-Sonoma, Inc. *	51,500	2,183,600
		25,756,748
Semiconductors — 2.7%
Agere Systems, Inc. *	25,800	388,032
Broadcom Corp., (Class “A” Stock) *	86,000	3,711,760
Intel Corp.	219,680	4,250,808
Marvell Technology Group Ltd. (Bermuda) *	29,440	1,592,704
Nvidia Corp. *	31,300	1,792,238
Texas Instruments, Inc.	34,000	1,103,980
		12,839,522
Telecommunication Services — 0.3%
Crown Castle International Corp. *(a)	48,100	1,363,635
Telecommunications — 1.6%
AT&T, Inc. (a)	119,300	3,225,872
Sprint Nextel Corp.	171,374	4,428,304
		7,654,176
Thrifts & Mortgage Finance — 1.1%
Freddie Mac	11,500	701,500
Washington Mutual, Inc. (a)	110,300	4,700,986
		5,402,486
Tobacco — 2.5%
Altria Group, Inc. *	132,150	9,364,149
Reynolds America, Inc. (a)	26,800	2,827,400
		12,191,549
Transportation — 0.3%
CSX Corp.	19,900	1,190,020
Norfolk Southern Corp.	5,200	281,164
		1,471,184
Utilities — 0.9%
American Electric Power Co., Inc.	14,700	500,094
DTE Energy Co.	23,700	950,133

AST ALLIANCEBERNSTEIN MANAGED INDEX 500 PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares	Value
COMMON STOCKS (Continued)
Utilities (cont’d.)
TXU Corp.	61,800	$	2,766,168
			4,216,395
TOTAL LONG-TERM INVESTMENTS (cost $412,748,700)			479,091,347
SHORT-TERM INVESTMENT -12.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $60,310,401; includes $55,166,013 of cash collateral for securities on loan)(b)(w)	60,310,401		60,310,401
TOTAL INVESTMENTS — 111.5% (cost $473,059,101) (p)			539,401,748
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.5)%			(55,588,835	)
NET ASSETS — 100.0%		$	483,812,913

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 $52,836,872; cash collateral of $55,166,013 (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.
(p)	The United States federal income tax basis of the Portfolio’s investments was $474,615,670; accordingly, net unrealized appreciation on investments for federal income tax purposes was $64,786,078 (gross unrealized appreciation - $83,496,464; gross unrealized depreciation - $18,710,386). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 99.2%
COMMON STOCKS
Aerospace — 2.1%
Lockheed Martin Corp.		8,322	$	625,232
Northrop Grumman Corp.		108,734		7,425,445
				8,050,677
Airlines — 0.2%
Southwest Airlines Co.		31,534		567,297
Automobile Manufacturers — 1.5%
Ford Motor Co. (a)		735,707		5,856,228
Automotive Parts — 0.8%
Goodyear Tire & Rubber Co. (The) *(a)		52,408		758,868
Group 1 Automotive, Inc.		11,455		544,571
Sonic Automotive, Inc. (a)		68,868		1,911,775
				3,215,214
Beverages
Molson Coors Brewing Co. (Class “B” Stock)		1,414		97,029
Broadcasting — 0.3%
CBS Corp. (Class “B” Stock)		54,649		1,310,483
Building Materials — 0.8%
Building Material Holding Corp. (a)		40,196		1,432,586
USG Corp. *(a)		15,768		1,497,329
				2,929,915
Business Services — 0.4%
Accenture Ltd. (Class “A” Stock) *		10,626		319,524
Acxiom Corp.		17,354		448,427
Harland, (John H.) Co.		20,611		810,012
				1,577,963
Chemicals — 2.4%
Eastman Chemical Co.		56,941		2,914,240
Lyondell Chemical Co.		229,175		4,560,583
Olin Corp.		47,066		1,010,507
UAP Holding Corp.		29,688		638,292
				9,123,622
Computer Hardware — 4.6%
Hewlett-Packard Co.		195,583		6,434,681
Imation Corp.		11,976		513,890
International Business Machines Corp.		127,643		10,526,718
				17,475,289
Computer Services & Software — 2.9%
Computer Sciences Corp. *		49,580		2,754,169
Microsoft Corp.		296,788		8,075,601
Sybase, Inc.		1,813		38,291
Tech Data Corp. *		5,887		217,289
				11,085,350

Conglomerates — 0.4%
Tyco International Ltd.	61,942	1,665,001
Consumer Cyclicals - Motor Vehicle — 0.2%
ArvinMeritor, Inc. (a)	48,816	727,847
Consumer Products & Services — 4.7%
American Greetings Corp., (Class “A” Stock)	1,742	37,662
Hasbro, Inc.	27,157	573,013
Johnson & Johnson	97,122	5,751,565
Kimberly-Clark Corp.	115,976	6,703,413
Newell Rubbermaid, Inc. (a)	74,521	1,877,184
Reynolds America, Inc. (a)	15,189	1,602,439
Tupperware Corp.	71,668	1,475,644
		18,020,920
Electric — 0.6%
Pepco Holdings, Inc.	107,163	2,442,245
Electronic Components & Equipment — 2.1%
Arrow Electronics, Inc. *	123,065	3,971,308
Eastman Kodak Co. (a)	79,560	2,262,686
General Electric Co.	8,195	285,022
Nam Tai Electronics, Inc.	8,806	201,745
National Semiconductor Corp.	51,497	1,433,677
		8,154,438
Entertainment & Leisure — 1.2%
Disney, (Walt) Co.	63,583	1,773,330
Regal Entertainment Group (Class “A” Stock) (a)	10,931	205,612
Time Warner, Inc. *	159,494	2,677,904
		4,656,846
Financial - Bank & Trust — 9.6%
Bank of America Corp.	336,479	15,323,254
Comerica, Inc.	12,537	726,770
First Horizon National Corp.	133,473	5,559,151
Fremont General Corp.	40,088	864,297
National City Corp. (a)	218,827	7,637,062
Wachovia Corp.	41,368	2,318,676
Wells Fargo & Co.	62,636	4,000,561
		36,429,771
Financial Services — 7.7%
AmeriCredit Corp.	4,083	125,471
Capital One Financial Corp. (a)	19,543	1,573,602
Citigroup, Inc.	118,706	5,607,671
Fannie Mae	18,753	963,904
Goldman Sachs Group, Inc.	31,646	4,967,156
IndyMac Bancorp, Inc.	17,506	716,521
Morgan Stanley Dean Witter & Co.	66,762	4,193,989
Raymond James Financial, Inc.	19,445	574,794
Washington Mutual, Inc. (a)	251,111	10,702,351
		29,425,459
Food — 1.8%
Chiquita Brands International, Inc. *	80,608	1,351,796

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Food (cont’d.)
Del Monte Foods Co. *		50,030	$	593,356
General Mills, Inc.		50,959		2,582,602
Pilgrim’s Pride Corp.		65,293		1,414,899
Seaboard Corp.		549		875,106
				6,817,759
Healthcare Services — 0.3%
Kindred Healthcare, Inc. *		27,668		695,850
Magellan Health Services, Inc. *		9,796		396,444
				1,092,294
Industrial Products — 0.1%
Quanex Corp.		4,609		307,098
Insurance — 5.5%
ACE Ltd.		127,943		6,654,315
American Financial Group, Inc.		32,326		1,345,085
Chubb Corp.		17,074		1,629,543
Endurance Specialty Holdings Ltd. (Bermuda)		8,828		287,351
First American Corp.		95,368		3,734,611
Hartford Financial Services Group, Inc. (The) (a)		15,585		1,255,372
LandAmerica Financial Group, Inc. (a)		40,009		2,714,611
Lincoln National Corp.		5,702		311,272
Loews Corp. *		7,760		785,312
Nationwide Financial Services, Inc. (Class “A” Stock)		19,906		856,356
Protective Life Corp.		20,760		1,032,602
Zenith National Insurance Corp.		6,870		330,653
				20,937,083
Internet Services — 1.4%
EarthLink, Inc. *(a)		405,692		3,874,359
United Online, Inc. *		126,171		1,622,559
				5,496,918
Machinery & Equipment — 2.0%
Cummins, Inc. (a)		71,133		7,476,078
Medical Supplies & Equipment — 3.6%
Amgen, Inc. *		32,465		2,361,829
Applera Corp. - Applied Biosystems Group (a)		141,661		3,844,679
Becton Dickinson & Co.		46,683		2,874,739
McKesson Corp.		89,474		4,664,280
				13,745,527
Metals & Mining — 2.2%
Freeport-McMoRan Copper & Gold, Inc. (Class “B” Stock)		28,704		1,715,638
Nucor Corp.		47,020		4,927,226
Phelps Dodge Corp.		19,564		1,575,489
				8,218,353
Movies & Entertainment — 0.2%
Viacom, Inc. (Class “B” Stock) *		24,423		947,612

Office — 0.1%
Mack-Cali Realty Corp.	5,457	261,936
Oil & Gas — 11.7%
ChevronTexaco Corp.	198,462	11,504,842
ConocoPhillips (a)	98,943	6,248,251
Exxon Mobil Corp.	285,298	17,363,236
Marathon Oil Corp.	23,781	1,811,399
Nicor, Inc.	46,688	1,846,977
Sunoco, Inc.	33,231	2,577,729
Tesoro Corp. *(a)	1,098	75,037
Valero Energy Corp.	39,742	2,375,777
Veritas DGC, Inc.	22,062	1,001,394
		44,804,642
Paper & Forest Products — 1.4%
Louisiana-Pacific Corp.	189,716	5,160,275
Pharmaceuticals — 6.5%
Alpharma, Inc. (Class “A” Stock) (a)	62,626	1,679,630
AmerisourceBergen Corp.	80,682	3,894,520
Hospira, Inc.	27,455	1,083,374
King Pharmaceuticals, Inc. *	91,853	1,584,464
Merck & Co., Inc.	240,055	8,457,138
Pfizer, Inc.	321,923	8,022,321
Viropharma, Inc. *	6,741	85,611
		24,807,058
Printing & Publishing — 0.2%
Donnelley, (R.R.) & Sons Co.	17,935	586,833
Railroads — 0.9%
Burlington North Santa Fe Corp.	14,153	1,179,370
CSX Corp.	7,698	460,340
Norfolk Southern Corp.	14,521	785,151
Union Pacific Corp.	9,712	906,615
		3,331,476
Real Estate Investment Trust — 2.4%
CBL & Associates Properties, Inc.	149,086	6,328,701
Cresent Real Estate Equities Co. *(a)	6,168	129,960
iStar Financial, Inc.	24,645	943,410
Lennar Corp. (Class “A” Stock) (a)	11,318	683,381
Lexington Corp. Properties Trust	16,825	350,801
U.S. Restaurant Properties Master	41,472	629,960
		9,066,213
Restaurants — 0.9%
Darden Restaurants, Inc.	32,923	1,350,831
McDonald’s Corp.	62,162	2,135,886
		3,486,717
Retail & Merchandising — 3.7%
Barnes & Noble, Inc. *	82,954	3,836,623

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Retail & Merchandising (cont’d.)
Federated Department Stores, Inc.	38,072	$	2,779,256
J. C. Penney Co., Inc. (a)	34,300		2,072,063
Longs Drug Stores Corp.	2,817		130,371
Payless Shoesource, Inc. *	33,909		776,177
SUPERVALU, Inc.	144,375		4,449,637
			14,044,127
Semiconductors — 2.3%
Freescale Semiconductor, Inc. (Class “B” Stock)	47,576		1,321,185
Intel Corp.	372,356		7,205,089
Texas Instruments, Inc.	3,548		115,204
			8,641,478
Software
BMC Software, Inc. *	1,776		38,468
Telecommunications — 3.6%
ALLTEL Corp.	12,128		785,288
AT&T, Inc.	207,945		5,622,833
Motorola, Inc.	49,904		1,143,300
Sprint Corp.	57,844		1,494,689
Verizon Communications, Inc.	137,317		4,677,017
			13,723,127
Transportation — 1.3%
FedEx Corp.	10,045		1,134,482
Laidlaw International, Inc.	19,300		524,960
United Parcel Service, Inc. (Class “B” Stock)	41,590		3,301,414
			4,960,856
Utilities — 4.6%
Edison International *	38,421		1,582,177
FirstEnergy Corp.	40,022		1,957,076
PG&E Corp.	254,494		9,899,817
Pinnacle West Capital Corp.	37,795		1,477,784
TXU Corp.	6,201		277,557
UGI Corp.	69,864		1,472,034
Vectren Corp.	29,665		782,563
			17,449,008
TOTAL COMMON STOCKS (cost $353,664,482)			378,212,530
	UNITS
WARRANT
Telecommunications
Lucent Technologies, Inc., expiring on 12/10/07 (cost $2,535) *	2		1,560
TOTAL LONG-TERM INVESTMENTS (cost $353,667,017)			378,214,090

SHORT-TERM INVESTMENTS – 16.4%
AFFILIATED MONEY MARKET MUTUAL FUND — 15.8%
Dryden Core Investment Fund - Taxable Money Market Series (cost $60,157,592; includes $60,157,592 of cash collateral for securities on loan)(b)(w)	60,157,592	$	60,157,592

Interest Rate	Maturity Date		Principal Amount (000)
U.S. GOVERNMENT AGENCY OBLIGATION – 0.6%
Federal Home Loan Banks
4.61%	04/03/06	$	2,440		2,440,000
TOTAL SHORT-TERM INVESTMENTS    (cost $62,597,592)					62,597,592
TOTAL INVESTMENTS — 115.6% (cost $416,264,609) (p)					440,811,682
LIABILITIES IN EXCESS OF OTHER ASSETS(x) — (15.6)%					(59,340,505	)
NET ASSETS — 100.0%				$	381,471,177

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $57,492,135; cash collateral of $60,157,592 (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.

(p)	The United States federal income tax basis of the Portfolio’s investments was $423,595,106; accordingly, net unrealized appreciation on investments for federal income tax purposes was $17,216,576 (gross unrealized appreciation - $33,183,364; gross unrealized depreciation - $15,966,788). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the 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 futures contracts as follows:

Number of			Expiration		Value at		Value at		Unrealized
Contracts	Type		Month		Trade Date		March 31, 2006		Appreciation
Long Position:
7		S&P 500		Jun 06	$	2,263,012	$	2,280,775	$	17,763	(1)

⁽¹⁾     Cash of $112,000 has been segregated with the custodian to cover requirements for the above open
         futures contracts at March 31, 2006.

AST ALLIANCEBERNSTEIN GROWTH AND INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 97.9%
COMMON STOCKS
Aerospace — 2.5%
United Technologies Corp.		1,225,000	$	71,013,250
Broadcasting — 8.2%
CBS Corp. (Class “B” Stock)		479,900		11,508,002
News Corp. (Class “A” Stock)		4,261,300		70,780,193
Time Warner, Inc. *		5,600,000		94,024,000
Viacom, Inc. (Class “B” Stock) *		1,075,000		41,710,000
Westwood One, Inc. *(a)		820,000		9,052,800
				227,074,995
Cable Television — 0.7%
Comcast Corp. (Class “A”Stock) (a)		700,000		18,312,000
Comcast Corp. (Special Class “A” Stock) *(a)		75,000		1,959,000
				20,271,000
Chemicals — 3.0%
Air Products & Chemicals, Inc.		1,094,900		73,566,331
DuPont, (E.I.) de Nemours & Co.		262,000		11,059,020
				84,625,351
Computer Hardware — 3.1%
International Business Machines Corp.		1,050,000		86,593,500
Computer Services & Software — 6.7%
EMC Corp. *		3,271,300		44,587,819
Fiserv, Inc. *		391,900		16,675,345
Microsoft Corp.		3,900,000		106,119,000
Oracle Corp. *		1,450,000		19,850,500
				187,232,664
Conglomerates — 1.4%
Altria Group, Inc.		569,600		40,361,856
Consumer Products & Services — 6.0%
Building Material Holding Corp. (a)		310,000		11,048,400
Colgate-Palmolive Co.		160,000		9,136,000
Fortune Brands, Inc.		857,800		69,164,414
Loews Corp. - Carolina Group (a)		644,500		30,465,515
Procter & Gamble Co.		650,000		37,453,000
Reynolds America, Inc. (a)		100,000		10,550,000
				167,817,329
Electronic Components & Equipment — 4.7%
Emerson Electric Co.		600,000		50,178,000
General Electric Co.		2,350,000		81,733,000
				131,911,000
Financial - Bank & Trust — 5.1%
Bank of America Corp.		1,395,600		63,555,624
Bank of New York Co., Inc. (The) (a)		479,100		17,266,764
Northern Trust Corp. (a)		665,000		34,912,500

Wachovia Corp.	460,000	25,783,000
		141,517,888
Financial Services — 14.1%
AMBAC Financial Group, Inc.	41,200	3,279,520
Citigroup, Inc.	2,721,800	128,577,832
Fannie Mae (a)	1,876,500	96,452,100
Goldman Sachs Group, Inc.	150,000	23,544,000
JP Morgan Chase & Co.	2,850,000	118,674,000
Merrill Lynch & Co., Inc.	300,000	23,628,000
		394,155,452
Food — 0.1%
General Mills, Inc.	50,000	2,534,000
Healthcare Services — 3.3%
Health Management Associates, Inc. (Class “A” Stock) (a)	328,800	7,092,216
UnitedHealth Group, Inc.	75,900	4,239,774
WellPoint, Inc. *	1,025,800	79,427,694
		90,759,684
Hotels & Motels — 1.4%
Hilton Hotels Corp.	1,533,800	39,050,548
Industrial Products — 0.8%
Illinois Tool Works, Inc.	224,700	21,640,857
Insurance — 7.7%
ACE Ltd. (Cayman Islands)	904,400	47,037,844
American International Group, Inc.	1,719,900	113,668,191
Axis Capital Holdings Ltd. (Bermuda)	1,498,100	44,793,190
MetLife, Inc.	165,400	8,000,398
		213,499,623
Internet Services — 0.1%
Juniper Networks, Inc. *(a)	214,200	4,095,504
Medical Supplies & Equipment — 0.4%
Boston Scientific Corp. *(a)	433,600	9,994,480
Oil & Gas — 9.1%
Apache Corp.	83,900	5,496,289
Baker Hughes, Inc.	268,900	18,392,760
ChevronTexaco Corp.	844,500	48,955,665
ConocoPhillips (a)	506,800	32,004,420
Exxon Mobil Corp.	1,117,500	68,011,050
GlobalSantaFe Corp.	24,800	1,506,600
Nabors Industries Ltd. (Bermuda) *(a)	548,300	39,247,314
Noble Energy, Inc.	882,696	38,768,008
		252,382,106
Pharmaceuticals — 2.6%
Forest Laboratories, Inc. *	450,000	20,083,500
Lilly, (Eli) & Co.	342,000	18,912,600
Merck & Co., Inc.	415,000	14,620,450

AST ALLIANCEBERNSTEIN GROWTH AND INCOME PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Pfizer, Inc.		800,000	$	19,936,000
				73,552,550
Railroads — 0.9%
Union Pacific Corp.		260,300		24,299,005
Restaurants — 0.9%
McDonald’s Corp.		700,000		24,052,000
Retail & Merchandising — 4.2%
CVS Corp.		4,700		140,389
Gap, Inc.		378,300		7,066,644
Home Depot, Inc.		2,519,600		106,579,080
Lowe’s Cos., Inc.		34,400		2,216,736
				116,002,849
Semiconductors — 1.6%
Advanced Micro Devices, Inc. *(a)		148,600		4,927,576
Applied Materials, Inc. *		1,182,500		20,705,575
KLA-Tencor Corp. *		379,200		18,338,112
				43,971,263
Software — 0.4%
BEA Systems, Inc.		873,900		11,474,307
Technology - Computer Software — 0.2%
Check Point Software Technologies Ltd. *(a)		250,000		5,005,000
Telecommunications — 5.2%
AT&T, Inc. (a)		2,139,600		57,854,784
BellSouth Corp.		800,000		27,720,000
Cisco Systems, Inc. *		464,500		10,065,715
Motorola, Inc.		845,400		19,368,114

Verizon Communications, Inc.	888,400		30,258,904
			145,267,517
Transportation — 2.7%
United Parcel Service, Inc. (Class “B” Stock)	941,200		74,712,456
Utilities — 0.8%
FirstEnergy Corp.	465,000		22,738,500
TOTAL LONG-TERM INVESTMENTS (cost $2,474,011,910)			2,727,606,534
SHORT-TERM INVESTMENT — 7.3%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund -Taxable Money Market Series (cost $203,510,020; includes $160,422,757 of cash collateral for securities on loan)(b)(w)	203,510,020		203,510,020
TOTAL SHORT-TERM INVESTMENTS (cost $203,510,020)			203,510,020
TOTAL INVESTMENTS — 105.2% (cost $2,677,521,930) (p)			2,931,116,554
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.2)%			(145,290,253	)
NET ASSETS — 100.0%		$	2,785,826,301

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $152,800,211; cash collateral of $160,422,757 (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.
(p)	The United States federal income tax basis of the Fund’s investments was $2,687,901,148; accordingly, net unrealized appreciation on investments for federal income tax purposes was $243,215,406 (gross unrealized appreciation - $278,381,763; gross unrealized depreciation - $35,166,357). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Fund also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST GLOBAL ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

		Shares		Value
LONG-TERM INVESTMENTS — 92.8%
Affiliated Registered Investment Companies
AST AllianceBernstein Growth & Income Portfolio	$	690,291	$	14,295,929
AST Federated Aggressive Growth Portfolio		96,188		1,091,734
AST Goldman Sachs Small-Cap Value Portfolio		140,715		2,406,223
AST High Yield Bond Portfolio		310,750		2,430,061
AST Large-Cap Value Portfolio		1,490,839		26,447,482
AST LSV International Value Portfolio		898,227		14,659,062
AST Marsico Capital Growth Portfolio		1,187,742		23,446,023
AST PIMCO Total Return Bond Portfolio		5,314,889		58,410,629
AST Small-Cap Growth Portfolio *		66,476		1,068,276
AST T. Rowe Price Global Bond Portfolio		226,281		2,461,934
AST T. Rowe Price Large-Cap Growth Portfolio *		1,949,395		20,332,190
AST T. Rowe Price Natural Resources Portfolio		116,362		3,232,533
AST William Blair International Growth Portfolio		1,131,491		16,859,219
TOTAL LONG-TERM INVESTMENTS (cost $175,075,041)				187,141,295
SHORT-TERM INVESTMENT -6.8%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $13,836,392)(w)		13,836,392		13,836,392
TOTAL INVESTMENTS — 99.6% (cost $188,911,433) (p)				200,977,687
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				716,790
NET ASSETS — 100.0%			$	201,694,477

*	Non-income producing security.
(p)	The United States federal income tax basis of the Portfolio’s investments was $189,434,765; accordingly, net unrealized appreciation on investments for federal income tax purposes was $11,542,922 (gross unrealized appreciation - $16,182,990; gross unrealized depreciation - $4,640,068). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as a manager of the underlying portfolios in which the Portfolio invests.

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 103.1%
COMMON STOCKS — 62.4%
Aerospace — 1.7%
Boeing Co. *		32,209	$	2,510,047
Lockheed Martin Corp.		10,661		800,961
				3,311,008
Airlines — 0.1%
Southwest Airlines Co.		6,119		110,081
Automobile Manufacturers — 1.4%
Cummins, Inc. (a)		17,018		1,788,592
Ford Motor Co. (a)		72,254		575,142
Navistar International Corp. *		13,557		373,902
				2,737,636
Automotive Parts — 0.7%
Goodyear Tire & Rubber Co.(The) *(a)		64,122		928,487
Group 1 Automotive, Inc.		4,630		220,110
TRW Automotive Holdings Corp. *(a)		11,678		272,097
				1,420,694
Beverages — 2.7%
Brown-Forman Corp. (Class “B” Stock)		7,476		575,428
Coca-Cola Co.		54,727		2,291,419
Coca-Cola Enterprises, Inc.		6,520		132,617
Molson Coors Brewing Co. (Class “B” Stock)		321		22,027
Pepsi Bottling Group, Inc.		33,645		1,022,472
PepsiAmericas, Inc.		27,894		682,008
PepsiCo, Inc.		6,926		400,253
				5,126,224
Biotechnology — 1.0%
Amgen, Inc. *		25,603		1,862,618
Broadcasting — 0.3%
CBS Corp. (Class “B” Stock)		8,553		205,101
Viacom, Inc. (Class “B” Stock) *		8,046		312,185
				517,286
Building Materials — 0.8%
Lowe’s Cos., Inc.		11,753		757,363
USG Corp. *(a)		8,942		849,133
				1,606,496
Business Services — 1.3%
Accenture Ltd. (Class “A” Stock) *		42,989		1,292,679
Acxiom Corp.		27,566		712,306
Harland, (John H.) Co.		13,516		531,179
				2,536,164
Capital Markets — 0.3%
Mellon Financial Corp.		14,819		527,556
Chemicals — 1.0%
Celanese Corp.		19,586		410,718
Lyondell Chemical Co.		64,918		1,291,868

Tronox, Inc. Common (Class “B” Stock) *	3,940	66,935
UAP Holding Corp.	9,189	197,564
		1,967,085
Commercial Services — 0.3%
Moody’s Corp. (a)	8,419	601,622
Computer Hardware — 2.9%
Apple Computer, Inc. *	13,006	815,736
Dell, Inc. *	2,769	82,406
Hewlett-Packard Co.	69,972	2,302,079
International Business Machines Corp.	27,668	2,281,780
		5,482,001
Computer Services & Software — 0.8%
Autodesk, Inc.	6,618	254,925
Cadence Design Systems, Inc. *	6,468	119,593
Computer Sciences Corp. *	1,281	71,160
Global Payments, Inc.	21,416	1,135,262
		1,580,940
Conglomerates — 0.2%
Teleflex, Inc.	4,253	304,642
Construction — 0.1%
Building Material Holding Corp. (a)	6,414	228,595
Consumer Products & Services — 0.8%
Johnson & Johnson	21,932	1,298,813
Loews Corp. - Carolina Group (a)	3,551	167,856
		1,466,669
Consumer Staples - Home Products — 1.1%
Colgate-Palmolive Co.	37,232	2,125,947
Containers & Packaging — 0.1%
Silgan Holdings, Inc.	2,401	96,448
Diversified Operations — 0.2%
Seaboard Corp.	277	441,538
Electronic Components & Equipment — 1.9%
Arrow Electronics, Inc. *	35,195	1,135,743
AVX Corp.	3,045	53,897
Jabil Circuit, Inc. *	14,251	610,798
National Semiconductor Corp.	56,579	1,575,159
Plexus Corp. *	7,448	279,821
		3,655,418
Entertainment & Leisure — 1.6%
Disney, (Walt) Co.	39,121	1,091,085
DreamWorks Animation SKG, Inc. (Class ‘‘A’’ Stock) *	17,854	472,238
Penn National Gaming, Inc. *	3,055	128,860
Royal Caribbean Cruises Ltd.	7,906	332,210

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Entertainment & Leisure (cont’d.)
Time Warner, Inc. *		64,579	$	1,084,281
				3,108,674
Environmental Services — 0.1%
Republic Services, Inc.		2,666		113,332
Farming & Agriculture — 0.1%
Monsanto Co.		3,271		277,217
Financial - Bank & Trust — 4.4%
Bank of America Corp.		51,541		2,347,177
Corus Bankshares, Inc. (a)		11,476		682,133
Downey Financial Corp.		8,858		596,143
Golden West Financial Corp. (a)		11,415		775,079
Northern Trust Corp. (a)		14,247		747,968
State Street Corp.		5,152		311,335
Wachovia Corp.		18,229		1,021,736
Wells Fargo & Co.		32,263		2,060,638
				8,542,209
Financial Services — 5.5%
American Express Co.		28,822		1,514,596
AmeriCredit Corp.		33,585		1,032,067
Capital One Financial Corp. (a)		25,075		2,019,039
CompuCredit Corp. *(a)		4,037		148,602
Federated Investors, Inc. (Class “B” Stock)		39,766		1,552,862
Goldman Sachs Group, Inc.		12,751		2,001,397
Morgan Stanley Dean Witter & Co. (a)		10,540		662,123
PNC Financial Services Group, Inc.		903		60,781
Raymond James Financial, Inc.		26,980		797,529
Washington Mutual, Inc. (a)		16,293		694,408
				10,483,404
Food — 1.2%
Campbell Soup Co.		3,790		122,796
Chiquita Brands International, Inc. *		7,503		125,825
General Mills, Inc.		22,670		1,148,916
Kroger Co. (The) *		48,065		978,603
				2,376,140
Healthcare Services — 0.8%
Humana, Inc.		571		30,063
Sierra Health Services, Inc. *		6,873		279,731
UnitedHealth Group, Inc.		21,814		1,218,530
				1,528,324
Hotels & Motels — 0.3%
Choice Hotels International, Inc.		11,016		504,313
Industrial Products — 0.1%
Quanex Corp.		2,795		186,231
Insurance — 2.9%
ACE Ltd.		8,856		460,601
Arch Capital Group Ltd. *		1,551		89,555
Berkley, (W.R.) Corp.		34,640		2,011,198
Chubb Corp.		8,675		827,942
Endurance Specialty Holdings Ltd. (Bermuda)		2,421		78,803
First American Corp.		38,662		1,514,004
LandAmerica Financial Group, Inc. (a)		2,965		201,175
Zenith National Insurance Corp.		8,205		394,907
				5,578,185
Machinery & Equipment
JLG Industries, Inc.		3,094		95,264
Medical Supplies & Equipment — 1.9%
Applera Corp. - Applied Biosystems Group (a)		6,684		181,404
Becton, Dickinson & Co.		22,650		1,394,787
Kinetic Concepts, Inc. *		5,931		244,179
McKesson Corp.		37,062		1,932,042
				3,752,412
Metals & Mining — 1.8%
Freeport-McMoRan Copper & Gold, Inc. (Class “B” Stock)		28,323		1,692,866
Nucor Corp.		14,341		1,502,793
Reliance Steel & Aluminum Co. *		2,011		188,873
				3,384,532
Oil & Gas — 6.8%
ChevronTexaco Corp.		17,483		1,013,489
ConocoPhillips (a)		3,759		237,381
Exxon Mobil Corp.		87,489		5,324,580
Kerr-McGee Corp.		19,538		1,865,488
Marathon Oil Corp.		12,215		930,417
Pride International, Inc.		16,609		517,869
Sunoco, Inc.		20,027		1,553,494
Tesoro Corp. *(a)		1,990		135,997
Valero Energy Corp.		24,519		1,465,746
				13,044,461
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		12,425		337,960
Pharmaceuticals — 3.4%
Alkermes, Inc. *(a)		11,011		242,792
Alpharma, Inc. (Class “A” Stock) (a)		21,022		563,810
AmerisourceBergen Corp.		46,188		2,229,495
Cardinal Health, Inc.		24,308		1,811,432
Express Scripts, Inc.		9,753		857,289
Gilead Sciences, Inc. *		144		8,960
Hospira, Inc.		3,264		128,797
King Pharmaceuticals, Inc. *		42,551		734,005
				6,576,580
Printing & Publishing — 0.1%
Wiley, (John) & Sons, Inc. (Class “A” Stock)		5,339		202,081
Railroads — 0.1%
Burlington North Santa Fe Corp.		325		27,082

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Railroads (cont’d.)
Union Pacific Corp.		1,876	$	175,125
				202,207
Real Estate Investment Trust — 0.8%
CBL & Associates Properties, Inc.		32,474		1,378,521
Taubman Centers, Inc.		1,743		72,631
				1,451,152
Restaurants — 0.9%
Darden Restaurants, Inc.		19,458		798,362
Domino’s Pizza, Inc.		4,848		138,410
Papa John’s International, Inc. *		4,620		151,582
Yum! Brands, Inc.		12,331		602,493
				1,690,847
Retail & Merchandising — 3.3%
Barnes & Noble, Inc. *		38,952		1,801,530
Dollar Tree Stores, Inc. *		15,114		418,204
Dress Barn, Inc. *(a)		2,326		111,532
Home Depot, Inc.		22,642		957,757
J. C. Penney Co., Inc. (a)		27,933		1,687,432
Longs Drug Stores Corp.		15,140		700,679
Pantry, Inc. *		2,076		129,522
Payless Shoesource, Inc. *		18,137		415,156
SUPERVALU, Inc.		3,182		98,069
				6,319,881
Semiconductors — 0.4%
ON Semiconductor Corp. *		7,761		56,345
Texas Instruments, Inc.		21,038		683,104
				739,449
Software — 0.5%
BMC Software, Inc. *		3,347		72,496
Intuit, Inc. *		5,369		285,577
Microsoft Corp.		17,123		465,917
Oracle Corp. *		6,101		83,523
				907,513
Telecommunications — 2.0%
AT&T, Inc.		19,077		515,842
BellSouth Corp.		13,655		473,146
CenturyTel, Inc.		1,020		39,902
Cisco Systems, Inc. *		38,823		841,294
Motorola, Inc.		8,870		203,212
Sprint Corp.		40,147		1,037,399
Verizon Communications, Inc.		21,103		718,768
West Corp. *		1,519		67,839
				3,897,402
Transportation — 0.5%
FedEx Corp.		1,015		114,634
Laidlaw International, Inc.		8,399		228,453
United Parcel Service, Inc. (Class “B” Stock)		7,240		574,711
				917,798
Utilities — 3.0%
AES Corp. *		83,041		1,416,679
Edison International *		18,089		744,905
PG&E Corp.		39,763		1,546,781
TXU Corp.		42,807		1,916,041
UGI Corp.		7,111		149,829
				5,774,235
TOTAL COMMON STOCKS (cost $107,561,300)				119,698,471

Interest Rate		Maturity Date	Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 21.8%
Federal Home Loan Bank — 0.3%
4.625	%	09/11/20	$	600		550,798
Federal Home Loan Mortgage Corp. — 7.5%
4.50	%	12/15/14 - 01/01/19		1,982		1,920,287
4.90	%	11/03/08		2,820		2,794,753
5.00	%	02/15/16 - 04/15/19		5,414		5,341,365
5.30	%	05/12/20		900		854,481
5.50	%	03/28/16 - 12/01/33		1,180		1,167,037
6.50	%	06/01/16		229		233,532
7.00	%	03/15/10 - 08/01/29		2,029		2,153,757
						14,465,212
Federal National Mortgage Assoc. — 13.8%
4.50	%	10/15/08 - 05/01/19		1,839		1,788,428
5.00	%	07/25/18 -12/25/34		4,332		4,158,320
5.25	%	04/15/07		3,850		3,854,223
5.50	%	12/01/16 - 01/01/34		7,810		7,665,220
5.80	%	02/09/26		2,200		2,151,147
6.00	%	12/01/13 - 04/15/34		4,078		4,079,577
6.50	%	01/01/32 - 08/01/32		274		279,629
6.625	%	09/15/09 - 11/15/30		1,775		1,942,690
7.00	%	05/01/11 - 06/01/32		517		532,318
7.50	%	03/01/27 - 09/01/30		94		97,143
						26,548,695
Government National Mortgage Assoc. — 0.2%
6.00	%	04/15/28 - 05/15/28		65		66,136
6.50	%	03/15/28 - 04/15/28		49		50,722
7.00	%	12/15/27 - 05/15/31		137		143,793
7.50	%	05/15/30		49		51,809
8.00	%	03/15/27		10		11,116

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)			Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
8.75%	04/15/27			$	5	$	4,971
							328,547
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (cost $42,469,348)							41,893,252
CORPORATE BONDS — 6.8%
Beverages — 0.1%
Miller Brewing Co., Notes 144A (g)
4.25%	08/15/08	Baa1			300		292,675
Broadcasting — 0.2%
Cox Communications, Inc., Notes
7.125%	10/01/12	Baa3			300		314,719
News America Holdings Co., Gtd. Notes
7.75%	01/20/24	Baa3			150		162,127
							476,846
Commercial Services — 0.1%
D.R. Horton, Inc., Sr. Notes Sr. Notes
7.875%	08/15/11	Ba1			210		224,718
Construction — 0.1%
KB Home & Broad Home Corp., Notes
6.375%	08/15/11	Ba1			160		156,998
Electronic Components & Equipment — 0.1%
Florida Power & Light, First Mortgage
5.65%	02/01/37	Aa3			140		133,669
Energy — 0.1%
XTO Energy, Inc., Notes
5.30%	06/30/15	Baa3			100		96,454
Entertainment & Leisure — 0.2%
Disney, (Walt) Co., Notes
5.50%	12/29/06	Baa1			400		400,850
Environmental Services — 0.1%
Waste Management, Inc., Sr. Notes
7.00%	07/15/28	Baa3			210		224,821
Farming & Agriculture — 0.1%
Archer-Daniels-Midland Co., Notes
5.375%	09/15/35	A2			150		136,726
Financial - Bank & Trust — 0.4%
General Electric Capital Corp., Notes
6.125%	02/22/11	NR			190		195,757
HSBC Finance Corp., Sr. Notes
4.625%	09/15/10	Aa3			170		163,922
PNC Bank NA, Sr. Sub. Notes
4.875%	09/21/17	A2			200		185,930
Wells Fargo & Co., Sr. Unsec’d. Notes
4.625%	08/09/10	Aa1			270		262,043
							807,652
Financial - Brokerage — 0.8%
Goldman Sachs Group, Inc., Notes
5.25%	10/15/13	Aa3			500		486,772
Lehman Brothers Holdings, Notes
5.00%	01/14/11	A1			220		215,535
Merrill Lynch & Co., Inc., Notes
2.07%	06/12/06	Aa3			350		347,980
4.25%	02/08/10	Aa3			200		192,037
Morgan Stanley, Notes
4.00%	01/15/10	Aa3			100		95,015
4.25%	05/15/10	Aa3			150		142,939
							1,480,278
Financial Services — 0.5%
American General Finance, Notes
4.50%	11/15/07	A1			300		296,698
Ford Motor Credit Co., Notes
6.50%	01/25/07	A3			350		348,660
John Deere Capital Corp., Sr. Notes
4.50%	08/25/08	A3			270		265,067
							910,425
Food — 0.1%
Cadbury Schweppes US Finance LLC, Gtd. Notes 144A (g)
3.875%	10/01/08	Baa2			190		183,207
Insurance — 0.4%
Genworth Financial, Inc., Notes
4.95%	10/01/15	A2			120		113,428
5.75%	06/15/14	A2			300		301,706
Monumental Global Funding II, Notes 144A (g)
3.85%	03/03/08	Aa3			350		340,436
							755,570
Medical Supplies & Equipment — 0.4%
Beckman Coulter, Inc., Gtd. Notes
7.45%	03/04/08	Baa3			400		413,435
Laboratory Corp. of America, Sr. Unsec’d. Notes
5.625%	12/15/15	Baa3			240		235,676
Schering-Plough Corp., Sr. Notes
5.55%	12/01/13	Baa1			150		148,406
							797,517
Metals & Mining — 0.1%
Alcan, Inc., Notes
4.50%	05/15/13	Baa1			290		269,408
Miscellaneous — 0.7%
Morgan Stanley Traded Custody Receipts, Sub. Notes 144A Series 2002-2 (c)(f)(g)
7.705%	03/01/32	Baa1			969		1,111,045

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Miscellaneous (cont’d.)
Quebec Province, Notes
5.00%	07/17/09	A1		250		248,437
						1,359,482
Oil & Gas — 0.5%
Devon Energy Corp., Sr. Notes
2.75%	08/01/06	Baa2		300		297,409
Enterprise Products Operating LP, Sr. Notes
6.65%	10/15/34	Baa3		110		109,301
4.95%	06/01/10	Baa3		360		349,202
Premcor Refining Group, Inc., Gtd. Notes
6.125%	05/01/11	Baa3		270		274,513
						1,030,425
Railroads — 0.2%
Canadian National Railways Co., Bonds
6.25%	08/01/34	Baa1		300		315,104
Norfolk Southern Corp., Bonds
7.80%	05/15/27	Baa1		10		12,001
						327,105
Retail & Merchandising — 0.3%
May Department Stores Co., Notes
4.80%	07/15/09	Baa2		500		489,812
Telecommunications — 0.7%
AT&T Broadband Corp., Gtd. Notes
8.375%	03/15/13	Baa2		48		53,983
AT&T Corp., Sr. Notes
9.05%	11/15/11	Ba1		233		251,875
Nextel Communications, Sr. Notes
5.95%	03/15/14	Baa2		440		435,611
Sprint Capital Corp., Gtd. Notes
8.75%	03/15/32	Baa3		100		125,026
Sprint Capital Corp., Notes
8.375%	03/15/12	Baa3		240		271,176
Telecom Italia Capital SA Co., Gtd. Notes (Luxembourg)
4.00%	01/15/10	NR		140		131,613
						1,269,284
Utilities — 0.6%
Carolina Power & Light, First Mortgage
5.15%	04/01/15	A3		50		48,079
CenterPoint Energy Resources Corp., Debs.
6.50%	02/01/08	Ba1		350		355,192
Dominion Resources, Inc., Notes
4.125%	02/15/08	Baa1		300		292,542
4.75%	12/15/10	Baa1		140		134,489
Nisource Finance Corp.,Gtd. Notes
5.25%	09/15/17	Baa3		120		112,621
Pacific Gas & Electric Corp., First Mortgage
6.05%	03/01/34	Baa1		150		146,787

Southern California Edison Co., First Mortgage
5.625%	02/01/36	A3		150	140,408
					1,230,118
TOTAL CORPORATE BONDS (cost $13,229,148)					13,054,040
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.7%
Banc of America Commercial Mortgage, Inc., Series 2004-1, Class XP (IO)
Zero	11/10/39	AAA(d	)	5,423	124,002
Bank of America Large Loan, Series 2005- MIB1,Class A1 144A (g)
4.899%	08/15/07	Aaa		821	820,278
Bank of America Mortgage Securities, Series 2004-F, Class 2A5
4.155%	07/25/34	Aaa		2,000	1,921,728
Bear Stearns Commercial Mortgage Securities, Series 2004-T16, Class X2 (IO)
Zero	08/13/46	AAA(d	)	7,500	249,590
Citigroup Commercial Mortgage Trust, Series 2004-FL1, Class A1 144A (c)(g)
4.879%	07/15/18	Aaa		113	113,453
Commercial Mortgage Acceptance Corp., Series 1998-C2, Class X (IO)
Zero	09/15/30	AAA(d)		6,345	190,952
GMAC Commercial Mortgage Securities, Inc., Series 2002-C2, Class A1
4.321%	10/15/38	Aaa		299	297,443
LB-UBS Commerical Mortgage Trust, Series 2003-C5, Class A2
3.478%	07/15/27	Aaa		1,100	1,056,766
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A2
4.567%	06/15/29	Aaa		700	686,037
LB-UBS Commercial Mortgage Trust, Series 2005-C3J, Class A3
4.647%	07/15/30	Aaa		1,000	960,546
Lehman Brothers Commercial Mortgage Trust, Series 2005-LLFA, Class A1 144A (c)(g)
4.849%	07/15/18	Aaa		486	485,764
Master Alternative Loans Trust, Series 2003-8, Class 4A1
7.00%	12/25/33	AAA(d)		73	72,993
Washington Mutual,
Series 2004-AR4, Class A6
3.803%	06/25/34	Aaa		850	809,131
Series 2004-AR9, Class A7
4.177%	08/25/34	Aaa		950	914,145
Series 2005-AR11, Class A1C1(c)
5.018%	07/25/45	Aaa		391	390,509
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $9,363,024)
					9,093,337

U.S. TREASURY OBLIGATIONS — 3.9%
U.S. Treasury Bonds
4.50%	02/28/11 - 02/15/36	1,910	1,844,453

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Rating	Principal Amount (000)				Value
U.S. TREASURY OBLIGATIONS (Continued)
6.125%	11/15/27			$	400	$	455,375
6.25%	05/15/30				609		711,721
7.125%	02/15/23				1,050		1,291,336
8.125%	08/15/21				2,320		3,070,376
TOTAL U.S. TREASURY OBLIGATIONS (cost $7,564,623)							7,373,261
ASSET-BACKED SECURITIES — 3.3%
ABSC NIMS Trust, Series 2004-HE5, Class A1 144A (g)
5.00%	08/27/34	BBB+(d)			8		8,448
Accredited Mortgage Loan Trust, Series 2004-4, Class A2A (c)
4.86%	04/25/36	Aaa			490		490,000
Ameriquest Finance NIM Trust, Series 2004-RN5, Class A 144A (g)
5.193%	06/25/34	BBB+(d)			5		4,701
Ameriquest Mortgage Securities, Inc., Series R1, 2006 Class A2A (c)
4.898%	03/25/36	Aaa			383		383,094
Argent NIM Notes, Series 2004-WN9, Class A 144A (g)
5.19%	10/25/34	BBB+(d)			8		7,790
Asset Backed Funding Corp. NIM Trust, Series 2004-OPT4, Class N1
4.45%	05/26/34	A-(d)			5		4,663
Capital One Prime Auto Receivables Trust, Series 2004-2, Class A4 (c)
4.809%	03/15/10	Aaa			1,125		1,125,644
CNH Equipment Trust, Series 2004-A, Class A3A (c)
4.819%	10/15/08	Aaa			224		223,866
Countrywide Asset-Backed Certificates, Series 2006-6, Class 2A1(c)
4.821%	04/25/36	AAA			590		590,000
Series 2004-11N, Class N 144A
5.25%	04/25/36	BBB(d)			8		7,826
Series 2004-5N, Class N1
5.50%	10/25/35	BBB(d)			5		5,188
Countrywide Asset-Backed Certificates, Series 2005-7, Class 3AV1 (c)
4.938%	11/25/25	Aaa			969		969,178
Credit-Based Asset Servicing and Securitization Trust, Series 2006-CB3, Class AV1 (c)
4.87%	03/25/36	Aaa			700		700,000
GSAMP Trust, Series 2004-NIM1, Class N1 144A (g)
5.50%	09/25/34	BBB(d)			6		6,232
Indymac Residential Asset Backed Trust, Series 2006-B, Class 2A1 (c)
4.65%	06/25/36	Aaa			470		469,927
Long Beach Asset Holdings Corp., Series 2005-1, Class N1 144A
4.115%	02/25/35	Aaa			37		36,636
Series 2004-5, Class N1 144A
5.00%	09/25/34	A-(d)			5		5,461
Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A1(c)
4.64%	03/25/36	AAA(d)			520		519,919
Residential Asset Mortgage Products, Inc., Series 2005 RS1, Class AII1 (c)
4.928%	01/25/35	Aaa			691		690,858

ASSET-BACKED SECURITIES (Continued)
Residential Asset Securities Corp., Series 2004-KS2, Class MI1
4.71%	03/25/34	Aa2	110	105,724
Sail Net Interest Margin Notes(g)
5.00%	09/27/34	A-(d)	15	14,476
TOTAL ASSET-BACKED SECURITIES (cost $6,373,504)				6,369,631
MUNICIPAL BOND — 0.2%
Illinois — 0.2%
Illinois State Taxable Pension (cost $306,803)
5.10%	06/01/33	Aa3	300	280,677
TOTAL LONG – TERM INVESTMENTS (cost $186,867,750)				197,762,669
SHORT-TERM INVESTMENTS — 8.8%

	Shares	Value
AFFILIATED MONEY MARKET MUTUAL FUND — 7.0%
Dryden Core Investment Fund - Taxable Money Market Series (cost $13,434,391; includes $13,396,976 of cash collateral for securities on loan)(b)(w)	13,434,391	13,434,391

U.S. GOVERNMENT AGENCY OBLIGATION — 1.8%
Federal Home Loan Bank
4.61%	04/03/06	3,470		3,470,000
TOTAL SHORT-TERM INVESTMENTS (cost $16,904,391)				16,904,391
TOTAL INVESTMENTS — 111.9%
(cost $203,772,141) (p)				214,667,060
LIABILITIES IN EXCESS OF OTHER ASSETS(x) — (11.9)%				(22,792,247	)
NET ASSETS — 100.0%			$	191,874,813

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
NR	Not Rated by Moodys or Standard & Poor’s
*	Non-income producing security.

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $12,917,878; cash collateral of $13,396,976 (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.
(f)	A TRACER (Traded Custody Receipts). Rate shown reflects the weighted average rate of the underlying securities as of March 31, 2006.
(g)	Indicates a security that has been deemed illiquid.
(p)	The United States federal income tax basis of the Portfolio’s investments was $204,747,895; accordingly, net unrealized appreciation on investments for federal income tax purposes was $9,919,165 (gross unrealized appreciation - $12,804,659; gross unrealized depreciation - $2,885,494). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(v)	The rate shown reflects the coupon rate after the step date.
(x)	Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Number of Contracts	Type	Expiration Month	Value at Trade Date	Value at March 31, 2006		Unrealized Appreciation
Long Position:
2	S&P 500(1)	Jun 06	$646,575	$651,650	$	5,075

⁽¹⁾     Cash of $32,000 has been segregated with the custodian to cover requirements for the above open futures contracts at March 31, 2006.

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 99.0%
COMMON STOCKS — 66.9%
Advertising — 0.5%
Aegis Group PLC (United Kingdom)		83,812	$	199,130
Getty Images, Inc. *		1,700		127,296
Lamar Advertising Co. *(a)		11,900		626,178
Omnicom Group, Inc.		5,900		491,175
Publicis Groupe SA (France)		7,157		279,279
WPP Group PLC (United Kingdom)		15,258		183,047
WPP Group PLC, ADR (United Kingdom)		1,300		78,000
				1,984,105
Aerospace — 1.0%
Boeing Co.		14,500		1,129,985
British Airways PLC. (United Kingdom)		16,026		98,358
DRS Technologies, Inc. *		420		23,045
General Dynamics Corp.		15,000		959,700
Goodrich Corp.		9,400		409,934
MTC Technologies, Inc. *		1,300		36,387
Rockwell Collins, Inc.		15,400		867,790
Triumph Group, Inc. *		1,400		61,964
United Technologies Corp.		10,800		626,076
				4,213,239
Airlines — 0.2%
Qantas Airways Ltd. (Australia)		24,630		62,420
SkyWest, Inc.		6,400		187,328
Southwest Airlines Co.		29,400		528,906
				778,654
Automobile Manufacturers — 0.6%
Bayerische Motoren Werke AG (Germany)		6,354		349,971
General Motors Corp. (a)		37,200		791,244
Honda Motor Co. Ltd. (Japan)		4,600		284,911
Johnson Controls, Inc.		800		60,744
Oshkosh Truck Corp.		4,200		261,408
Rolls-Royce Group PLC * (United Kingdom)		21,971		174,831
Rolls Royce Group PLC. (Class “B” Stock) (United Kingdom)		1,182,040		2,095
Toyota Motor Corp. (Japan)		12,600		688,343
				2,613,547
Automotive Parts — 0.2%
Autoliv AB (Sweden)		7,600		431,302
Autoliv, Inc.		2,000		113,160
Koito Manufacturing Co. Ltd. (Japan)		14,000		196,500
O’ Reilly Automotive, Inc. *		6,800		248,608
				989,570
Banking
Virginia Commerce Bancorp., Inc. *		300		10,785
Beverages — 1.3%
Anheuser-Busch Cos., Inc.		16,600		709,982

Asahi Breweries Ltd. (Japan)	8,900	$	126,279
Boston Beer Co., Inc. (Class “A” Stock) *	1,800		46,818
Coca-Cola Co.	47,000		1,967,890
Coca-Cola Enterprises, Inc.	9,500		193,230
Compania Cervecerias Unidas SA, ADR (Chile)	3,500		87,150
Diageo PLC (United Kingdom)	19,744		310,960
Kirin Brewery Co. Ltd. (Japan)	15,000		204,163
Lion Nathan Ltd. (New Zealand)	14,272		83,026
PepsiCo, Inc.	35,700		2,063,103
			5,792,601
Broadcasting — 0.6%
Cox Radio, Inc. (Class “A” Stock) *	2,500		33,550
Discovery Holding Co. (Class “A” Stock) *	4,352		65,280
Emmis Communications Corp. (Class “A” Stock) *	1,100		17,600
Liberty Media Corp. (Class “A” Stock) *	53,524		439,432
Meredith Corp.	2,100		117,159
Prosieben Sat.1 (Germany)	4,649		121,129
Radio One, Inc. (Class “D” Stock) *	4,900		36,554
Scripps, (E.W.) Co. (Class “A” Stock)	2,700		120,717
Univision Communications, Inc. (Class “A” Stock) *(a)	10,900		375,723
Viacom, Inc. (Class “B” Stock) *	31,450		1,220,260
			2,547,404
Building Materials — 0.4%
American Standard Cos., Inc.	14,200		608,612
Boral Ltd. (Australia)	28,109		179,500
Bouygues SA (France)	6,160		327,342
Cemex SA de CV (Mexico)	28,196		183,970
Holcim Ltd. (Switzerland)	1,567		124,768
SCP Pool Corp. (a)	3,012		141,293
Trex Co., Inc. *(a)	700		22,190
Universal Forest Products, Inc.	600		38,094
			1,625,769
Business Services — 0.6%
Accenture Ltd. (Class “A”Stock) *	13,900		417,973
ChoicePoint, Inc. *	966		43,229
Corporate Executive Board Co. (The)	2,600		262,340
Downer EDI Ltd. (Australia)	21,317		135,364
Fair Isaac Corp.	2,797		110,817
First Data Corp.	14,900		697,618
Fiserv, Inc. *	2,100		89,355
Iron Mountain, Inc. *	3,325		135,460
Manpower, Inc.	1,000		57,180
Navigant Consulting, Inc. *	1,300		27,755
Robert Half International, Inc.	6,000		231,660
Senomyx, Inc. *	1,000		16,460

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Business Services (cont’d.)
TRANS COSMOS, Inc. (Japan)		5,800	$	187,749
TTM Technologies, Inc. *		7,900		114,471
Univar NV (Netherlands)		3,481		196,159
Wireless Facilities, Inc. *		5,000		20,100
				2,743,690
Cable Television — 0.2%
DIRECTV Group, Inc. (The) *		9,055		148,502
Liberty Global, Inc. (Class “A” Stock) *		1,246		25,506
Rogers Communications, Inc. (Class “B” Stock) (Canada)		12,900		492,135
				666,143
Chemicals — 1.0%
Arch Chemicals, Inc.		2,950		89,680
Avery Dennison Corp.		5,600		327,488
BASF AG (Germany)		2,513		197,037
Cabot Corp.		1,200		40,788
Dow Chemical Co.		18,600		755,160
DSM NV (Netherlands)		4,046		184,752
DuPont, (E.I.) de Nemours &Co.		20,759		876,237
Ecolab, Inc.		3,900		148,980
Minerals Technologies, Inc.		1,300		75,933
Mitsubishi Gas Chemical Co., Inc. (Japan)		27,000		329,414
Mitsui Chemicals, Inc. (Japan)		12,000		88,292
Mosaic Co. (The) *		3,600		51,660
Nova Chemicals Corp. (a) (Canada)		7,500		213,750
Potash Corp. of Saskatchewan, Inc. (Canada)		4,800		422,832
Sigma-Aldrich Corp. *		1,500		98,685
Sumitomo Bakelite Co. Ltd. (Japan)		9,000		81,512
Symyx Technologies, Inc. *		3,300		91,542
Tessenderlo Chemie (Belgium)		3,727		140,602
Valspar Corp.		800		22,296
				4,236,640
Clothing & Apparel — 0.3%
Adidas-Salomon AG (Germany)		1,141		225,647
Aoyama Trading Co. Ltd. (Japan)		1,800		59,490
Chico’s FAS, Inc. *		4,800		195,072
Cintas Corp.		3,200		136,384
Lotte Shopping Co. Ltd., GDR *(g) (Korea)		6,100		124,932
NIKE, Inc. (Class “B” Stock)		4,300		365,930
Quiksilver, Inc.		1,500		20,790
				1,128,245
Commercial Services
Jackson Hewitt Tax Service, Inc.		2,300		72,634
Computer Hardware — 1.3%
Acer, Inc. (Taiwan)		15,000		27,589
Affiliated Computer Services, Inc. (Class “A” Stock)		2,600		155,116

Apple Computer, Inc. *	7,200	$	451,584
Creative Technology Ltd. (Singapore)	3,650		26,655
Dell, Inc. *	62,200		1,851,072
Hewlett-Packard Co.	11,100		365,190
Insight Enterprises, Inc. *	2,900		63,829
International Business Machines Corp.	33,850		2,791,609
Mercury Computer Systems, Inc. *	2,200		35,640
NCI, Inc. - (Class “A” Stock) *	900		12,600
			5,780,884
Computer Services & Software — 3.1%
Activision, Inc. *(a)	6,177		85,181
Automatic Data Processing, Inc.	16,700		762,856
Avid Technology, Inc. *	2,800		121,688
CACI International, Inc. (Class “A” Stock) *	500		32,875
Cadence Design Systems, Inc. *	2,000		36,980
CDW Corp.	6,300		370,755
Cisco Systems, Inc. *	129,600		2,808,432
Cognizant Technology Solutions Corp. *(a)	1,400		83,286
DST Systems, Inc. *	2,400		139,056
Electronic Arts, Inc. *	4,900		268,128
EMC Corp. *	65,300		890,039
F5 Networks, Inc. *	1,800		130,482
Factset Research Systems, Inc.	1,100		48,785
Global Payments, Inc.	1,600		84,816
Henry, (Jack) & Associates, Inc.	1,500		34,305
Inforte Corp.	6,500		28,470
Inprise Corp.	2,600		14,040
Intuit, Inc. *	8,100		430,839
Logicacmg PLC (United Kingdom)	22,600		76,862
Macrovision Corp. *	400		8,860
McAfee, Inc. *(a)	20,400		496,332
Microsoft Corp.	186,600		5,077,386
Oracle Corp. *	76,500		1,047,285
Rackable Systems *	400		21,140
Red Hat, Inc. *(a)	2,800		78,344
SRA International, Inc. (Class “A” Stock) *	2,000		75,460
Taleo Corp. (Class “A” Stock)	4,900		63,945
Tech Data Corp. *	1,600		59,056
Tieto Corp. (Finland)	4,020		157,063
Trend Micro, Inc. (Japan)	2,000		70,178
Websense, Inc. *	3,800		104,804
			13,707,728
Computers — 0.2%
Sun Microsystems, Inc.	162,400		833,112
Conglomerates — 1.8%
3M Co.	3,100		234,639
Altria Group, Inc.	52,700		3,734,322
Asahi Kasei Corp. (Japan)	13,000		92,668
DCC PLC (Ireland)	15,615		363,324
GKN PLC (United Kingdom)	23,994		138,610

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Conglomerates (cont’d.)
Honeywell International, Inc.		31,400	$	1,342,978
Hutchison Whampoa Ltd. (Hong Kong)		13,400		122,876
Mitsubishi Corp. (Japan)		16,100		366,593
Sumitomo Corp. (Japan)		15,000		213,594
Tyco International Ltd.		38,500		1,034,880
				7,644,484
Construction — 0.4%
D.R. Horton, Inc.		10,500		348,810
Fluor Corp.		1,400		120,120
Grupo Acciona SA (Spain)		4,092		637,469
Insituform Technologies, Inc. (Class “A” Stock) *		2,000		53,200
JGC Corp. (Japan)		8,000		157,349
NCC AB (Sweden)		12,214		325,404
Standard Pacific Corp.		4,300		144,566
Toll Brothers, Inc. *		2,500		86,575
				1,873,493
Consumer Products & Services — 2.4%
Avon Products, Inc. (a)		10,400		324,168
Colgate-Palmolive Co.		10,200		582,420
Dollar Thrifty Automotive Group, Inc. *		3,000		136,200
Fortune Brands, Inc.		2,900		233,827
Fossil, Inc. *(a)		2,200		40,876
Hitachi Maxell (Japan)		6,800		112,486
iRobot Corp. *(a)		1,000		27,800
Jarden Corp. *(a)		500		16,425
Johnson & Johnson		61,146		3,621,066
Kimberly-Clark Corp.		8,000		462,400
L’Oreal SA (France)		801		70,570
Newell Rubbermaid, Inc. (a)		4,200		105,798
Orkla ASA (Class “A: Stock) (Norway)		4,800		238,037
Pacific Brands Ltd. (Australia)		45,141		77,236
Procter & Gamble Co.		70,505		4,062,498
Safilo SpA * (Italy)		24,218		128,474
Yamato Transport Co. Ltd. (Japan)		7,000		143,331
				10,383,612
Containers & Packaging
Smurfit-Stone Container Corp. *		900		12,213
Diversified Operations — 2.2%
General Electric Co.		267,900		9,317,562
Tomkins PLC (United Kingdom)		31,614		184,690
				9,502,252
Electronic Components & Equipment — 1.0%
Advanced Energy Industries, Inc. *		3,000		42,390
Agilent Technologies, Inc. *		—		13
Alpine Electronics, Inc. (Japan)		4,500		66,487
Avx Corp.		3,200		56,640
Belden CDT, Inc.		1,450		39,483
CyberOptics Corp. *		3,200		47,904
Fanuc Ltd. (Japan)		2,500		240,654

Flextronics International Ltd. * (Singapore)	24,100	$	249,435
FLIR Systems, Inc. *(a)	2,900		82,389
Gentex Corp.	3,100		54,126
Harman International Industries, Inc.	1,300		144,469
Jabil Circuit, Inc. *	15,100		647,186
Koninklijke (Royal) Philips Electronics NV (Netherlands)	4,273		144,422
Littelfuse, Inc. *	400		13,652
Neopost SA (France)	1,288		140,010
Nikon Corp. (Japan)	8,000		143,415
Plexus Corp. *	4,700		176,579
Sony Corp. (Japan)	8,000		370,433
Sumitomo Electric Industries Ltd. (Japan)	8,500		134,686
Symbol Technologies, Inc.	45,600		482,448
Tektronix, Inc.	12,600		449,946
Tokyo Electron Ltd. (Japan)	3,200		220,765
Toshiba Corp. (Japan)	43,000		249,890
			4,197,422
Entertainment & Leisure — 1.0%
Brunswick Corp.	3,400		132,124
Carnival Corp.	12,000		568,440
Disney, (Walt) Co. (a)	28,700		800,443
Dolby Laboratories, Inc. (Class “A” Stock) *	1,600		33,440
DreamWorks Animation SKG, Inc. (Class “A” Stock) *	1,900		50,255
Harrah’s Entertainment, Inc.	5,100		397,596
International Game Technology Group, Inc.	11,900		419,118
Marvel Entertainment, Inc. *	1,700		34,204
Mattel, Inc.	9,300		168,609
Shuffle Master, Inc. *(a)	1,400		50,036
Station Casinos, Inc.	2,000		158,740
Time Warner, Inc. (a)	70,900		1,190,411
Wynn Resorts Ltd. *(a)	3,400		261,290
			4,264,706
Environmental Services — 0.1%
Republic Services, Inc.	11,100		471,861
Waste Connections, Inc. *(a)	1,100		43,791
			515,652
Equipment Services
Qinetiq PLC * (United Kingdom)	28,400		96,341
Farming & Agriculture — 0.1%
Monsanto Co.	5,300		449,175
Financial - Bank & Trust — 5.0%
ABN AMRO Holding NV (Netherlands)	8,370		250,944
Allied Irish Banks PLC (Ireland)	5,210		124,381
Australia & New Zealand Banking Group Ltd. (Australia)	18,255		346,323

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial - Bank & Trust (cont’d.)
Australia & New Zealand Banking Group Ltd., ADR (New Zealand)		1,200	$	113,904
Babcock & Brown Ltd. (Australia)		16,560		219,324
Banca Intesa SpA (Italy)		35,478		211,962
Banco Santander Central Hispano SA (Spain)		38,060		555,785
Bank of America Corp.		48,276		2,198,489
Bank of Yokohama Ltd. (Japan)		40,000		327,613
BankAtlantic Bancorp, Inc. (Class “A” Stock)		7,200		103,608
Barclays PLC (United Kingdom)		63,936		748,143
BNP Paribas SA (France)		5,489		509,867
Bradford & Bingley PLC (United Kingdom)		29,432		255,293
City National Corp.		500		38,395
Close Brothers Group PLC (United Kingdom)		6,122		113,437
Commerce Bancshares, Inc.		2,219		114,656
DBS Groupo Holdings (Singapore)		35,236		355,446
Dexia (France)		5,415		140,497
East West Bancorp, Inc.		2,300		88,665
EFG International * (Switzerland)		6,219		171,736
Fifth Third Bancorp		55,700		2,192,352
First Horizon National Corp.		18,800		783,020
Freddie Mac		10,300		628,300
Golden West Financial Corp. (a)		2,600		176,540
HBOS PLC (United Kingdom)		14,086		235,187
Macquarie Bank Ltd. (Australia)		4,800		222,262
Mercantile Bankshares Corp.		3,150		121,117
National City Corp. (a)		27,500		959,750
Nippon Mining Holdings (Japan)		12,500		105,459
Nordea Bank AB (Sweden)		35,342		436,755
Nuveen Investments, Inc. (Class “A” Stock)		4,400		211,860
Popular, Inc.		5,000		103,800
Royal Bank of Scotland Group PLC (United Kingdom)		24,198		787,443
Skandianaviska Enskilda Banken (Sweden)		10,205		252,881
State Street Corp.		9,400		568,042
Sumitomo Trust & Banking Co.Ltd. (Japan)		58,000		671,164
SunTrust Banks, Inc.		5,800		422,008
Svenska Handlesbanken (Class “A” Stock) (Sweden)		12,853		357,280
Synovus Financial Corp.		34,600		937,314
TCF Financial Corp.		1,200		30,900
Texas Regional Bancshares, Inc. (Class “A” Stock)		4,039		119,116
U.S. Bancorp		35,100		1,070,550
UCBH Holdings, Inc.		5,700		107,844
UniCredito Italiano SpA (Italy)		7,495		54,179
Unicredito Italiano SpA (Germany)		50,796		365,036
Wachovia Corp.		23,700		1,328,385

Wells Fargo & Co.	20,500	$	1,309,335
Westpac Banking Corp. (Australia)	18,595		317,096
Wilmington Trust Corp.	2,500		108,375
			21,971,818
Financial - Brokerage — 0.2%
Janus Capital Group, Inc.	6,300		145,971
Legg Mason, Inc.	3,550		444,921
TD Ameritrade Holding Corp. *	18,200		379,834
TradeStation Group, Inc. *	5,400		74,628
			1,045,354
Financial - Regionals
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock) * (Sweden)	48,000		182,423
Financial Services — 5.8%
Aktiv Kapital ASA (Norway)	9,600		172,852
American Express Co.	20,700		1,087,785
Ameriprise Financial, Inc.	18,700		842,622
Banca Italease * (Italy)	5,634		278,088
Bank of Fukuoka Ltd. (Japan)	22,000		185,607
Capital One Financial Corp. (a)	3,600		289,872
Capital Source, Inc. *(a)	16,525		411,142
Cbot Holdings, Inc. *(a)	1,400		167,160
Chicago Mercantile Exchange Holdings, Inc. (a)	800		358,000
Citigroup, Inc.	97,041		4,584,217
Countrywide Financial Corp.	15,200		557,840
E*Trade Financial, Corp. *(a)	19,100		515,318
Eaton Vance Corp.	3,400		93,092
Fannie Mae	11,300		580,820
Franklin Resources, Inc.	3,000		282,720
Global Cash Access, Inc. *	1,700		29,784
Goldman Sachs Group, Inc.	12,100		1,899,216
Grupo Financiero Banorte SA de C.V. (Mexico)	132,784		314,823
Heartland Payment Systems, Inc. *	300		7,431
Hypo Real Estate Holding AG (Germany)	3,065		210,120
IndyMac Bancorp, Inc. (a)	2,100		85,953
ING Groep NV, ADR (Netherlands)	7,985		315,460
Intercontinental Exchange, Inc.	500		34,525
Investors Financial Services Corp. (a)	11,800		553,066
J.P. Morgan Chase & Co.	106,168		4,420,835
Lehman Brothers Holdings, Inc. (a)	6,600		953,898
Merrill Lynch & Co., Inc.	19,300		1,520,068
Mitsubishi Tokyo Financial Group, Inc. (Japan)	49		749,363
Moody’s Corp. (a)	5,200		371,592
Morgan Stanley Dean Witter &Co. (a)	16,000		1,005,120
PNC Financial Services Group, Inc.	2,500		168,275

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Financial Services (cont’d.)
Ricoh Leasing Co. Ltd. (Japan)		3,700	$	105,939
Schwab, (Charles) Corp.		28,700		493,927
SLM Corp. (a)		15,100		784,294
Societe Generale (France)		1,540		231,603
UBS AG (Switzerland)		3,697		406,099
Washington Mutual, Inc. (a)		8,100		345,222
				25,413,748
Food — 1.0%
Associated British Foods PLC (United Kingdom)		10,855		159,929
Campbell Soup Co.		7,800		252,720
Dean Foods Co. *		2,350		91,251
General Mills, Inc.		13,400		679,112
Goodman Fielder Ltd. * (Australia)		41,221		64,332
H.J. Heinz Co.		3,050		115,656
Hershey Foods Corp.		3,800		198,474
Kellogg Co.		8,800		387,552
Koninklijke Wessanen NV (Netherlands)		7,256		121,171
Kraft Foods, Inc. (Class “A” Stock) (a)		2,900		87,899
Kroger Co. (The) *		19,000		386,840
McCormick & Co., Inc.		3,300		111,738
Nestle SA (Switzerland)		1,535		455,678
Performance Food Group Co. *		1,300		40,547
RHM PLC * (United Kingdom)		28,653		134,785
Sunopta, Inc. *		12,100		104,181
Sysco Corp.		13,200		423,060
Tesco PLC (United Kingdom)		45,558		261,204
Tootsie Roll Industries, Inc.		902		26,410
Unilever PLC (United Kingdom)		12,421		127,108
United Natural Foods, Inc. *		2,200		76,934
				4,306,581
Health Care Services — 1.3%
Advisory Board Co. (The) *		1,500		83,655
Caremark Rx, Inc. *		12,700		624,586
Community Health Systems, Inc. *		5,800		209,670
Coventry Health Care, Inc. *		4,100		221,318
DaVita, Inc. *		4,350		261,914
Edwards Lifesciences Corp. *		1,300		56,550
Fresenius AG (Germany)		1,114		199,801
Health Management Associates, Inc. (Class “A” Stock)		3,000		64,710
Healthspring, Inc. *		300		5,583
Humana, Inc.		10,800		568,620
LifePoint Hospitals, Inc. *		700		21,770
Medco Health Solutions, Inc. *		8,584		491,176
Omnicare, Inc. (a)		2,200		120,978
Symbion, Inc. *		1,600		36,240
Triad Hospitals, Inc. *		4,378		183,438
United Surgical Partners International, Inc. *(a)		1,600		56,656
UnitedHealth Group, Inc.		30,300		1,692,558
WellPoint, Inc. *		9,871		764,312
				5,663,535

Hotels & Motels — 0.1%
Marriott International, Inc. (Class “A” Stock)	4,300	$	294,980
Industrial Products — 0.5%
Actuant Corp. (Class “A” Stock) (a)	3,000		183,660
Glory Ltd. (Japan)	5,000		108,326
Harsco Corp.	1,200		99,144
Illinois Tool Works, Inc.	11,200		1,078,672
Maverick Tube Corp. *(a)	3,000		158,970
Mohawk Industries, Inc. *	800		64,576
Nucor Corp.	5,500		576,345
Steel Dynamics, Inc.	2,300		130,479
			2,400,172
Insurance — 3.1%
Aetna, Inc.	10,400		511,056
AFlac, Inc.	16,300		735,619
Allstate Corp. (The)	3,300		171,963
American International Group, Inc.	54,030		3,570,843
Assurant, Inc.	6,100		300,425
Aviva PLC (United Kingdom)	17,614		244,669
Axa SA (France)	13,536		475,051
Axis Capital Holdings Ltd.	8,000		239,200
CNP Assurances (France)	2,452		247,226
Friends Provident PLC (United Kingdom)	72,555		262,830
Gallagher, (Arthur J.) & Co.	2,200		61,182
Genworth Financial, Inc.	25,200		842,436
Hartford Financial Services Group, Inc. (The) (a)	10,100		813,555
Infinity Property & Casualty Corp.	800		33,392
Insurance Australia Group Ltd. (Australia)	51,605		202,084
Jefferson-Pilot Corp.	2,900		162,226
Lincoln National Corp.	6,400		349,376
Markel Corp. *	300		101,304
Marsh & McLennan Cos., Inc.	26,200		769,232
Mercury General Corp.	800		43,920
MetLife, Inc.	4,700		227,339
Mitsui Marine & Fire (Japan)	15,000		204,036
Ohio Casualty Corp.	700		22,190
PMI Group, Inc. (The)	2,300		105,616
ProAssurance Corp. *	600		31,200
Progressive Corp. (The)	5,000		521,300
Protective Life Corp.	2,000		99,480
QBE Insurance Group Ltd. (Australia)	12,665		198,384
Radian Group, Inc.	1,200		72,300
RenaissanceRe Holdings Ltd.	200		8,724
Selective Insurance Group, Inc.	400		21,200
St. Paul Travelers Cos., Inc. (The)	18,099		756,357
StanCorp Financial Group, Inc.	2,000		108,220
Swiss Life Holdings (Switzerland)	593		124,181
Toro Assicurazioni SpA * (Italy)	11,505		246,084
Triad Guaranty, Inc. *	1,600		75,040

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
UnumProvident Corp.		5,500	$	112,640
Willis Group Holdings Ltd.		5,900		202,134
XL Capital Ltd. (Class “A” Stock)		4,500		288,495
				13,562,509
Internet Services — 1.2%
Blue Coat Systems, Inc. *		1,500		32,610
CNET Networks, Inc. *(a)		7,500		106,575
CyberSource Corp. *		2,500		27,900
Digital Insight Corp. *		2,400		87,360
Expedia, Inc. *		2,000		40,540
Google, Inc. (Class “A” Stock) *		5,300		2,067,000
Ias Interactive Corp *		2,300		67,781
Juniper Networks, Inc. *(a)		34,200		653,904
Monster Worldwide, Inc. *(a)		4,600		229,356
NAVTEQ Corp. *		7,400		374,810
Symantec Corp. *		43,893		738,719
Yahoo!, Inc. *(a)		28,200		909,732
				5,336,287
Machinery & Equipment — 1.0%
Briggs & Stratton Corp.		1,500		53,055
Cooper Cameron Corp. *(a)		1,800		79,344
Danaher Corp.		23,600		1,499,780
Deere & Co.		10,600		837,930
Eaton Corp.		3,400		248,098
Ebara Corp. (Japan)		18,000		113,169
Grant Prideco, Inc. *		11,100		475,524
Joy Global, Inc. (a)		2,700		161,379
Nordson Corp.		1,000		49,860
Pall Corp.		10,600		330,614
Thermo Electron Corp. *		8,500		315,265
ThyssenKrup AG (Germany)		5,866		169,402
				4,333,420
Medical Supplies & Equipment — 2.1%
Abbott Laboratories		28,600		1,214,642
Alcon, Inc. (Switzerland)		2,700		281,502
Amgen, Inc. *		24,000		1,746,000
AmSurg Corp. *		1,000		22,690
Aspect Medical Systems, Inc. *		1,900		52,136
Bard (C.R.), Inc.		5,000		339,050
Baxter International, Inc.		11,500		446,315
Boston Scientific Corp. *(a)		41,900		965,795
Charles River Laboratories International, Inc. *(a)		1,300		63,726
Computer Programs and Systems, Inc.		4,000		200,000
Cytyc Corp. *		4,500		126,810
DENTSPLY International, Inc.		1,350		78,502
Digene Corp. *		1,500		58,650
Elekta (Class “B” Stock) (Sweden)		8,885		146,591
Fisher Scientific International, Inc. *(a)		2,400		163,320
Genzyme Corp. *		1,100		73,942
Invitrogen Corp. *		1,262		88,504
Martek Biosciences Corp. *		900		29,547
Medtronic, Inc., 144A		29,300		1,486,975

	Shares		Value
COMMON STOCKS (Continued)
Medical Supplies & Equipment (cont’d.)
Merit Medical Systems, Inc. *		2,900	$	34,829
Patterson Cos, Inc. *		5,300		186,560
Quest Diagnostics, Inc.		5,000		256,500
Respironics, Inc. *		500		19,455
St. Jude Medical, Inc. *		8,100		332,100
STERIS Corp.		3,300		81,444
Stryker Corp.		5,800		257,172
Techne Corp. *		900		54,126
Thoratec Corp. *		2,700		52,029
Zimmer Holdings, Inc. *		5,100		344,760
				9,203,672
Metals & Mining — 1.1%
Alcan, Inc. (Canada)		8,700		397,851
Alcoa, Inc. (a)		8,600		262,816
Anglo American PLC (United Kingdom)		12,115		466,860
BHP Billiton Ltd. (Australia)		26,800		537,213
Bluescope Steel Ltd. (Australia)		45,616		234,474
China Shenhua Energy Co. Ltd. (Class “H” Stock) * (Hong Kong)		87,500		153,931
Consol Energy, Inc.		1,200		88,992
Corus Group PLC (United Kingdom)		199,959		305,721
Newmont Mining Corp.		14,000		726,460
Nippon Steel Corp. (Japan)		81,000		313,815
Peabody Energy Corp.		4,400		221,804
Sims Group Ltd. (Australia)		17,710		222,129
SKF AB (Sweden)		11,511		187,699
SSAB Svenskt Stal AB Series A (Sweden)		11,192		535,998
				4,655,763
Office Equipment — 0.1%
Canon, Inc. (Japan)		4,400		291,215
Herman Miller, Inc.		4,100		132,881
				424,096
Oil & Gas — 6.4%
AGL Resources, Inc.		6,400		230,720
Alinta Ltd. (Australia)		20,160		158,470
Anadarko Petroleum Corp.		5,806		586,464
Baker Hughes, Inc.		10,100		690,840
BJ Services Co.		8,200		283,720
Bois d’Arc Energy, Inc. *		1,200		19,980
BP PLC (United Kingdom)		26,032		298,958
BP PLC, ADR (United Kingdom)		8,000		551,520
Centrica PLC (United Kingdom)		56,601		276,824
ChevronTexaco Corp.		45,022		2,609,925
Comstock Resources, Inc. *		4,000		118,760
ConocoPhillips (a)		24,400		1,540,860
Devon Energy Corp.		6,200		379,254
El Paso Corp.		12,400		149,420
Eni SpA (Italy)		12,375		352,123
Eni SpA, ADR (Italy)		1,800		102,564
EOG Resources, Inc.		6,100		439,200
Exxon Mobil Corp.		124,266		7,562,829
FMC Technologies, Inc. *		10,959		561,320

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Oil & Gas (cont’d.)
Forest Oil Corp. *		1,400	$	52,052
Grey Wolf, Inc. *		7,000		52,080
Halliburton Co. (a)		4,200		306,684
Helmerich & Payne, Inc.		1,900		132,658
Mariner Energy, Inc. *		1,133		23,238
Murphy Oil Corp.		12,600		627,732
Nabors Industries Ltd. *(a)		5,200		372,216
National Fuel Gas Co.		3,900		127,608
National-Oilwell Varco, Inc. *		3,000		192,360
Newfield Exploration Co. *		4,200		175,980
Occidental Petroleum Corp.		5,400		500,310
Oil Search Ltd. (Australia)		38,741		109,552
Patterson-UTI Energy, Inc.		3,300		105,468
Petroleo Brasileiro SA, ADR (Brazil)		4,500		359,325
Pioneer Natural Resources Co.		3,800		168,150
Royal Dutch Shell PLC (Class “B” Stock) (United Kingdom)		6,578		428,557
Royal Dutch Shell PLC (Class “B” Stock) (United Kingdom)		6,800		221,165
Saipem SpA (Italy)		10,203		236,040
Schlumberger Ltd.		21,300		2,695,941
Statoil ASA (Norway)		16,204		467,309
Toho Gas Co., Ltd. (Japan)		25,000		100,892
Total Fina SA, ADR (a) (France)		3,900		513,747
Total SA (Class “B” Stock) (France)		1,176		310,254
Transocean, Inc. * (Cayman Island)		10,539		846,282
Valero Energy Corp.		9,800		585,844
WGL Holdings, Inc.		2,800		85,176
Williams Cos., Inc.		36,400		778,596
XTO Energy, Inc.		10,033		437,138
				27,926,105
Paper & Forest Products — 0.3%
Bowater, Inc. (a)		5,400		159,732
International Paper Co.		17,100		591,147
Potlatch Corp.		3,500		149,940
Weyerhaeuser Co.		4,100		296,963
				1,197,782
Personal Services — 0.1%
Apollo Group, Inc. (Class “A” Stock) *		2,400		126,024
Corinthian Colleges, Inc. *		700		10,080
Education Management Corp. *		3,100		128,960
				265,064
Pharmaceuticals — 3.5%
Abgenix, Inc. *		6,000		135,000
Alkermes, Inc. *(a)		3,900		85,995
Allergan, Inc.		281		30,483
Alliance Unichem PLC (United Kingdom)		8,278		128,865
Astellas Pharmaceutical Co. Ltd. (Japan)		2,800		106,338
Biogen Idec, Inc. *		8,700		409,770
Bristol-Meyers Squibb Co.		7,000		172,270
Cardinal Health, Inc.		10,850		808,542

Pharmaceuticals (cont’d.)
Celgene Corp. *(a)	4,800	$	212,256
Cephalon, Inc. *	3,428		206,537
Chiron Corp. *	2,600		119,106
CSL Ltd. (Australia)	3,129		122,531
Eisai Co. Ltd. (Japan)	3,700		161,266
Gehe AG (Germany)	1,947		184,252
Genentech, Inc. *	5,700		481,707
Gilead Sciences, Inc. *	11,100		690,642
GlaxoSmithKline PLC (United Kingdom)	15,232		398,286
GlaxoSmithKline PLC, ADR (United Kingdom)	7,900		413,249
Kobayashi Pharmaceutical Co. Ltd. (Japan)	2,900		103,237
Lilly, (Eli) & Co. (a)	21,200		1,172,360
Medicis Pharmaceutical Corp. (Class “A” Stock)	1,100		35,860
Merck & Co., Inc.	41,700		1,469,091
Neurocrine Biosciences, Inc. *(a)	1,300		83,902
Novartis AG (Switzerland)	11,113		618,028
Noven Pharmaceuticals, Inc. *	2,600		46,826
Pfizer, Inc.	146,085		3,640,438
Sanofi-Aventis SA (France)	6,209		590,667
Schering-Plough Corp.	27,700		526,023
Sepracor, Inc. *(a)	2,800		136,668
Shire Pharmaceuticals Group PLC, ADR (United Kingdom)	5,000		232,450
Takeda Chemical Industries Ltd. (Japan)	4,100		233,739
UCB SA (Belgium)	1,625		79,953
Wyeth	27,900		1,353,708
			15,190,045
Printing & Publishing — 0.3%
Applied Films Corp.	900		17,487
Dow Jones & Co., Inc. (a)	3,300		129,690
Gannett Co., Inc. (a)	4,200		251,664
McGraw-Hill Cos., Inc.	5,500		316,910
Scholastic Corp. *	900		24,084
Singapore Press Holdings Ltd. (Singapore)	23,750		66,142
Tribune Co.	6,800		186,524
Washington Post Co. (Class “B” Stock)	200		155,350
			1,147,851
Railroads — 0.4%
Norfolk Southern Corp.	12,800		692,096
Union Pacific Corp.	10,900		1,017,515
			1,709,611
Real Estate Investment Trust — 1.1%
Archstone-Communities Trust	13,600		663,272
Arden Realty, Inc.	3,500		157,955
Boston Properties, Inc.	2,100		195,825
Camden Property Trust	2,100		151,305
CarrAmerica Realty Corp.	12,200		544,242
Cendant Corp.	28,200		489,270
Duke-Weeks Realty Corp.	2,400		91,080

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Real Estate Investment Trust (cont’d.)
EastGroup Properties, Inc.		1,600	$	75,904
General Property Trust (Australia)		67,703		200,175
Hopewell Holdings Ltd. (Hong Kong)		37,000		107,293
LaSalle Hotel Properties		5,000		205,000
Lennar Corp. (Class “A” Stock) (a)		9,600		579,648
Mirvac Group (Australia)		33,070		100,618
ProLogis		8,100		433,350
Reckson Associates Realty Corp.		2,100		96,222
Regency Centers Corp.		2,400		161,256
Simon Property Group, Inc.		3,100		260,834
SL Green Realty Corp.		2,000		203,000
Weingarten Realty, Inc.		3,500		142,625
				4,858,874
Real Estate Operating Companies — 0.1%
China Overseas Land & Investment Ltd. (Hong Kong)		356,000		243,171
Goldcrest Co. Ltd. (Japan)		3,920		189,172
Persimmon PLC (United Kingdom)		6,428		148,312
Wheelock and Co. Ltd. (Hong Kong)		36,000		64,492
				645,147
Restaurants — 0.4%
California Pizza Kitchen, Inc. *		1,400		45,430
CEC Entertainment, Inc. *(a)		1,250		42,025
Chang’s China Bistro, (P.F.), Inc. *(a)		700		34,503
Cheesecake Factory, Inc. (The) *		650		24,343
Mitchells & Butlers PLC (United Kingdom)		15,146		125,916
Outback Steakhouse, Inc.		11,400		501,600
Panera Bread Co. (Class “A” Stock) *		3,100		233,058
Sonic Corp. *		2,750		96,607
Starbucks Corp. *		18,400		692,576
				1,796,058
Retail & Merchandising — 3.5%
A.C. Moore Arts & Crafts, Inc. *(a)		1,300		23,920
Amazon.Com, Inc. *		10,900		397,959
Bed Bath & Beyond, Inc. *		2,900		111,360
Best Buy Co., Inc.		9,525		532,733
Casino Guichard-Perrachon SA (France)		2,270		158,728
Coles Myer Ltd. (Australia)		18,461		141,414
CVS Corp. (a)		17,700		528,699
Dollar General Corp.		6,200		109,554
Dollar Tree Stores, Inc. *		1,000		27,670
Drugstore.Com, Inc. *		7,100		21,939
DSG International PLC (United Kingdom)		46,799		150,015
Esprit Holdings Ltd. (Hong Kong)		14,500	$	112,873
Family Dollar Stores, Inc.		4,700		125,020
Fred’s, Inc.		2,000		26,520
Hibbett Sporting Goods, Inc. *		3,300		108,867
Home Depot, Inc.		48,000		2,030,400
Hot Topic, Inc. *(a)		17,100		247,950
Kohl’s Corp. *		33,300		1,765,233
Lowe’s Cos., Inc. (a)		13,200		850,608
Matsumotokiyoshi Co. Ltd. (Japan)		2,900		83,033
Mauri Co. Ltd. (Japan)		4,300		84,941
Metro AG (Germany)		6,787		347,994
Organizacion Soriana SA de CV (Class “B” Stock) * (Mexico)		14,100		59,604
Pacific Sunwear of California, Inc. *		2,600		57,616
PETsMART, Inc.		2,100		59,094
Ross Stores, Inc.		18,900		551,691
Staples, Inc.		11,400		290,928
Target Corp.		24,300		1,263,843
TJX Cos., Inc.		23,500		583,270
Wal-Mart de Mexico SA de CV (Mexico)		48,400		129,654
Wal-Mart Stores, Inc.		63,700		3,009,188
Walgreen Co.		24,200		1,043,746
Williams-Sonoma, Inc. *		1,700		72,080
York-Benimaru Co. Ltd. (Japan)		2,600		85,710
				15,193,854
Semiconductors — 1.7%
Analog Devices, Inc.		23,200		888,328
Applied Materials, Inc. *		52,200		914,022
ATMI, Inc. *		1,400		42,280
Cymer, Inc. *(a)		1,400		63,616
Entegris, Inc. *		4,726		50,285
Hamamatsu Photonics K.K. (Japan)		4,400		136,075
Intel Corp.		151,100		2,923,785
Intersil Corp. (Class “A” Stock)		4,400		127,248
Linear Technology Corp. (a)		22,500		789,300
Microchip Technology, Inc.		1,800		65,340
Omnivision Technologies, Inc. *		3,600		108,720
Semtech Corp. *		3,900		69,771
Tessera Technologies, Inc. *		2,000		64,160
Texas Instruments, Inc.		19,900		646,153
Varian Semiconductor Equipment Associates, Inc. *(a)		1,500		42,120
Xilinx, Inc. (a)		11,100		282,606
Zoran Corp. *		5,712		124,978
				7,338,787
Telecommunications — 3.4%
Alltel Corp.		754		48,821
America Movil SA de CV (Class “L” Stock), ADR (Mexico)		6,700		229,542
American Tower Corp., (Class “A” Stock) *(a)		18,735		568,045
BellSouth Corp.		99,000		3,430,350

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Telecommunications (cont’d.)
Comverse Technology, Inc. *		3,900	$	91,767
Corning, Inc. *		15,500		417,105
Crown Castle International Corp. *(a)		23,600		669,060
Deutsche Telekom AG (Germany)		28,769		485,306
Echostar Communications Corp. (Class “A” Stock)		2,900		86,623
Inter-Tel, Inc.		2,800		60,032
KDDI Corp. (Japan)		43		229,796
Lucent Technologies, Inc. *		168,000		512,400
Motorola, Inc.		24,700		565,877
Nextel Partners, Inc. (Class “A” Stock) *		3,800		107,616
Nokia Corp. (Class “A” Stock), ADR (a) (Norway)		33,700		698,264
Nokia OYJ (Finland)		25,411		525,970
NTL, Inc. *		2,000		58,220
Plantronics, Inc.		800		28,344
Polycom, Inc. *		2,500		54,200
Qualcomm, Inc.		17,200		870,492
Sprint Corp.		66,052		1,706,784
Starhub Ltd. (Singapore)		89,000		119,522
Telefonica SA (Spain)		22,751		357,044
Telephone & Data Systems, Inc.		800		31,552
Telephone and Data Special Shares		800		30,200
Television Broadcasts Ltd. (Hong Kong)		10,000		56,707
Telus Corp. (Canada)		28,400		1,099,080
Verizon Communications, Inc.		21,884		745,369
Vivendi Universal SA (France)		8,586		294,878
Vodafone Group PLC, ADR (United Kingdom)		29,500		616,550
				14,795,516
Transportation — 0.7%
Arriva PLC (United Kingdom)		16,816		179,826
Cargotec Corp. (Class “B” Stock) * (Finland)		7,700		315,398
Expeditors International of Washington, Inc. (a)		1,100		95,029
Macquarie Infrastructure Group (Australia)		26,005		70,931
Nippon Yusen Kabushiki (Japan)		32,000		195,480
Old Dominion Freight Line, Inc. *		3,600		97,020
United Parcel Service, Inc. (Class “B” Stock) (a)		24,200		1,920,996
UTI Worldwide, Inc. (British Virgin Islands)		3,900		123,240
				2,997,920
Utilities — 2.0%
AES Corp. *		22,000		375,320
Color Kinetics, Inc. *		2,400		50,832
Dominion Resources, Inc.		4,600		317,538
Duke Energy Corp.		32,900		959,035
Dynegy, Inc. (Class “A” Stock) *		16,900		81,120
E.ON AG (Germany)		7,394	$	813,700
Edison International		12,100		498,278
Energy East Corp.		4,300		104,490
Entergy Corp.		12,600		868,644
Exelon Corp.		22,900		1,211,410
FirstEnergy Corp.		9,900		484,110
Great Plains Energy, Inc.		3,800		106,970
Iberdrola SA (Spain)		8,355		269,732
Interstate Energy Corp.		3,500		110,145
NiSource, Inc.		19,300		390,246
NRG Energy, Inc. *(a)		6,800		307,496
OGE Energy Corp.		4,500		130,500
Pinnacle West Capital Corp.		7,800		304,980
PPL Corp.		7,400		217,560
Public Service Enterprise Group, Inc.		800		51,232
Sembcorp Industries, Ltd. (Singapore)		116,060		251,391
Teco Energy, Inc.		10,000		161,200
Tokyo Electric Power Co. (Japan)		9,100		226,920
TXU Corp.		8,700		389,412
United Utilities PLC (United Kingdom)		11,102		132,995
				8,815,256
TOTAL COMMON STOCKS
(cost $245,210,171)				291,336,328

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)	Value
CORPORATE BONDS — 9.2%
Advertising
Advanstar Communications, Inc., Sec’d. Notes
10.75	%	08/15/10		B3	50		54,375
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)
15.00	%(v)	10/15/11		NR	50		52,375
							106,750
Aerospace — 0.1%
Aviall, Inc., Sr. Notes
7.625	%	07/01/11		B1	50		51,125
BE Aerospace, Inc., Sr. Sub. Notes
8.875	%	05/01/11		Caa2	75		78,000
TransDigm, Inc., Gtd. Notes
8.375	%	07/15/11		B3	25		26,125
United Technologies Corp., Sr. Notes
5.40	%	05/01/35		A2	190		179,098
Vought Aircraft Industry, Sr. Notes
8.00	%	07/15/11		B2	25		23,500
							357,848
Automobile Manufacturers — 0.1%
DaimlerChrysler NA Holding Corp., Gtd. Notes
6.50	%	11/15/13		A3	220		223,755

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Automobile Manufacturers (cont’d.)
Ford Motor Credit Co., Sr. Notes
5.80	%	01/12/09		A3	315		287,676
							511,431
Automotive Parts — 0.1%
Hertz Corp. Sr. Notes, 144A (g)
8.875	%	01/01/14		B1	400		415,000
Rexnord Corp., Gtd. Notes
10.125	%	12/15/12		B3	125		137,188
							552,188
Beverages
Le-Natures, Inc., Sr. Sub. Notes, 144A (g)
10.00	%	06/15/13		Caa1	100		105,000
Broadcasting — 0.1%
Comcast Corp. Gtd. Notes
4.95	%	06/15/16		Baa2	125		113,911
Fisher Communications, Inc., Sr. Notes, 144A
8.625	%	09/15/14		B2	50		52,812
News America, Inc., Gtd. Notes
6.20	%	12/15/34		Baa3	120		112,382
XM Satellite Radio, Inc., Sec’d. Notes
12.00	%	06/15/10		Caa1	76		84,835
							363,940
Business Services — 0.1%
Affinity Group, Inc., Sr. Sub. Notes, 144A
9.00	%	02/15/12		B3	50		50,250
Brand Services, Inc., Sr. Sub Notes, PIK, 144A (g)
13.00	%	10/15/13			60		61,907
Brickman Group Ltd., Gtd. Notes, Series B
11.75	%	12/15/09		B2	50		54,312
Invensys PLC, Sr. Notes, 144A (United Kingdom) (l)(g)
9.875	%	03/15/11		B3	50		53,125
							219,594
Cable Television — 0.3%
AT&T Broadband Corp., Gtd. Notes
8.375	%	03/15/13		Baa2	205		230,553
Charter Communications Operating LLC, Sr. Notes, 144A (g)
8.00	%	04/30/12		B2	100		99,500
COX Communication, Inc., Notes
7.75	%	11/01/10		Baa3	235		251,314
CSC Holdings, Inc., Sr. Notes
7.25	%	07/15/08		B2	400		404,000
Deutche Telekom International Finance BV, Sr. Notes
5.75	%	03/23/16		A3	140		136,764
Echostar DBS Corp., Gtd. Notes
6.625	%	10/01/14		Ba3	50		48,313
General Cable Corp., Sr. Notes
9.50	%	11/15/10		B2	25		27,000
Mediacom Broadband LLC, Gtd. Notes
11.00	%	07/15/13		B2	50		53,250
Rogers Cable, Inc., Sec’d. Notes, 144A (Canada) (l)
5.50	%	03/15/14		Ba3	165		156,337
							1,407,031

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Chemicals — 0.2%
Crystal US Holdings, Sr. Disc. Notes (Zero Coupon until 10/01/09)
10.50%(v)		10/01/14		Caa2	8		6,200
Dow Chemical Corp., Notes
6.125	%	02/01/11		A3	115		118,046
Equistar Chemicals LP, Notes
8.75	%	02/15/09		B2	75		77,625
Hercules, Inc., Gtd. Notes
6.75	%	10/15/29		Ba3	75		73,500
Huntsman LLC, Gtd. Notes
11.625	%	10/15/10		B1	65		73,613
IMC Global, Inc., Sr. Notes
10.875	%	08/01/13		Ba3	25		28,625
INVISTA, Notes, 144A (g)
9.25	%	05/01/12		B1	400		428,000
Lyondell Chemical Co., Gtd. Notes
9.50	%	12/15/08		B1	29		30,160
Sec’d. Notes, Series A
9.625	%	05/01/07		B1	50		51,625
Resolution Perfomance LLC, Sec’d. Notes
9.50	%	04/15/10		B3	75		78,000
							965,394
Clothing & Apparel
Anvil Holdings, Inc., Co. Gtd., PIK (g)
13.00	%	03/15/09		D	2		7,617
Dyersburg Corp., Gtd. Notes, Series B, 144A (i) (g)
9.75	%	09/01/07		NR	175		—
							7,617
Computer Services & Software — 0.1%
Cisco Systems, Inc., Notes
5.25	%	02/22/11		A1	190		188,379
Sungard Data Systems, Inc., Sr. Unsec’d. Notes, 144A (a) (g)
9.125	%	08/15/13		B3	400		423,000
							611,379
Conglomerates — 0.1%
Tyco International Group, Gtd. Notes (Luxembourg) (l)
6.375	%	10/15/11		Baa3	225		230,981
Construction — 0.1%
D.R Horton, Inc., Notes
4.875	%	01/15/10		Baa3	200		192,568
Pulte Homes, Inc., Sr. Unsec’d. Notes
5.20	%	02/15/15		Baa3	205		189,209
							381,777
Consumer Products — 0.1%
Mccormick & Co., Sr. Unsec’d. Notes
5.20	%	12/15/15		A2	175		169,822
Plains E&P Co., Sr. Sub. Notes
8.75	%	07/01/12		Ba3	25		26,687

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Consumer Products (cont’d.)
Spectrum Brands, Inc., Gtd. Notes
7.375	%	02/01/15		B3	50		43,500
							240,009
Consumer Products & Services — 0.3%
Bunge Ltd. Finance Corp., Co. Gtd. Notes
4.375	%	12/15/08		Baa2	205		199,041
Eastman Kodak Co., Sr. Notes Sr. Notes
7.25	%	11/15/13		B2	400		388,569
Fortune Brands, Inc., Notes
5.125	%	01/15/11		Baa2	125		122,427
Jostens IH Corp., Gtd. Notes
7.625	%	10/01/12		B3	50		49,375
Procter & Gamble Co., Sr. Notes
4.95	%	08/15/14		Aa3	375		362,915
							1,122,327
Containers & Packaging — 0.1%
BWAY Corp., Sr. Sub. Notes
10.00	%	10/15/10		B3	50		52,875
Graham Packaging International Corp., Sr. Sub. Notes (a)
9.50	%	08/15/13		B3	25		23,375
Jefferson Smurfit Corp., Gtd. Notes
8.25	%	10/01/12		B2	25		24,531
Owens Brockway Glass Container, Inc., Notes
8.75	%	11/15/12		B1	50		53,500
Owens-Brockway Glass Containers, Inc., Gtd. Notes
8.875	%	02/15/09		B1	150		156,188
Owens-Illinois, Inc., Sr. Notes
7.35	%	05/15/08		B3	25		25,250
Sealed Air Corp., Sr. Notes, 144A (g)
5.375	%	04/15/08		Baa3	145		144,100
Silgan Holdings, Inc., Sr. Sub. Notes
6.75	%	11/15/13		B1	25		25,000
							504,819
Diversified Operations — 0.2%
Bombardier, Inc., Notes Notes, 144A (Canada) (l)(g)
6.75	%	05/01/12		Ba2	400		382,000
Covalence Specialty Material, Sr. Sub. Notes, 144A (g)
10.25	%	03/01/16		B3	400		420,000
Leucadia National Corp., Sr. Notes
7.00	%	08/15/13		Ba2	75		75,188
							877,188
Electric
Virginia Electirc & Power, Sr. Notes
6.00	%	01/15/36		Baa1	185		175,375
Electronic Components & Equipment — 0.1%
El Paso Electric Co., Sr. Unsec’d. Notes
6.00	%	05/15/35		Baa3	190		178,770
Freescale Semiconductor, Inc., Sr. Notes
7.125	%	07/15/14		Ba2	100		103,750
Sierra Pacific Resources, Sr. Notes
7.803	%	06/15/12		B1	100		105,471
STATS ChipPAC, Ltd., Gtd. Notes
6.75	%	11/15/11		Ba2	25		24,500

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Electronic Components & Equipment (cont’d.)
Telex Communications Holdings, Inc., Sec’d. Notes
11.50	%	10/15/08		B3	75		80,250
							492,741
Energy — 0.2%
Chesapeake Energy Corp., Gtd. Notes
6.50	%	08/15/17		Ba2	400		395,000
NRG Energy, Inc., Co. Gtd. Notes (a)
7.25	%	02/01/14		B1	150		152,438
Valero Energy Corp., Sr. Notes
3.50	%	04/01/09		Baa3	145		137,102
							684,540
Entertainment & Leisure — 0.3%
AMF Bowling Worldwide, Inc., Sr. Sub. Notes
10.00	%	03/01/10		B3	75		76,875
Boyd Gaming Corp., Sr., Sub. Notes (a)
7.125	%	02/01/16		B1	400		405,500
Cinemark USA, Inc., Sr. Sub. Notes
9.00	%	02/01/13		B3	25		26,563
GTECH Holdings Corp., Gtd. Notes
4.50	%	12/01/09		Baa1	215		208,506
K2, Inc., Sr. Notes, 144A
7.375	%	07/01/14		Ba3	75		74,812
Penn National Gaming, Inc., Sr. Sub. Notes (a)
6.75	%	03/01/15		B3	25		25,000
Resorts International Hotel & Casino, Inc., Gtd. Notes
11.50	%	03/15/09		B2	25		27,437
Speedway Motorsports, Inc., Sr. Sub. Notes
6.75	%	06/01/13		Ba2	50		50,000
Time Warner Entertainment Co. LP, Debs.
8.375	%	03/15/23		Baa2	90		101,757
7.25	%	09/01/08		Baa2	250		259,173
Town Sports International, Inc., Gtd. Notes
9.625	%	04/15/11		B2	25		26,313
Warner Music Group, Sr. Sub. Notes
7.375	%	04/15/14		B3	75		74,250
							1,356,186
Environmental Services — 0.1%
Allied Waste North America, Inc., Sr. Notes
7.875	%	04/15/13		B2	25		26,094
Allied Waste North America, Sr. Notes
8.50	%	12/01/08		B2	100		105,125
Casella Waste Systems, Inc., Sr. Sub. Notes
9.75	%	02/01/13		B3	100		107,000
							238,219
Financial - Bank & Trust — 0.5%
ABN AMRO Bank NV, Sub. Notes
7.125	%	06/18/07		A1	145		148,070
BAC Capital Trust VI, Gtd. Bonds
5.625	%	03/08/35		Aa3	240		226,322
Bank of America Corp., Sr. Notes
4.875	%	09/15/12		Aa2	225		217,804
Bank of Nova Scotia, Sub. Debs. (Canada) (l)
6.25	%	09/15/08		A1	50		51,044

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Financial - Bank & Trust (cont’d.)
BB&T Corp., Sub. Notes
	6.50%	08/01/11		A1		260		272,719
Citigroup, Inc., Sub. Notes
	5.00%	09/15/14		Aa2		375		358,912
Crystal US Holdings/US Sub 3 Corp., Sr. Disc. Notes, 144A
	10.00%	10/01/14		Caa2		25		19,500
International Nederland Bank NV, Sub. Notes, 144A (Netherlands)(g)(i)(l)
	5.125%	05/01/15		Aa3		250		240,586
Kinder Morgan Finance Co. ULC Gtd. Notes
	5.70%	01/05/16		Baa2		190		185,108
Northern Trust Co., Sub. Notes
	4.60%	02/01/13		A1		115		108,853
Wachovia Corp., Sub. Notes
	6.40%	04/01/08		A1		80		81,761
Webster Financial Corp., Sr. Notes
	5.125%	04/15/14		Baa3		180		171,620
Wells Fargo & Co., Sr. Unsec’d. Notes
	4.875%	01/12/11		Aa1		190		185,806
								2,268,105
Financial - Brokerage — 0.1%
Legg Mason, Inc., Sr. Notes Sr. Notes
	6.75%	07/02/08		A3		100		102,866
Lehman Brothers Holdings, Inc., Notes
	3.50%	08/07/08		A1		305		293,066
Merrill Lynch & Co., Inc., Notes
	4.25%	02/08/10		Aa3		200		192,037
								587,969
Financial Institutions
Jefferies Group, Inc., Sr. Unsec’d. Notes
	6.25%	01/15/36		Baa1		150		140,778
Financial Services — 1.3%
American General Finance Corp., Notes
	5.40%	12/01/15		A1		230		222,696
Arch Western Finance LLC, Sr. Notes
	6.75%	07/01/13		Ba3		50		49,625
Bank One Corp., Sub. Notes
	5.25%	01/30/13		A1		270		264,407
Capital One Bank, Sub. Notes
	6.50%	06/13/13		Baa3		280		291,361
CIT Group, Inc., Sr. Notes
	6.00%	04/01/36		A2		130		125,531
Couche-Tard Corp., Sr. Sub. Notes
	7.50%	12/15/13		Ba3		50		51,250
Countrywide Home Loans, Inc., Notes
	4.125%	09/15/09		A3		280		267,631
Dollar Financial Group, Inc., Co. Gtd. Notes
	9.75%	11/15/11		B3		75		78,750
Erac USA Finance Co., Bonds, 144A (g)
	5.60%	05/01/15		Baa1		185		180,194
Ford Motor Credit Co., Notes
	5.29%	11/16/06		A3		105		104,686
Ford Motor Credit Corp., Notes
	7.375%	10/28/09		A1		400		376,053
Franklin Resources, Inc., Notes
	3.70%	04/15/08		A2		55		53,244
General Electric Capital Corp., Notes
	6.00%	06/15/12		Aaa		185		189,994
General Motors Acceptance Corp., Notes
	5.625%	05/15/09		Ba1		400		372,245
Goldman Sachs Group, Inc., Gtd. Notes (a)
	6.345%	02/15/34		A1		380		376,832
HBOS PLC, Sub. Notes, 144A (United Kingdom) (l)(g)
	6.00%	11/01/33		Aa3		170		170,630
HSBC Finance Corp., Notes
	5.00%	06/30/15		A1		240		226,522
Huntington National Bank, Sr. Notes
	4.375%	01/15/10		A2		210		202,230
International Lease Finance Corp., Notes
	6.375%	03/15/09		A1		85		87,012
International Lease Finance Corp., Unsec’d. Notes
	5.125%	11/01/10		A1		100		98,064
John Deere Capital Corp., Notes
	7.00%	03/15/12		A3		190		203,727
John Hancock Global Funding II, Notes, 144A (g)
	5.625%	06/27/06		Aa3		240		240,224
JSG Funding PLC., Sr. Sub. Notes
	7.75%	04/01/15		Caa1		50		47,000
MBNA America Bank NA,
Notes
	4.625%	08/03/09		Baa1		190		186,139
Sub. Notes
	7.125%	11/15/12		Baa2		80		86,996
Mizuho Capital Investment 1 Ltd., Sub. Notes, 144A (g)
	6.686%	12/31/49		Baa2		66		64,957
MUFG Capital Finance 1 Ltd. Notes
	6.346%	07/29/49		Baa2		100		98,404
Orion Power Holdings, Inc., Sr. Notes
	12.00%	05/01/10		B2		75		84,563
Residential Capital Corp., Co. Gtd. Notes
	6.125%	11/21/08		Baa3		120		120,192
Student Loan Marketing Assoc., Notes
	4.823%	01/26/09		A2		225		225,522
	4.58%	04/01/09		A2		155		150,043
US Bancorp, Sr. Notes
	4.50%	07/29/10		Aa2		275		265,634
Verizon Global Funding Corp., Notes
	7.75%	12/01/30		A2		165		182,283
								5,744,641
Food — 0.1%
Agrilink Foods, Inc., Gtd. Notes (g)
	11.875%	11/01/08		B3		25		25,500
B&G Foods Holding Corp., Sr. Notes
	8.00%	10/01/11		B2		125		129,688
Kraft Foods, Inc., Sr. Unsec’d. Notes
	5.625%	11/01/11		A3		195		195,259
Wornick Co., Sec’d. Notes
	10.875%	07/15/11		B2		50		51,500

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Food (cont’d.)
Wrigley, (Wm., Jr.) Co., Sr. Unsec’d. Notes
	4.65%	07/15/15		A1		75		70,514
								472,461
Furniture
Sealy Mattress Co., Sr. Sub. Notes
	8.25%	06/15/14		B3		50		52,250
Health Care Services — 0.3%
Concentra Operating Corp., Sr. Sub. Notes
	9.125%	06/01/12		B3		75		78,563
Concentra Operating Corp., Gtd. Notes
	9.50%	08/15/10		B3		25		26,250
Genesis HealthCare Corp., Sr. Sub. Notes
	8.00%	10/15/13		B3		75		79,312
HCA, Inc., Notes
	8.75%	09/01/10		Ba2		400		433,865
Highmark, Inc., Notes, 144A (g)
	6.80%	08/15/13		Baa3		145		151,063
United Healthcare Group, Sr. Unsec’d. Notes
	5.25%	03/15/11		A2		155		153,726
Vanguard Health Holdings Co. LLC II, Sr. Sub. Notes
	9.00%	10/01/14		Caa1		50		51,125
Wellpoint, Inc., Unsec’d. Notes
	5.00%	01/15/11		Baa1		120		117,301
								1,091,205
Hotels & Motels — 0.1%
Harrahs Operating Co., Inc., Gtd. Notes
	5.50%	07/01/10		Baa3		100		98,988
Hilton Hotels Corp., Notes
	7.625%	12/01/12		Baa3		25		26,571
Host Marriott LP, Gtd. Notes
	9.50%	01/15/07		Ba3		50		51,375
Mandalay Resort Group, Sr. Sub. Notes
	10.25%	08/01/07		Ba3		50		52,625
MGM Mirage, Inc., Gtd. Notes
	9.75%	06/01/07		Ba3		25		26,031
								255,590
Industrial Products — 0.1%
Brand Services, Inc., Gtd. Notes
	12.00%	10/15/12		B3		75		80,250
Collins & Aikman Corp., Gtd. Notes
	9.75%	02/15/10		Caa1		75		70,875
Massey Energy Co., Sr. Notes
	6.625%	11/15/10		Ba3		75		76,313
Mobile Mini, Inc., Sr. Notes
	9.50%	07/01/13		B2		75		82,125
								309,563
Information Technology Services
Dun & Bradstreet Corp., Sr. Notes
	5.50%	03/15/11		A-(d)		100		99,399
Insurance — 0.4%
Ace INA Holdings, Inc., Notes
	5.875%	06/15/14		A3		155		155,288

Interest Rate		Maturity Date		Moody’s Ratings	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Fund American Cos., Inc., Notes
	5.875%		05/15/13	Baa2		195		191,591
Genworth Financial, Inc., Notes
	5.75%		06/15/14	A2		185		186,052
Metlife, Inc., Sr. Notes
	6.125%		12/01/11	A2		200		206,304
Nationwide Financial Services, Inc., Sr. Notes
	5.90%		07/01/12	A3		205		208,631
Nationwide Mutual Insurance Co., Bonds, 144A (g)
	6.60%		04/15/34	A2		105		101,745
NLV Financial Corp., Sr. Notes, 144A (g)
	7.50%		08/15/33	Baa3		120		125,836
Principal Life Global Funding I, Notes, 144A (g)
	5.125%		10/15/13	Aa2		185		181,376
Security Benefit Life Insurance Co., Notes, 144A (g)
	7.45%		10/01/33	Baa1		80		88,008
Transamerica Capital II Co., Co. Gtd., 144A(g)
	7.65%		12/01/26	Baa1		95		105,551
Transatlantic Holdings, Inc., Sr. Unsec’d. Notes
	5.75%		12/14/15	A2		150		147,583
								1,697,965
Machinery & Equipment
Dresser-Rand Group, Inc., Sr. Sub. Notes, 144A (g)
	7.375%		11/01/14	B3		22		22,440
JLG Industries, Inc., Sr. Sub. Notes
	8.375%		06/15/12	B3		100		105,000
								127,440
Media — 0.1%
Comcast Corp, Sr. Unsec’d. Notes
	6.50%		11/15/35	Baa2		100		97,029
News America, Inc., Notes, 144A (g)
	6.40%		12/15/35	Baa2		200		191,227
								288,256
Medical Supplies & Equipment — 0.2%
Abbott Laboratories, Notes
	5.625%		07/01/06	A1		360		360,511
Fresenius Medical Care Capital Trust II, Gtd. Notes
	7.875%		02/01/08	Ba2		250		256,250
Genentech, Inc., Notes
	4.75%		07/15/15	A1		165		154,945
Medtronic, Inc., Notes
	4.75%		09/15/15	A1		260		244,315
VWR International, Inc., Sr. Notes (l) (Germany)
	6.875%		04/15/12	B3		25		24,625
Warner Chilcott Corp., Sr. Sub Notes, 144A (g)
	8.75%		02/01/15	Caa1		50		49,625
								1,090,271
Metals & Mining — 0.1%
Autocam Corp., Sr. Sub. Notes
	10.875%		06/15/14	Caa2		25		16,750
Falconbridge Ltd., Notes (l) (Canada)
	6.20%		06/15/35	Baa3		95		86,658

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date	Moody’s Ratings		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Metals & Mining (cont’d.)
Freeport-McMoRan Resource Partners, Inc. L.P., Sr. Notes
	7.00%	02/15/08		Ba3		175		177,187
Hawk Corp., Sr. Notes
	8.75%	11/01/14		B2		50		50,125
Neenah Corp., Sec’d. Notes, 144A (g)
	11.00%	09/30/10		B2		25		27,750
Newmont Mining Corp., Unsec’d. Notes
	5.875%	04/01/35		Baa1		85		79,466
Russel Metals, Inc., Sr. Notes ,144A(l) (Canada)
	6.375%	03/01/14		Ba3		75		74,063
Valmont Industries, Inc., Gtd. Notes
	6.875%	05/01/14		Ba3		25		24,938
								536,937
Office Equipment — 0.1%
Xerox Corp., Sr. Notes
	6.875%	08/15/11		Ba2		400		410,500
Oil & Gas — 0.7%
Amerada Hess Corp., Bonds
	7.875%	10/01/29		Ba1		85		98,978
ANR Pipeline, Co., Notes
	8.875%	03/15/10		B1		25		26,594
Atmos Energy Corp., Notes
	4.00%	10/15/09		Baa3		210		199,214
Baker Hughes, Inc., Sr. Notes
	6.875%	01/15/29		A2		200		223,427
Boardwalk Pipelines LLC, Notes
	5.50%	02/01/17		Baa2		55		53,041
Chesapeake Energy Corp., Sr. Notes
	7.00%	08/15/14		Ba3		25		25,562
ConocoPhillips, Gtd. Bonds
	5.90%	10/15/32		A3		245		245,321
Denbury Resources, Inc., Gtd. Notes
	7.50%	04/01/13		B2		75		77,437
Devon Financing Corp ULC., Gtd. Notes
	6.875%	09/30/11		Baa2		240		254,455
Diamond Offshore Drilling, Inc., Sr. Notes
	4.875%	07/01/15		Baa2		150		141,915
	5.15%	09/01/14		Baa2		125		121,263
Duke Capital LLC, Sr. Notes
	6.25%	02/15/13		Baa3		185		189,662
Dynegy-Roseton Danskammer Corp., Gtd. Notes
	7.27%	11/08/10		Caa2		50		50,519
EnCana Holdings Finance Corp., Co. Gtd. (Canada) (l)
	5.80%	05/01/14		Baa2		200		201,630
Ferrellgas Partners L.P., Sr. Notes
	8.75%	06/15/12		B2		25		25,313
Forest Oil Corp., Sr. Notes, 144A
	8.00%	12/15/11		Ba3		25		26,875
Halliburton Co., Notes
	5.50%	10/15/10		Baa2		265		265,625
Hanover Compressor Co., Sr. Notes
	9.00%	06/01/14		B3		25		26,875
Hilcorp Energy I L.P., Sr. Notes, 144A (g)
	10.50%	09/01/10		B3		75		82,594
Magnum Hunter Resources, Inc., Gtd. Notes
	9.60%	03/15/12		Ba3		33		35,392
Midamerican Energy Holdings Co., Bonds, 144A (g)
	6.125%	04/01/36		Baa1		150		146,836
Panhandle Eastern Pipe Line Co., Sr. Notes
	4.80%	08/15/08		Baa3		70		68,735
Pemex Project Funding Master Trust, Gtd. Notes, 144A
	6.625%	06/15/35		Baa1		200		193,200
	6.21%	06/15/10		Baa1		190		195,035
Petro-Canada, Notes (Canada) (l)
	5.95%	05/15/35		Baa2		185		176,349
Xto Energy, Inc., Notes
	5.65%	04/01/16		Baa3		115		113,619
								3,265,466
Paper & Forest Products — 0.1%
Boise Cascade LLC, Gtd. Notes
	7.125%	10/15/14		B2		100		96,250
Celulosa Arauco v Constitucion SA, Notes (Chile) (l)
	5.125%	07/09/13		Baa2		160		151,193
Graphic Packaging International Corp., Sr. Notes
	8.50%	08/15/11		B2		25		24,750
								272,193
Pharmaceuticals
Amgen, Inc., Sr. Notes
	4.00%	11/18/09		A2		125		119,547
Teva Pharmaceutical Finance LLC, Co. Gtd.
	5.55%	02/01/16		Baa2		100		96,457
								216,004
Printing & Publishing — 0.1%
CanWest Media, Inc., Co. Gtd. (Canada) (l)
	8.00%	09/15/12		B2		137		140,934
Dex Media East LLC, Gtd. Notes
	9.875%	11/15/09		B1		25		26,688
	12.125%	11/15/12		B2		98		111,965
Houghton Mifflin Co., Sr. Notes
	8.25%	02/01/11		B3		25		25,875
Sun Media Corp., Co. Gtd. (Canada) (l)
	7.625%	02/15/13		Ba3		50		51,500
								356,962
Railroads — 0.1%
Canadian National Railway Co., Bonds (Canada) (l)
	6.25%	08/01/34		A3		195		204,818
Norfolk Southern Corp., Sr. Notes
	6.00%	04/30/08		Baa1		250		252,904
								457,722
Real Estate Investment Trust — 0.3%
Archstone-Smith Operating Trust, Sr. Unsec’d. Notes
	5.25%	05/01/15		Baa1		180		173,020
Avalonbay Communities, Inc., Notes
	6.125%	11/01/12		Baa1		125		128,094
Centex Corp., Sr. Unsec’d. Notes
	5.45%	08/15/12		Baa2		200		193,789
Developers Diversified Realty Corp., Notes
	3.875%	01/30/09		Baa3		145		138,176

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Real Estate Investment Trust (cont’d.)
Lennar Corp., Sr. Unsec’d. Notes, 144A
5.60%	05/31/15	Baa2	145		137,795
MDC Holdings, Inc., Co. Gtd. Co. Gtd.
5.50%	05/15/13	Baa3	260		242,156
NVR, Inc., Sr. Notes
5.00%	06/15/10	Baa3	85		81,517
Reckson Operating Partnership LP, Notes
6.00%	03/31/16	Baa3e	125		123,998
Simon Property Group LP, Notes
3.75%	01/30/09	Baa2	190		181,305
WCI Communities, Inc., Gtd. Notes
9.125%	05/01/12	Ba3	25		25,437
					1,425,287
Restaurants
Real Mex Restaurants, Inc., Gtd. Notes
10.00%	04/01/10	B2	25		27,000
Yum! Brands, Inc., Sr. Notes
7.70%	07/01/12	Baa3	115		125,143
					152,143
Retail & Merchandising — 0.2%
Adesa, Inc., Sr. Sub. Notes
7.625%	06/15/12	B1	50		51,125
Home Depot, Inc., Sr. Unsec’d. Notes
5.40%	03/01/16	Aa3	190		187,712
Jean Coutu Group PJC, Inc., Sr. Notes (Canada) (l)
7.625%	08/01/12	B3	75		72,938
Kroger Co., Gtd. Notes
8.05%	02/01/10	Baa2	180		193,747
Pantry, Inc., Sr. Sub. Notes
7.75%	02/15/14	B3	50		50,875
Wal-Mart Stores, Inc., Bonds
5.25%	09/01/35	Aa2	200		181,424
					737,821
Technology — 0.1%
Oracle Corp. and Ozark Holding, Inc., Notes, 144A (g)
5.00%	01/15/11	A3	225		219,756
Telecommunications — 0.5%
America Movil S.A. de C.V., Unsec’d. Notes (Mexico) (l)
6.375%	03/01/35	A3	130		122,230
AT&T, Inc., Notes
5.10%	09/15/14	A2	155		147,116
5.30%	11/15/10	A2	130		128,291
6.45%	06/15/34	A2	260		255,921
Centennial Cellular Operating Co., Gtd. Notes
10.125%	06/15/13	Caa1	50		54,625
Eircom Funding, Co. Gtd. Notes (Ireland) (l)
8.25%	08/15/13	B1	100		107,625
Horizon PCS, Inc., Co. Gtd. Notes 144A
11.375%	07/15/12	B3	25		28,563
iPCS Escrow Co., Sr. Notes
11.50%	05/01/12	B3	50		57,000
Nextel Communications, Inc., Sr. Notes
6.875%	10/31/13	Baa2	120		123,813

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)			Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Rogers Wireless, Inc., Sr. Sub. Notes
8.00%	12/15/12	Ba3		$	150	$	159,187
Sec’d. Notes
9.625%	05/01/11	Ba2			75		86,156
Sprint Capital Corp., Gtd. Notes
6.875%	11/15/28	Baa2			295		304,362
Telecom Italia Capital, Co. Gtd. Notes (Luxembourg) (l)
5.25%	11/15/13	Baa2			155		146,863
Telefonos de Mexico SA, Sr. Notes
5.50%	01/27/15	A3			150		142,821
TELUS Corp., Notes (Canada) (l)
8.00%	06/01/11	Baa2			245		270,229
Time Warner Telecom, Inc., Sr. Notes
10.125%	02/01/11	B3			50		52,563
UbiquiTel Operating Co., Sr. Notes
9.875%	03/01/11	Caa1			75		81,938
US Unwired, Inc., Sec’d. Notes, 144A
10.00%	06/15/12	Caa1			50		56,063
							2,325,366
Transportation — 0.1%
CHC Helicopter Corp., Sr. Sub. Notes, 144A
7.375%	05/01/14	B2			25		25,500
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%	05/01/09	B1			75		78,656
Union Tank Car Co., Notes
7.125%	02/01/07	A2			150		152,365
							256,521
Utilities — 0.8%
AES Corp., Sec’d. Notes, 144A (g)
9.00%	05/15/15	Ba3			100		108,500
AES Corp., Sr. Notes
9.375%	09/15/10	B2			50		54,500
8.875%	02/15/11	B1			75		80,812
7.75%	03/01/14	B1			25		26,250
Alabama Power Co., Sr Notes
4.99%	08/25/09	A2			175		175,516
Allegheny Energy Supply Co. LLC, Notes
7.80%	03/15/11	B2			25		26,594
Aquila Canada Finance Corp., Co.Gtd. (Canada) (l)
7.75%	06/15/11	B2			25		25,813
Black Hills Corp., Notes
6.50%	05/15/13	Baa3			125		124,954
CE Electric UK Funding Co., Sr. Notes, 144A (United Kingdom) (l)(g)
6.995%	12/30/07	Baa2			155		157,243
Centerpoint Energy, Inc. Sr. Notes
7.25%	09/01/10	Ba1			135		142,419
CMS Energy Corp., Sr. Notes
8.50%	04/15/11	B1			400		432,000
Edison Mission Energy, Sr. Notes
9.875%	04/15/11	B1			100		113,000
Exelon Generation Co. LLC, Notes
5.35%	01/15/14	Baa1			155		150,461

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Utilities (cont’d.)
FirstEnergy Corp., Notes
6.45%	11/15/11	Baa3	200		206,947
Mirant Americas Generation LLC, Sr. Notes
8.30%	05/01/11	B2	400		416,000
Pacific Gas & Electric Corp., Unsec’d. Notes
6.05%	03/01/34	Baa1	150		146,787
Pinnacle West Capital Corp., Sr. Notes
6.40%	04/01/06	Baa2	150		150,000
PPL Capital Funding, Gtd. Notes
4.33%	03/01/09	Baa3	190		182,716
Progress Energy, Inc., Sr. Unsec’d Notes
5.625%	01/15/16	Baa2	125		122,624
Public Service Co. of New Mexico, Sr. Notes
4.40%	09/15/08	Baa2	245		237,782
Westar Energy, Inc., First Mortgage
5.10%	07/15/20	Baa3	110		100,564
Williams Cos., Inc., Notes
8.75%	03/15/32	B1	25		29,250
WPD Holdings UK, Jr. Unsub. Notes, 144A (g)
6.875%	12/15/07	Baa3	110		111,156
					3,321,888
Utilities - Electric — 0.1%
NRG Energy, Inc., Sr. Notes
7.375%	02/01/16	B1	250		255,313
Utility - Natural Gas
Denbury Resources, Inc., Sr. Sub. Notes
7.50%	12/15/15	B2	25		26,000
National Gas Co. of Trinidad and Tobago LTD, Notes, 144A (g)
6.05%	01/15/36	A3	100		95,973
					121,973
TOTAL CORPORATE BONDS (cost $40,784,812)					40,070,079

Interest Rate	Maturity Date			Principal Amount (000)	Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 8.9%
Federal Home Loan Mortgage Corp.
4.50%		04/01/19 - 09/01/35		1,287		1,190,937
4.535%		09/01/32		64		63,691
4.546%		09/01/35		420		404,041
4.72%		08/01/35		318		307,487
5.00%		12/01/08 - 08/01/35		3,155		3,052,188
5.055%		11/01/35	(c)	197		194,034
5.428%		01/01/36	(c)	100		99,100
5.50%		12/01/18 - 12/01/33		1,441		1,428,101
6.00%		10/01/09 - 12/01/33		1,951		1,962,420
7.00%		11/01/30 - 06/01/32		80		82,255

Interest Rate	Maturity Date		Principal Amount (000)				Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Federal National Mortgage Assoc.
4.50%		01/01/19 - 02/01/35		$	4,674		$	4,430,034
4.70%		09/01/35			408			396,581
5.00%		03/01/18 - 10/01/35			2,465			2,354,964
5.319%		12/01/35			167			165,020
5.376%		12/01/35			209			207,326
5.50%		01/01/17 - 12/01/34			12,119			11,881,301
5.544%		12/01/35			324			321,774
5.695%		12/01/35			106			105,282
6.00%		10/01/13 - 01/01/36			5,432			5,435,892
6.50%		05/01/17 - 12/01/32			1,352			1,382,726
7.00%		01/01/31 - 04/01/32			10			10,424
Government National Mortgage Assoc.
2.946%		03/16/19			260			246,264
5.00%		07/15/33 - 03/20/34			1,500			1,450,324
5.50%		10/20/32 - 05/20/34			601			594,214
6.00%		05/15/26 - 01/20/35			295			297,224
6.50%		02/15/28 - 12/20/33			109			113,072
7.00%		03/15/13 - 08/15/26			254			262,980
8.00%		12/15/16 - 07/15/23			31			32,779
8.00%		09/15/22			—(r	)		787
8.50%		06/15/16 - 10/15/26			91			98,600
8.50%		01/15/20			—(r	)		1,036
9.50%		10/15/09 - 03/15/19			4			3,653
12.00%		09/15/13			—(r	)		160
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (cost $39,583,811)								38,576,671
U.S. TREASURY OBLIGATION — 7.0%
U.S. Treasury Bonds
5.375%		02/15/31			1,685			1,773,726
6.00%		02/15/26			1,050			1,171,570
6.25%		05/15/30			685			800,540
6.375%		08/15/27			155			181,229
7.50%		11/15/16			750			906,269
7.625%		02/15/25			1,140			1,490,104
8.50%		02/15/20			975			1,307,567
U.S. Treasury Inflationary Bonds, TIPS
0.875%		04/15/10			1,380			1,368,306
2.00%		07/15/14			1,335			1,369,797
2.375%		01/15/25			580			613,234
3.625%		01/15/08			255			321,567

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date		Principal Amount (000)			Value
U.S. TREASURY OBLIGATION (Continued)
U.S. Treasury Notes
3.00%		11/15/07		$	85	$	82,563
3.375%		12/15/08			495		476,998
3.625%		06/15/10(a)			1,325		1,264,962
4.00%		04/15/10 - 02/15/14			3,840		3,714,359
4.125%		05/15/15(a)			185		174,818
4.25%		11/15/13 - 11/15/14			1,825		1,751,590
4.75%		05/15/14(a)			1,825		1,809,031
4.875%		02/15/12			235		235,367
5.00%		08/15/11(a)			4,435		4,473,979
5.75%		08/15/10			5,040		5,223,683
TOTAL U.S. TREASURY OBLIGATION (cost $31,322,981)							30,511,259

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%
Banc of America Commercial Mortgage, Inc., Series 2003-1, Class-A2
4.648%	09/11/36	AAA(d)	350		333,650
Banc of America Mortgage Securities
Series 2004-A, Class-2A2
4.119%	02/25/34	AAA(d)	246		239,638
Series 2004-D, Class 2A2
4.199%	05/25/34	AAA(d)	101		97,639
Series 2003-L, Class 2A2
4.264%	01/25/34	AAA(d)	433		422,302
Series 2004-H, Class 2A2
4.761%	09/25/34	Aaa	143		139,677
Series 2004-I, Class 3A2
4.933%	10/25/34	Aaa	158		154,641
Series 2005-J, Class 2A1
5.107%	11/25/35	Aaa	524		515,512
Bear Stearns Commercial Mortgage Securities
Series 2004-T14, Class A2
4.17%	01/12/41	Aaa	900		872,396
Series 2005-Pwr8, Class A4
4.674%	06/11/41	Aaa	300		280,654
Series 2005-Pwr9, Class Aab
4.804%	09/15/42	Aaa	400		384,398
Series 2005-T20, Class-A1
4.94%	10/12/42	Aaa	428		424,008
Citigroup / Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AJ
5.224%	09/15/20	Aaa	300		291,548
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1. Class-2A1
4.70%	08/27/35	Aaa	650		633,429
Commercial Mortgage Pass-Through Certification, Series 2005-LP5, Class-A1
4.235%	05/10/43	Aaa	234		228,986
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class A2
4.609%	02/15/38	Aaa	1,175		1,142,744
Fannie Mae,
Series 2003-40, Class NI, IO
5.50%	04/01/33		101		7,012
Series 2005-57, Class PA
5.50%	05/25/27		585		584,777
Federal National Mortgage Assoc.,
Series 319, Class 2, IO
6.50%	02/01/32		71		17,946
Series 2003-92 Class NM
3.50%	04/25/13		300		292,587
Series 2002-74, Class-Pj
5.00%	03/25/15		575		570,386
Freddie Mac
Series 2631, Class IG, IO
4.50%	07/15/11		625		20,177
Series 2631, Class PC
4.50%	03/15/16		750		727,697
Series 2614, Class IH, IO
4.50%	05/15/16		390		51,332
Series 2686, Class JG
5.50%	04/15/28		800		792,398
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A1
5.082%	11/10/45	Aaa	339		336,645
General Electric Capital Commercial Mortgage Corp., Series 2001-1, Class-A2
6.531%	05/15/33	Aaa	390		406,972
GMAC Commercial Mortgage Securities, Inc., Series GMACC 2001-C2, Class-A2
6.70%	04/15/34	Aaa(d)	375		395,543
Greenwich Capital Commercial Funding Corp. Series 2005-Gg3, Class Aab
4.619%	08/10/42	Aaa	160		152,480
Greenwich Capital Commercial Funding Corp., Series 2004-GG1A, Class A2
3.835%	10/08/08	Aaa	293		286,275
JP Morgan Chase Commercial Mortgage Corp.
Series 2005-Ldp4, Class Asb
4.824%	10/15/42	Aaa	325		313,232
Series 2006, Class 14-A4
5.481%	12/12/44	Aaa	525		520,834
Series 2001-CIB2, Class A2
6.244%	04/15/35	AAA(d)	297		300,840
Series 2001-CIBC, Class A3
6.26%	03/15/33	AAA(d)	425		439,578
LB-UBS Commercial Mortgage Trust
Series 2004-C2, Class-A2
3.246%	03/01/29	Aaa	475		449,349
Series 2003-C8, Class A1
3.636%	11/15/27	Aaa	648		628,762
Series 2004-C4, Class A2
4.567%	05/15/29	Aaa	750		735,039
Series 2005-C1, Class A4
4.742%	02/15/30	Aaa	325		306,890
Series 2006-C1A, Class A4
5.156%	02/15/31	AAA	650		629,728

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Washington Mutual Mortgage Series 2004-AR1, Class A
4.229%	03/25/34	Aaa	153		148,958
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $15,728,605)					15,276,659
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%
Federal Home Loan Bank
5.75%	05/15/12		300		309,323
Federal Home Loan Mortgage Corp.
6.625%	09/15/09		1,000		1,046,442
5.125%	07/15/12		135		134,574
5.00%	07/15/14		1,000		986,513
4.125%	10/18/10		665		637,668
Federal National Mortgage Assoc.
5.715%	01/01/36		819		817,731
6.00%	05/15/08 - 01/01/21		2,015		2,065,306
4.375%	09/15/12		450		431,531
3.25%	08/15/08 - 02/15/09		1,175		1,121,681
5.50%	03/01/18		60		59,192
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $7,784,650)					7,609,961
ASSET-BACKED SECURITIES — 1.5%
BankBoston Home Equity Loan Trust, Series 1998-1, Class-A6
6.35%	02/25/13	Aaa	97		97,107
Capital One Multi-Asset Execution Trust,
Series 2005-A7, Class A7
4.70%	06/15/15	Aaa	525		507,609
Series 2004-A8, Class A8
4.879%	08/15/14	Aaa	1,025		1,028,791
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1
5.599%	09/25/31	Aa2	44		43,228
Chase Issuance Trust, Series 2005-A7, Class A7
4.55%	03/15/13	Aaa	475		461,121
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4
2.06%	12/15/09	Aaa	262		256,141
Credit-Based Asset Servicing and Securitization,
Series 2005-CB5, Class AF2
4.831%	08/25/35	Aaa	185		181,435
4.97%	03/25/36	Aaa	625		625,000
GE Equipment Small Ticket LLC, Series 2005-1A, Class A4, 144A (g)
4.51%	12/22/14	Aaa	350		340,758
Hyundai Auto Receivables Trust, Series 2006-A, Class A4
5.26%	11/15/12	Aaa	300		300,562
ASSET-BACKED SECURITIES (Continued)
MBNA Credit Card Master Note Trust, Series 2005-A6, Class A6
4.50%	01/15/13	Aaa	245		238,148
New Century Home Equity Loan Trust,
Series 2005-A, Class A6
4.954%	08/25/35	AAA(d)	775		735,854
Series 2005-A, Class M2
5.344%	06/28/35	AA(d)	210		200,849
PECO Energy Transition Trust, Series 2001-A, Class A1
6.52%	12/31/10	Aaa	475		496,182
PSE&G Transition Funding LLC, Series 2001-1, Class A6
6.61%	06/15/15	Aaa	100		106,594
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4
5.63%	09/15/15	Aaa	350		354,709
Residential Asset Securities Corp., Series 2006-KS3, Class A13
5.02%	04/25/36	Aaa	350		350,000
WFS Financial Owner Trust, Series 2004-1, Class A4
2.81%	08/22/11	Aaa	310		299,870
TOTAL ASSET-BACKED SECURITIES (cost $6,738,247)					6,623,958
MUNICIPAL BONDS — 0.2%
California — 0.1%
California State Public Works Board Revenue Bond
5.00%	01/01/21	A3	200		208,130
Georgia — 0.1%
Atlanta GA Airport Passenger Facility Charge Revenue Bonds
5.00%	01/01/33	Aaa	440		451,937
Kansas
Kansas Development Finance Authority Revenue Bonds
5.501%	05/01/34	Aaa	125		122,306
Oregon
Oregon State Taxable Pension, General Obligation Unlimited
5.892%	06/01/27	Aa3	60		61,929
TOTAL MUNICIPAL BONDS (cost $844,592)					844,302
FOREIGN GOVERNMENT BONDS — 0.1%
Republic of South Africa Notes (South Africa)
6.50%	06/02/14	Baa1	265		278,581
United Mexican States (Mexico)
6.375%	01/16/13	Baa1	205		210,125
TOTAL FOREIGN GOVERNMENT BONDS (cost $480,742)					488,706

	Units	Value
WARRANTS*
Entertainment & Leisure
Mikohn Gaming Corp., expiring 08/15/08, 144A(g)	75		11
Transportation
Travelcenters of America, expiring 05/01/09(g)	1		656

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
TOTAL WARRANTS (cost $0)				667
RIGHTS
Financial - Bank & Trust
Popular, Inc., expiring 12/19/05* (cost $0)		193	$	—
TOTAL LONG TERM INVESTMENTS (cost $388,478,611)				431,338,590

	Shares		Value
SHORT-TERM INVESTMENT — 9.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund -Taxable Money Market Series (cost $42,185,454; includes $37,520,169 of cash collateral for securities on loan)(b)(w)		42,185,454		42,185,454
(cost $42,185,454)
TOTAL INVESTMENTS — 108.7%         (cost $430,664,065) (p)				473,524,044
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.7)%				(37,930,912	)
NET ASSETS — 100.0%			$	435,593,132

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 Receipts
NR	Not Rated by Moodys or Standard & Poor’s
PIK	Payment-in-kind
TIPS	Treasury Inflation Protected Securities

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $36,144,474; cash collateral of $37,520,169 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c)	Indicates a variable rate security.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(i)	Represents issuer in default on interest payments. Non- income producing security.
(l)	US$ Denominated Foreign Bonds.
(p)	The United States federal income tax basis of the Portfolio’s investments was $431,971,001; accordingly, net unrealized appreciation on investments for federal income tax purposes was $41,553,043 (gross unrealized appreciation - $53,157,729; gross unrealized depreciation - $11,604,686). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(r)	Less than $1,000 par.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST HIGH YIELD BOND PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
LONG-TERM INVESTMENTS — 92.1%
CORPORATE BONDS — 90.0%
Aerospace — 1.2%
Argo-Tech Corp., Sr. Notes		B3		9.25	%		06/01/11	$	1,000	$	1,055,000
Armor Holdings, Inc., Sr. Sub. Notes		B1		8.25	%		08/15/13		1,020		1,093,950
K&F Acquisition, Inc., Gtd. Notes, PIK		Caa1		7.75	%		11/15/14		2,680		2,713,500
Sequa Corp., Sr. Notes		B1		9.00	%		08/01/09		1,125		1,203,750
Standard Aero Holdings, Inc.,		Caa1		8.25	%		09/01/14		750		660,000
TransDigm, Inc., Gtd. Notes		B3		8.375	%		07/15/11		1,000		1,045,000
											7,771,200
Agriculture — 0.7%
Land O Lakes, Inc., Sec’d. Notes		B1		9.00	%		12/15/10		375		399,375
Land O’ Lakes, Inc., Sr. Notes		B2		8.75	%		11/15/11		51		53,231
National Beef Packaging Co. LLC, Sr. Notes		B3		10.50	%		08/01/11		513		518,130
Smithfield Foods, Inc., Sr. Notes		Ba2		8.00	%		10/15/09		750		781,875
Swift & Co., Gtd. Notes		B3		10.125	%		10/01/09		625		650,000
Swift & Co., Sr. Sub. Notes		Caa1		12.50	%		01/01/10		513		516,848
UAP Holding Corp.,Sr. Disc. Note, Zero Coupon (until 01/15/08)		B3		10.50	%(v)		07/15/12		1,625		1,454,375
United Agricultural Products, Sr. Notes		B1		8.25	%		12/15/11		328		341,120
											4,714,954
Airlines
Northwest Airlines, Inc., Gtd. Notes, 144A (a)		C		10.00	%		02/01/09		136		59,160
Automobile Manufacturers — 0.1%
General Motors Corp., Debs.		B3		8.375	%		07/15/33		500		366,250
Automotive - OEM — 3.0%
FCE Bank PLC (United Kingdom)		Ba2		3.492	%		09/30/09	EUR	750		808,471
Ford Motor Co., Notes (a)		Ba3		7.45	%		07/16/31		2,000		1,485,000
Ford Motor Credit Co., Bonds		Ba2		7.375	%		02/01/11		3,380		3,109,478
Ford Motor Credit Co., Notes (a)		Ba2		7.00	%		10/01/13		3,000		2,683,218
Ford Motor Credit Co., Sr. Notes (a)		Ba2		7.25	%		10/25/11		3,000		2,733,693
General Motors Acceptance Corp., Bonds (a)		Ba1		8.00	%		11/01/31		1,500		1,417,653
General Motors Acceptance Corp., Notes (a)		Ba1		6.75	%		12/01/14		2,000		1,800,410
General Motors Acceptance Corp., Notes (a)		Ba1		6.875	%		09/15/11		4,500		4,194,356
General Motors Acceptance Corp., Notes (a)		Ba1		7.25	%		03/02/11		750		710,733
TRW Automotive, Inc., Sr. Notes		Ba3		9.375	%		02/15/13		1,040		1,124,500
											20,067,512
Automotive Parts — 2.0%
Accuride Corp., Sr. Sub. Notes (a)		B3		8.50	%		02/01/15		500		495,625
Advanced Accessory Systems, Sr. Notes (a)		Caa2		10.75	%		06/15/11		250		193,750
Affinia Group, Inc., Sr. Sub. Notes		Caa2		9.00	%		11/30/14		500		430,000
Delco Remy International, Inc., Sr. Sub. Notes		Ca		9.375	%		04/15/12		250		120,000
Goodyear Tire & Rubber Co.(The), Sr. Notes		B3		9.00	%		07/01/15		1,500		1,522,500
Goodyear Tire & Rubber Co.(The), Notes (a)		B3		7.857	%		08/15/11		2,000		1,955,000
Schefenaccker AG, Sr. Sub. Notes (Germany)		Caa1		9.50	%		02/11/14	EUR	375		409,002
Tenneco Automotive, Inc., (a)		B3		8.625	%		11/15/14		1,575		1,575,000
Tenneco Automotive, Inc., Sr. Sub. Notes		B2		10.25	%		07/15/13		2,475		2,747,250
TRW Automotive, Inc., Sr. Sub. Notes (a)		B1		11.00	%		02/15/13		2,721		3,040,717
United Components, Inc., Sr. Sub. Notes		B3		9.375	%		06/15/13		750		723,750
											13,212,594
Building Materials - Consumer — 0.2%
Collins and Aikman Corp., Gtd. Notes		Caa1		9.75	%		02/15/10		625		590,625
Norcraft Cos. Holdings, Sr. Disc. Notes, Zero Coupon (until 9/1/08)		Caa1		9.75	%(v)		09/01/12		375		296,250
Norcraft Cos. LP, Sr. Sub. Notes		B3		9.00	%		11/01/11		675		702,000
											1,588,875

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Building Materials - Fixtures & Fittings — 1.3%
ACIH, Inc., Sr. Disc. Notes, Zero Coupon (Until 12/15/07), 144A		Caa1		11.50	%(v)		12/15/12	$	500	$	380,000
Associated Materials, Inc., Gtd. Notes		Caa2		9.75	%		04/15/12		500		518,750
Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)		Caa3		11.25	%(v)		03/01/14		1,000		575,000
Goodman Global Holdings, Sr. Notes		B2		7.491	%		06/15/12		500		508,750
Goodman Global Holdings, Sr. Sub. Notes (a)		B3		7.875	%		12/15/12		1,750		1,728,125
Grohe Holding GmbH, (Germany)		B3		8.625	%		10/01/14	EUR	1,750		2,035,919
Nortek, Inc., Sr. Sub. Notes		Caa1		8.50	%		09/01/14		2,000		2,035,000
NTK Holdings, Inc., Sr. Disc. Notes, Zero Coupon (until 09/01/09) (a)		Caa2		10.75	%(v)		03/01/14		1,250		912,500
											8,694,044
Business Services — 0.2%
Buhrmann US Inc., Gtd. Notes		B2		7.875	%		03/01/15		1,575		1,594,688
Cable — 0.1%
Echostar DBS Corp., Sr. Notes		Ba3		6.375	%		10/01/11		525		513,188
Capital Goods - Others — 0.6%
Altra Industrial Motion, Inc., Sec’d. Notes		B3		9.00	%		12/01/11		313		313,000
Briggs & Stratton Corp., Gtd. Notes		Ba1		8.875	%		03/15/11		1,063		1,174,615
Mueller Group, Inc., Sr. Sub. Notes		Caa1		10.00	%		05/01/12		763		835,489
Nell Af Sarl , Sr. Notes (Luxembourg)		B2		8.375	%		08/15/15	EUR	500		632,389
Rexnord Corp., Gtd. Notes		B3		10.125	%		12/15/12		1,000		1,097,500
											4,052,993
Chemicals — 4.9%
BCP Crystal US Holdings Corp., Sr. Sub. Notes		B3		9.625	%		06/15/14		1,725		1,910,437
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 06/01/08)		B-(d)		12.00	%(v)		06/01/13		1,000		895,000
Compass Minerals International, Sr. Notes, Zero Coupon (until 12/15/07)		B-(d)		12.75	%(v)		12/15/12		950		883,500
Crompton Corp., Sr. Notes		Ba1		9.875	%		08/01/12		438		492,750
Crystal US Holdings, Sr. Disc. Notes , Zero Coupon (until 10/01/09) (a)		Caa2		10.50	%(v)		10/01/14		3,500		2,712,500
Equistar Chemical Funding, Sr. Notes		B2		10.625	%		05/01/11		750		811,875
Equistar Chemicals LP, Gtd. Notes		B2		10.125	%		09/01/08		1,050		1,115,625
Hexion US Finance Corp./Nova Scotia Finance ULC, Sec’d. Notes		B3		9.00	%		07/15/14		500		515,000
Huntsman LLC, Gtd. Notes		Ba3		11.625	%		10/15/10		488		552,660
Ineos Group Holdings PLC, Bonds, 144A (United Kingdom)		B2		7.875	%		02/15/16	EUR	1,500		1,754,163
Ineos Group Holdings PLC, Notes, 144A (United Kingdom)(a)(l)		B2		8.50	%		02/15/16		1,250		1,187,500
Invista, Notes, 144A		B1		9.25	%		05/01/12		1,500		1,605,000
KRATON Polymers LLC, Sr. Sub. Notes (a)		Caa1		8.125	%		01/15/14		2,500		2,506,250
LBC Luxembourg Holdings SA, Co., Gtd. Notes, 144A (Luxembourg)		Caa1		11.00	%		05/15/14	EUR	1,000		1,390,606
Nalco Co., Sr. Sub. Notes		Caa1		8.875	%		11/15/13		2,125		2,210,000
Nell Af Sarl , Sr. Notes, 144A (Luxembourg)(a)(l)		B2		8.375	%		08/15/15		1,750		1,736,875
PQ Corp., Gtd. Notes, 144A (a)		B3		7.50	%		02/15/13		1,500		1,440,000
Resolution Performance Products LLC/RPP Capital Corp., Sec’d. Notes		B3		9.50	%		04/15/10		625		650,000
Rhodia SA, Sr. Notes (France)(a)(l)		B3		10.25	%		06/01/10		2,359		2,645,029
Rhodia SA, Sr. Sub. Notes (France)(l)		Caa1		8.875	%		06/01/11		901		928,030
Rhodia SA, Sr. Sub. Notes (France)		Caa1		9.25	%		06/01/11	EUR	397		517,190
Rockwood Specialties Group, Inc., Sr. Sub. Notes		B3		7.625	%		11/15/14	EUR	2,000		2,508,544
Rockwood Specialties Group, Inc., Sr. Sub. Notes		B3		10.625	%		05/15/11		1,367		1,500,282
											32,468,816

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Commercial Services — 0.6%
Alderwoods Group, Inc., Gtd. Notes		B2		7.75	%		09/15/12	$	1,700	$	1,746,750
Quintiles Transnational Corp., Sr. Sub. Notes		B3		10.00	%		10/01/13		2,000		2,305,000
											4,051,750
Conglomerates — 1.2%
Blount, Inc., Sr. Sub. Notes		B2		8.875	%		08/01/12		750		780,000
Bombardier, Inc., Notes, 144A (Canada)(a)(l)		Ba2		6.75	%		05/01/12		1,500		1,432,500
Invensys PLC, Sr. Notes, 144A (United Kingdom)(l)		B3		9.875	%		03/15/11		1,000		1,062,500
Mark IV Industries, Inc., Sr. Sub. Notes		Caa1		7.50	%		09/01/07		1,375		1,278,750
Noma Luxembourg SA, Sr. Notes (Luxembourg)		B1		9.75	%		07/15/11	EUR	1,000		1,393,635
Park-Ohio Industries, Inc., Gtd. Notes		Caa1		8.375	%		11/15/14		750		706,875
Polypore International, Inc., Sr. Disc. Notes, Zero Coupon (until 10/01/08)		Ca		10.50	%(v)		10/01/12		625		396,875
Polypore, Inc., Notes		Caa2		8.75	%		05/15/12		375		429,452
Polypore, Inc., Sr. Sub. Notes		Caa2		8.75	%		05/15/12		375		356,250
											7,836,837
Consumer Cyclical - Services — 0.1%
New Reclamation Group Pty Ltd., Sec’d. Notes, 144A (South Africa)(g)		B1		8.125	%		02/01/13	EUR	500		623,603
Consumer Products - Household & Leisure — 1.8%
Affinion Group Inc., Gtd. Notes, 144A		B3		10.125	%		10/15/13		250		253,750
AMES True Temper, Inc., Sr. Sub. Notes		Caa2		10.00	%		07/15/12		563		470,105
Bear Creek Corp., Gtd. Notes		B3		9.00	%		03/01/13		500		477,500
FTD, Inc., Gtd. Notes		B3		7.75	%		02/15/14		823		816,827
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (Until 12/01/08)		Caa2		10.25	%(v)		12/01/13		2,250		1,721,250
Safilo Capital International SA, Sr. Notes (Luxembourg)		B2		9.625	%		05/15/13	EUR	1,624		2,214,739
Sealy Mattress Co., Sr. Sub. Notes (a)		B3		8.25	%		06/15/14		875		914,375
Simmons Bedding Co., Sr. Disc., Notes, Zero Coupon (until 12/15/09)		Caa2		10.00	%(v)		12/15/14		688		440,320
Sleepmaster LLC, Gtd. Notes, 144A (g)		NR		11.00	%		05/15/09		1,000		0
Solo Cup Co., Sr. Sub. Notes (a)		Caa1		8.50	%		02/15/14		1,000		940,000
Spectrum Brands, Inc.,		Caa1		7.375	%		02/01/15		1,250		1,087,500
Spectrum Brands, Inc., Sr. Sub. Notes (a)		Caa1		8.50	%		10/01/13		1,000		925,000
True Temper Sports, Inc., Sub. Notes		Caa1		8.375	%		09/15/11		213		194,895
Visant Holding Corp., Sr. Disc. Notes		B3		7.625	%		10/01/12		750		740,625
Visant Holding Corp., Sr. Disc. Notes, 144A (g)		Caa2		8.75	%		12/01/13		875		840,044
											12,036,930
Consumer Products - Industrial — 0.6%
Bombardier Recreational Products, Inc., Sr. Sub. Notes (Canada)(l)		B3		8.375	%		12/15/13		1,200		1,266,000
Johnson Diversified Holdings, Inc., Disc. Notes, Zero Coupon (until 05/15/07)		Caa1		10.57	%(v)		05/15/13		813		703,245
Johnsondiversey, Inc., Sr. Sub. Notes		Caa1		9.625	%		05/15/12		1,000		1,242,153
Norcross Safety Products LLC, Sr. Sub. Notes		B3		9.875	%		08/15/11		750		778,125
Safety Products Holdings, Inc., Sr. Unsec’d. Notes, PIK		Caa1		11.75	%		01/01/12		280		288,811
											4,278,334
Consumer Products - Non Durable — 0.6%
Chattem, Inc., Sr. Sub. Notes		B2		7.00	%		03/01/14		750		749,062
Del Laboratories, Inc., Gtd. Notes (a)		Caa2		8.00	%		02/01/12		500		405,000
Leiner Health Products, Sr. Sub. Notes		Caa1		11.00	%		06/01/12		375		367,969
Playtex Products, Inc., Gtd. Notes (a)		Caa1		9.375	%		06/01/11		1,000		1,045,000
Prestige Brands, Inc., Sr. Sub. Notes		B3		9.25	%		04/15/12		488		492,880
WH Holdings Ltd., Sr. Notes		B1		9.50	%		04/01/11		600		648,000
											3,707,911
Containers & Packaging — 0.6%
Ball Corp., Gtd. Notes		Ba2		6.625	%		03/15/18		1,700		1,691,500

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Containers & Packaging (cont’d)
Smurfit-Stone Container Enterprises, Inc., Sr. Notes		B2		8.375	%		07/01/12	$	2,440	$	2,403,400
											4,094,900
Defense — 0.9%
Communications & Power Industries, Sr. Sub. Notes		B3		8.00	%		02/01/12		750		765,000
DRS Technologies Inc., Gtd. Notes		B3		7.625	%		02/01/18		750		772,500
L-3 Communications Corp., Gtd. Notes		Ba3		6.125	%		07/15/13		1,500		1,462,500
L-3 Communications Corp., Sr. Sub. Notes		Ba3		6.375	%		10/15/15		3,000		2,955,000
											5,955,000
Distribution/Wholesale — 0.3%
Aviall, Inc., Sr. Notes		Ba3		7.625	%		07/01/11		1,700		1,738,250
Diversified Operations — 0.2%
Aearo Co., Inc., Sr. Sub. Notes		NR		8.25	%		04/15/12		1,125		1,232,044
Electronic Components — 0.1%
Solectron Global Finance Ltd., Sr. Sub. Notes, 144A		B3		8.00	%		03/15/16		700		701,750
Energy - Coal — 0.2%
Foundation PA Coal Co., Sr. Notes		B1		7.25	%		08/01/14		875		888,125
Massey Energy Co., Sr. Notes, 144A		B1		6.875	%		12/15/13		500		490,000
											1,378,125
Energy - E&P — 1.7%
Chesapeake Energy Corp., Sr. Notes		Ba2		6.375	%		06/15/15		2,500		2,459,375
Chesapeake Energy Corp., Sr. Notes		Ba2		6.50	%		08/15/17		1,000		987,500
Chesapeake Energy Corp., Sr. Notes		Ba2		6.875	%		01/15/16		2,720		2,740,400
El Paso Production Holding Co., Gtd. Notes		B3		7.75	%		06/01/13		2,000		2,072,500
Encore Acquisition, Sr. Sub. Notes		B2		6.00	%		07/15/15		1,500		1,398,750
KCS Energy, Inc., Sr. Notes		B3		7.125	%		04/01/12		250		248,125
Magnum Hunter Resources, Inc., Gtd. Notes		Ba3		9.60	%		03/15/12		358		383,955
Swift Energy Co., Sr. Sub. Notes		B2		9.375	%		05/01/12		963		1,028,002
											11,318,607
Energy - Services — 0.1%
Pride International, Inc., Sr. Notes		Ba2		7.375	%		07/15/14		688		722,400
Entertainment & Leisure — 1.2%
AMC Entertainment Inc., Gtd. Notes, 144A		B3		11.00	%		02/01/16		375		387,187
Choctaw Resort Development Enterprise, Sr. Notes, 144A		B1		7.25	%		11/15/19		1,600		1,608,000
French Lick Resorts & Casinos LLC, First Mortgage, 144A (g)		B3		10.75	%		04/15/14		500		500,000
Six Flags, Inc., Sr. Notes		Caa1		9.75	%		04/15/13		750		755,625
Universal City Development Partners, Sr. Notes		B2		11.75	%		04/01/10		1,500		1,653,750
Universal City Florida, Holding Co., Sr. Notes (a)		B3		8.375	%		05/01/10		1,650		1,662,375
Warner Music Group, Sr. Sub. Notes		B2		7.375	%		04/15/14		1,000		990,000
WMG Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/15/09)		B3		9.50	%(v)		12/15/14		800		589,000
											8,145,937
Environmental — 1.4%
Allied Waste North America, Inc., Gtd. Notes, Series B		B2		9.25	%		09/01/12		499		538,296
Allied Waste North America, Inc., Sec’d. Notes (a)		B2		6.375	%		04/15/11		1,500		1,468,125
Allied Waste North America, Sr. Notes (a)		B2		7.25	%		03/15/15		4,870		4,967,400
Allied Waste North America, Sr. Notes, Series B		B2		8.50	%		12/01/08		2,000		2,102,500
Waste Services, Inc., Sr. Sub. Notes		Caa2		9.50	%		04/15/14		500		515,625
											9,591,946
Finance — 1.8%
E*trade Financial Corp., Sr. Notes		B1		7.375	%		09/15/13		625		637,500
Refco Finance Holdings LLC, Gtd. Notes, 144A (i)		D(d)		9.00	%		08/01/12		135		77,625
TRAINS, Sec’d. Notes, 144A		B1		7.651	%		06/15/15		11,012		11,136,082
											11,851,207

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Food — 0.9%
Chiquita Brands Intl., Sr. Notes (a)		B3		8.875	%		12/01/15	$	625	$	578,125
Dole Foods Co., Inc., Sr. Notes		B3		8.625	%		05/01/09		750		753,750
Eagle Family Foods, Inc., Gtd. Notes, Series B		Caa2		8.75	%		01/15/08		500		362,500
Michael Foods, Inc., Sr. Sub. Notes		B3		8.00	%		11/15/13		725		738,593
Pilgrims Pride Corp., Sr. Sub. Notes (a)		Ba3		9.25	%		11/15/13		500		503,750
Pinnacle Foods Holding Co., Sr. Sub. Notes		B3		8.25	%		12/01/13		1,375		1,361,250
Tyson Foods, Inc., Sr. Unsec’d. Notes		Baa3		6.60	%		04/01/16		800		790,169
United Biscuits Co., Gtd. Notes (United Kingdom)		B3		10.625	%		04/15/11	EUR	750		960,018
											6,048,155
Food & Beverage — 0.8%
Delhaize America, Inc., Gtd. Notes		Ba1		9.00	%		04/15/31		2,870		3,319,686
Ingles Markets, Inc., Gtd. Notes		B3		8.875	%		12/01/11		1,700		1,776,500
											5,096,186
Gaming — 6.1%
Boyd Gaming Corp., Sr. Sub. Notes (a)		B1		7.125	%		02/01/16		1,360		1,378,700
Boyd Gaming Corp., Sr. Sub. Notes		B1		8.75	%		04/15/12		2,000		2,135,000
Chukchansi Economic Development Authority, Sr. Notes, 144A		B2		8.00	%		11/15/13		500		512,500
Cirsa Finance Luxembourg SA, Sr. Notes (Luxembourg)		B1		8.75	%		05/15/14	EUR	1,500		1,945,030
Codere Fin Lux, Sr. Notes (Luxembourg)		B2		8.25	%		06/15/15	EUR	2,000		2,593,374
Global Cash Finance Corp., Sr. Sub. Notes		B3		8.75	%		03/15/12		309		331,789
Herbst Gaming, Inc., Gtd. Notes		B3		7.00	%		11/15/14		1,750		1,745,625
Isle of Capri Casinos, Inc., Gtd. Notes		B2		9.00	%		03/15/12		500		530,625
Isle of Capri Casinos, Inc., Sr. Sub. Notes (a)		B2		7.00	%		03/01/14		338		333,775
Kerzner International Ltd., Sr. Sub. Notes		B2		6.75	%		10/01/15		500		526,250
Las Vegas Sands Corp., Gtd. Notes (a)		B1		6.375	%		02/15/15		500		480,000
Mandalay Resort Group, Sr. Notes		Ba2		9.50	%		08/01/08		1,500		1,595,625
Mandalay Resort Group, Sr. Sub. Debs.		Ba3		7.625	%		07/15/13		900		929,250
Mandalay Resort Group, Sr. Sub. Notes		Ba3		9.375	%		02/15/10		3,500		3,797,500
Mandalay Resort Group, Sr. Sub. Notes		Ba3		10.25	%		08/01/07		425		447,313
MGM Mirage, Inc., Gtd. Notes (a)		Ba2		6.625	%		07/15/15		2,500		2,459,375
MGM Mirage, Inc., Gtd. Notes (a)		Ba3		8.375	%		02/01/11		1,250		1,318,750
MGM Mirage, Inc., Sr. Notes (a)		Ba2		5.875	%		02/27/14		2,500		2,356,250
Mohegan Tribal Gaming Authority, Sr. Sub. Notes		Ba3		8.00	%		04/01/12		550		576,125
MTR Gaming Group, Gtd. Notes, Series B		B2		9.75	%		04/01/10		375		398,906
Park Place Entertainment Corp., Sr. Sub. Notes		Ba1		7.875	%		03/15/10		1,375		1,460,937
Penn National Gaming, Inc., Sr. Sub. Notes (a)		B1		6.75	%		03/01/15		875		875,000
Pinnacle Entertainment, Inc., Gtd. Notes		Caa1		8.75	%		10/01/13		250		269,375
Pinnacle Entertainment, Inc., Sr. Sub. Notes		Caa1		8.25	%		03/15/12		500		523,750
River Rock Entertainment Authority, Sr. Notes		B2		9.75	%		11/01/11		475		513,000
Seneca Gaming Corp., Sr. Notes, 144A		B1		7.25	%		05/01/12		1,250		1,262,500
Station Casinos, Inc., Sr. Sub. Notes (a)		Ba3		6.50	%		02/01/14		500		494,375
Station Casinos, Inc., Sr. Sub. Notes		Ba3		6.875	%		03/01/16		3,360		3,376,800
Wynn Las Vegas LLC,		B2		6.625	%		12/01/14		5,450		5,293,312
											40,460,811
Healthcare - Medical Prods — 0.9%
CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 1/01/10)		Caa2		9.63	%(v)		01/01/15		1,250		850,000
Sybron Dental Specialties, Inc., Gtd. Notes		B1		8.125	%		06/15/12		688		725,840
VWR International, Inc.,		Caa1		8.00	%		04/15/14		4,200		4,189,500
											5,765,340
Healthcare — 0.2%
Nyco Holdings 2 Aps, Sr. Notes (Denmark)		B3		11.50	%		03/31/13	EUR	750		1,058,860
Healthcare - Pharma — 0.5%
Biovail Corp., Sr. Sub. Notes (Canada)(l)		B2		7.875	%		04/01/10		500		510,000
Mylan Laboratories Inc., Gtd. Notes		Ba1		6.375	%		08/15/15		250		251,250
Nycomed ASA, Sr. Notes, PIK (Denmark)		NR		11.75	%		09/15/13	EUR	1,528		1,954,068

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Healthcare - Pharma (cont’d)
Warner Chilcott Corp., Gtd. Notes, 144A		Caa1		9.25	%		02/01/15	$	750	$	744,375
											3,459,693
Healthcare - Services — 3.5%
Accellant, Inc., Gtd. Notes		Caa1		10.50	%		12/01/13		625		667,188
Alliance Imaging, Inc., Sr. Sub. Notes (a)		B3		7.25	%		12/15/12		500		433,750
Ameripath, Inc., Gtd. Notes		B3		10.50	%		04/01/13		1,000		1,055,000
CRC Health Corp., Sr. Sub. Notes, 144A		Caa1		10.75	%		02/01/16		313		322,390
Davita, Inc., Gtd. Notes (a)		B3		7.25	%		03/15/15		3,780		3,798,900
HCA Inc., Notes		Ba2		6.25	%		02/15/13		2,000		1,940,056
HCA, Inc. Sr. Sec’d. Notes (a)		Ba2		6.375	%		01/15/15		6,000		5,839,650
HCA, Inc., Bonds		Ba2		6.50	%		02/15/16		1,850		1,802,375
Omnicare, Inc., Sr. Sub. Notes		Ba3		6.875	%		12/15/15		875		872,813
Psychiatric Solutions, Inc., Sr. Sub. Notes (a)		B3		7.75	%		07/15/15		1,000		1,017,500
Select Medical Corp., Gtd. Notes		B3		7.625	%		02/01/15		1,125		1,015,312
Tenet Healthcare Corp., Sr. Notes (a)		B3		9.875	%		07/01/14		1,500		1,518,750
Tenet Healthcare Corp., Sr. Unsec’d. Notes (a)		B3		7.375	%		02/01/13		1,000		912,500
US Oncology, Inc., Gtd. Notes		B2		9.00	%		08/15/12		875		905,625
Vanguard Health Holdings Co. LLC, Sr. Sub. Notes (a)		Caa1		9.00	%		10/01/14		1,250		1,278,125
											23,379,934
Home Construction — 0.4%
K Hovnanian Enterprises, Inc., Gtd. Notes		Ba1		6.25	%		01/15/15		1,375		1,259,767
Meritage Homes Corp., Sr. Notes		Ba2		6.25	%		03/15/15		1,000		885,000
Standard-Pacific Corp., Sr. Notes		Ba2		6.25	%		04/01/14		375		332,812
											2,477,579
Hospitals/Hospital Management — 0.3%
Community Health Systems, Inc., Sr. Sub. Notes		B3		6.50	%		12/15/12		1,825		1,767,969
Internet Services — 0.1%
Intelsat Bermuda Ltd., Sr. Notes (Bermuda)(l)		B2		8.625	%		01/15/15		480		495,600
Lodging — 1.1%
Gaylord Entertainment Co., Gtd. Notes		B3		6.75	%		11/15/14		1,000		975,000
HMH Properties, Inc., Gtd. Notes, Series B		Ba2		7.875	%		08/01/08		414		417,105
Host Marriott LP,		Ba2		6.375	%		03/15/15		1,000		983,750
Host Marriott LP,		Ba2		7.00	%		08/15/12		1,500		1,531,875
Host Marriott LP,		Ba2		7.125	%		11/01/13		1,000		1,017,500
Host Marriott LP, Sr. Notes, 144A		Ba2		6.75	%		06/01/16		650		649,188
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes		Ba1		7.875	%		05/01/12		1,500		1,631,250
											7,205,668
Machinery — 0.4%
Chart Industries, Inc., Sr. Sub. Notes, 144A		B3		9.125	%		10/15/15		1,700		1,755,250
Columbus Mckinnon Corp., Sec’d. Notes		B2		10.00	%		08/01/10		139		152,900
Dresser-Rand Group, Inc., Sr. Sub. Notes, 144A (Canada)(l)(g)		B3		7.625	%		11/01/14		881		898,620
											2,806,770
Manufacturing — 0.1%
Dresser, Inc., Gtd. Notes		B2		9.375	%		04/15/11		870		911,325
Media — 1.5%
DirecTV Holdings LLC / DirecTV Financing Co., Sr. Notes		Ba2		8.375	%		03/15/13		1,250		1,334,375
DirecTV Holdings LLC, Gtd. Notes		Ba2		6.375	%		06/15/15		2,380		2,350,250
Echostar DBS Corp., Gtd. Notes, 144A (a)		Ba3		7.125	%		02/01/16		3,140		3,088,975
Echostar DBS Corp., Sr. Notes (a)		Ba3		5.75	%		10/01/08		3,225		3,192,750
											9,966,350
Media - Broadcasting & Radio — 0.6%
Emmis Operating Co., Sr. Sub. Notes (a)		B2		6.875	%		05/15/12		1,000		965,000
Lin Television Corp., Gtd. Notes		B1		6.50	%		05/15/13		500		470,000
Radio One, Inc., Gtd. Notes		B2		6.375	%		02/15/13		438		416,100

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate		Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Media - Broadcasting & Radio (cont’d)
Sinclair Broadcast Group, Inc., Gtd. Notes		B2	8.00	%		03/15/12	$	2,000	$	2,040,000
										3,891,100
Media - Cable — 4.0%
Adelphia Communications Corp., Sr. Notes, 144A (g)(i)		NR	10.25	%		06/15/11		500		315,000
Cablevision Systems Corp., Sr. Notes (a)		B3	8.00	%		04/15/12		1,500		1,462,500
CCH I Holdings LLC, Gtd. Notes		Ca	10.00	%		05/15/14		1,500		757,500
CCH I LLC, Sec`d. Notes		Caa3	11.00	%		10/01/15		1,000		831,250
Charter Communications Holdings II, Sr. Notes		Caa1	10.25	%		09/15/10		1,250		1,228,125
Charter Communications LLC, Gtd. Notes, 144A		Ca	Zero			05/15/14		1,000		520,000
Charter Communications Operating LLC, Sr. Notes, 144A		B2	8.00	%		04/30/12		2,750		2,736,250
CSC Holdings, Inc., Debs., Series B		B2	8.125	%		08/15/09		1,000		1,032,500
CSC Holdings, Inc., Sr. Notes		B2	7.625	%		04/01/11		1,500		1,507,500
CSC Holdings, Inc., Sr. Notes		B2	8.125	%		07/15/09		1,000		1,033,750
CSC Holdings, Inc., Sr. Notes, 144A		B2	7.25	%		04/15/12		1,650		1,612,875
Ono Finance PLC, Gtd. Notes, 144A (United Kingdom)		B3	10.50	%		05/15/14	EUR	1,750		2,290,409
Ono Finance PLC, Sr. Notes (United Kingdom)		B3	8.00	%		05/16/14	EUR	1,000		1,175,501
Rogers Cable Inc., Sec’d. Notes (Canada)		Ba2	7.25	%		12/15/11	CAD	500		452,896
Rogers Cable, Inc., Sec’d. Notes (Canada)(l)		Ba2	6.25	%		06/15/13		2,000		1,980,000
Tele Columbus AG & Co., Sr. Sub. Notes (Germany)		B3	9.375	%		04/15/12	EUR	1,000		1,242,153
Telenet Communication NV, Sr. Notes (Belgium)		B2	9.00	%		12/15/13	EUR	1,121		1,510,648
Telenet Group Holdings NV, Disc. Notes, Zero Coupon (until 12/15/08), 144A (Belgium)(a)		Caa1	11.50	%(v)		06/15/14	EUR	2,126		1,777,450
UPC Holding Bv, Sec’d. Notes (Netherlands)		B3	7.75	%		01/15/14	EUR	1,500		1,726,896
UPC Holding Bv., Sr. Notes (Netherlands)		B3	8.625	%		01/15/14	EUR	1,000		1,196,709
										26,389,912
Media - Diversified — 0.1%
Quebecor Media, Sr. Notes, 144A (Canada)(l)		B2	7.75	%		03/15/16		750		770,625
Metals — 0.8%
AK Steel Corp., Gtd. Notes (a)		B1	7.75	%		06/15/12		750		758,438
AK Steel Corp., Gtd. Notes		B1	7.875	%		02/15/09		500		502,500
Neenah Corp., Sec’d. Notes, 144A (g)		B2	11.00	%		09/30/10		750		832,500
Novelis, Inc., Sr. Notes, 144A (Canada)(l)		B1	7.25	%		02/15/15		2,350		2,256,000
Ryerson Tull, Inc., Notes		B2	9.125	%		07/15/06		950		957,125
										5,306,563
Mining — 0.3%
OM Group, Inc., Gtd. Notes		Caa1	9.25	%		12/15/11		1,000		1,035,000
Peabody Energy Corp., Sr. Notes		Ba2	5.875	%		04/15/16		1,190		1,133,475
										2,168,475
Oil & Gas Exploration/Production — 0.3%
Hanover Compressor Co., Sr. Notes		B3	9.00	%		06/01/14		875		940,625
Williams Cos., Inc., Debs.		B1	7.50	%		01/15/31		1,030		1,068,625
										2,009,250
Oil, Gas & Consumable Fuels — 0.5%
Amerigas Partners, Sr. Notes		B1	7.125	%		05/20/16		3,400		3,383,000
Packaging — 2.1%
Consolidated Container Co. LLC, Gtd. Notes (a)		Caa2	10.125	%		07/15/09		500		437,500
Constar International, Sr. Sub. Notes		Caa3	11.00	%		12/01/12		188		146,640
Covalence Specialty Materials Corp., Sr. Sub. Notes, 144A		B3	10.25	%		03/01/16		500		525,000
Crown Americas, Inc., Sr. Notes, 144A		B1	7.75	%		11/15/15		3,000		3,112,500
Gerresheimer Holdings GMBH, Gtd. Notes (Germany)		Caa1	7.875	%		03/01/15	EUR	1,250		1,514,821
Graham Packaging Co., Gtd. Notes		Caa1	8.50	%		10/15/12		500		505,000
Graham Packaging Co., Sub. Notes (a)		Caa2	9.875	%		10/15/14		2,750		2,784,375
Graham Packaging International Corp., Sr. Sub. Notes (a)		B3	9.50	%		08/15/13		1,500		1,402,500
Huntsman Packaging Corp., Gtd. Notes, 144A (g)		NR	13.00	%		06/01/10		375		153,750
Owens-Brockway Glass Container, Inc., Gtd. Notes		B2	8.25	%		05/15/13		2,000		2,090,000
Pliant Corp., Sec’d. Notes, 144A (a)(g)		NR	11.125	%		09/01/09		250		263,125

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate		Maturity Date			Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Packaging (cont’d)
Portola Packaging, Inc., Sr. Notes		Caa1	8.25	%		02/01/12		$	250	$	215,000
Pregis Corp., Gtd. Notes, 144A (a)(g)		Caa1	12.375	%		10/15/13			500		525,000
Russell-Stanley Holdings, Inc., Sr. Sub. Notes, PIK (g)		NR	9.00	%		11/30/08			356		0
Tekni-Plex, Inc. Sec’d. Notes, 144A (a)(g)		Caa2	9.75	%		11/15/13			313		294,220
											13,969,431
Paper — 4.3%
Abitibi-Consolidated, Inc., Notes (Canada)(a)(l)		B1	8.55	%		08/01/10			5,250		5,276,250
Ainsworth Lumber Co. Ltd., Gtd. Notes (Canada)(l)		B2	7.25	%		10/01/12			500		452,500
Ainsworth Lumber Co. Ltd., Sr. Notes (Canada)(l)		B2	6.75	%		03/15/14			500		433,750
Boise Cascade LLC, Gtd. Notes		B2	7.125	%		10/15/14			500		481,250
Bowater Canada Finance, Gtd. Notes (Canada)(l)		B1	7.95	%		11/15/11			1,020		1,017,450
Cascades, Inc., Sr. Notes (Canada)(l)		Ba3	7.25	%		02/15/13			1,020		958,800
Georgia-Pacific Corp., Debs.		B2	7.375	%		12/01/25			1,660		1,593,600
Georgia-Pacific Corp., Notes		B2	7.75	%		11/15/29			1,000		980,000
Georgia-Pacific Corp., Notes (a)		B2	8.125	%		05/15/11			4,000		4,160,000
Georgia-Pacific Corp., Sr. Notes		B2	8.00	%		01/15/24			1,950		1,967,062
Jefferson Smurfit Corp. US, Gtd. Notes (a)		B2	7.50	%		06/01/13			2,250		2,115,000
JSG Funding PLC, Sr. Notes (Ireland)(l)		B3	9.625	%		10/01/12			3,530		3,732,975
JSG Funding PLC., Sr. Sub. Notes (Ireland)		Caa1	7.75	%		04/01/15	EUR		1,000		1,199,738
JSG Holding PLC., Sr. Notes, PIK		Caa2	11.50	%		10/01/15	EUR		848		1,047,753
NewPage Corp., Sec’d. Notes (a)		B3	10.00	%		05/01/12			500		525,000
Smurfit Capital Funding PLC, Debs. (Ireland)(l)		B1	7.50	%		11/20/25			900		837,000
Smurfit-Stone Container Enterprises, Inc., Sr. Notes		B2	9.75	%		02/01/11			1,000		1,027,500
Stone Container Finance, Gtd. Notes (Canada)(l)		B2	7.375	%		07/15/14			500		465,000
											28,270,628
Personal Services — 0.3%
Corrections Corporation of America, Gtd. Notes		Ba3	6.75	%		01/31/14			1,700		1,719,125
Printing — 0.2%
SGS International, Inc., Sr. Sub. Notes, 144A		Caa1	12.00	%		12/15/13			625		642,188
Vertis, Inc., Gtd. Notes, Series B (a)		Caa2	10.875	%		06/15/09			500		491,250
											1,133,438
Publishing — 2.9%
Advanstar Communications, Inc., Gtd. Notes, Series B (a)		Caa2	12.00	%		02/15/11			500		527,500
Advanstar Communications, Inc., Sec’d. Notes		B3	10.75	%		08/15/10			250		271,875
Dex Media East LLC, Gtd. Notes		B1	12.125	%		11/15/12			1,437		1,641,773
Dex Media West LLC, Sr. Sub. Notes		B2	9.875	%		08/15/13			2,020		2,234,625
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)		B3	9.00	%(v)		11/15/13			2,000		1,690,000
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)		Caa2	11.50	%(v)		10/15/13			500		426,250
Houghton Mifflin Co., Sr. Notes		B3	8.25	%		02/01/11			500		517,500
Houghton Mifflin Co., Sr. Sub. Notes (a)		Caa1	9.875	%		02/01/13			625		671,875
Lighthouse International Co. SA, Sr. Notes (Luxembourg)		B3	8.00	%		04/30/14	EUR		2,500		3,264,439
Primedia Inc., Sr. Notes		B2	8.00	%		05/15/13			1,000		915,000
Primedia, Inc., Gtd. Notes		B2	8.875	%		05/15/11			1,000		975,000
R.H. Donnelley Corp., Sr. Notes, 144A (g)		Caa1	8.875	%		01/15/16			1,000		1,040,000
WDAC Subsidiary Corp., Sr. Notes		Caa1	8.50	%		12/01/14	EUR		2,750		3,357,601
Yell Finance BV, Gtd. Notes (Netherlands)(a)(l)		B1	10.75	%		08/01/11			461		493,846
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands)(l)		B1	13.50	%(v)		08/01/11			680		702,100
Ziff Davis Media, Inc., Gtd. Notes, Series B, PIK		CC(d)	13.00	%		08/12/09			414		227,963
											18,957,347
Real Estate
CB Richard Ellis Service, Sr. Notes		Ba1	9.75	%		05/15/10			220		238,150
Restaurants — 0.2%
Dominos, Inc., Sr. Sub. Notes		B2	8.25	%		07/01/11			301		308,525

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate		Maturity Date			Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Restaurants (cont’d)
Landry’s Restaurants, Inc., Gtd. Notes		B2	7.50	%		12/15/14		$	1,000	$	965,000
											1,273,525
Retail — 0.5%
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.,Sr. Notes		Ba3	6.75	%		05/01/14			2,150		2,069,375
Ferrellgas Partners LP/Ferrellgas Partners Finance, Sr. Notes		B2	8.75	%		06/15/12			1,300		1,316,250
											3,385,625
Retail & Merchandising — 0.1%
JC Penney Corp., Inc., Debs.		Baa3	7.40	%		04/01/37			850		916,475
Retailers — 0.5%
General Nutrition Center, Sr. Sub. Notes		Caa1	8.50	%		12/01/10			500		473,750
Neiman Marcus Group, Inc., Gtd. Notes, 144A		B3	10.375	%		10/15/15			500		531,250
Neiman Marcus Group, Inc., Sr. Unsec’d. Notes, 144A (g)		B2	9.00	%		10/15/15			1,000		1,057,500
Victoria Acqstion III Bv, Sr. Notes, 144A (Netherlands)		B3	7.875	%		10/01/14	EUR		1,000		1,342,131
											3,404,631
Retailers - Food & Drug — 0.6%
Brake Bros Finance PLC, Sr. Notes (United Kingdom)		B3	12.00	%		12/15/11	GBP		1,000		1,954,584
Couche-Tard Corp., Sr. Sub. Notes		Ba2	7.50	%		12/15/13			500		512,500
Jean Coutu Group PJC, Inc. Sr. Sub. Notes (Canada)(a)(l)		Caa2	8.50	%		08/01/14			500		458,750
Jean Coutu Group PJC, Inc., Sr. Notes (Canada)(l)		B3	7.625	%		08/01/12			250		243,125
Rite Aid Corp., Sec’d. Notes (a)		B2	8.125	%		05/01/10			500		510,625
											3,679,584
Services Cyclical - Business Services — 0.2%
Cornell Companies, Inc., Sr. Notes (a)		B3	10.75	%		07/01/12			500		525,000
Iron Mountain, Inc., Gtd. Notes		Caa1	7.75	%		01/15/15			750		755,625
											1,280,625
Services Cyclical - Distribution/Logistical — 1.7%
Interline Brands, Inc., Sr. Sub. Notes		B3	11.50	%		05/15/11			569		628,034
Ray Acquisition SCA, Sec’d. Notes (France)		Caa1	9.375	%		03/15/15	EUR		8,000		10,421,968
											11,050,002
Services Cyclical - Rental Equipment — 1.4%
Hertz Corp., Sr. Notes		B1	8.875	%		01/01/14			5,000		5,187,500
Hertz Corp., Sr. Sub. Notes		B3	10.50	%		01/01/16			1,250		1,356,250
United Rentals NA, Inc.,		Caa1	7.75	%		11/15/13			1,625		1,625,000
United Rentals North America, Inc.,		B3	6.50	%		02/15/12			500		490,000
Williams Scotsman, Inc., Gtd. Notes		B3	8.50	%		10/01/15			500		510,625
											9,169,375
Technology — 0.1%
Sanmina-SCI Corp., Sr. Sub. Notes		B1	8.125	%		03/01/16			1,000		1,010,000
Technology - Hardware — 1.1%
Avago Technologies Financial, Sr. Notes, 144A		B3	10.125	%		12/01/13			1,000		1,073,750
Lucent Technologies, Debs.		B1	6.45	%		03/15/29			1,375		1,240,937
MagnaChip Semiconductor SA, Sec’d. Notes		Ba3	6.875	%		12/15/11			500		480,000
MagnaChip Semiconductor SA, Sr. Sub. Notes		B2	8.00	%		12/15/14			1,125		1,051,875
Xerox Corp., Gtd. Notes		Ba2	9.75	%		01/15/09			1,500		1,640,625
Xerox Corp., Sr. Notes		Ba2	6.40	%		03/15/16			950		942,875
Xerox Corp., Sr. Notes		Ba2	7.625	%		06/15/13			1,000		1,052,500
											7,482,562
Technology - Software/Services — 1.2%
Activant Solutions, Sr. Notes		B2	10.50	%		06/15/11			375		415,312
Sungard Data Systems, Inc., 144A (a)(g)		B3	9.125	%		08/15/13			3,190		3,373,425
Sungard Data Systems, Inc., Sr. Sub. Notes, 144A (g)		Caa1	10.25	%		08/15/15			2,000		2,105,000

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Technology - Software/Services (cont’d)
UGS Corp.,		B3		10.00	%		06/01/12	$	1,750	$	1,925,000
											7,818,737
Telecommunications — 3.6%
Cincinnati Bell, Inc., Gtd. Notes		B1		7.25	%		07/15/13		2,040		2,096,100
Cincinnati Bell, Inc., Sr. Sub. Notes (a)		B3		8.375	%		01/15/14		2,700		2,743,875
Citizens Communications Co., Notes		Ba3		9.25	%		05/15/11		4,000		4,390,000
Qwest Capital Funding, Inc., Gtd. Notes		B3		7.00	%		08/03/09		1,000		1,015,000
Qwest Capital Funding, Inc., Gtd. Notes (a)		B3		7.90	%		08/15/10		1,000		1,040,000
Qwest Communications International, Inc., Gtd. Notes (a)		B2		7.25	%		02/15/11		2,000		2,050,000
Qwest Corp., Notes		Ba3		6.875	%		09/15/33		6,600		6,336,000
Qwest Corp., Notes (a)		Ba3		8.875	%		03/15/12		1,750		1,955,625
Qwest Corp., Sr. Notes		Ba3		7.625	%		06/15/15		500		535,000
Rural Cellular Corp., Sr. Notes		Caa1		9.875	%		02/01/10		1,530		1,633,275
											23,794,875
Telecommunications - Cellular — 4.0%
Alamosa Delaware, Inc., Sr. Notes		Caa1		8.50	%		01/31/12		1,000		1,077,500
American Cellular Corp., Sr. Notes		B3		10.00	%		08/01/11		1,250		1,356,250
American Tower Corp., Sr. Notes		B1		7.125	%		10/15/12		500		520,000
American Tower Corp., Sr. Notes (a)		B1		7.50	%		05/01/12		750		785,625
Cell C Pty. Ltd., Bonds (South Africa)		BB-(d)		8.625	%		07/01/12	EUR	1,000		1,316,380
Digicel Limited., Sr. Notes, 144A		B3		9.25	%		09/01/12		500		528,750
Dobson Cellular Systems, Inc., Sec’d. Notes		B2		9.875	%		11/01/12		500		546,250
Hellas Telecommunications Luxembourg V, Sec’d. Notes, 144A (Luxembourg)(g)		B1		6.264	%		10/15/12	EUR	1,000		1,233,064
Hellas Telecommunications Luxembourg V, Sec’d. Notes, 144A (Luxembourg)		B3		8.50	%		10/15/13	EUR	2,000		2,544,899
Horizon PCS, Inc., Gtd. Notes		B3		11.375	%		07/15/12		250		285,625
Nextel Communications, Inc.,		Baa2		5.95	%		03/15/14		1,250		1,237,531
Nextel Communications, Inc.,		Baa2		7.375	%		08/01/15		1,000		1,048,737
Nextel Partners, Inc., Sr. Notes		Ba3		8.125	%		07/01/11		1,000		1,057,500
Rogers Wireless, Inc., Sec’d. Notes (Canada)(l)		Ba2		6.375	%		03/01/14		2,270		2,264,325
Rogers Wireless, Inc., Sec’d. Notes (Canada)(l)		Ba2		7.25	%		12/15/12		1,000		1,053,750
Rogers Wireless, Inc., Sec’d. Notes (Canada)(l)		Ba2		7.50	%		03/15/15		1,000		1,072,500
Rogers Wireless, Inc., Sec’d. Notes (Canada)(a)(l)		Ba2		8.00	%		12/15/12		1,000		1,061,250
US Unwired, Inc., Sec’d. Notes		Baa2		10.00	%		06/15/12		625		700,781
Wind Acquisition Finance SA, 144A (Luxembourg)(l)(g)		B3		10.75	%		12/01/15		4,000		4,320,000
Wind Acquisition Finance SA, Gtd. Notes, 144A(g)		B3		9.75	%		12/01/15	EUR	1,750		2,282,118
											26,292,835
Telecommunications - Satellites — 1.0%
Inmarsat Finance II Ltd., Gtd. Notes, Zero Coupon (until 11/15/08)		B2		10.38	%(v)		11/15/12		1,000		850,000
Inmarsat Finance PLC, Gtd. Notes (United Kingdom)(l)		B1		7.625	%		06/30/12		325		333,125
Intelsat Bermuda Ltd., Sr. Notes (Bermuda)(l)		B2		8.25	%		01/15/13		2,000		2,035,000
Intelsat Ltd., Notes (Bermuda)(l)		Caa1		7.625	%		04/15/12		500		412,500
Intelsat Ltd., Sr. Notes (Bermuda)(l)		Caa1		6.50	%		11/01/13		250		186,875
PanAmSat Corp., Gtd. Notes		B1		9.00	%		08/15/14		1,625		1,710,312
Panamsat Holding Corp., Sr. Disc. Notes, Zero Coupon (until 11/01/09)		B3		11.38	%(v)		11/01/14		1,500		1,080,000
											6,607,812
Textiles & Apparel — 0.8%
Propex Fabrics, Inc., Gtd. Notes		B3		10.00	%		12/01/12		500		475,000
Quicksilver, Inc., Gtd. Notes (a)		B1		6.875	%		04/15/15		3,205		3,116,863
Russell Corp., Gtd. Notes		B2		9.25	%		05/01/10		1,300		1,348,750
Warnaco, Inc., Sr. Notes		B1		8.875	%		06/15/13		500		531,250
											5,471,863

AST HIGH YIELD BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Tobacco — 0.6%
Alliance One International, Gtd. Notes		B3		11.00	%		05/15/12	$	1,125	$	1,080,000
RJ Reynolds Tobacco Holdings, Inc., Gtd. Notes		Ba2		7.25	%		06/01/12		3,060		3,159,450
											4,239,450
Transportation — 0.1%
Stena AB, Sr. Notes (a)		Ba3		9.625	%		12/01/12		750		817,500
Utilities — 2.4%
AES Corp., Sec’d. Notes, 144A		Ba3		8.75	%		05/15/13		4,310		4,654,800
CMS Energy Corp., Sr. Notes		B1		6.30	%		02/01/12		2,550		2,511,750
PSE&G Energy Holdings LLC, Sr. Notes		Ba3		8.50	%		06/15/11		3,740		4,029,850
Reliant Energy, Inc., Sec’d. Notes		B2		6.75	%		12/15/14		4,440		3,918,300
Tenaska Alabama Partners LP, Sec’d. Notes, 144A		B1		7.00	%		06/30/21		985		988,456
											16,103,156
Utilities - Distribution — 0.5%
Inergy LP Finance Corp., Sr. Notes, 144A		B1		8.25	%		03/01/16		125		128,125
Inergy LP Inergy Finance Corp., Sr. Notes		B1		6.875	%		12/15/14		625		593,750
Suburban Propane Partners LP, Sr. Notes		B1		6.875	%		12/15/13		2,915		2,798,400
											3,520,275
Utilities - Electric — 3.8%
AES Corp., Sr. Notes, Pass Thru Certs.		B1		9.375	%		09/15/10		1,000		1,090,000
Allegheny Energy Supply Co. LLC, Notes, 144A		Ba3		8.25	%		04/15/12		500		548,125
Calpine Canada Energy, Gtd. Notes, 144A (Canada)(a)(l)(i)		D(d)		8.50	%		05/01/08		1,000		567,500
Calpine Corp., Sec’d. Notes, 144A (a)(i)		D(d)		8.50	%		07/15/10		750		688,125
Calpine Corp., Sec’d. Notes, 144A (i)		D(d)		8.75	%		07/15/13		500		458,750
Dynegy Holdings, Inc., Sec’d. Notes, 144A		B1		9.875	%		07/15/10		1,000		1,099,830
Dynegy Holdings, Inc., Sec’d. Notes, 144A		B1		10.125	%		07/15/13		750		859,275
Dynegy Holdings, Inc., Sr. Notes		B2		8.75	%		02/15/12		313		327,085
Edison Mission Energy, Sr. Notes		B1		10.00	%		08/15/08		1,000		1,070,000
Midwest Generation LLC, Sec’d. Notes		B1		8.75	%		05/01/34		7,190		7,783,175
Mirant North America LLC, Sr. Notes, 144A (a)(g)		B1		7.375	%		12/31/13		1,250		1,275,000
Mission Energy Holding Co., Sec’d. Notes		B2		13.50	%		07/15/08		1,000		1,147,500
NRG Energy Inc., Sr. Notes (a)		B1		7.25	%		02/01/14		750		762,188
NRG Energy, Inc., Sr. Notes		B1		7.375	%		02/01/16		5,450		5,565,812
Reliant Resources, Inc., Sec’d. Notes (a)		B2		9.25	%		07/15/10		1,000		1,001,250
Sierra Pacific Resources, Sr. Notes		B1		8.625	%		03/15/14		750		814,069
											25,057,684
Utility - Pipelines — 4.7%
El Paso Corp., Notes (a)		Caa1		7.875	%		06/15/12		4,250		4,425,312
El Paso Corp., Notes, 144A (a)		Caa1		7.625	%		09/01/08		1,000		1,020,000
El Paso Corp., Notes, 144A		Caa1		7.75	%		06/15/10		3,250		3,351,562
El Paso Corp., Sr. Notes		Caa1		7.375	%		12/15/12		1,000		1,017,500
El Paso Corp., Sr. Notes		Caa1		7.80	%		08/01/31		2,000		2,010,000
El Paso Corp., Sr. Notes		Caa1		8.05	%		10/15/30		2,510		2,591,575
Southern Natural Gas Co., Notes		B1		8.00	%		03/01/32		1,750		1,919,290
Tennessee Gas Pipeline Co., Bonds		B1		8.375	%		06/15/32		1,575		1,797,192
Tennessee Gas Pipeline, Debs.		B1		7.50	%		04/01/17		750		799,019
Transcont Gas Pipe Line Corp., Sr. Notes, Series B		Ba2		8.875	%		07/15/12		1,875		2,137,500
Williams Cos., Inc., Notes		B1		7.875	%		09/01/21		2,000		2,150,000
Williams Cos., Inc., Notes (a)		B1		8.125	%		03/15/12		2,250		2,415,938
Williams Cos., Inc., Sr. Notes		B1		7.625	%		07/15/19		5,000		5,325,000
											30,959,888
TOTAL CORPORATE BONDS
(cost $596,876,076)											596,813,568

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

	Moody’s	Interest		Maturity	Principal Amount
	Ratings	Rate		Date	(000)		Value
FOREIGN GOVERNMENT BONDS — 1.9%
Republic of Brazil (Brazil)	Ba3	11.00	%	08/17/40	$	3,277	$	4,204,391
Republic of Brazil, Bonds (Brazil)	Ba3	10.50	%	07/14/14		1,638		2,039,310
Republic of Brazil, Notes (Brazil)	Ba3	8.00	%	01/15/18		5,776		6,258,296
TOTAL FOREIGN GOVERNMENT BONDS (cost $12,531,145)								12,501,997
					Shares
PREFERRED STOCKS — 0.1%
Publishing
Ziff Davis Media, Inc., Series E, 10.00%, PIK						11		2,700
Retailers — 0.1%
General Nutrition Center, Series A, 12.00%, PIK						1,000		927,500
TOTAL PREFERRED STOCKS (cost $1,006,005)								930,200
					Units
WARRANTS* — 0.1%
Chemicals
General Chemical Industry Product, Inc., Series A, Expiring 04/30/11(g)						223		0
General Chemical Industry Product, Inc., Series B, Expiring 04/30/11(g)						165		0
								0
Metals — 0.1%
ACP Holding Corp., Expiring 10/07/13						160,976		269,635
Packaging
Pliant Corp., Expiring 06/01/10, 144A(g)						1,000		10
Paper
MDP Acquisitions PLC, Expiring 10/01/13 (Ireland), 144A(g)						900		18,450
Publishing
Advanstar Holdings Corp., Expiring 10/15/11, 144A(g)						1,100		11
Ziff Davis Media, Inc., Expiring 08/12/12, 144A(g)						19,800		198
								209
TOTAL WARRANTS (cost $1,808)								288,304
					Units
RIGHTS*
Consumer Products
Sleepmaster Membership Interests (cost $0)						1,055		0
					Shares
COMMON STOCKS
Chemicals
General Chemicals Industry Products						386		107,621
Packaging
Russell Stanley Holdings, Inc., 144A (g)*						39,000		0
TOTAL COMMON STOCKS (cost $1,377,628)								107,621
TOTAL LONG-TERM INVESTMENTS (cost $611,792,662)								610,641,690

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

SHORT-TERM INVESTMENTS — 27.9%
				Shares		Value
AFFILIATED MONEY MARKET MUTUAL FUND — 19.3%
Dryden Core Investment Fund - Taxable Money Market Series (cost $127,923,575; includes $99,722,444 of cash collateral for securities on loan)(b)(w)					127,923,575	$	127,923,575
	Interest Rate		Maturity Date	Principal Amount (000)
COMMERCIAL PAPER — 8.6%
Danske Corp.	4.84	%	06/27/06		9,300		9,193,018
Dexia Delaware	4.84	%	06/27/06		1,500		1,482,745
Dexia Delaware	4.85	%	06/27/06		8,700		8,599,920
Skandi Bank, 144A (cost $9,002,124; purchased 06/22/05) (h)	4.84	%	06/22/06		9,100		9,001,052
Skandi Ensk, 144A (cost $1,185,921; purchased 06/29/05) (h)	4.855	%	06/29/06		1,200		1,199,862
Total Financial Elf, 144A (cost $9,297,541; purchased 04/05/06) (h)	4.76	%	04/05/06		9,300		9,297,541
Toyota Motor	4.74	%	04/28/06		9,300		9,269,387
UBS Finance	4.85	%	06/29/06		9,300		9,190,434
TOTAL COMMERCIAL PAPER (cost $57,222,923)							57,233,959
TOTAL SHORT-TERM INVESTMENTS (cost $185,146,498)							185,157,534
TOTAL INVESTMENTS (o)(x) —120.0% (cost $796,939,160)(p)							795,799,224
LIABILITIES IN EXCESS OF OTHER ASSETS (x) — (20.0)%							(132,447,937	)
NET ASSETS — 100.0%						$	663,351,287

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.
	NR           Not Rated by Moodys or Standard & Poor’s
	PIK          Payment-in-kind
	CAD        Canadian Dollar
	EUR         Euro
	GBP         British Pound
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $98,953,178; cash collateral of $99,722,444 (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.
(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 distribtuion (does not include 144A securities - see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $19,485,586. The aggregate market value of $19,498,455 is approximately 3% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(i)	Represents issuer in default on interest payments and/or principal repayment, where applicable. Non-income producing security.
(l)	US$ Denominated Foreign Bonds.
(o)	As of March 31, 2006, 5 securities representing $107,621 and 0.02% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.
(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

AST HIGH YIELD BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the 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 as follows:

Forward foreign currency exchange contracts outstanding at March 31, 2006:

Purchase Contract

					In
Settlement			Contracts to		Exchange		Contracts		Unrealized
Month	Type		Receive		For		at Value		Depreciation
Apr 06	Buy	EUR		3,717,500	$	4,480,752	$	4,510,265	$	29,513
May 06	Buy	EUR		60,232,569		73,548,892		73,199,494		(349,398	)
					$	78,029,644	$	77,709,759	$	(319,885	)
Sale Contracts
					In
Settlement			Contracts to		Exchange		Contracts		Unrealized
Month	Type		Deliver		For		at Value		Depreciation
Apr 06	Sell	EUR		31,300,000	$	37,654,122	$	37,931,118	$	(276,996	)
May 06	Sell	EUR		92,380,460		111,202,612		112,268,212		(1,065,600	)
May 06	Sell	GBP		829,142		1,437,874		1,441,308		(3,434	)
					$	150,294,608	$	151,640,638	$	(1,346,030	)

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date		Moody’s Ratings		Principal Amount (000)			Value
LONG-TERM INVESTMENTS — 91.1%
FOREIGN BONDS — 41.3%
Australia — 0.4%
Australia & New Zealand Banking Group, Sub. Notes
	4.45%		02/05/15		A1		EUR	150		185,752
BHP Billiton Finance, Co. Gtd.
	4.80%		04/15/13		A1			450		430,708
Eurofima, Sr. Notes
	6.50%		08/22/11		Aaa		AUD	1,570		1,162,960
Westpac Banking, Notes
	2.875%		06/25/08		Aa3		EUR	80		95,620
										1,875,040
Austria — 1.2%
Republic of Austria, Bonds
	6.25%		07/15/27		Aaa		EUR	850		1,355,958
Republic of Austria, Notes
	3.80%		10/20/13		Aaa		EUR	1,800		2,191,313
Republic of Austria, Unsub. Notes
	4.00%		07/15/09		Aaa		EUR	1,800		2,218,838
										5,766,109
Belgium — 0.4%
Belgium Kingdom, Notes
	5.00%		03/28/35		AA+(d)		EUR	1,110		1,555,765
Elia System Op SA NV, Sr. Unsub. Notes
	4.75%		05/13/14		A-(d)		EUR	200		252,108
										1,807,873
Brazil — 0.9%
Brazil LTN, Notes
	Zero		01/01/08		NR		BRC	3,830		1,393,140
Brazil Nota do Tesouro Nacional, Notes
	6.00%		05/15/45		Aaa		BRC	2,330		1,335,793
Brazil Nota do Tesouro Nacional, Bonds
	6.00%		08/15/24		Ba3		BRC	2,045		1,220,262
Federal Republic of Brazil, Bonds
	12.50%		01/05/16		Ba3		BRC	1,265		587,488
										4,536,683
Canada — 1.8%
Canadian Government, Bonds
	5.25%		06/01/12 - 06/01/13		Aaa		CAD	2,805		2,517,551
	5.75%		06/01/33		Aaa		CAD	1,810		1,919,110
Canandian National Railways Co., Bonds
	6.25%		08/01/34		Baa1			230		241,580
Encana Holdings Financial Corp., Gtd. Notes
	5.80%		05/01/14		Baa2			280		282,282
Falconbridge Ltd., Notes
	6.20%		06/15/35		Baa3			145		132,268
Ford Credit Canada, Sr. Notes
	7.25%		12/07/07		A3		GBP	90		151,769
Ontario Province, Debs.
	5.00%		03/08/14		Aa2		CAD	1,945		1,721,929
Petro-Canada, Notes
	5.95%		05/15/35		Baa2			255		243,076
Quebec Province, Debs.
	9.375%		01/16/23		A1		CAD	910		1,181,317
Telus Corp., Notes
	8.00%		06/01/11		Baa3			315		347,438
										8,738,320
Cayman Island
BES Finance Ltd.,Gtd. Notes
	6.25%		05/17/11		A2		EUR	140		186,276
Chile
Celulosa Arauco y Constitucion SA, Notes
	5.125%		07/09/13		Baa2			225		212,616
Denmark — 0.3%
Kingdom of Denmark, Notes
	5.00%		11/15/13		Aaa		DKK	7,590		1,330,412
Finland — 0.8%
Finland Government, Bonds
	5.00%		07/04/07		Aaa		EUR	3,000		3,719,606
Nordea Bank Finland, Sub. Notes
	5.75%		03/26/14		A1		EUR	200		255,506
										3,975,112
France — 6.1%
Aventis S.A., Sr. Unsub. Notes
	4.25%		09/15/10		A1		EUR	200		246,142
BNP Paribas SA, Sub. Notes
	5.25%		12/17/12		Aa3		EUR	140		182,316
	5.625%		08/07/08		Aa3		EUR	150		189,825
Credit Agricole SA, Sub. Notes
	5.00%		06/20/49		Aa3		EUR	150		254,623
France Telecom SA, Sr. Unsub. Notes
	7.00%		12/23/09		A3		EUR	175		234,525
France Telecom, Sr. Unsub. Bonds
	8.125%		01/28/33		A3		EUR	40		66,526
French Government, Bonds
	4.00%		10/25/14		Aaa		EUR	7,500		9,242,538
	5.50%		04/25/10 - 04/25/29		Aaa		EUR	12,080		16,028,378
	5.75%		10/25/32		Aaa		EUR	2,550		3,948,925
Vivendi Environment, Sr. Notes
	5.875%		02/01/12		A3		EUR	115		151,879
										30,545,677
Germany — 7.1%
Deutsche Bank AG, Bonds
	5.125%		01/31/13		A1		EUR	205		264,064
German Government, Bonds
	3.25%		07/04/15		Aaa		EUR	11,550		13,437,740
	4.25%		02/15/08		Aaa		EUR	2,200		2,712,699
	5.25%		07/04/10		Aaa		EUR	800		1,033,706
	5.50%		01/04/31		Aaa		EUR	4,630		6,906,745
	6.00%		07/04/07		Aaa		EUR	4,900		6,140,487

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate		Maturity Date		Moody’s Ratings		Principal Amount (000)			Value
FOREIGN BONDS (Continued)
Germany (cont’d.)
KFW Bankengruppe, Gtd. Notes
	4.75%		12/07/10		Aaa		GBP	2,643		4,599,124
										35,094,565
Greece — 0.3%
Greek Government, Bonds
	6.50%		01/11/14		A+(d)		EUR	1,075		1,525,458
Ireland — 0.8%
Bank of Ireland, Sub. Notes
	6.45%		02/10/10		A1		EUR	190		252,006
GE Capital UK Funding, Gtd. Notes
	5.625%		12/12/14		Aaa		GBP	250		452,798
Irish Government, Bonds
	4.25%		10/18/07		Aaa		EUR	2,000		2,459,863
Irish Life & Permanent PLC, Sub. Notes
	6.25%		02/15/11		A2		EUR	200		266,943
Jefferson Smurfit Corp., Sr. Notes
	9.625%		10/01/12		B3			450		475,875
										3,907,485
Italy — 2.4%
Autostrade SpA, Co. Gtd.
	5.00%		06/09/14		A3		EUR	100		125,557
Banca Intesa SpA, Sub. Notes
	5.85%		05/08/14		A2		EUR	200		257,244
Banca Monte Dei Paschi di Sien SpA, Sub. Notes
	4.50%		09/24/15		A2		EUR	200		246,608
Edison SpA, Sr. Notes
	5.125%		12/10/10		Baa2		EUR	120		152,338
Italy Treasury, Bonds
	5.00%		10/15/07		Aa2		EUR	3,320		4,125,055
	6.00%		05/01/31		Aa2		EUR	1,040		1,580,305
	7.25%		11/01/26		Aa2		EUR	660		1,124,252
Italy Treasury, Debs.
	6.75%		07/01/07		Aa2		EUR	2,920		3,688,405
Lottomatica SpA, Bonds
	4.80%		12/22/08		Baa3		EUR	150		185,214
Sanpaolo IMI SpA, Sub. Notes
	3.75%		06/09/15		NR		EUR	190		229,475
UniCredito Italiano SpA, Sub. Notes
	6.10%		02/28/12		Aa3		EUR	150		199,985
										11,914,438
Japan — 6.2%
Japan Govt. Cpi Linked, Bonds
	0.80%		12/10/15		A2		JPY	638,361		5,404,645
Japan-13 (30 Year Issue), Bonds
	2.00%		12/20/33		A2		JPY	267,000		2,159,463
Japan-28 (5 Year Issue), Bonds
	0.50%		06/20/08		A2		JPY	2,347,300		19,847,668
Japanese Government, Bonds
	1.30%		12/20/13		A2		JPY	53,000		439,035
	1.90%		03/20/25		A2		JPY	266,400		2,217,906
	2.00%		06/20/22		A2		JPY	77,600		665,654
Sumitomo Mitsui Banking, Sub. Notes
	4.375%		07/29/49		A2		EUR	130		153,437
										30,887,808
Luxembourg — 0.1%
Tyco International Group SA, Co. Gtd.
	5.50%		11/19/08		Baa3		EUR	50		62,713
Tyco International Group, Gtd. Notes
	6.375%		10/15/11		Baa3			245		251,513
										314,226
Malaysia — 0.2%
Malaysian Government Bond
	3.756%		04/28/11		A3		MYR	3,865		1,048,594
Mexico — 5.3%
America Movil S.A. de C.V., Gtd. Notes
	6.375%		03/01/35		A3			210		197,449
Mexican Fixed Rate Bonds
	8.00%		12/24/08 - 12/17/15		Baa1		MXN	87,260		7,959,653
Mexican Government, Bonds(d)
	9.00%		12/22/11 -12/20/12		A		MXN	149,030		14,083,374
	9.50%		12/18/14		A		MXN	15,285		1,492,997
Nota do Tesouro Nacional, Bonds
	6.00%		05/15/09 - 05/15/15		Ba3		BRC	4,019		2,613,236
										26,346,709
Netherlands — 1.0%
Bank Nederlandse Gemeenten, Sr. Unsub. Notes
	4.00%		07/15/14		Aaa		EUR	380		464,555
Credit Suisse Group Financial Guernsey Ltd., Co. Gtd.
	6.375%		06/07/13		A1		EUR	185		255,973
Deutche Telekom International Finance BV, Sr. Notes
	5.75%		03/23/16		A3			225		219,800
Deutsche Telekom International Finance BV, Gtd. Notes
	7.50%		05/29/07		Baa3		EUR	100		126,721
Enbw International Finance BV, Co. Gtd.
	5.875%		02/28/12		A3		EUR	140		186,248
ING Bank NV, Sub. Notes
	5.50%		01/04/12		Aa3		EUR	140		182,728
International Nederland Bank NV, Sub. Notes, 144A (g)
	5.125%		05/01/15		Aa3			110		105,858
Netherlands Government, Bonds
	4.25%		07/15/13		Aaa		EUR	870		1,091,804
	5.75%		02/15/07		Aaa		EUR	660		817,818
Rabobank Nederland, Sr. Notes
	3.125%		07/19/10		Aaa		EUR	200		236,620
Repsol International Finance BV, Co. Gtd.
	4.625%		10/08/14		Baa1		EUR	75		91,834
RWE Finance BV, Co. Gtd.
	5.375%		04/18/08		A1		EUR	100		125,401
	6.375%		06/03/13		A1		GBP	250		467,746
Telecom Italia Capital, Gtd. Notes Notes
	5.25%		11/15/13		Baa2			345		326,889
Telecom Italia Finance NV, Co. Gtd.
	7.75%		01/24/33		Baa2		EUR	45		69,105

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest	Maturity	Moody’s	Amount
Rate	Date	Ratings	(000)			Value
FOREIGN BONDS (Continued)
Netherlands (cont’d.)
Telecom Italia Finance NV, Gtd. Notes
5.875%	01/24/08	Baa2	EUR	50	$	62,908
6.875%	01/24/13	Baa2	EUR	205		283,214
						5,115,222
Poland — 0.3%
Polish Government, Bonds
5.75%	06/24/08	A2	PLZ	4,000		1,273,352
Russia — 0.1%
Russian Ministry of Finance, Debs.
3.00%	05/14/11	Ba1		690		608,994
South Africa — 0.4%
Republic of South Africa, Bonds
13.50%	09/15/15	A2	ZAR	8,500		1,928,689
Spain — 0.5%
Banco Bilbao Vizcaya Argentaria SA, Sub. Notes
4.50%	11/12/15	Aa3	EUR	100		124,303
Spanish Government, Bonds
5.75%	07/30/32	Aaa	EUR	560		865,288
6.00%	01/31/29	Aaa	EUR	1,130		1,769,698
						2,759,289
Sweden — 0.7%
Svenska Handelsbanken, Sub. Notes
6.125%	03/04/09	Aa2	GBP	250		446,253
Swedish Government, Bonds
5.00%	01/28/09	Aaa	SEK	14,800		1,993,349
5.25%	03/15/11	Aaa	SEK	6,000		832,227
Vattenfall Treasury AB, Co. Gtd.
6.00%	04/03/09	A2	EUR	100		128,771
						3,400,600
Turkey — 1.2%
Turkey Government, Bonds
15.00%	02/10/10	B1	TRY	4,450		3,600,628
20.00%	10/17/07	NR	TRY	2,915		2,565,406
						6,166,034
United Kingdom — 2.8%
Allstate Life Funding, Sec.’d. Notes
6.375%	01/17/11	Aa2	GBP	250		458,154
Barclays Bank PLC, Sub. Notes
5.75%	03/08/11	Aa2	EUR	145		190,297
7.40%	12/15/09	Aa3		400		426,297
BAT International Finance, Co. Gtd.
5.125%	07/09/13	Baa1	EUR	240		300,434
European Investment Bank, Bonds
5.50%	12/07/11	Aaa	GBP	961		1,735,534
HBOS PLC, Sub. Notes
4.375%	10/30/19	Aa3	EUR	210		257,675
HBOS PLC, Sub. Notes, 144A (g)
6.00%	11/01/33	Aa3		180		180,667
HSBC Bank PLC, Sub. Notes
4.25%	03/18/16	Aa3	EUR	225		276,798
HSBC Holdings PLC., Sub. Notes
9.875%	04/08/18	Aa3	GBP	200		443,232

			Principal
Interest	Maturity	Moody’s	Amount
Rate	Date	Ratings	(000)		Value
FOREIGN BONDS (Continued)
United Kingdom (cont’d.)
Imperial Tobacco Finance, Gtd. Notes
6.25%	06/06/07	Baa3	EUR	250		312,348
MBNA Europe Funding PLC, Gtd. Notes
4.50%	01/23/09	Baa1	EUR	130		160,839
MM02 PLC, Sr. Unsub. Notes
6.375%	01/25/07	Baa2	EUR	125		155,170
Monumental Global Funding, Sec’d. Notes
5.75%	03/20/07	Aa3	GBP	120		210,121
National Grid Transco PLC, Sr. Notes
5.00%	07/02/18	Baa1	EUR	50		61,765
Nationwide Building Society, Sub. Notes
3.375%	08/17/15	A1	EUR	215		258,559
Rio Tinto Finance PLC, Gtd. Notes
5.125%	05/10/07	Aa3	EUR	115		142,007
Rolls-Royce PLC, Unsub. Notes
4.50%	03/16/11	Baa1	EUR	100		123,862
Royal Bank of Scotland PLC, Jr., Sub. Notes
6.00%	06/29/49	Aa2	GBP	250		456,188
Scottish Power UK PLC., Bonds
8.375%	02/20/17	A2	GBP	200		438,140
Standard Chartered Bank, Sub. Notes
3.625%	02/03/17	A3	EUR	190		224,080
Travellers Insurance Co. Institutional Funding Ltd., Sec.’d. Notes
5.75%	12/06/11	Aa2	GBP	250		449,962
UBS AG Jersey Branch, Sub. Notes
4.50%	09/16/19	Aa3	EUR	200		255,280
United Kingdom Treasury, Bonds
4.25%	06/07/32	Aaa	GBP	3,515		6,218,747
United Utility Water PLC,
4.25%	01/24/20	A2	EUR	50		57,988
WPD Holdings UK, Jr. Unsub. Notes, 144A (g)
6.875%	12/15/07	Baa3		120		121,261
						13,915,405
TOTAL FOREIGN BONDS (cost $201,970,246)						205,180,986
CORPORATE BONDS — 12.7%
Advertising — 0.1%
R.H. Donnelley Corp., Sr. Notes, 144A (g)
8.875%	01/15/16	Caa1		525		546,000
Aerospace
United Technologies Corp., Sr. Notes
5.40%	05/01/35	A2		215		202,664
Automobile Manufacturers — 0.1%
Daimlerchrysler NA Holdings Corp., Gtd. Notes
6.50%	11/15/13	A3		335		340,718
Automotive Parts — 0.1%
Hertz Corp., Sr. Notes, 144A (g)
8.875%	01/01/14	B1		400		415,000
Beverages — 0.1%
Bottling Group LLC, Sr. Notes
4.125%	06/15/15	A3		450		401,279

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

			Principal
CORPORATE BONDS (Continued)
Biotechnology
Genentech, Inc., Notes
4.75%	07/15/15	A1		230	215,984
Cable Television — 0.2%
COX Communication, Inc., Notes
7.75%	11/01/10	Baa3		350	374,297
CSC Holdings, Inc., Sr. Notes
7.25%	07/15/08	B2		450	454,500
					828,797
Chemicals — 0.2%
Dow Chemical Corp., Notes
4.375%	06/25/10	A3	EUR	155	190,182
6.125%	02/01/11	A3		275	282,285
Lyondell Chemical Co., Gtd. Notes
10.50%	06/01/13	B1		450	498,375
PPG Industries Inc., Sr. Notes
3.875%	06/24/15	A2		50	57,001
					1,027,843
Computer Services & Software — 0.1%
Cisco Systems, Inc., Notes
5.25%	02/22/11	A1		295	292,482
Conglomerates
Nell AF SARL, 144A Sr. Notes 144A (Luxembourg)
8.375%	08/15/15	B2		225	223,312
Construction — 0.1%
D.R Horton, Inc., Notes
4.875%	01/15/10	Baa3		300	288,852
Pulte Homes, Inc., Sr. Unsec’d. Notes
5.20%	02/15/15	Baa3		305	281,506
					570,358
Consumer Products — 0.1%
McCormick & Co., Sr. Unsec’d. Notes
5.20%	12/15/15	A2		270	262,010
Consumer Products & Services — 0.2%
Bunge Ltd. Finance Corp., Co. Gtd. Notes
4.375%	12/15/08	Baa2		280	271,861
Fortune Brands, Inc., Notes
5.125%	01/15/11	Baa2		205	200,780
Procter & Gamble Co., Notes
4.95%	08/15/14	Aa3		400	387,109
					859,750
Containers & Packaging — 0.1%
Ball Corp., Co. Gtd. Notes
6.875%	12/15/12	Ba2		450	460,125
Sealed Air Corp., Sr. Notes, 144A (g)
5.375%	04/15/08	Baa3		215	213,666
					673,791
Entertainment & Leisure — 0.1%
Gtech Holdings Corp., Co. Gtd. Notes
4.50%	12/01/09	Baa1		310	300,636

Interest	Maturity	Moody’s		Principal Amount
Rate	Date	Ratings		(000)		Value
CORPORATE BONDS (Continued)
Entertainment & Leisure (cont’d.)
Time Warner Entertainment Co. LP, Debs.
7.25%	09/01/08		Baa1	$	300	$	311,008
8.375%	03/15/23		Baa1		135		152,635
							764,279
Environmental Services — 0.1%
Veola Environment, Sr. Unsub. Notes
4.875%	05/28/13		A3		200		252,474
Farming & Agriculture — 0.1%
Cargill, Inc., Notes, 144A (g)
3.625%	03/04/09		A2		460		438,477
Financial - Bank & Trust — 3.7%
ABN AMRO Bank NV, Sub. Notes
7.125%	06/18/07		A1		215		219,553
BAC Capital Trust VI, Gtd. Bonds Gtd. Bonds
5.625%	03/08/35		Aa3		260		245,183
Banc of America Corp., Gtd. Notes
6.125%	12/16/10		Aa2	GBP	215		392,286
Banc of America Corp., Sr. Notes
4.875%	09/15/12		Aa2		400		387,206
Bank One Corp., Sub. Notes
5.25%	01/30/13		A1		285		279,096
BB&T Corp., Sub. Notes
6.50%	08/01/11		A1		405		424,812
European Investment Bank, Sr. Unsub. Notes
6.00%	07/15/09		Aaa	NZD	6,655		4,041,556
6.50%	09/10/14		Aaa	NZD	9,140		5,666,814
Huntington National Bank, Sr. Notes
4.375%	01/15/10		A2		250		240,750
Kinder Morgan Finance Co., Co. Gtd.
5.70%	01/05/16		Baa2		300		292,276
Kreditan Stalt Fuer Wiederaufbau, Gtd. Notes
4.70%	06/02/37		Aaa	CAD	915		780,357
6.375%	02/17/15		Aaa	NZD	2,900		1,796,474
6.50%	11/15/11		Aaa	NZD	4,190		2,602,232
MBNA America Bank NA, Sub. Notes
7.125%	11/15/12		Baa2		80		86,996
Northern Rock PLC., Sub. Notes
5.75%	02/28/17		A2	GBP	250		446,283
Northern Trust Co., Sub. Notes
4.60%	02/01/13		A1		155		146,716
Wells Fargo & Co., Sr. Unsec’d. Notes
4.875%	01/12/11		Aa1		270		264,040
							18,312,630
Financial - Brokerage — 0.2%
Jefferies Group, Inc., Sr. Unsec’d. Notes
6.25%	01/15/36		Baa1		250		234,630
Legg Mason, Inc., Sr. Notes
6.75%	07/02/08		A3		125		128,582
Lehman Brothers Holdings, Notes
3.50%	08/07/08		A1		340		326,697

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

			Principal
Interest	Maturity	Moody’s	Amount
Rate	Date	Ratings	(000)		Value
CORPORATE BONDS (Continued)
Financial - Brokerage (cont’d.)
Merrill Lynch & Co., Notes
4.25%	02/08/10	Aa3		300		288,055
						977,964
Financial Services — 2.2%
Altria Finance Ltd., Co., Gtd. Notes
5.625%	06/24/08	Baa2	EUR	250		314,053
American Express Credit Corp., Notes
3.625%	10/13/09	Aa3	EUR	210		253,188
American General Finance Corp., Notes
5.40%	12/01/15	A1		355		343,726
Capital One Bank, Sub. Notes
6.50%	06/13/13	Baa3		445		463,056
CIT Group, Inc., Sr. Notes
3.875%	05/21/10	Aa1	EUR	270		328,733
4.25%	09/22/11	A2	EUR	150		182,624
6.00%	04/01/36	A2		190		183,469
Citigroup, Inc., Sr. Notes
5.30%	01/07/16	Aa1		300		291,955
Citigroup, Inc., Sub. Notes
5.00%	09/15/14	Aa2		390		373,269
Countrywide Home Loan, Inc., Notes
4.125%	09/15/09	A3		370		353,655
ERAC USA Finance Co., Bonds, 144A(g)
5.60%	05/01/15	Baa1		405		394,480
Federal Home Loan Mortgage Corp., Notes
5.00%	07/15/14	Aaa		600		591,908
Ford Motor Credit Co., Notes
5.70%	11/16/06	A3		100		99,701
Ford Motor Credit Co., Sr. Notes
5.80%	01/12/09	A3		515		470,327
Franklin Resources, Inc., Notes
3.70%	04/15/08	A2		80		77,446
General Electric Capital Corp., Notes
5.125%	06/20/07	Aaa	EUR	365		451,403
6.00%	06/15/12	Aaa		515		528,901
General Motors Acceptance Corp., Sr. Unsub. Notes
6.00%	10/16/06	Ba1	EUR	225		272,672
Goldman Sachs Group, Inc., Co. Gtd.
4.25%	08/04/10	Aa3	EUR	200		246,059
Goldman Sachs Group, Inc., Sub. Notes(a)
6.345%	02/15/34	A1		395		391,706
Hartford Financial Services Group, Sr. Notes
4.75%	03/01/14	A3		450		423,814
HSBC Finance Corp., Notes
5.00%	06/30/15	A1		510		481,359
Hutchinson Whampoa Finance Ltd., Co. Gtd. Notes
5.875%	07/08/13	A3	EUR	92		120,451
International Lease Finance Corp., Notes
4.125%	10/09/08	A1	EUR	180		220,041
6.375%	03/15/09	A1		115		117,722
International Lease Finance Corp., Unsec’d. Notes
5.125%	11/01/10	A1		130		127,483
John Deere Capital Corp., Notes
7.00%	03/15/12	A3		280		300,229
JP Morgan Chase & Co., Notes
3.875%	12/03/08	A1	EUR	250		305,386
CORPORATE BONDS (Continued)
Financial Services (cont’d.)
MBNA America Bank NA, Notes
4.625%	08/03/09	Baa1		175		171,444
Mellon Funding Corp., Gtd. Notes
6.375%	11/08/11	A1	GBP	250		464,289
Merrill Lynch & Co., Sr. Unsub. Notes
4.625%	10/02/13	Aa3	EUR	200		249,433
Mizuho Capital Investment I Ltd., Sub. Notes, 144A
6.686%	12/31/49	Baa2		96		94,482
Morgan Stanley, Notes
5.125%	11/30/15	Aa3	GBP	150		257,599
MUFG Capital Finance 1 Ltd., Sub. Notes
6.346%	07/29/49	Baa2		120		118,085
Residential Capital Corp., Co. Gtd.
6.125%	11/21/08	Baa3		185		185,297
Transamerica Capital II Co., Co. Gtd., 144A Notes (g)
7.65%	12/01/26	Baa1		110		122,217
US Bancorp, Sr. Notes
4.50%	07/29/10	Aa2		380		367,058
Webster Bank, Sr. Notes
5.125%	04/15/14	Baa3		205		195,456
						10,934,176
Food — 0.1%
Kraft Foods, Inc., Notes
5.625%	11/01/11	A3		300		300,399
Wrigley, (Wm., Jr.) Co., Sr. Unsec’d. Notes
4.65%	07/15/15	A1		80		75,215
	375,614					375,614
Healthcare Services — 0.1%
Highmark, Inc., Notes, 144A (g)
6.80%	08/15/13	Baa3		185		192,736
UnitedHealth Group, Inc., Sr. Unsec’d. Notes
5.25%	03/15/11	A2		235		233,068
WellPoint, Inc., Unsec’d. Notes
5.00%	01/15/11	Baa1		200		195,502
						621,306
Hotels & Motels — 0.1%
Harrahs Operating Co., Inc., Gtd. Notes
5.50%	07/01/10	Baa3		290		287,064
MGM Mirage, Inc., Sr. Notes(a)
6.75%	09/01/12	Ba2		450		449,438
						736,502
Industrial Products
Air Products & Chemicals, Notes
3.875%	03/10/15	A2	EUR	100		117,014
Insurance — 0.6%
Ace INA Holdings, Inc., Notes
5.875%	06/15/14	A3		155		155,288
AIG Sunamerica, Gtd. Notes
5.625%	02/01/12	Aa2	GBP	250		447,704
Fund American Cos., Inc., Notes
5.875%	05/15/13	Baa2		200		196,504
Genworth Financial, Inc., Notes
5.75%	06/15/14	A2		285		286,621

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Metlife, Inc., Sr. Notes
6.125%	12/01/11	A2	450	464,183
Monumental Global Funding, Notes
5.375%	03/13/09	Aa3	EUR             150	189,883
Nationwide Financial Services, Inc., Sr. Notes
5.90%	07/01/12	A3	200	203,542
Nationwide Mutual Insurance Co., Bonds,144A (g)
6.60%	04/15/34	A2	115	111,435
NLV Financial Corp., Sr. Notes
7.50%	08/15/33	Baa3	145	152,052
Pacific Life Funding LLC, Sec’d. Notes
5.125%	01/20/15	Aa3	GBP             250	436,835
Pacific Life Funding LLC., Sec’d. Notes
5.50%	05/14/09	Aa3	EUR             150	190,558
Principal Finance Global Funding, Sec’d. Notes
4.50%	01/22/09	Aa	EUR             150	184,698
Security Benefit Life Insurance Co., Notes,144A (g)
7.45%	10/01/33	Baa1	EUR              95	104,509
				3,123,812
Managed Healthcare — 0.1%
HCA, Inc., Notes (a)
6.375%	01/15/15	Ba2	450	437,974
Media — 0.2%
Comcast Corp., Co. Gtd. Notes
4.95%	06/15/16	Baa2	210	191,371
Comcast Corp., Sr. Unsec’d. Notes
6.50%	11/15/35	Baa2	175	169,802
News America, Inc., Gtd. Notes
6.20%	12/15/34	Baa3	210	196,668
News America, Inc., Notes, 144A (g)
6.40%	12/15/35	Baa2	300	286,840
				844,681
Medical Supplies & Equipment — 0.1%
Amgen, Inc., Sr. Notes Sr. Notes
4.00%	11/18/09	A2	260	248,658
Medtronic, Inc., Sr. Notes
4.75%	09/15/15	A1	370	347,679
				596,337
Metals & Mining — 0.1%
Alcan, Inc., Notes
5.00%	06/01/15	Baa1	350	330,062
Newmont Mining Corp., Notes
5.875%	04/01/35	Baa1	135	126,210
				456,272
Oil & Gas — 0.7%
Amerada Hess Corp., Bonds
7.875%	10/01/29	Ba1	130	151,377
Atmos Energy Corp., Notes
4.00%	10/15/09	Baa3	250	237,159
Baker Hughes, Inc., Sr. Notes
6.875%	01/15/29	A2	300	335,140
ConocoPhillips, Gtd. Bonds
5.90%	10/15/32	A3	255	255,334

Devon Financing Corp ULC., Gtd. Notes
6.875%	09/30/11	Baa2	350	371,080
Diamond Offshore Drilling, Inc., Sr. Notes
4.875%	07/01/15	Baa2	170	160,838
5.15%	09/01/14	Baa2	115	111,562
Duke Capital LLC, Sr. Notes
6.25%	02/15/13	Baa3	275	281,930
Halliburton Co., Notes
5.50%	10/15/10	Baa2	380	380,897
Midamerican Energy Holdings Co., Bonds, 144A (g)
6.125%	04/01/36	Baa1	210	205,571
Panhandle Eastern Pipe Line Co., Sr. Notes
4.80%	08/15/08	Baa3	90	88,374
Pemex Project Funding Master Trust, Co. Gtd.,144A
6.625%	06/15/35	Baa1	320	309,120
Pemex Project Funding Master Trust, Notes, 144A (g)
6.21%	06/15/10	Baa1	195	200,167
TGT Pipeline LLC, Notes
5.50%	02/01/17	Baa2	60	57,863
XTO Energy, Inc., Sr. Notes
5.65%	04/01/16	Baa3	170	167,958
				3,314,370
Pharmaceuticals
Teva Pharmaceutical Finance LLC, Co. Gtd.
5.55%	02/01/16	Baa2	140	135,040
Pipelines — 0.1%
Williams Cos., Inc., Sr. Unsec’d. Notes
8.125%	03/15/12	B1	450	483,187
Railroads — 0.1%
Norfolk Southern Corp., Sr. Notes
6.00%	04/30/08	Baa1	295	298,427
Real Estate Investment Trust — 0.4%
Archstone-Smith Operating Trust, Notes
5.25%	05/01/15	Baa1	255	245,112
Avalonbay Communities, Inc., Notes
6.125%	11/01/12	Baa1	185	189,579
Centex Corp., Sr. Unsec’d. Notes
5.45%	08/15/12	Baa2	280	271,304
Developers Diversified Reatly Corp., Notes
3.875%	01/30/09	Baa3	345	328,763
Lennar Corp., Sr. Unsec’d Notes 144A
5.60%	05/31/15	Baa2	200	190,062
MDC Holdings, Inc., Co. Gtd. Notes
5.50%	05/15/13	Baa3	350	325,980
NVR, Inc., Sr. Notes
5.00%	06/15/10	Baa3	130	124,673
Reckson Operating Partnership LP, Notes
6.00%	03/31/16	Baa3	190	188,477
Simon Property Group L.P., Notes
3.75%	01/30/09	Baa2	245	233,788
				2,097,738
Retail & Merchandising — 0.3%
Home Depot, Inc., Sr. Unsec’d. Notes
5.40%	03/01/16	Aa3	285	281,568

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Retail & Merchandising (cont’d.)
Kroger Co., Gtd. Notes
8.05%	02/01/10	Baa2	220	236,802
Wal-Mart Stores, Bonds
5.25%	09/01/35	Aa2	300	272,137
Wal-Mart Stores, Notes
4.75%	01/29/13	Aa2	GBP              250	431,041
Yum! Brands, Inc., Sr. Notes
7.70%	07/01/12	Baa3	170	184,994
				1,406,542
Software
Dun & Bradstreet Corp., Sr. Notes
5.50%	03/15/11	A-(d)	155	154,068
Technology — 0.1%
Oracle Corp. and Ozark Holding, Inc., Notes, 144A (g)
5.00%	01/15/11	A3	360	351,610
Telecommunications — 0.7%
AT&T Broadband Corp., Gtd. Notes
8.375%	03/15/13	Baa2	400	449,860
AT&T, Inc., Notes
6.45%	06/15/34	A2	395	388,803
Deutsche Telekom International Finance, Gtd. Notes (Netherlands)
6.625%	07/11/11	A3	EUR              220	297,731
Nextel Communications, Inc., Sr. Notes
6.875%	10/31/13	Baa2	190	196,037
Rodgers Wireless, Inc., Sr. Sec’d. Notes
6.375%	03/01/14	Ba3	450	448,875
SBC Communications, Notes
5.10%	09/15/14	A2	235	223,047
5.30%	11/15/10	A2	200	197,371
Sprint Capital Corp., Gtd., Notes
6.875%	11/15/28	Baa2	415	428,170
Telefonica Europe BV, Co. Gtd. Notes (Netherlands)
5.125%	02/14/13	Baa1	EUR              120	150,775
Telefonos de Mexico SA, Notes
5.50%	01/27/15	A3	170	161,864
Verizon Global Funding Corp., Notes
7.75%	12/01/30	A2	EUR              395	436,376
				3,378,909
Tobacco — 0.1%
Imperial Tobacco Finance, Notes
6.875%	06/13/12	Baa3	GBP             250	468,550
Utilities — 1.0%
AES Corp., Sr. Notes
7.75%	03/01/14	B1	450	472,500
Alabama Power Co., Sr. Notes
4.99%	08/25/09	A2	240	240,708
Black Hills Corp., Notes
6.50%	05/15/13	Baa3	190	189,930
Centerpoint Energy, Inc. Sr. Notes
7.25%	09/01/10	Ba2	190	200,441
El Paso Electric Co., Sr. Unsec’d. Notes
6.00%	05/15/35	Baa3	290	272,859

Exelon Generation Co. LLC, Notes
5.35%	01/15/14	Baa1	370	359,165
Firstenergy Corp., Notes
6.45%	11/15/11	Baa3	275	284,552
GIE Suez Alliance, Notes
5.125%	06/24/15	A2	EUR              160	206,862
National Gas Co. of Trinidad & Tobago Ltd., Notes, 144A (g)
6.05%	01/15/36	A3	155	148,757
NRG Energy, Inc., Sr. Notes (a)
7.25%	02/01/14	B1	175	177,844
7.375%	02/01/16	B1	365	372,756
Pacific Gas & Electric Corp., First Mortgage
6.05%	03/01/34	Baa1	200	195,716
Pinnacle West Capital Corp., Sr. Notes
6.40%	04/01/06	Baa2	265	265,000
PPL Capital Funding, Gtd. Notes
4.33%	03/01/09	Baa3	195	187,524
PPL Energy Supply LLC, Sr. Notes
6.40%	11/01/11	Baa2	260	268,621
Progress Energy, Inc., Sr. Unsec’d. Notes
5.625%	01/15/16	Baa2	190	186,389
Public Service Co. of New Mexico, Sr. Notes
4.40%	09/15/08	Baa2	255	247,487
Valero Energy Corp., Sr. Notes
3.50%	04/01/09	Baa3	235	222,200
Virginia Electric Power, Sr. Notes
6.00%	01/15/36	A3	300	284,393
Westar Energy, Inc., First Mortgage
5.10%	07/15/20	Baa3	145	132,562
				4,916,266
TOTAL CORPORATE BONDS     (cost $65,384,913)				62,854,207

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 10.7%
Federal Home Loan Mortgage Corp.
4.50%	11/01/18 - 05/01/19	856	818,698
4.533%	09/01/32	90	89,706
5.00%	12/01/08 - 11/01/35	6,120	5,866,211
5.055%	11/01/35	323	317,597
5.428%	01/01/36	163	161,533
6.00%	10/01/32	284	283,725
6.50%	03/01/32 - 01/01/36	3,177	3,238,490
7.00%	10/10/30 - 11/01/30	38	38,801
Federal National Mortgage Assoc.
3.50%	04/25/13	300	292,587
4.50%	05/01/18 - 07/01/35	3,209	3,011,685
5.00%	03/25/15 - 10/01/35	5,623	5,494,321

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

		Principal
Interest	Maturity	Amount
Rate	Date	(000)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
5.319%	12/01/35	$	274	$	270,752
5.376%	12/01/35		342		339,261
5.50%	01/01/17 - 01/01/35		20,197		19,778,829
5.541%	12/01/35		529		526,014
5.695%	12/01/35		174		172,895
5.711%	01/01/36		343		342,351
6.00%	05/01/33 - 01/01/36		6,554		6,555,343
6.50%	09/01/10 - 12/01/32		1,382		1,411,884
7.00%	12/01/29 - 01/01/31		79		82,153
Government National Mortgage Assoc.
2.946%	03/16/19		240		227,320
4.50%	12/20/35		448		417,412
5.00%	07/15/33 - 02/20/34		1,573		1,520,001
5.50%	01/20/34 - 01/15/35		741		732,685
6.00%	TBA		205		207,091
6.50%	06/15/16 - 12/20/33		725		743,911
7.00%	03/15/13 - 12/15/13		169		174,711
7.50%	09/15/30 - 06/15/32		141		147,737
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (cost $54,657,464)					53,263,704
U.S. TREASURY OBLIGATION — 9.3%
U.S. Treasury Bonds
4.25%	11/15/14		70		66,905
5.375%	02/15/31		1,725		1,815,832
6.00%	02/15/26		1,885		2,103,247
6.25%	08/15/23 - 05/15/30		1,895		2,199,785
6.375%	08/15/27		145		169,537
6.50%	11/15/26		1,485		1,754,504
7.50%	11/15/16		1,110		1,341,278
7.625%	02/15/25		440		575,128
8.50%	02/15/20		1,250		1,676,367
U.S. Treasury Inflationary Bonds, TIPS
0.875%	04/15/10		2,110		2,092,120
2.00%	07/15/14		1,885		1,934,133
2.375%	01/15/25		900		951,569
3.625%	01/15/08		360		453,977
U.S. Treasury Notes
3.375%	12/15/08		805		775,725
3.50%	11/15/06 - 02/15/10		7,095		6,809,849
3.625%	06/30/07		75		73,869
3.625%	06/15/10(a)		5,930		5,661,300
4.00%	06/15/09 - 02/15/14		4,030		3,917,833
4.125%	05/15/15(a)		1,380		1,304,046

		Principal
Interest	Maturity	Amount
Rate	Date	(000)		Value
U.S. TREASURY OBLIGATIONS (Continued)
4.25%	11/15/13	$	1,355	$	1,301,436
4.75%	05/15/14(a)		4,845		4,802,606
4.875%	02/15/12		240		240,375
5.00%	08/15/11(a)		240		242,109
5.75%	08/15/10		3,920		4,062,864
TOTAL U.S. TREASURY OBLIGATIONS (cost $47,539,404)					46,326,394

	Maturity	Moody’s
	Date	Ratings
SOVEREIGN ISSUES — 7.2%
Bundesrepub, Deutschland, Bonds
4.00%	01/04/37	Aaa	EUR	605	733,066
4.50%	01/04/13	Aaa	EUR	3,370	4,277,717
Government of France, Bonds
5.00%	10/25/16	Aaa	EUR	3,555	4,745,437
5.25%	04/25/08	Aaa	EUR	9,600	12,068,640
Israel Government Bond - Shahar, Bonds
7.50%	03/31/14	A2	ILS	37,540	7,949,952
Republic of Indonesia, Bonds
6.875%	03/09/17	B2		1,835	1,818,210
7.50%	01/15/16	B2		600	621,025
Republic of Lebanon
8.50%	01/19/16	B-(d)		575	615,710
Republic of Serbia
3.75%	11/01/24	BB-(d)		1,340	1,221,678
Republic of South Africa Notes
6.50%	06/02/14	Baa1		300	315,375
Russian Federation
5.00%	03/31/30	Baa2		1,100	1,206,920
United Mexican States
6.375%	01/16/13	Baa1		270	276,750
TOTAL SOVEREIGN ISSUES (cost $36,671,275)					35,850,480
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%
Bank of America Commercial Mortgage, Inc., Series 2003-1, Class A2
4.648%	09/11/36	Aaa		500	476,643
Bank of America Mortgage Securities,
Series 2004-A, Class 2A2
4.119%	02/25/34	Aaa		246	239,638
Series 2004-D, Class 2A2
4.206%	05/25/34	Aaa		112	108,175
Series 2003-L, Class 2A2
4.264%	01/25/34	Aaa		484	471,984
Series 2004-H, Class 2A2
4.761%	09/25/34	Aaa		133	130,568
Series 2004-I, Class 3A2
4.933%	10/25/34	Aaa		126	123,713
Series 2005-J, Clas 2A1
5.112%	11/25/35	Aaa		785	772,615
Bear Stearns Commercial Mortgage Securities,
Series 2005-T18, Class A1
4.274%	02/13/42	Aaa		613	598,814

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Series 2005-PWR8, Class A4
4.674%	06/11/41	Aaa		$	425	$	397,593
Series 2005-Pwr9, Class Aab
4.804%	09/15/42	Aaa			600		576,596
Series 2002-Top8, Class A2
4.83%	08/15/38	Aaa			935		903,413
Series 2005-T20, Class A1
4.94%	10/12/42	Aaa			643		636,011
Series 2005-Pw10, Class A1
5.085%	12/11/40	Aaa			971		965,469
Citigroup / Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AJ
5.224%	09/15/20	Aaa			575		558,799
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 2A1
4.70%	08/27/35	Aaa			1,000		974,507
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class A2
4.609%	02/15/38	Aaa			1,300		1,264,313
DLJ Commercial Mortgage Corp., Series 1999-CG2, Class A1B
7.30%	06/10/32	Aaa			450		473,784
Federal Home Loan Mortgage Corp., Series 2631, Class PC
4.50%	03/15/16	Aaa			1,000		970,263
Series 2686, Class JG
5.50%	04/15/28	Aaa			925		916,211
Federal Home Loan Mortgage Corp., 144A
4.50%	06/15/11 - 04/15/18	Aaa			1,058		85,462
Federal Home Loan Mortgage Corp., REMIC, Series R003, Class VA
5.50%	08/15/16	Aaa			728		725,256
Federal Mutual Mortgage Assoc., 144A
Zero	02/01/32	NR			45		11,388
Federal National Mortgage Assoc. REMIC Trust, Series 2005-57, Class PA
5.50%	05/25/27	Aaa			877		877,165
Federal National Mortgage Assoc., Series 2003-40, Class NI, IO
5.50%	04/01/33	Aaa			152		10,582
General Electric Capital Commercial Mortgage Corp.,
Series 2005-C4, Class A1
5.082%	11/10/45	Aaa			653		649,243
Series 2001-1, Class A2
6.531%	05/15/33	Aaa			550		573,935
Greenwich Capital Commercial Funding Corp.
Series 2004-GG1A, Class A2
3.835%	10/08/08	Aaa			328		320,457
Series 2005-GG, Class Aab
4.619%	08/10/42	Aaa			325		309,724
GS Mortgage Securities Corp., Series 2004-GG2, Class A2
4.293%	08/01/38	Aaa			140		137,094
JP Morgan Chase Commercial Mortgage Finance Corp.(d)
Series 2001-CIB2, Class A2
6.244%	04/15/35	AAA			419		423,952
Series 2001-CIBC, Class A3
6.26%	03/15/33	AAA			440		455,093
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2005-Ldp4 Class Asb
4.824%	10/15/42	Aaa			950		915,601
Series 2006 Cb14-A4
5.481%	12/12/44	Aaa		$	825	$	818,453
LB-UBS Commercial Mortgage Trust,
Series 2003-C8, Class A1
3.636%	11/15/27	Aaa			985		955,102
Series 2005-C1, Class A4
4.742%	02/15/30	Aaa			750		708,209
Series 2006-C1A, Class A4
5.156%	02/15/31	Aaa			1,050		1,017,253
Washington Mutual Mortgage, Series 2004-AR1, Class A
4.229%	03/25/34	Aaa			179		173,784
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $21,324,936)							20,726,862

U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.5%
Federal Home Loan Bank
4.546%	09/01/35	594	571,438
4.717%	08/01/35	467	451,263
5.75%	05/15/12	105	108,263
Federal Home Loan Mortgage Corp.
2.75%	03/15/08	1,020	976,340
3.55%	11/15/07	460	448,895
5.50%	03/01/18 - 09/01/20	2,175	2,161,121
Federal National Mortgage Assoc.
3.25%	08/15/08	2,110	2,025,961
4.00%	05/25/16	925	896,121
4.375%	09/15/12	1,050	1,006,905
4.50%	05/01/19 - 09/01/34	1,470	1,385,729
4.625%	10/15/14	1,500	1,444,681
4.685%	09/01/35	887	863,147
5.00%	07/01/35	236	225,321
5.50%	08/01/19	712	707,760
6.00%	05/15/11 - 03/01/33	3,467	3,545,680
Student Loan Marketing Assoc.
4.58%	04/01/09	155	150,043
4.823%	01/26/09	240	240,556
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $17,647,487)			17,209,224

ASSET-BACKED SECURITIES — 1.9%
BankBoston Home Equity Loan Trust, Series 1998-1, Class A6
6.35%	02/25/13	Aaa	106	106,818
Capital One Multi-Asset Execution Trust, Series 2004-A8, Class A8 (c)
4.879%	08/15/14	Aaa	1,450	1,455,363

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
ASSET-BACKED SECURITIES (Continued)
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1
5.599%	09/25/31	Aa2	33		32,421
Chase Funding Mortgage Loan Asset-Backed, Series 2006-A, Class A4
4.458%	03/25/14	Aaa	500		486,839
Chase Issuance Trust, Series 2005-A7, Class A7
4.55%	03/15/13	Aaa	400		388,312
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4
2.06%	12/15/09	Aaa	418		408,926
Commercial Mortgage Pass-Through Certification, Series 2005-LP5, Class A1
4.235%	05/10/43	Aaa	574		562,100
Credit-Based Asset Servicing and Securitization, Series 2005-C1, Class A2
4.831%	08/25/35	Aaa	255		250,085
Credit-Based Asset Servicing and Securitization, Series 2006-CB3, Class AV3
4.993%	03/25/36	Aaa	925		925,000
GE Equipment Small Ticket LLC, Series 2005-1A, Class A4, 144A(g)
4.51%	12/22/14	Aaa	475		462,457
Hyundai Auto Receivables Trust, Series 2006-A, Class A4
5.26%	11/15/12	Aaa	900		901,688
MBNA Credit Card Master Note Trust, Series 2005-A6, Class A6
4.50%	01/15/13	Aaa	340		330,491
New Century Home Equity Loan Trust, Series 2005-57, Class PA
5.344%	06/28/35	AA(d)	255		243,888
New Century Home Equity Loan Trust, Series 2005-A, Class A6
4.954%	06/28/35	AAA(d)	1,075		1,020,701
PECO Energy Transition Trust, Series 2001-A, Class A1
6.52%	12/31/10	Aaa	475		496,182
PSE&G Transition Funding LLC, Series 2001-1, Class A6
6.61%	06/15/15	Aaa	500		532,972
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4
5.63%	09/15/15	Aaa	275		278,700
Residential Asset Securities Corp., Series 2006-KS3, Class AI3
4.992%	04/25/36	Aaa	525		525,000
WFS Financial Owner Tust, Series 2004-1, Cl-A4
2.81%	08/22/11	Aaa	320		309,543
TOTAL ASSET-BACKED SECURITIES (cost $9,865,681)					9,717,486
MUNICIPAL BONDS — 0.3%
California — 0.1%
California State Public Works Board Revenue Bond
5.00%	01/01/21	A3	200		208,130
California State Variable Purpose GO
5.25%	04/01/34	Baa1	105		110,386
					318,516
District of Columbia
District of Columbia General Obligation Unlimtied (MBIA Insured) Series A
5.00%	06/01/16	Aaa	135		142,206
Georgia — 0.1%
Atlanta, GA Airport Passenger Facility Charge Revenue Bonds
5.00%	01/01/33	Aaa	485		498,158

Kansas
Kansas State Development Finance Authority, Revenue Bonds
5.501%	05/01/34	Aaa	125	122,306
Nevada — 0.1%
Clark County Nevada School District, Series D
5.00%	06/15/18	Aaa	240	252,790
TOTAL MUNICIPAL BONDS (cost $1,341,138)				1,333,976

	Units
WARRANTS
Central Bank of Nigeria, expiring on 11/15/2020 (Nigeria) 144A (g)(o)	250	—
Republic of Venezuela, expiring on 04/15/2020 (Venezuela) (g)(o)	1,250	—
Travelcenters of America ,expiring on 05/01/09 144A	250	313
Travelcenters of America Units, expiring 05/01/09 144A (g)	750	937
TOTAL WARRANTS (cost $0)		1,250
TOTAL LONG-TERM INVESTMENTS (cost $456,402,544)		452,464,569

SHORT-TERM INVESTMENTS — 4.3%
	Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 4.3%
Dryden Core Investment Fund -Taxable Money Market Series (cost $20,980,286; includes $11,740,219 of cash collateral for securities on loan)(b)(w)		20,980,286	20,980,286
PURCHASED OPTION

	Contracts
Call Option
Japanese Yen Call Option, Strike price $112.63, Expires, 3/26/07, 144A (g)   (cost $160,552)	49	156,258

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

TOTAL INVESTMENTS (o) — 95.4% (cost $477,543,382)(p)	$	473,601,113
OTHER ASSETS IN EXCESS OF LIABILITIES (x) — 4.6%		22,977,096
NET ASSETS — 100.0%	$	496,578,209

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.
GO	General Obligation
IO	Interest Only
NR	Not Rated by Moodys or Standard & Poor’s
TBA	Securities Purchased on a Forward Commitment Basis
TIPS	Treasury Inflation Protected Securities
ARS	Australian Schilling
AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
DKK	Denmark Krone
EUR	Euro
GBP	British Pound
ILS	Israeli Shekel
INR	Indonesian Rupal
JPY	Japanese Yen
KRW	Korean Won
MXP	Mexican Peso
MYR	MALAYSIAN RINGGIT
NOK	Norwegian Kroner
NZD	NEW ZEALAND DOLLAR
PHP	Phillipine Peso
PLZ	Polish Zloty
RUB	Russian Rouble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
ZAR	South African Rand

(a)	All or a portion of security is on loan. The aggregate market value of such securities is $11,499,061; cash collateral of $11,740,219 (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 or a portion thereof with an aggregate market value of $775,725 have been segregated by the portfolio to cover margin requirements for futures contracts open at March 31, 2006.
(o)	As of March 31, 2006, 2 securities representing $0 and 0% of the total market value were fair valued in accordance with the policies adopted by the Board of Directors.
(p)	The United States federal income tax basis of the Portfolio’s investments was $477,937,478; accordingly, net unrealized depreciation on investments for federal income tax purposes was $4,336,365 (gross unrealized depreciation - $7,099,356; gross unrealized depreciation - $11,435,721). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Forward foreign currency exchange contracts outstanding at March 31, 2006:

Purchase Contracts

				In				Unrealized
Settlement			Contracts to	Exchange		Contracts		Appreciation
Month	Type		Receive	For		at Value		(Depreciation)
May 06	Buy	ARS	9,829,284	$	3,246,014	$	3,185,723	($60,291	)
May 06	Buy	AUD	2,357,636		1,745,594		1,686,431	(59,163	)
May 06	Buy	CND	6,321,534		5,488,186		5,420,318	(67,868	)
Aug 06	Buy	CNY	37,107,020		4,724,000		4,693,836	(30,164	)
Oct 06	Buy	CNY	51,643,776		6,610,000		6,568,847	(41,153	)
May 06	Buy	EUR	37,108,909		44,946,631		45,103,505	156,874
May 06	Buy	GBP	5,668,446		9,909,408		9,853,824	(55,584	)
May 06	Buy	ILS	27,350,572		5,791,913		5,861,122	69,209
May 06	Buy	INR	225,658,880		5,062,955		5,054,856	(8,099	)
May 06	Buy	JPY	9,284,050,599		80,226,319		79,415,804	(810,515	)
May 06	Buy	KRW	5,909,500,000		6,082,235		6,089,192	6,957
May 06	Buy	MXP	56,210,262		5,326,762		5,146,456	(180,306	)
May 06	Buy	MYR	34,079,330		9,227,805		9,270,386	42,581
Aug 06	Buy	MYR	18,836,883		5,109,000		5,148,975	39,975
Sep 06	Buy	MYR	17,581,800		4,811,000		4,815,638	4,638
Feb 07	Buy	MYR	18,248,010		5,027,000		5,033,911	6,911
May 06	Buy	NOK	3,845,000		566,524		588,479	21,955
May 06	Buy	PHP	120,408,000		2,320,000		2,346,293	26,293
Jul 06	Buy	PHP	257,070,900		4,919,000		4,989,378	70,378
Sep 06	Buy	PHP	128,830,800		2,504,000		2,490,514	(13,486	)
May 06	Buy	PLZ	6,596,783		2,081,577		2,040,898	(40,679	)
Jul 06	Buy	RUB	276,138,980		9,828,000		9,963,426	135,426
May 06	Buy	SEK	81,987,421		10,529,791		10,566,253	36,462
May 06	Buy	SGD	1,223,000		754,473		758,295	3,822
May 06	Buy	TWD	80,160,000		2,503,592		2,482,310	(21,282	)
Jul 06	Buy	TWD	280,880,830		9,075,000		8,752,787	(322,213	)
May 06	Buy	ZAR	4,104,000		667,752		663,628	(4,124	)
				$	249,084,531	$	247,991,085	($1,093,446	)

Sale Contracts

				In				Unrealized
Settlement			Contracts to	Exchange		Contracts		Appreciation
Month	Type		Deliver	For		at Value		(Depreciation)
May 06	Sell	ARS	9,829,284	$	3,193,727	$	3,185,723	$	8,004
May 06	Sell	AUD	537,006		400,000		384,124		15,876
May 06	Sell	CND	25,275,066		22,211,794		21,671,778		540,016
Aug 06	Sell	CNY	9,788,688		1,248,000		1,238,216		9,784
May 06	Sell	DKK	29,536,154		4,763,064		4,810,142		(47,078	)
May 06	Sell	EUR	29,477,915		35,397,392		35,828,520		(431,128	)
May 06	Sell	GBP	3,117,566		5,467,893		5,419,466		48,427
May 06	Sell	ILS	24,352,787		5,162,204		5,218,708		(56,504	)
May 06	Sell	JPY	3,062,929,123		26,258,988		26,200,307		58,681
May 06	Sell	MXP	305,735,961		28,500,248		27,992,340		507,908
May 06	Sell	MYR	34,079,330		9,070,000		9,270,386		(200,386	)
Aug 06	Sell	MYR	18,836,883		5,029,875		5,148,975		(119,100	)
May 06	Sell	NZD	23,410,113		15,765,774		14,360,996		1,404,778
May 06	Sell	PLZ	1,793,391		570,000		554,835		15,165
May 06	Sell	SEK	6,178,905		800,000		796,316		3,684
Jul 06	Sell	TWD	280,880,830		8,849,864		8,752,787		97,077
May 06	Sell	ZAR	4,781,180		751,993		773,130		(21,137	)
				$	173,440,816	$	171,606,749	$	1,834,067

(w)	Prudential Investments LLC, the 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 and forward foreign currency contracts as follows:

Number of		Expiration	Value at		Value at		Unrealized
Contracts	Type	Month	Trade Date		March 31, 2006		Appreciation
Short Positions:
69	U.S. Treasury 5 Year Note	Jun 06	$	7,245,773	$	7,206,257	$	39,516
38	U.S. Treasury 2 Year Note	Jun 06		7,757,937		7,746,656		11,281
125	U.S. Treasury 10 Year Note	Jun 06		13,437,209		13,298,828		138,381
19	U.S. Treasury 30 Year Note	Jun 06		2,144,180		2,073,969		70,211
							$	259,389

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
LONG-TERM INVESTMENTS— 96.6%
COLLATERALIZED MORTGAGE OBLIGATION — 0.7%
Federal National Mortgage Association (cost $4,603,113)	NR		6.00	%	04/01/35		$	4,584	$	4,585,891
CONVERTIBLE BONDS — 16.0%
Aerospace/Defense — 1.2%
EDO Corp.	NR		4.00	%	11/15/25			2,250		2,469,375
L-3 Communication Corp.	Ba3		3.00	%	08/01/35			1,000		1,032,500
Lockheed Martin Corp. (3.018% until 08/15/08)	Baa1		4.499	%(v)	08/15/33			3,500		4,049,850
										7,551,725
Biotechnology — 1.6%
Amgen Inc. 144A (g)	A2		0.125	%	02/01/11			1,000		1,007,500
Celgene Corp.	NR		1.75	%	06/01/08			875		3,207,969
CV Therapeutics, Inc.	NR		3.25	%	08/16/13			1,250		1,326,562
deCode Genetics, Inc.	NR		3.50	%	04/15/11			1,200		1,033,500
Fisher Scientific International, Inc.	Ba2		3.25	%	03/01/24			2,000		2,147,500
Genzyme Corp.	BBB(d)		1.25	%	12/01/23			1,000		1,086,250
										9,809,281
Brokerage — 0.2%
Morgan Stanley 144A (g)	Aa3		1.00	%	03/30/12			1,300		1,329,250
Building & Construction — 0.8%
Fluor Corp.	A3		1.50	%	02/15/24			3,000		4,698,750
Computer Services & Software — 0.3%
Cadence Design Systems, Inc.	NR		Zero		08/15/23			1,500		1,830,000
Electronics — 0.7%
Cypress Semiconductor Corp.	B-(d)		1.25	%	06/15/08			1,250		1,559,375
Flir Systems, Inc.	NR		3.00	%	06/01/23			1,750		2,500,312
										4,059,687
Gaming — 0.4%
International Game Technology	Baa2		Zero		01/29/33			3,000		2,246,250
Health Services — 0.3%
Advanced Medical Optics	B3		2.50	%	07/15/24			1,600		1,734,000
Hotels — 1.1%
Hilton Hotels Corp.	Ba2		3.375	%	04/15/23			1,500		1,820,625
Starwood Hotels & Resorts Worldwide, Inc.	Ba1		3.50	%	05/16/23			3,500		4,751,250
										6,571,875
Industrial Products — 0.3%
Roper Industries, Inc. (1.48% until 01/15/2009)	B1		1.48	%(v)	01/15/34			2,500		1,584,375
Integrated Energy — 0.2%
Devon Energy Corp.	Baa2		4.90	%	08/15/08			1,000		1,160,000
Investments & Miscellaneous Financial Services — 0.5%
American Express Co. (1.85% until 12/01/2006)	A1		Zero	(v)	12/01/33			3,000		3,108,750
Machinery — 0.6%
AGCO Corp.	B1		1.75	%	12/31/33			3,250		3,477,500
Media - Broadcasting — 0.5%
Sinclair Broadcast Group, Inc.	B-(d)		6.00	%	09/15/12			2,500		2,196,875
Sinclair Broadcast Group, Inc. (4.875% until 01/15/11)			2.00	%(v)	07/15/18			1,000		878,750
										3,075,625
Media - Diversified — 1.5%
Disney, (Walt) Co.	A3		2.125	%	04/15/23			1,500		1,610,625
Liberty Media Corp.	Ba1		3.25	%	03/15/31			4,000		2,990,000
Liberty Media Corp., Sr. Notes	Ba1		3.50	%	01/15/31			1,500		1,522,500
LSI Logic Corp.	B(d)		4.00	%	05/15/10			2,500		2,787,500
										8,910,625
Medical Supplies & Equipment — 0.3%
Manor Care, Inc. (1.88% until 08/01/2010)	Baa3		2.125	%(v)	08/01/35			2,000		2,167,500

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CONVERTIBLE BONDS (Continued)
Metals/Mining Excluding Steel — 0.4%
Placer Dome, Inc.	Baa1		2.75	%	10/15/23		$	2,000	$	2,472,500
Oil & Gas — 0.4%
Quicksilver Resources, Inc., Bonds	NR		1.875	%	11/01/24			1,500		2,178,750
Oil Field Equipment & Services — 1.4%
Hanover Compress Co.	B3		4.75	%	01/15/14			3,500		4,803,750
Schlumberger Ltd.	A1		1.50	%	06/01/23			2,000		3,520,000
										8,323,750
Pharmaceuticals — 1.1%
MGI Pharma, Inc., (1.682% until 03/02/11)			Zero	(v)	03/02/24			3,000		1,860,000
Teva Pharmaceuticals Finance NV (Netherlands)(l)			0.375	%	11/15/22			1,500		2,872,500
Watson Pharmaceutical, Inc. (a)	Ba1		1.75	%	03/15/23			2,000		1,805,000
										6,537,500
Railroads — 0.6%
CSX Corp.	Baa2		Zero		10/30/21			3,500		3,771,250
Software/Services — 0.2%
EMC Corp.	BBB(d)		4.50	%	04/01/07			1,250		1,287,500
Support-Services — 0.6%
Charles River Associates, Inc.	NR		2.875	%	06/15/34			2,500		3,521,875
Telecom - Integrated/Services — 0.4%
Qwest Communications International, Inc.			3.50	%	11/15/25			1,750		2,325,313
Telecom - Wireless — 0.2%
Nextel Communications, Inc.	Baa2		5.25	%	01/15/10			1,000		1,000,000
Telecommunications — 0.2%
Comverse Technology, Inc.	BB-(d)		Zero		05/15/23			1,250		1,715,625
TOTAL CONVERTIBLE BONDS (cost $86,271,944)										96,449,256
CORPORATE BONDS — 67.6%
Aerospace/Defense — 1.1%
DRS Technologies, Inc., Sr. Sub. Notes	B3		6.875	%	11/01/13			2,000		2,000,000
L-3 Communications Corp., Sr. Sub. Notes (a)			6.125	%	01/15/14			4,000		3,890,000
Moog, Inc., Sr. Sub. Notes	Ba3		6.25	%	01/15/15			700		689,500
										6,579,500
Apparel & Textile — 0.3%
INVISTA, Notes 144A (g)	B1		9.25	%	05/01/12			1,750		1,872,500
Auto Loans — 2.4%
Ford Motor Credit Co., Notes	Ba2		7.375	%	10/28/09			2,675		2,514,856
Ford Motor Credit Co., Sr. Notes (a)	Ba2		7.25	%	10/25/11			1,500		1,366,847
General Motors Acceptance Corp., Notes (a)			7.25	%	03/02/11			10,000		9,476,440
General Motors Acceptance Corp., Notes (a)			6.75	%	12/01/14			1,050		945,215
										14,303,358
Automobile Manufacturers — 0.2%
General Motors Corp. Notes (a)	B3		7.20	%	01/15/11			1,475		1,150,500
Automotive Parts & Equipment — 0.8%
Cooper-Standard Automotive, Inc., Gtd. Notes			8.375	%	12/15/14			2,000		1,560,000
Cummins, Inc., Sr. Notes	Ba1		9.50	%	12/01/10			750		800,625
Stanadyne Corp., Sr. Sub. Notes	Caa1		10.00	%	08/15/14			950		909,625
Tenneco Automotive, Inc., (a)	B3		8.625	%	11/15/14			1,500		1,500,000
										4,770,250

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CORPORATE BONDS (Continued)
Building & Construction — 0.9%
Beazer Homes USA, Inc., Sr. Notes (a)	Ba1		6.50	%	11/15/13		$	2,500	$	2,356,250
Standard Pacific Corp., Sr. Notes	Ba2		7.00	%	08/15/15			2,500		2,312,500
William Lyon Homes, Inc., Gtd. Notes	B2		10.75	%	04/01/13			750		755,625
										5,424,375
Building Materials — 0.2%
Builders FirstSource, Inc., Gtd. Notes	B3		8.999	%	02/15/12			950		973,750
Cable Television — 0.1%
Mediacom Broadband LLC, Sr. Notes	B2		8.50	%	10/15/15			650		624,000
Chemicals — 3.9%
Airgas, Inc., Sr. Sub. Notes	Ba2		6.25	%	07/15/14			1,600		1,576,000
Crompton Corp., Sr. Notes	Ba1		9.875	%	08/01/12			1,875		2,109,375
Equistar Chemicals L.P., Debs.	B2		7.55	%	02/15/26			3,500		3,150,000
Hercules, Inc., Gtd. Notes	Ba3		6.75	%	10/15/29			2,500		2,450,000
Huntsman LLC, Gtd. Notes (11.50% until 07/15/12)	B2		11.50	%(v)	07/15/12			660		759,000
IMC Global, Inc., Gtd. Notes, Series B	Ba3		11.25	%	06/01/11			700		744,625
IMC Global, Inc., Notes	B1		7.30	%	01/15/28			225		207,844
Ineos Group Holdings, PLC., Notes 144A (United
Kingdom)(a)(l)(g)	B2		8.50	%	02/15/16			2,000		1,900,000
Nalco Co., Sr. Sub. Notes (a)	Caa1		8.875	%	11/15/13			3,000		3,120,000
Nova Chemicals Corp., Sr. Notes (Canada)(a)(l)	Ba2		6.50	%	01/15/12			3,000		2,790,000
Rhodia SA, Sr. Sub. Notes (a)	Caa1		8.875	%	06/01/11			1,472		1,516,160
Rockwood Specialties Group, Inc., Sub. Notes (a)	B3		7.50	%	11/15/14			2,500		2,512,500
Terra Capital, Inc., Sec’d. Notes	B2		11.50	%	06/01/10			650		718,250
										23,553,754
Computer Hardware — 0.3%
Intel Corp., Sr. Sub Notes 144A (g)	A-(d)		2.95	%	12/15/35			2,000		1,715,000
Computer Services & Software — 0.1%
Serena Software, Inc., Sr. Sub Notes 144A (g)	Caa1		10.375	%	03/15/16			700		735,000
Consumer Products — 1.6%
Elizabeth Arden, Inc., Gtd. Notes (a)	B2		7.75	%	01/15/14			4,250		4,356,250
Playtex Products, Inc., Gtd. Notes (a)	Caa1		9.375	%	06/01/11			2,250		2,351,250
Rayovac Corp., Sr. Sub. Notes (a)	Caa1		8.50	%	10/01/13			3,500		3,237,500
										9,945,000
Diversified Capital Goods — 0.8%
J.B. Poindexter & Co., Gtd. Notes	B1		8.75	%	03/15/14			400		318,000
Park-Ohio Industries, Inc., Gtd. Notes	Caa1		8.375	%	11/15/14			1,500		1,413,750
Sensus Metering Systems, Inc., Sr. Sub. Notes	Caa1		8.625	%	12/15/13			2,000		1,940,000
Trinity Industries, Inc., Sr. Notes	Ba3		6.50	%	03/15/14			1,000		1,000,000
										4,671,750
Electric - Generation — 1.9%
Dynegy Holdings, Inc., (g)	B1		9.875	%	07/15/10			1,000		1,099,830
Dynegy Holdings, Inc., Sr. Notes (a)	B2		6.875	%	04/01/11			3,500		3,377,500
Dynegy Holdings, Inc., Sr. Unsec’d Notes 144A (g)	B2		8.375	%	05/01/16			1,375		1,368,125
Mission Energy Holding Co., Sec’d. Notes	B2		13.50	%	07/15/08			750		860,625
Reliant Energy, Inc., Sec’d. Notes	B2		6.75	%	12/15/14			3,500		3,088,750
Reliant Energy, Inc., Sec’d Notes	B2		9.50	%	07/15/13			1,400		1,401,750
										11,196,580
Electric - Integrated — 2.1%
Duke Energy Corp., Sr. Notes, Series B	A3		5.375	%	01/01/09			2,500		2,487,230
Midwest Generation LLC,	B1		8.75	%	05/01/34			1,500		1,623,750
Mirant North America LLC, (a)(g)	B1		7.375	%	12/31/13			1,100		1,122,000
Nevada Power Co., General Refinance Mortgage	Ba1		5.875	%	01/15/15			1,700		1,668,239
PPL Energy Supply LLC, Sr. Notes	Baa2		6.40	%	11/01/11			500		516,579
PSEG Energy Holdings LLC, Sr. Notes	Ba3		8.50	%	06/15/11			2,500		2,693,750

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CORPORATE BONDS (Continued)
Electric - Integrated (cont’d)
Virginia Electric & Power Co., Notes	Baa1		4.50	%	12/15/10		$	2,400	$	2,286,823
										12,398,371
Electronics — 0.1%
Communications & Power Industries Inc., Sr. Sub. Notes	B3		8.00	%	02/01/12			650		663,000
Energy - Exploration & Production — 2.2%
Chesapeake Energy Corp., Gtd. Notes (a)	Ba2		6.25	%	01/15/18			2,000		1,955,000
Chesapeake Energy Corp., Sr. Notes (a)	Ba2		7.00	%	08/15/14			2,500		2,556,250
Houston Exploration Co., Sr. Sub. Notes	B2		7.00	%	06/15/13			2,250		2,182,500
KCS Energy, Inc., Sr. Notes	B3		7.125	%	04/01/12			2,000		1,985,000
Kerr-McGee Corp., Sec’d. Notes	Ba3		6.95	%	07/01/24			3,500		3,560,508
Range Resources Corp., Sr. Sub. Notes	B2		7.375	%	07/15/13			1,025		1,060,875
										13,300,133
Energy Exploration — 0.4%
Pogo Producing Co., Sr. Sub Notes	Ba3		6.625	%	03/15/15			2,500		2,462,500
Environmental — 1.0%
Allied Waste North America, Sec’d. Notes (a)	B2		6.125	%	02/15/14			3,500		3,325,000
Allied Waste North America, Sr. Notes (a)	B2		7.875	%	04/15/13			2,750		2,870,312
										6,195,312
Financial Service — 0.3%
Franklin Resources Inc., Sr. Notes	A2		Zero		05/11/31			2,000		1,765,000
Food & Drug Retailers — 1.8%
Ingles Markets, Inc., Gtd. Notes	B3		8.875	%	12/01/11			3,000		3,135,000
Rite Aid Corp., Debs. (a)	Caa1		7.70	%	02/15/27			2,500		1,975,000
Rite Aid Corp., Sec’d. Notes (a)	B2		8.125	%	05/01/10			2,000		2,042,500
Stater Brothers Holdings, Sr. Notes (a)	B1		8.125	%	06/15/12			3,500		3,495,625
										10,648,125
Food - Wholesale — 0.7%
Chiquita Brands International, Inc., Sr. Notes (a)	B3		7.50	%	11/01/14			1,600		1,400,000
Dole Foods Co. Inc., Debs.	B3		8.75	%	07/15/13			3,000		2,947,500
										4,347,500
Forestry/Paper — 1.9%
Ainsworth Lumber Co. Ltd., (Canada)(l)	B2		7.25	%	10/01/12			4,000		3,620,000
Boise Cascade LLC, Gtd. Notes	B2		7.125	%	10/15/14			1,500		1,443,750
Buckeye Technologies, Inc., Sr. Sub. Notes	Caa1		8.00	%	10/15/10			2,500		2,412,500
Jefferson Smurfit Corp., Gtd. Notes	B2		8.25	%	10/01/12			1,000		981,250
JSG Funding PLC., Sr. Sub. Notes (a)	Caa1		7.75	%	04/01/15			2,500		2,350,000
Tembec Industries, Inc., Gtd. Notes	Ca		7.75	%	03/15/12			1,050		593,250
										11,400,750
Gaming — 4.7%
Hard Rock Hotel, Inc., Notes	B3		8.875	%	06/01/13			700		761,250
Isle of Capri Casinos, Inc., Gtd. Notes	B2		9.00	%	03/15/12			1,250		1,326,562
Isle of Capri Casinos, Inc., Sr. Sub. Notes (a)	B2		7.00	%	03/01/14			5,000		4,937,500
Las Vegas Sands Corp., Gtd. Notes (a)	B1		6.375	%	02/15/15			3,500		3,360,000
MGM Mirage, Inc., Sr. Notes (a)	Ba2		6.75	%	09/01/12			5,000		4,993,750
Park Place Entertainment Corp.,	Ba1		9.375	%	02/15/07			1,000		1,031,250
Park Place Entertainment Corp.,	Baa3		7.50	%	09/01/09			350		368,555
Premier Entertainment Biloxi LLC, First Mortgage	Caa1		10.75	%	02/01/12			2,500		2,387,500
River Rock Entertainment Authority, Sr. Notes	B2		9.75	%	11/01/11			2,005		2,165,400
Scientific Games Corp., Gtd. Notes	B1		6.25	%	12/15/12			1,525		1,492,594
Seneca Gaming Corp., Sr. Notes	B1		7.25	%	05/01/12			500		505,000
Station Casinos, Inc., Sr. Sub. Notes (a)	Ba3		6.50	%	02/01/14			1,500		1,483,125
Turning Stone Casino Resort Enterprise, Sr. Notes 144A (g)	B1		9.125	%	12/15/10			750		780,000

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CORPORATE BONDS (Continued)
Gaming (cont’d)
Wynn Las Vegas LLC,	B2		6.625	%	12/01/14		$	3,000	$	2,913,750
										28,506,236
Gas Distribution — 3.6%
El Paso Corp., Sr. Notes (a)	Caa1		7.00	%	05/15/11			9,000		9,033,750
El Paso Corp., Sr. Notes	Caa1		7.75	%	01/15/32			1,750		1,763,125
Ferrellgas Escrow, Sr. Notes	Ba3		6.75	%	05/01/14			3,500		3,368,750
Markwest Energy Partners LP, Sr. Notes	B2		6.875	%	11/01/14			2,000		1,890,000
Northwest Pipeline Corp., Gtd. Notes	Ba2		8.125	%	03/01/10			500		527,500
Pacific Energy Partners, LP, Gtd. Notes	Ba2		6.25	%	09/15/15			500		487,500
Sonat, Inc., Notes	Caa1		7.625	%	07/15/11			1,000		1,030,000
Williams Cos., Inc., Notes (a)	B1		7.875	%	09/01/21			3,300		3,547,500
										21,648,125
Health Services — 4.2%
Alliance Imaging, Inc., Sr. Sub. Notes (a)	B3		7.25	%	12/15/12			2,500		2,168,750
AmeriPath, Inc., Gtd. Notes	B3		10.50	%	04/01/13			2,500		2,637,500
Bio-Rad Laboratories, Inc., Sr. Sub. Notes	Ba3		6.125	%	12/15/14			1,250		1,200,000
CDRV Investors, Inc., Sr. Disc. Notes, Zero coupon (until 01/01/10)	Caa2		9.625	%(v)	01/01/15			1,000		680,000
Cytyc Corp., Sr. Notes	NR		2.25	%	03/15/24			1,000		1,098,750
Hanger Orthopedic Group, Inc., Gtd. Notes (a)	B3		10.375	%	02/15/09			3,000		3,037,500
HCA, Inc., Sr. Unsec’d. Notes (a)	Ba2		6.375	%	01/15/15			2,500		2,433,187
Invitrogen Corp., Sr. Unsec’d. Notes	NR		3.25	%	06/15/25			2,000		1,935,000
National Mentor, Inc., Gtd. Notes	B3		9.625	%	12/01/12			1,500		1,695,000
Tenet Healthcare Corp., Sr. Notes (a)	B3		9.875	%	07/01/14			2,000		2,025,000
Tenet Healthcare Corp., Sr. Notes 144A (a)(g)	B3		9.50	%	02/01/15			1,000		1,002,500
Tenet Healthcare Corp., Sr. Unsec’d. Notes (a)	B3		7.375	%	02/01/13			1,500		1,368,750
Triad Hospitals, Inc., Sr. Sub. Notes	B3		7.00	%	11/15/13			1,075		1,058,875
UnitedHealth Group, Inc., Sr. Unsec’d. Notes	A2		4.875	%	04/01/13			1,500		1,444,515
Vanguard Health Holdings II, Sr. Sub. Notes (a)	Caa1		9.00	%	10/01/14			1,500		1,533,750
										25,319,077
Healthcare - Pharma — 0.2%
Mylan Laboratories Inc.,	Ba1		6.375	%	08/15/15			1,500		1,507,500
Healthcare Services — 1.1%
Davita, Inc., Gtd. Notes	B3		7.25	%	03/15/15			1,000		1,005,000
Psychiatric Solutions, Inc., Gtd. Notes (a)	B3		7.75	%	07/15/15			2,975		3,027,062
Select Medical Corp.,	B3		7.625	%	02/01/15			400		361,000
St Jude Medical, Inc., Debs.	BBB+(d)		2.80	%	12/15/35			2,500		2,465,625
										6,858,687
Hotels — 1.8%
Felcor Lodging LP, Gtd. Notes (a)	Ba3		8.50	%	06/01/11			1,200		1,314,000
Gaylord Entertainment Co., Gtd. Notes	B3		6.75	%	11/15/14			1,750		1,706,250
Gaylord Entertainment Co., Sr. Notes	B3		8.00	%	11/15/13			3,500		3,648,750
Host Marriott LP,	Ba2		7.00	%	08/15/12			4,000		4,085,000
										10,754,000
Household & Leisure Products — 0.4%
Acco Brands Corp., Gtd. Notes	B2		7.625	%	08/15/15			2,375		2,256,250
Machinery — 0.3%
Gardner Denver, Inc., Gtd Notes	B2		8.00	%	05/01/13			1,500		1,575,000
Machinery & Equipment — 0.5%
JLG Industries, Inc., Gtd. Notes	B2		8.25	%	05/01/08			1,000		1,047,500
Manitowoc Co., Inc., Gtd. Notes	B1		7.125	%	11/01/13			2,015		2,055,300
										3,102,800
Media - Broadcasting — 0.7%
Allbritton Communications Co., Sr. Sub. Notes (a)	B3		7.75	%	12/15/12			2,500		2,512,500

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CORPORATE BONDS (Continued)
Media - Broadcasting (cont’d)
Paxson Communications Corp., Sec’d. Notes 144A (g)	B3		10.777	%	01/15/13		$	500	$	495,000
Sinclair Broadcast Group, Inc., Gtd. Notes	B2		8.75	%	12/15/11			1,000		1,051,250
										4,058,750
Media - Cable — 3.1%
CCH I LLC, Sec’d. Notes	Caa3		11.00	%	10/01/15			4,000		3,325,000
Charter Communications Holdings II LLC, Sr. Notes	Caa1		10.25	%	09/15/10			2,000		1,965,000
DirecTV Holdings LLC, Gtd. Notes	Ba2		6.375	%	06/15/15			4,000		3,950,000
Echostar DBS Corp., Gtd. Notes 144A (a)(g)	Ba3		7.125	%	02/01/16			2,200		2,164,250
Echostar DBS Corp., Sr. Notes (a)	Ba3		6.375	%	10/01/11			4,000		3,910,000
Mediacom LLC Capital Corp., Sr. Notes (a)	B3		9.50	%	01/15/13			3,500		3,465,000
										18,779,250
Media - Services — 0.7%
Interpublic Group of Cos., Inc., Unsec’d. Notes	Ba1		6.25	%	11/15/14			640		544,000
Warner Music Group, Sr. Sub. Notes	B2		7.375	%	04/15/14			4,000		3,960,000
										4,504,000
Metals — 0.1%
AK Steel Corp., Gtd. Notes (a)	B1		7.75	%	06/15/12			750		758,438
Metals/Mining Excluding Steel — 0.8%
Novelis, Inc., Sr. Notes 144A (Canada)(l)(g)	B1		7.25	%	02/15/15			1,750		1,680,000
Peabody Energy Corp., Sr. Notes	Ba2		5.875	%	04/15/16			3,250		3,095,625
										4,775,625
Non-Electric Utilities — 0.7%
SEMCO Energy, Inc., Sr. Notes	Ba2		7.125	%	05/15/08			1,500		1,508,379
SEMCO Energy, Inc., Sr. Notes	Ba2		7.75	%	05/15/13			2,500		2,591,030
										4,099,409
Non-Food & Drug Retailers — 0.6%
Couche-Tard Corp., Sr. Sub. Notes	Ba3		7.50	%	12/15/13			1,450		1,486,250
GSC Holdings Corp., Gtd. Notes 144A (g)	Ba3		8.00	%	10/01/12			450		446,625
Neiman Marcus Group, Inc., Sr. Unsec’d. Notes 144A (g)	B2		9.00	%	10/15/15			1,600		1,692,000
										3,624,875
Oil & Gas — 0.1%
Quicksilver Resources, Inc., Gtd. Notes	B2		7.125	%	04/01/16			500		493,750
Oil Field Equipment & Services — 1.0%
Dresser-Rand Group, Inc., Sr. Sub. Notes 144A (g)	B3		7.63	%	11/01/14			1,601		1,633,020
Grant Prideco, Sr. Unsec’d. Notes	Ba2		6.125	%	08/15/15			1,250		1,218,750
Hanover Compressor Co., Gtd. Notes	B3		8.625	%	12/15/10			1,000		1,048,750
McDermott, (J.Ray) SA, Sec’d. Notes 144A (g)	B2		11.50	%	12/15/13			1,000		1,167,500
Pride International, Inc., Sr. Notes	Ba2		7.375	%	07/15/14			1,000		1,050,000
										6,118,020
Packaging — 2.2%
Crown Cork & Seal Co., Inc., Debs. (a)	B2		7.375	%	12/15/26			4,500		4,185,000
Graham Packaging Co., Inc., Gtd. Notes	Caa1		8.50	%	10/15/12			3,000		3,030,000
Owens Brockway Glass Containers, Inc., Gtd. Notes	B1		8.875	%	02/15/09			2,500		2,603,125
Owens Brockway Glass Containers, Inc., Gtd. Notes	B1		7.75	%	05/15/11			1,500		1,563,750
Owens-Illinois, Inc., Debs. (a)	B3		7.50	%	05/15/10			1,750		1,771,875
										13,153,750
Paper — 0.3%
Abitibi-Consolidated, Inc., Notes (Canada)(a)(l)	B1		8.55	%	08/01/10			2,000		2,010,000
Paper & Forest Products — 1.2%
Bowater, Inc., Debs	B1		9.50	%	10/15/12			2,000		2,120,000
Bowater, Inc., Notes (a)	B1		6.50	%	06/15/13			1,700		1,585,250
Catalyst Paper Corp., Sr. Notes (Canada)(a)(l)	B1		7.375	%	03/01/14			2,450		2,315,250

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)
SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)

						Principal
	Moody’s	Interest			Maturity	Amount
	Ratings	Rate			Date	(000)			Value
CORPORATE BONDS (Continued)
Paper & Forest Products (cont’d)
Domtar Inc., Notes	B1		7.875	%	10/15/11		$	1,500	$	1,421,250
										7,441,750
Pharmaceuticals — 1.0%
Angiotech Pharmaceutical, Inc., Sr. Sub Notes 144A (g)	B2		7.75	%	04/01/14			1,175		1,186,750
Warner Chilcott Corp., (g)	Caa1		9.25	%	02/01/15			5,000		4,962,500
										6,149,250
Printing & Publishing — 0.9%
Clarke American Corp., Sr. Notes 144A (g)	B2		11.75	%	12/15/13			1,375		1,399,063
Houghton Mifflin Co., Sr. Notes (a)	B3		8.25	%	02/01/11			2,750		2,846,250
RR Donnelley Corp., Sr. Notes	Caa1		6.875	%	01/15/13			1,250		1,168,750
										5,414,063
Restaurants — 0.6%
Denny’s Corp Holdings, Inc., Gtd. Notes (a)	Caa1		10.00	%	10/01/12			2,200		2,271,500
Landry’s Restaurants, Inc., Gtd. Notes	B2		7.50	%	12/15/14			1,500		1,447,500
										3,719,000
Retail & Merchandising — 0.2%
Bon-Ton Dept. Stores, Inc. 144A (g)	B2		10.25	%	03/15/14			1,175		1,130,350
Retailers — 0.2%
General Nutrition Center, Sr. Sub. Notes	Caa1		8.50	%	12/01/10			1,375		1,302,813
Software/Services — 1.4%
Electronic Data Systems Corp., Notes, Series B (a)	Ba1		6.50	%	08/01/13			4,000		4,067,764
Sungard Data Systems, Inc., (a)(g)	B3		9.125	%	08/15/13			3,000		3,172,500
Sungard Data Systems, Inc., Sr. Sub. Notes 144A (g)	Caa1		10.25	%	08/15/15			1,000		1,052,500
										8,292,764
Steel Producers/Products — 0.3%
Allegheny Ludlum Corp., Debs.	Ba2		6.95	%	12/15/25			2,000		2,060,000
Support-Services — 2.0%
Hertz Corp., Sr. Notes 144A (g)	B1		8.875	%	01/01/14			1,600		1,660,000
Iron Mountain, Inc., Gtd. Notes	Caa1		7.75	%	01/15/15			3,250		3,274,375
Iron Mountain, Inc., Gtd. Notes	Caa1		6.625	%	01/01/16			4,000		3,760,000
United Rentals NA, Inc.,	Caa1		7.75	%	11/15/13			2,500		2,500,000
Williams Scotsman, Inc., Gtd. Notes	B3		8.50	%	10/01/15			1,000		1,021,250
										12,215,625
Telecom - Integrated/Services — 3.3%
Cincinnati Bell, Inc., Sr. Sub. Notes (a)	B3		8.375	%	01/15/14			6,200		6,300,750
Intelsat Bermuda Ltd., Sr. Notes (Bermuda)(l)	B2		8.25	%	01/15/13			3,500		3,561,250
Qwest Capital Funding, Inc., Gtd. Notes (a)	B3		7.90	%	08/15/10			3,500		3,640,000
Qwest Communications International, Inc., Gtd. Notes (a)	B2		7.25	%	02/15/11			3,500		3,587,500
Syniverse Technologies, Inc., Sr. Sub. Notes	B2		7.75	%	08/15/13			1,750		1,752,187
Wind Acquisition Finance SA,	B3		10.75	%	12/01/15			800		864,000
										19,705,687
Telecom - Wireless — 1.9%
AirGate PCS, Inc., Sec’d. Notes	Caa1		9.375	%	09/01/09			1,000		1,048,750
AirGate PCS, Inc., Sec’d. Notes 144A (g)	Caa1		9.375	%	09/01/09			1,250		1,310,937
Centennial Cellular Operating Co., Gtd. Notes	B3		10.125	%	06/15/13			525		573,563
Nextel Communications, Inc., Sr. Notes	Baa2		7.375	%	08/01/15			3,500		3,670,579
Nextel Partners, Inc., Sr. Notes	Ba3		8.125	%	07/01/11			1,400		1,480,500
Rural Cellular Corp., Sr. Notes	Caa1		9.875	%	02/01/10			1,500		1,601,250
UbiquiTel Operating Co., Sr. Notes	Caa1		9.875	%	03/01/11			1,500		1,638,750
										11,324,329
Telecommunicatins Equipment — 0.2%
Lucent Technologies, Inc., Debs.	B1		6.45	%	03/15/29			1,500		1,353,750

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings	Interest Rate		Maturity Date	Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Textile & Apparel — 0.5%
Quiksilver, Inc., Gtd. Notes (a)	B1	6.875	%	04/15/15	$	3,300	$	3,209,250
Theaters & Entertainment — 0.5%
AMC Entertainment, Inc., Gtd. Notes 144A (a)(g)	B3	11.00	%	02/01/16		725		748,563
AMC Entertainment, Inc., Sr. Sub. Notes (a)	B3	8.00	%	03/01/14		1,500		1,338,750
Cinemark USA, Inc., Sr. Sub. Notes	B3	9.00	%	02/01/13		650		690,625
								2,777,938
Transportation — 1.2%
Bristow Group, Inc., Gtd. Notes	Ba2	6.125	%	06/15/13		3,300		3,102,000
CHC Helicopter Corp., Sr. Sub. Notes	B2	7.375	%	05/01/14		2,750		2,805,000
Hornbeck Offshore Services, Inc., Sr. Notes	Ba3	6.125	%	12/01/14		1,680		1,612,800
								7,519,800
TOTAL CORPORATE BONDS (cost $413,580,415)								408,215,919
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 5.7%
Federal Home Loan Mortgage Corp.		6.00	%	04/01/33		3,097		3,098,557
Federal National Mortgage Assoc.		5.50	%	02/01/33- 07/01/33		7,930		7,745,026
Federal National Mortgage Assoc.		6.00	%	05/01/33- 12/01/35		15,274		15,273,614
Federal National Mortgage Assoc.		6.50	%	05/01/35		8,143		8,308,701
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (cost $35,136,273)								34,425,898
U.S. TREASURY OBLIGATION — 1.7%
U.S. Treasury Notes (cost $10,332,218) (a)		5.00	%	02/15/11		10,000		10,081,250

	Shares		Value
COMMON STOCKS — 0.4%
Oil & Gas — 0.3%
NRG Energy (a)		8,000		1,910,000
Telecom - Integrated/Services — 0.1%
Avaya, Inc. (a)*		60,000		678,000
TOTAL COMMON STOCKS (cost $2,931,460)				2,588,000
PREFERRED STOCKS — 4.5%
Agency — 0.1%
Fannie Mae, 5.375%, CVT		6		576,407
Automotive — 0.1%
Ford Motor Co. Capital Trust II, 6.50%, CVT		25,000		751,250
Beverages — 0.2%
Constellation Brands, Inc., 5.75%, CVT		35,000		1,313,550
Business Services — 0.4%
Interpublic Group of Cos., Inc., Series A, 5.375%, CVT		60,000		2,213,400

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
PREFERRED STOCKS (Continued)
Electric - Generation — 0.6%
PNM Resources, Inc., 6.75%, CVT		75,000	$	3,641,250
Energy - Exploration & Production — 0.3%
Chesapeake Energy Corp., 4.50%		20,000		1,918,200
Financial Service — 0.5%
Marshall & Ilsley Corp., 6.50%, CVT		115,000		3,048,650
Insurance — 0.9%
CHUBB Corp., 7.00%, CVT		60,000		2,040,000
Metlife, Inc., 6.375%, CVT		120,000		3,219,600
				5,259,600
Integrated Energy — 0.6%
Williams Cos., Inc., 5.50%, CVT		37,500		3,796,875
Oil & Gas — 0.4%
El Paso Corp., 4.99%, CVT		2,005		2,173,169
Pharmaceuticals — 0.4%
Schering Plough Corp., 6.00%, CVT		50,000		2,539,000
TOTAL PREFERRED STOCKS (cost $27,531,495)				27,231,351
TOTAL LONG–TERM INVESTMENTS (cost $580,386,918)				583,577,565
SHORT-TERM INVESTMENT – 21.1%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $127,315,631; includes $122,111,582 of cash collateral for securities on loan)(b)(w)		127,315,631		127,315,631
TOTAL INVESTMENTS—117.7% (cost $707,702,549) (p)				710,893,196
LIABILITIES IN EXCESS OF OTHER ASSETS — (17.7)%				(106,753,849	)
NET ASSETS — 100.0%			$	604,139,347

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 Moodys or Standard & Poor’s
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $118,695,682; cash collateral of $122,111,582 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid.
(l)	US$ Denominated Foreign Bonds.
(p)	The United States federal income tax basis of the Portfolio’s investments was $708,001,559; accordingly, net unrealized appreciation on investments for federal income tax purposes was $2,891,637 (gross unrealized appreciation - $17,566,624; gross unrealized depreciation - $14,674,987). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(v)	The rate shown reflects the coupon rate after the step date conversion date in case of convertible securities.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount
	Ratings	Rate		Date	(000)		Value
LONG-TERM INVESTMENTS — 61.4%
ASSET-BACKED SECURITIES — 0.3%
Carrington Mortgage Loan Trust, Series 2005-NC3, Class A1A	Aaa	4.898	%	06/25/35	$	830	$	829,831
EMC Mortgage Loan Trust, Series 2001-A, Class A, 144A (g)	Aaa	5.188	%	05/25/40		6,873		6,893,410
TOTAL ASSET-BACKED SECURITIES (cost $7,703,205)								7,723,241
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7%
AAA Trust, Series 2005-2, Class A1, 144A	Aaa	4.918	%	11/26/35		1,913		1,915,025
ABN AMRO Mortgage Corp., Series 2003-13, Class A3	Aaa	5.50	%	01/25/34		2,997		2,779,051
American Home Mortgage Investment Trust, Series 2004-4, Class 4A	Aaa	4.39	%	02/25/45		3,223		3,138,258
Banc of America Funding Corp., Series 2005-D, Class A1	AAA(d)	4.115	%	05/25/35		3,885		3,762,214
Banc of America Mortgage Securities, Series 2004-1, Class 5A1	AAA(d)	6.50	%	09/25/33		724		719,730
Bear Stearns Alt-A Trust, Series 2005-4, Class 23A1	Aaa	5.416	%	05/25/35		6,671		6,636,444
Bear Stearns Trust, Series 2002-11, Class A-1	Aaa	5.62	%	02/25/33		646		641,617
Bear Stearns Trust, Series 2002-11, Class A-2	Aaa	5.342	%	01/25/33		1,223		1,218,507
Countrywide Home Loan Mortgage Pass Through Trust,Series 2005-HYB9, Class 3A2A	Aaa	5.25	%	02/20/36		1,538		1,521,058
Fannie Mae Grantors Trust, Series 2005-T2, Class 1A1	Aaa	4.691	%	11/28/35		534		533,457
Fannie Mae Whole Loan, Series 2003-W1, Class 1A1	Aaa	6.50	%	12/25/42		1,613		1,633,708
Fannie Mae Whole Loan, Series 2004-W2, Class 2A2	Aaa	7.00	%	02/25/44		531		545,310
Fannie Mae Whole Loan, Series 2004-W2, Class 5A	Aaa	7.50	%	03/25/44		536		558,484
Fannie Mae, Series 1993-70, Class Z	Aaa	6.90	%	05/25/23		142		142,843
Fannie Mae, Series 2002-56, Class MC	Aaa	5.50	%	09/25/17		337		336,398
Fannie Mae, Series 2003-122, Class TU	Aaa	4.00	%	05/25/16		770		756,765
Fannie Mae, Series 2003-25, Class KP	Aaa	5.00	%	04/25/33		11,906		11,527,191
Fannie Mae, Series 2003-33, Class PU	Aaa	4.50	%	05/25/33		388		371,946
FHLMC Structured Pass Through Securities, Series T-63, Class 1A1	Aaa	4.678	%	02/25/45		969		972,512
Freddie Mac, Series 2064, Class ZA	Aaa	6.50	%	05/15/28		3,562		3,636,010
Freddie Mac, Series 2145, Class MZ	Aaa	6.50	%	04/15/29		9,637		9,815,507
Freddie Mac, Series 2378, Class PE	Aaa	5.50	%	11/15/16		665		664,417
Freddie Mac, Series 2649, Class QA	Aaa	3.50	%	03/15/10		315		313,822
Freddie Mac, Series 2662, Class DG	Aaa	5.00	%	10/15/22		1,300		1,235,026
Freddie Mac, Series 2694, Class QH	Aaa	4.50	%	03/15/32		1,265		1,181,807
Freddie Mac, Series 2721, Class PE	Aaa	5.00	%	01/15/23		525		502,537
Freddie Mac, Series 2724, Class PT	Aaa	3.75	%	05/15/16		578		565,092
Freddie Mac, Series 2728, Class TC	Aaa	4.00	%	02/15/23		1,060		1,035,873
Freddie Mac, Series 2734, Class PG	Aaa	5.00	%	07/15/32		909		866,570
Freddie Mac, Series 2737, Class XG	Aaa	4.00	%	11/15/22		530		517,932
Freddie Mac, Series 2737, Class YD	Aaa	5.00	%	08/15/32		600		572,472
Freddie Mac, Series 2750, Class NB	Aaa	4.00	%	12/15/22		1,426		1,392,205
Freddie Mac, Series 2759, Class AU	Aaa	3.50	%	05/15/19		432		425,269
Freddie Mac, Series 2764, Class LZ	Aaa	4.50	%	03/15/34		9,408		7,217,704
Freddie Mac, Series 2786, Class PA	Aaa	3.50	%	10/15/10		303		300,560
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1	Aaa	3.404	%	06/01/34		11,227		10,981,145
Indymac Trust, Series 2001-H2, Class A2	Aaa	6.586	%	01/25/32		99		98,925
Nationslink Funding Corp., Series 1999-SL, Class A4	Aaa	6.654	%	11/10/30		105		104,543
Prime Mortgage Trust, Series 2004-CL1, Class 1A2	AAA(d)	5.218	%	02/25/34		1,596		1,599,744
Prime Mortgage Trust, Series 2004-CL1, Class 2A2	AAA(d)	4.93	%	02/25/19		403		403,660
Rothschild, (L.F.) Mortgage Trust, Series 2, Class Z	AAA(d)	9.95	%	08/01/17		144		147,323
Structured Asset Securities Corp., Series 2002-1A, Class 4A	Aaa	6.07	%	02/25/32		155		154,691
Washington Mutual, Inc.,	Aaa	4.669	%	11/25/35		2,070		2,079,994
Washington Mutual, Series 2002-AR11, Class A1	Aaa	5.127	%	10/25/32		1,213		1,205,442

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount
	Ratings	Rate		Date	(000)		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Washington Mutual, Series 2004-CB1, Class 4A	Aaa	6.00	%	06/25/34	$	556	$	551,934
Wells Fargo Mortgage Backed Securities, Series 2003-17, Class 1A12	AAA(d)	5.25	%	01/25/34		36,228		33,239,529
Wells Fargo Mortgage Backed Securities, Series 2006- AR2, Class 2A1	AAA(d)	4.95	%	03/25/36		6,448		6,374,540
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $129,786,053)								126,894,791
CORPORATE BONDS — 3.3%
Airlines — 0.1%
United Air Lines, Inc., Equipment Trust, Series 91C, 144A (i)(g)	NR	10.36	%	11/13/12		4,126		1,349,547
United Air Lines, Inc., Equipment Trust, Series 91E, 144A (i)(g)	NR	10.36	%	11/27/12		348		121,535
United Air Lines, Inc., Pass-Thru Cert., Series 91A2, 144A (g)	NR	10.02	%	03/22/14		1,000		546,640
								2,017,722
Automobile Manufacturers — 0.3%
DaimlerChrysler NA Holding Co., Notes (c)	A3	5.38	%	05/24/06		5,900		5,901,540
Banking
Export Import Bank China, Notes 144A (China)(l)	A2	4.875	%	07/21/15		600		564,533
Conglomerates — 0.1%
Altria Group, Inc., Debs.	Baa2	7.75	%	01/15/27		1,700		1,945,240
Entertainment & Leisure
Time Warner, Inc., Notes	Baa1	8.11	%	08/15/06		510		514,737
Financial - Bank & Trust — 0.3%
China Development Bank, Notes (China)(l)	A2	5.00	%	10/15/15		600		570,300
HBOS PLC, Sub. Notes 144A (United Kingdom)(c)(l)	A1	5.92	%	09/29/49		700		675,831
Resona Bank Ltd., Notes 144A (Japan)(c)(l)	Baa1	5.85	%	09/29/49		900		873,296
Royal Bank of Scotland PLC 144A (United Kingdom)(c)(l)	Aa1	4.664	%	07/21/08		4,000		4,000,232
								6,119,659
Financial Services — 0.8%
American General Finance Corp., Sr. Notes	A1	4.98	%	03/23/07		1,100		1,100,430
Atlantic & Western Re Ltd., Sec’d Notes, 144A (g)	BB+(d)	10.519	%	01/09/07		400		396,024
CCCA LLC, Notes Series 2000, 144A (g)	AAA(d)	7.80	%	10/15/08		784		795,137
Duke Capital Corp., Sr. Notes	Baa3	4.302	%	05/18/06		595		594,637
Ford Motor Credit Co., Sr. Notes	A3	5.80	%	01/12/09		860		785,401
General Electric Capital Corp., Notes (c)	Aaa	4.59	%	01/03/08		8,900		8,911,330
General Motors Acceptance Corp., Notes	Baa2	6.125	%	09/15/06		780		776,402
General Motors Acceptance Corp., Notes	Baa2	4.375	%	12/10/07		380		352,425
MUFG Capital Finance 1 Ltd., Co. Gtd. Notes (Cayman Islands)	Baa2	6.346	%	07/29/49		900		885,634
Phoenix Quake Ltd., Notes, 144A (g)	Baa3	6.98	%	07/03/08		1,200		1,217,784
Phoenix Quake Wind Ltd., Notes, 144A (g)	Ba1	8.03	%	07/03/08		550		495,132
Phoenix Quake Wind Ltd., Notes, 144A (g)	Baa3	6.98	%	07/03/08		1,200		1,214,556
UFJ Finance Aruba AEC, Gtd. Notes	A2	6.75	%	07/15/13		400		423,886
								17,948,778
Insurance
American International Group, Notes, 144A	Aa2	5.05	%	10/01/15		800		762,819
Oil & Gas — 1.0%
El Paso Corp., Sr. Notes	Caa1	7.75	%	01/15/32		11,800		11,888,500
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.50	%	02/15/08		490		513,520
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.00	%	11/15/11		2,700		2,930,850
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	8.625	%	02/01/22		2,300		2,714,000
Pemex Project Funding Master Trust, Gtd. Notes, 144A	Baa1	5.75	%	12/15/15		1,500		1,436,250
Petroleum Export Ltd., Sr. Notes, 144A (Cayman Islands)	Baa1	5.265	%	06/15/11		688		672,365

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

					Principal
	Moody’s	Interest		Maturity	Amount
	Ratings	Rate		Date	(000)			Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d)
Ras Laffan Liquefied Natural Gas Co. LTD. II, Bonds, 144A (Qatar)	A1	5.298	%	09/30/20	$	1,600		$	1,510,176
									21,665,661
Telecommunications — 0.6%
GTE Hawaiian Telephone, Debs.	Aaa	7.375	%	09/01/06		585			589,037
Qwest Capital Funding Corp., Gtd. Notes	Caa2	7.25	%	02/15/11		153			155,104
Qwest Communications International, Inc., Gtd. Notes	B2	7.50	%	02/15/14		500			515,000
Qwest Corp., Debs.	Ba3	7.20	%	11/10/26		8,950			9,005,937
Sprint Capital Corp., Gtd. Notes	Baa3	6.00	%	01/15/07		3,500			3,516,607
Verizon Global Funding Corp., Notes	A2	7.25	%	12/01/10		900			955,643
									14,737,328
Utilities — 0.1%
Cleveland Electric Co., Notes	Aaa	7.13	%	07/01/07		1,570			1,602,965
TOTAL CORPORATE BONDS (cost $76,803,872)									73,780,982
FOREIGN GOVERNMENT BONDS — 1.1%
Canadian Government (Canada)	Aaa	3.00	%	12/01/36		—(r	)		1,135
Republic of Brazil (Brazil) (BRB)	Ba3	4.25	%	04/15/06		562			556,776
Republic of Brazil (Brazil) (BRB)	Ba3	4.313	%	04/15/09		741			739,609
Republic of Brazil (Brazil) (DCB)	Ba3	5.25	%	04/15/12		459			458,603
Republic of Panama (Panama)	Ba1	8.875	%	09/30/27		400			486,000
Republic of Panama (Panama)	Ba1	6.70	%	01/26/36		5,755			5,743,490
Republic of Peru (Peru)	Ba3	9.125	%	01/15/08		2,600			2,730,000
Republic of Peru (Peru)	Ba3	9.875	%	02/06/15		1,200			1,416,000
Republic of Peru (Peru) (BRB)	Ba3	4.50	%	03/07/17		3,920			3,724,000
Republic of South Africa (South Africa)	Baa1	9.125	%	05/19/09		800			878,000
United Mexican States (Mexico)	Baa1	9.875	%	02/01/10		100			114,000
United Mexican States (Mexico)	Baa1	8.375	%	01/14/11		2,100			2,326,800
United Mexican States (Mexico)	Baa1	8.30	%	08/15/31		4,100			4,954,850
TOTAL FOREIGN GOVERNMENT BONDS (cost $22,126,684)									24,129,263
MUNICIPAL BONDS — 1.7%
California — 0.3%
Golden State Tobacco Securitization Corp., Series 2003- A-1	A3	6.25	%	06/01/33		5,300			5,727,604
Illinois
Illinois State Taxable-Pension General Oblig. Bond	Aa3	4.95	%	06/01/23		570			536,399
Nevada — 0.3%
Las Vegas Water Auth. (MBIA Insured) Series B	Aaa	5.00	%	06/01/25-06/01/27		6,040			6,250,670
Truckee Meadows Water Auth. Rev. Bonds, Series A, 144A	Aaa	5.00	%	07/01/36		65			71,993
									6,322,663
New Jersey — 0.1%
City of Trenton General Oblig. Bond (FSA Insured)	Aaa	4.80	%	04/01/14		990			942,430
Jersey City Municipal Util. Auth. Water Rev. Bond (MBIA Insured) Series A	Aaa	4.81	%	05/15/14		1,000			954,970
									1,897,400
New Mexico
Jicarilla New Mexico Apache Nation Rev. Bonds	NR	3.85	%	12/01/08		435			418,770
New York — 0.4%
Liberty New York Develop. Corp. Rev. Bond	Aa3	5.25	%	10/01/35		700			769,440

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

					Principal
	Moody’s	Interest		Maturity		Amount
	Ratings	Rate		Date		(000)		Value
MUNICIPAL BONDS (Continued)
New York (cont’d)
New York City Mun. Fin. Water & Sewer Syst. Rev. Bond, 144A (g)	AA+(d)	4.75	%	06/15/33	$	5,010	$	5,129,689
New York City Municipal Water Fund Auth. Water & Sewer System Rev. Bond, 144A	AA+(d)	6.58	%	06/15/38		1,700		1,808,630
New York City Transitional Fin. Auth., Series E	Aa2	5.00	%	02/01/28		1,200		1,240,596
New York State General Oblig. Bond, 144A	NR	6.48	%	03/01/30		550		580,063
								9,528,418
Oregon
Portland Oregon River District Urban Renewal and Redev. Rev. Bonds (AMBAC Insured), Series B	Aaa	3.35	%	06/15/10		1,020		946,744
Texas — 0.1%
Texas State Rite, 144A	NR	4.75	%	04/01/35		1,200		1,213,968
Wisconsin — 0.5%
Badger Tobacco Asset Securitization Corp.	A3	6.00	%	06/01/17		10,100		10,684,386
Wisconsin State Gen. Rev. Bond	Aaa	5.70	%	05/01/26		510		517,920
								11,202,306
TOTAL MUNICIPAL BONDS (cost $36,537,527)								37,794,272
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 36.2%
Federal Home Loan Mortgage Corp.		5.00	%	10/01/18-09/01/35		6,682		6,500,255
Federal Home Loan Mortgage Corp.		5.50	%	01/01/34		3,082		3,013,370
Federal Home Loan Mortgage Corp.		6.00	%	02/01/16-02/01/33		6,644		6,670,334
Federal Home Loan Mortgage Corp.		8.25	%	08/01/17		9		9,304
Federal National Mortgage Assoc.		4.50	%	09/01/18-09/01/33		3,114		2,971,852
Federal National Mortgage Assoc.		4.575	%	08/01/29		226		226,890
Federal National Mortgage Assoc.		4.595	%	11/01/35		4,122		4,141,785
Federal National Mortgage Assoc.		4.603	%	01/01/28		180		180,596
Federal National Mortgage Assoc.		4.605	%	05/01/36		13,307		13,370,724
Federal National Mortgage Assoc.		4.81	%	09/22/06		7,300		7,298,693
Federal National Mortgage Assoc.		5.00	%	10/01/08-10/01/35		141,296		137,640,816
Federal National Mortgage Assoc.		5.50	%	08/01/16-12/01/35		613,735		599,518,394
Federal National Mortgage Assoc.		6.00	%	02/01/17-01/01/34		8,375		8,483,366
Federal National Mortgage Assoc.		6.103	%	01/01/24		10		9,968
Federal National Mortgage Assoc.		6.375	%	01/01/09		1,794		1,824,318
Federal National Mortgage Assoc.		6.50	%	09/01/16-11/01/33		990		1,011,668
Government National Mortgage Assoc.		3.75	%	01/20/32-02/20/32		6,418		6,389,878
Government National Mortgage Assoc.		4.375	%	03/20/17-05/20/30		3,326		3,348,327
Government National Mortgage Assoc.		4.50	%	07/20/30		1,666		1,666,221
Government National Mortgage Assoc.		4.75	%	08/20/23-09/20/24		879		882,474
Government National Mortgage Assoc.		5.125	%	10/20/23-11/20/29		4,175		4,211,649
Government National Mortgage Assoc.		6.00	%	01/15/34		151		152,456

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Government National Mortgage Assoc.		7.00	%		02/15/24	$	10	$	10,011
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(cost $830,821,475)									809,533,349
U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.8%
FeFederal Home Loan Bank		Zero			02/05/07		1,400		1,331,750
Federal Home Loan Mortgage Corp.		5.50	%		TBA		43,000		41,978,750
Federal National Mortgage Assoc.		4.50	%		TBA		4,000		3,821,248
Federal National Mortgage Assoc.		4.696	%		05/25/35		800		781,607
Federal National Mortgage Assoc.		5.00	%		TBA		52,000		49,465,000
Federal National Mortgage Assoc.		5.00	%		04/12/36		95,000		90,428,125
Federal National Mortgage Assoc.		5.50	%		TBA		29,000		28,275,000
Federal National Mortgage Assoc.		6.00	%		04/18/21- 04/15/34		18,000		18,115,317
Small Business Administration		4.875	%		09/10/13		11,544		11,131,627
Small Business Administration		5.13	%		09/01/23		1,439		1,410,237
Small Business Administration		5.52	%		06/01/24		9,727		9,733,057
Small Business Administration		6.344	%		08/01/11		7,046		7,226,356
Small Business Administration		7.449	%		08/01/10		613		643,793
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $266,749,463)									264,341,867
U.S. TREASURY OBLIGATION — 1.2%
U.S. Treasury Inflationary Bonds TIPS		2.375	%		01/15/25		11,100		11,736,023
U.S. Treasury Inflationary Bonds TIPS (k)		3.375	%		01/15/07		2,300		2,909,723
U.S. Treasury Inflationary Bonds TIPS		3.625	%		04/15/28		1,600		2,411,472
United States Inflation Index Bonds		2.00	%		01/15/26		11,300		10,699,625
TOTAL U.S. TREASURY OBLIGATION
(cost $28,890,043)									27,756,843

	Units
RIGHTS* — 0.1%
United Mexican States Value Recovery Rights Series D (Mexico)		49,629,000	694,806
United Mexican States Value Recovery Rights Series E (Mexico)		35,410,000	911,808
TOTAL RIGHTS
(cost $543,842)			1,606,614
TOTAL LONG-TERM INVESTMENTS
(cost $1,399,962,164)			1,373,561,222

	Interest Rate		Maturity Date	Principal Amount (000)
SHORT-TERM INVESTMENTS — 44.5%
BANK LOAN — 0.3%
JSG Packaging Term C, 144A (g)	5.93	%	11/29/14	$	728	896,728
JSG Packaging Term C, 144A (g)	5.94	%	11/29/14		143	175,667
JSG Packaging Term C, 144A (g)	5.95	%	11/29/14		129	158,974
New York State Gen. Oblig. Bond, 144A (g)	5.079	%	09/23/06		6,300	6,300,000
TOTAL BANK LOAN
(cost $7,479,356)						7,531,369

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
COMMERCIAL PAPER — 25.9%
Bank of Ireland, 144(cost $54,861,056; purchased 02/08/06) (h)(n)		4.605	%		05/09/06	$	55,500	$	55,239,148
Barclays US Funding Disc. Note (n)		4.50	%		04/18/06		51,800		51,701,147
Barclays US Funding Disc. Note (n)		4.71	%		05/30/06		11,700		11,610,709
Cox Communications, Inc., 144A (cost $2,300,000; purchased 01/13/06) (h)(n)		3.802	%		07/17/06		2,300		2,264,882
Danske Corp. Disc. Note, 144A (cost $493,851; purchased 02/08/06) (h)(n)		4.71	%		06/02/06		500		495,975
Danske Corp. Disc. Note, 144A (cost $888,861; purchased 03/06/06) (h)(n)		4.74	%		06/08/06		900		892,014
Danske Corp. Disc. Note, 144A (cost $1,875,528; purchased 03/22/06) (h)(n)		4.83	%		06/26/06		1,900		1,878,410
Danske Corp., 144A (cost $48,743,129; purchased 01/04/06) (h)(n)		4.42	%		04/06/06		49,300		49,281,360
Danske Corp., 144A (cost $8,896,155; purchased 01/24/06) (h)(n)		4.515	%		04/26/06		9,000		8,973,487
Dnb Nor Bank Disc. Note (n)		4.79	%		07/10/06		36,100		35,616,206
HBOs Treasury Disc. Note (n)		4.68	%		05/24/06		60,000		59,590,635
Ixis Comm., 144A (cost $51,905,023; purchased 01/23/06) (h)(n)		4.53	%		05/08/06		52,600		52,361,179
Ixis Comm., 144A (cost $10,081,170; purchased 02/21/06) (h)(n)		4.66	%		05/22/06		10,200		10,133,777
Rabobank USA Disc. Note (n)		4.83	%		04/03/06		58,900		58,900,000
San Paolo Disc. Note (n)		4.665	%		05/23/06		37,200		36,950,450
San Paolo Disc. Note (n)		4.675	%		05/24/06		14,400		14,301,141
Total Finance Disc. Note, 144A (cost $60,843,634; purchased 03/29/06) (h)(n)		4.76	%		04/05/06		60,900		60,883,895
UBS Finance (n)		4.44	%		04/10/06		49,900		49,855,852
UBS Finance (n)		4.48	%		04/20/06		6,100		6,086,781
UBS Finance (n)		4.505	%		04/24/06		900		897,590
UBS Finance (n)		4.48	%		05/10/06		1,100		1,094,703
UBS Finance Disc. Note (n)		4.83	%		04/03/06		2,100		2,100,000
UBS Finance Disc. Note (n)		4.67	%		05/23/06		4,800		4,768,000
Westpac Trust, 144A (cost $3,658,474; purchased 01/09/06) (h)(n)		4.44	%		04/10/06		3,700		3,696,727
TOTAL COMMERCIAL PAPER
(cost $579,667,644)									579,574,068
FOREIGN TREASURY BILLS — 9.1%
Belgium Treasury Bill (Belgium)		2.439	%		04/13/06	EUR	2,900		3,512,241
Belgium Treasury Bill (Belgium)		2.57	%		07/13/06	EUR	8,000		9,623,287
Dutch Treasury Bill (Neatherlands)		2.515	%		04/28/06	EUR	22,000		26,616,726
France Discount Treasury Bill Government (France)		2.449	%		05/04/06	EUR	14,000		16,930,367
France Discount Treasury Bill Government (France)		2.485	%		05/24/06	EUR	34,550		41,718,922
France Discount Treasury Bill Government (France)		2.606	%		06/29/06	EUR	15,070		18,149,453
France Discount Treasury Bill Government (France)		2.615	%		07/20/06	EUR	35,880		43,137,919
French Discount Treasury Bill Government (France)		2.648	%		07/06/06	EUR	3,360		4,044,150
German Treasury Bill (Germany)		2.477	%		05/17/06	EUR	3,100		3,745,674
German Treasury Bill (Germany)		2.623	%		07/12/06	EUR	15,360		18,479,168
German Treasury Bill (Germany)		2.664	%		08/16/06	EUR	10,800		12,956,519
German Treasury Bill (Germany)		2.748	%		09/13/06	EUR	3,060		3,662,484
TOTAL FOREIGN TREASURY BILLS
(cost $201,268,420)									202,576,910
REPURCHASE AGREEMENT — 0.5%
Credit Suisse Securities LLC, dated 3/31/06, maturing 04/03/06, repurchase price $10,603,975 (Collateralized by U.S. Treasury Notes; 4.75%, 03/31/11, value of the collateral including accrued interest was $10,892,223 (cost $10,600,000)		4.50	%		04/03/06		10,600		10,600,000

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.3%
Federal Home Loan Bank		4.65	%		04/03/06	$	58,900	$	58,900,000
Federal Home Loan Mortgage Disc. Note		4.65	%		04/03/06		58,900		58,900,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $117,800,000)									117,800,000
U.S. TREASURY OBLIGATION — 1.0%
U.S. Treasury Bills (n)		4.51	%		06/01/06		115		114,159
U.S. Treasury Bills (n)		4.436	%		06/01/06		17		16,875
U.S. Treasury Bills (n)		4.49	%		06/15/06		800		792,750
U.S. Treasury Bills (n)		4.50	%		06/15/06		20,380		20,195,316
U.S. Treasury Bills (n)		4.54	%		06/15/06		22		21,801
U.S. Treasury Bills (n)		4.476	%		06/15/06		150		148,641
TOTAL U.S. TREASURY OBLIGATION
(cost $21,288,230)									21,289,542
						Shares
AFFILIATED MONEY MARKET MUTUAL FUND — 2.4%
Dryden Core Investment Fund - Taxable Money Market Series (cost $54,339,308)(w)							54,339,308		54,339,308
						Contracts/ Notional Amount
OUTSTANDING OPTIONS PURCHASED*
Call Options
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50%, Expires 06/02/06							100		1
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50%, Expires 08/07/06							4,600		3,128
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50%, Expires 10/04/06							2,020		4,646
Swap 3 Month LIBOR & Fixed 4.75%, Strike Price 4.75%, Expires 08/08/06							2,200		7,502
Swap 3 Month LIBOR & Fixed 4.80%, Strike Price 4.80%, Expires 12/22/06							5,100		79,713
Swap 3 Month LIBOR & Fixed 5.00%, Strike Price 5.00%, Expires 03/08/07							3,300		115,038
Swap 3 Month LIBOR & Fixed 5.00%, Strike Price 5.00%, Expires 03/08/07							6,300		219,618
Swap Option on 3 Month LIBOR, expiring 04/04/06 @ 4.50%							2,000		200
Swap Option on 3 month LIBOR, expiring 10/04/06 @ 4.50%							2,800		5,488
Swap Option on 3 month LIBOR, expiring 10/12/06 @ 4.25%							3,000		1,920
Swap Option on 3 Month LIBOR, expiring 10/18/06 @ 4.50%							5,800		16,298
Swap Option on 3 Month LIBOR, expiring 10/19/06 @ 4.25%							1,000		740
									454,292
Put Options
Eurodollar Futures, Strike Price $91.75, Expires 12/18/06							3,850		2,406
Eurodollar Futures, Strike Price $92.00, Expires 03/19/07							7,000		4,375
Eurodollar Futures, Strike Price $92.00, Expires 12/18/06							10,290		6,431
Eurodollar Futures, Strike Price $92.25, Expires 12/18/06							400		250
Eurodollar Futures, Strike Price $92.50, Expires 12/18/06							3,000		1,875
Eurodollar Futures, Strike Price $92.75, Expires 09/18/06							850		531
Eurodollar Futures, Strike Price $92.75, Expires 12/18/06							27,750		17,344
Eurodollar Futures, Strike Price $93.00, Expires 06/19/06							6,950		4,344
USD Vs JPY Strike Price $115.00, Expires 05/26/06							33,000		26,219
USD Vs JPY Strike Price $115.00, Expires 05/26/06							65,000		51,642
									115,417
TOTAL OUTSTANDING OPTIONS PURCHASED
(cost $1,820,074)									569,709
TOTAL SHORT-TERM INVESTMENTS
(cost $994,263,032)									994,280,906
TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN—105.9%
(cost $2,394,225,196) (p)									2,367,842,128

AST PIMCO TOTAL RETURN BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Contracts/ Notional		Value
OUTSTANDING OPTIONS WRITTEN* — (0.2)%
PUT OPTIONS — (0.2)%
90 Day Libor Futures, Strike Price $95.50, Expires 12/25/06		60		(41,698	)
Eurodollar Futures, Strike Price $95.00, Expires 09/18/06		540		(41,850	)
Eurodollar Futures, Strike Price $95.00, Expires 12/18/06		2,120		(193,450	)
Eurodollar Futures, Strike Price $95.25, Expires 09/18/06		2,760		(363,975	)
Eurodollar Futures, Strike Price $95.25, Expires 12/18/06		17,670		(2,451,713	)
Eurodollar Futures, Strike Price $95.50, Expires 09/18/06		670		(128,556	)
Eurodollar Futures, Strike Price $95.50, Expires 12/18/06		2,400		(463,500	)
Swap 6 Month LIBOR & Fixed 4.500%, Strike Price 4.50%, Expires 12/20/06		3,410		(163,272	)
USD Vs JPY Strike Price $112.00, Expires 05/26/06		33,000		(8,824	)
USD Vs JPY Strike Price $112.00, Expires 05/26/06		65,000		(17,381	)
TOTAL PUT OPTIONS				(3,874,219	)
CALL OPTIONS
Eurodollar Futures, Strike Price $95.50, Expires 09/18/06		670		(1,675	)
Swap 3 Month LIBOR & Fixed 4.00%, Strike Price 4.00%, Expires 06/02/06		300		—
Swap 3 Month LIBOR & Fixed 4.53%, Strike Price 4.53%, Expires 08/07/06		2,000		(4,340	)
Swap 3 Month LIBOR & Fixed 4.54%, Strike Price 4.54%, Expires 04/04/06		900		(90	)
Swap 3 Month LIBOR & Fixed 4.54%, Strike Price 4.54%, Expires 10/04/06		840		(5,670	)
Swap 3 Month LIBOR & Fixed 4.54%, Strike Price 4.54%, Expires 10/04/06		1,200		(8,100	)
Swap 3 Month LIBOR & Fixed 4.78%, Strike Price 4.78%, Expires 08/08/06		900		(8,622	)
Swap 3 Month LIBOR & Fixed 4.85%, Strike Price 4.85%, Expires 12/22/06		2,200		(86,086	)
Swap 3 Month LIBOR & Fixed 5.04%, Strike Price 5.04%, Expires 03/08/07		1,400		(110,880	)
Swap 3 Month LIBOR & Fixed 5.04%, Strike Price 5.04%, Expires 03/08/07		2,700		(213,840	)
Swap Option on 3 Month LIBOR, expiring 10/12/06 @ 4.30%		1,300		(2,847	)
Swap Option on 3 Month LIBOR, expiring 10/18/06 @ 4.56%		2,500		(21,925	)
Swap Option on 3 Month LIBOR, expiring 10/19/06 @ 4.31%		400		(1,044	)
U.S. Treasury Note Futures, Strike Price $105.00, Expires 05/26/06		6,510		(172,922	)
U.S. Treasury Note Futures, Strike Price $108.00, Expires 05/26/06		640		(12,000	)
U.S. Treasury Note Futures, Strike Price $110.00, Expires 05/26/06		800		(1,250	)
U.S. Treasury Note Futures, Strike Price $109.00, Expires 06/06/06		3,270		(20,438	)
TOTAL CALL OPTIONS				(671,729	)
TOTAL OUTSTANDING OPTIONS WRITTEN
(premium received $4,261,983)				(4,545,948	)

	Moody’s Ratings	Interest Rate			Maturity Date		Principal Amount (000)
INVESTMENT SOLD SHORT — (1.9)%
Federal National Mortgage Assoc. — (1.9)%
Federal National Mortgage Assoc.			5.50	%		04/13/35	$	38,500	$	(37,573,613	)
Federal National Mortgage Assoc.			5.00	%		04/13/36		5,000		(4,760,937	)
TOTAL INVESTMENT SOLD SHORT
(proceeds $32,938,125)										(42,334,550	)
TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN AND INVESTMENTS SOLD SHORT—103.8%
(proceeds $2,422,901,338)										2,320,961,630
LIABILITIES IN EXCESS OF OTHER ASSETS (u) — (3.8)%										(85,918,899	)
NET ASSETS — 100.0%									$	2,235,042,731

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.
BRB	Brady Bond
NR	Not Rated by Moodys or Standard & Poor’s

AST PIMCO TOTAL RETURN BOND PORTFOLIO (continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	TBA	Securities Purchased on a Forward Commitment Basis
	TIPS	Treasury Inflation Protected Securities
(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 distribtuion (does not include 144A securities - see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $244,546,881. The aggregate market value of $246,100,854 is approximately 11.0% 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 and/or principal repayment where applicable. Non-income producing security.
(k)	Securities or a portion thereof with an aggregate market value of $5,977,852 have been segregated by the Portfolio to cover margin requirements for futures contracts open at March 31, 2006.

							Unrealized
Number of		Expiration	Value at		Value at		Appreciation
Contracts	Type	Month	Trade Date		March 31, 2006		(Depreciation)
Long Positions:
2,396	Euro Dollar	Mar 07	$	570,315,367	$	567,822,050	$	(2,493,317	)
565	Euro Dollar	Mar 08		134,278,876		133,982,688		(296,188	)
1,936	Euro Dollar	Jun 07		460,671,538		459,001,400		(1,670,138	)
1,500	Euro Dollar	Sep 07		356,804,713		355,725,000		(1,079,713	)
1,672	Euro Dollar	Dec 06		397,719,426		396,034,101		(1,685,325	)
1,151	Euro Dollar	Dec 07		273,678,151		272,959,650		(718,501	)
55	U.S. Treasury 5 Year Note	Jun 06		5,776,719		5,744,063		(32,656	)
762	U.S. Treasury 10 Year Note	Jun 06		81,657,359		81,069,656		(587,703	)
191	U.S. Treasury 30 Year Note	Jun 06		21,560,617		20,848,844		(711,773	)
							$	(9,275,314	)
Short Positions:
559	Euro Bobl	Jun 06	$	74,947,988	$	74,564,495	$	383,493

(l)	US$ Denominated Foreign Bonds.
(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Portfolio’s investments was $2,423,262,440; accordingly, net unrealized depreciation on investments for federal income tax purposes was $27,153,584 (gross unrealized appreciation - $10,858,264; gross unrealized depreciation - $38,011,848). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(r)	Less than 1,000 par.
(u)	Liabilities in excess of other assets includes net unrealized appreciation (depreciation), forward foreign currency contracts, interest rate and credit default swaps as follows:

Forward foreign currency exchange contracts outstanding at March 31, 2006:

Purchase Contracts

					In				Unrealized
Settlement			Contracts to		Exchange		Contracts		Appreciation
Month	Type		Receive		For		at Value		(Appreciation)
Jul 06	Buy	BRL		1,811,000	$	781,721	$	810,329	$	28,608
Jul 06	Buy	CLP		447,441,000		847,828		847,705		(123	)
Aug 06	Buy	CLP		621,000,000		1,164,448		1,176,250		11,802
Mar 07	Buy	CNY		17,084,575		2,210,000		2,206,789		(3,211	)
Apr 06	Buy	EUR		3,337,411		4,046,611		4,044,465		(2,146	)
May 06	Buy	GBP		4,450,000		7,807,690		7,733,967		(73,723	)
Aug 06	Buy	IND		22,800,000		508,021		508,031		10
Sep 06	Buy	IND		34,455,000		763,123		766,666		3,543
May 06	Buy	JPY		4,823,444,000		41,201,673		41,243,942		42,269
Jul 06	Buy	KRW		991,100,000		1,012,360		1,022,939		10,579
Aug 06	Buy	KRW		1,287,251,000		1,334,769		1,329,599		(5,170	)
Sep 06	Buy	KRW		1,012,438,000		1,043,751		1,046,502		2,751
Aug 06	Buy	MXP		14,060,000		1,322,547		1,277,729		(44,818	)
Sep 06	Buy	MXP		5,620,000		522,426		510,012		(12,414	)
May 06	Buy	PEN		1,580,000		480,462		467,827		(12,635	)
Aug 06	Buy	PEN		2,060,000		625,569		608,584		(16,985	)
Sep 06	Buy	PEN		1,762,000		527,703		520,322		(7,381	)
May 06	Buy	PLZ		3,245,000		1,018,614		1,004,098		(14,516	)
Sep 06	Buy	PLZ		1,700,000		531,250		528,147		(3,103	)
Jul 06	Buy	RUB		12,909,000		460,921		465,753		4,832
Aug 06	Buy	RUB		35,995,000		1,278,232		1,298,634		20,402
Sep 06	Buy	RUB		15,289,000		552,548		551,447		(1,101	)
Jul 06	Buy	SGD		765,000		474,272		475,697		1,425
Aug 06	Buy	SGD		2,243,000		1,386,022		1,396,559		10,537
Sep 06	Buy	SGD		860,000		533,929		536,133		2,204
Sep 06	Buy	SKK		57,362,000		1,861,398		1,865,134		3,736
Aug 06	Buy	TWD		31,666,000		996,726		990,262		(6,464	)
Sep 06	Buy	TWD		16,682,000		525,087		523,081		(2,006	)
May 06	Buy	ZAR		303,000		49,328		49,038		(290	)
Aug 06	Buy	ZAR		739,000		119,790		118,979		(811	)
					$	75,988,819	$	75,924,620	($	64,199	)

Sale Contracts

					In				Unrealized
Settlement			Contracts to		Exchange		Contracts		Appreciation
Month	Type		Deliver		For		at Value		(Depreciation)
Jul 06	Sell	BRL		1,031,485	$	455,000	$	461,536		(6,536	)
Jul 06	Sell	CLP		542,993,750		1,025,000		1,028,736		(3,736	)
May 06	Sell	CND		367,000		314,836		314,547		289
Apr 06	Sell	EUR		79,286,000		96,928,026		96,200,481		727,545
Jun 06	Sell	EUR		67,139,000		82,011,552		81,817,681		193,871
Aug 06	Sell	IND		30,955,150		685,000		689,745		(4,745	)
May 06	Sell	JPY		113,791,000		972,382		972,996		(614	)

Sep 06	Sell	KRW	1,666,637,000		1,715,000		1,722,711		(7,711	)
Aug 06	Sell	MXP	10,062,324		910,000		914,433		(4,433	)
Aug 06	Sell	PEN	2,732,975		805,000		807,401		(2,401	)
May 06	Sell	PLZ	2,593,040		800,000		802,363		(2,363	)
Aug 06	Sell	RUB	31,549,500		1,140,000		1,138,248		1,752
Aug 06	Sell	SGD	2,670,193		1,660,000		1,662,542		(2,542	)
Sep 06	Sell	SKK	28,428,000		920,000		924,148		(4,148	)
Aug 06	Sell	TWD	48,471,000		1,510,000		1,515,790		(5,790	)
May 06	Sell	ZAR	710,872		115,000		115,049		(49	)
				$	191,966,796	$	191,088,407	$	878,389

(w) Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

Interest rate swap agreements outstanding at March 31, 2006:

Description	Expiration Month			Notional Amount (000)		Unrealized Appreciation (Depreciation)
Pay variable rate payments on three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%. (1)		Jun 08			4,700		(27,067	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR-BBA floating rate. (7)		Jun 11			23,100		(314,965	)
Receive variable rate payments on three month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (2)		Dec 14			3,600		91,785
Pay variable rate payments on three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%. (7)		Jun 16			1,500		(39,885	)
Pay variable rate payments on three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%. (7)		Dec 35			5,200		(46,365	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%. (8)		Jun 36			5,500		(326,583	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%. (7)		Jun 36			8,200		(503,421	)
Pay variable rate payments on the six month LIBOR-BBA floating rate and receive fixed rate payments of 2.145%. (5)		Oct 10	EUR		1,200		4,941
Pay variable rate payments on the six month LIBOR-BBA floating rate and receive fixed rate payments of 2.102%. (1)		Oct 10	EUR		5,300		10,545
Pay variable rate payments on the six month LIBOR-BBA floating rate and receive fixed rate payments of 2.090%. (6)		Oct 10	EUR		1,200		2,085
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate. (1)		Jun 07	GBP		45,700		48,634
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate. (g) (7)		Sep 09	GBP		24,800		(289,943	)
Pay fixed rate payments of 4.00% and receive variable rate payments on the six month LIBOR floating rate. (3)		Dec 35	GBP		1,700		(4,976	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (4)		Jun 12	JPY		1,050,000		(166,469	)
Receive varibale rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (5)		Jun 12	JPY		1,625,000		(260,395	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (2)		Jun 12	JPY		130,000		(20,780	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (2)		Jun 12	JPY		387,100		(63,496	)
						$	(1,906,355	)

Broker/Counterparty:
(1)	Barclays Bank PLC
(2)	Goldman Sachs Capital Markets, L.P.
(3)	Merrill Lynch
(4)	Morgan Stanley Capital Services, Inc.
(5)	UBS AG
(6)	BNP Paribas
(7)	Lehman Brothers

Credit default swap agreements outstanding at March 31, 2006:

Description	Expiration Month		Notional Amount (000)		Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 4.7% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (g)(2)		Jun 07	$	6,000	$	107,740
Receive a fixed rate equal to 3.35% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (g)(1)		Jun 06		5,400		8,321
Receive a fixed rate equal to 4.75% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (2)		Jun 07		400		7,413
Receive a fixed rate equal to 4.75% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (g)(3)		Jun 07		700		12,973
Receive a fixed rate equal to 4.70% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0% due 10/01/13. (g)(2)		Jun 07		1,500		26,935
Receive a fixed rate equal to 1.40% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (g)(4)		Sep 06		6,700		(43,462	)
Receive a fixed rate equal to 1.40% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp. 7.0%, due 10/01/13. (g)(4)		Dec 06		5,800		91,293
Receive a fixed rate equal to 1.950% and the Portfolio will pay to the counterparty at par in the event of default of Ford Motor Credit Corp.7.0%, due 10/01/13. (g) (5)		Sep 07		1,800		(40,257	)
Receive a fixed rate equal to 1.90% and the Portfolio will pay to the counterparty at par in the event of default of General Motors Corp. 6.875%, due 8/28/10 (g)(4)		Sep 06		3,500		(23,445	)
Receive a fixed rate equal to 1.35% and the Portfolio will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.875%, due 8/28/10. (g)(3)		Sep 06		4,000		(37,110	)
Receive a fixed rate equal to 0.58% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5% due 03/31/30 (g)(4)		Jun 06		1,200		1,160
Receive a fixed rate equal to 0.92% and the Portfolio will pay to the counterparty at par in the event of default of United Mexican States 7.50% due 04/08/33 (2)		Mar 16		100		(425	)
Receive a fixed rate equal to 1.98% and the Portfolio will pay to the counterparty at par in the event of default of Federal Republic of Brazil 12.25% du 03/06/30 (3)		Mar 16		1,800		(33,589	)
Receive a fixed rate equal to 0.92% and the Portfolio will pay to the counterparty at par in the event of default of United Mexican States 7.50% due 04/08/33 (3)		Mar 16		1,200		(5,003	)
					$	72,544

Broker/Counterparty
(1)	ABN AMRO Bank NV
(2)	JPMorgan Chase Bank
(3)	Lehman Brothers, Inc.
(4)	Morgan Stanley Capital Services, Inc.
(5)	HSBC

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS MARCH 31, 2006 (Unaudited)

	Moody’s Ratings			Interest Rate			Maturity Date		Principal Amount (000)		Value
LONG-TERM INVESTMENTS — 63.6%
ASSET-BACKED SECURITIES — 2.7%
Advanta Mortgage Loan Trust, Series 1994-4, Class A		Aaa			5.193	%		11/25/29	$	1,087	$	1,087,697
Aegis Asset Backed Securities Trust, Series 2004-3, Class A2A		Aaa			5.018	%		09/25/34		353		352,860
Argent Securities Inc., Series 2005-W2, Class A2A		Aaa			4.938	%		10/25/35		6,860		6,861,267
Asset Backed Funding Certificates, Series 2005-He2, Class A2A		Aaa			4.928	%		06/25/35		751		750,662
Bear Stearns Asset Backed Securities, Inc., Series 2003-3, Class A1		Aaa			5.018	%		06/15/43		340		340,506
Centex Home Equity, Series 1999-3, Class A2		Aaa			5.218	%		10/25/30		2,357		2,364,523
Centex Home Equity, Series 2004-B, Class AV3		Aaa			5.018	%		03/25/34		46		46,396
Centex Home Equity, Series 2005-A, Class AV1		Aaa			4.938	%		08/25/27		593		593,291
Chase Funding Loan Acquisition Trust, Series 2003-C1, Class 2A2		Aaa			5.148	%		01/25/33		8		7,702
Citigroup Mortgage Loan Trust, Inc., Series 2005-He3, Class A2A		Aaa			4.928	%		09/25/35		526		526,516
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-HE30, Class A2		Aaa			4.931	%		07/25/32		90		89,929
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE1, Class A2		Aaa			5.188	%		08/25/32		105		104,842
FannieMae Grantor Trust, Series 2004-T5, Class A14		Aaa			5.302	%		05/28/35		611		611,671
First Franklin Mortgage Loan, Series 2003 FF5, Class A2		Aaa			5.22	%		03/25/34		169		168,460
First NLC Trust, Series 2005-2, Class AV1		Aaa			4.928	%		09/25/35		877		876,789
Home Equity Asset Trust, Series 2005-8, Class 2A1		Aaa			4.928	%		02/25/36		5,673		5,674,559
Home Equity Mortgage Trust, Series 2005-2, Class A2		Aaa			4.938	%		07/25/35		2,174		2,173,917
Long Beach Mortgage Loan Trust, Series 2004-6, Class 1A1		AAA	(d)		5.018	%		11/25/34		2,551		2,552,689
Long Beach Mortgage Loan Trust, Series 2005-3, Class 2A1		Aaa			4.938	%		09/25/35		6,399		6,399,780
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class 2A1		Aaa			4.928	%		06/30/35		3,689		3,689,533
Novaster Home Equity Loan, Series 2001-2, Class A2		Aaa			5.148	%		09/25/31		185		184,716
People’s Choice Home Loan Securities Trust, Series 2005-2, Class 1A1		Aaa			4.928	%		05/25/35		186		186,110
Renaissance Home Equity Loan Trust, Series 2003-3, Class A		Aaa			5.318	%		12/25/33		897		903,271
Renaissance Home Equity Loan Trust, Series 2004-3, Class AV2A		Aaa			5.178	%		11/25/34		996		999,579
Renaissance Home Equity Loan Trust, Series 2005-1, Class AF1		Aaa			4.948	%		05/25/35		1,562		1,562,161
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AIIB		Aaa			5.148	%		12/25/33		205		204,939
Residential Asset Mortgage Products, Inc., Series 2004-RS9, Class AII1		Aaa			4.978	%		09/25/13		768		768,410
Structured Asset Investment Loan Trust, Series 2004-3, Class A5		AAA	(d)		5.018	%		04/25/34		142		142,303
SVO Timeshare Mortgage Corp., Series 2001-AA, Class A 144A		Aaa			5.47	%		10/20/13		892		889,649
Wells Fargo Home Equity Trust, Series 2004-2, Class AI1A		Aaa			4.988	%		02/25/18		641		641,203
TOTAL ASSET-BACKED SECURITIES (cost $41,693,829)												41,755,930
COLLATERALIZED MORTGAGE OBLIGATIONS — 14.6%
AAA Trust, Series 2005-2, Class A1, 144A		Aaa			4.918	%		11/26/35		645		645,280
American Home Mortgage Investment Trust, Series 2004-4, Class 5A		Aaa			4.44	%		02/25/45		3,834		3,733,419

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS MARCH 31, 2006 (Unaudited)

	Moody’s Ratings			Interest Rate			Maturity Date		Principal Amount (000)		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
Bank of America Funding Corp., Series 2006-A, Class 1A1 (Vr)		AAA	(d)		4.626	%		01/20/36	$	4,096	$	3,999,796
Bank of America Mortgage Securities, Series 2002-K, Class 2A1		AAA	(d)		5.447	%		10/20/32		1,085		1,083,533
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 2A1		Aaa			4.815	%		01/25/34		1,895		1,866,668
Bear Stearns Alt-A Trust, Series 2003-7, Class IIA1		Aaa			4.861	%		02/25/34		608		608,714
Bear Stearns Trust, Series 2002-2, Class IIIA		Aaa			6.784	%		06/25/31		154		152,682
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A2A		AAA	(d)		4.70	%		12/25/35		8,252		8,139,989
Commercial Mortgage Pass Through Certificates, 144A		Aaa			4.929	%		03/15/20		9,000		8,998,830
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1		AAA	(d)		6.25	%		12/25/33		975		970,844
Countrywide Alternative Loan Trust, Series 2005-11, Class 2A8		Aaa			4.50	%		06/25/35		846		829,921
Countrywide Home Loans, Series 2003-J7, Class 4A2		AAA	(d)		5.218	%		08/25/18		671		674,454
Countrywide Home Loans, Series 2003-R4, Class 1A3, 144A		Aaa			6.00	%		11/25/26		12,300		12,223,448
Countrywide Home Loans, Series 2003-R4, Class 2A, 144A		Aaa			6.50	%		01/25/34		886		895,464
Countrywide Home Loans, Series 2004-25, Class 2A1		Aaa			5.158	%		02/25/35		2,957		2,963,544
Countrywide Home Loans, Series 2005-11, Class 3A1		Aaa			5.045	%		04/25/35		2,794		2,837,279
Countrywide Home Loans, Series 2005-3, Class 2A1		Aaa			5.108	%		02/28/35		8,304		8,337,328
Countrywide Home Loans, Series 2005-R2, Class 1AF1, 144A		Aaa			5.158	%		06/25/35		7,070		7,092,640
Credit Suisse First Boston USA, Inc., Series 2002, Class P-3A, 144A		Aaa			5.368	%		09/27/32		2,015		2,022,289
Credit Suisse First Boston USA, Inc., Series 2003-8, Class 5A1		Aaa			6.64	%		04/25/33		295		295,469
Fannie Mae, Series 1988-22, Class A		Aaa			4.54	%		08/25/18		13		13,116
Fannie Mae, Series 1996-39, Class H		Aaa			8.00	%		11/25/23		134		142,339
Fannie Mae, Series 2003-54, Class TH		Aaa			4.698	%		05/25/09		468		466,092
Fannie Mae, Series 2003-67 Class Gn		Aaa			3.50	%		01/25/25		982		958,458
Fannie Mae, Series 2003-83 Class A		Aaa			4.25	%		04/25/28		7,823		7,701,415
Fannie Mae, Series 2004-11, Class A		Aaa			4.938	%		03/25/34		625		625,434
Fannie Mae, Series 2004-41, Class PB		Aaa			3.50	%		04/25/17		985		974,554
Federal National Mortgage Assoc.,		Aaa			4.689	%		05/25/35		300		293,102
FHLMC Structured Pass Through Securities, Series T-57, Class 1A1		Aaa			6.50	%		07/25/43		4,632		4,692,870
FHLMC Structured Pass Through Securities, Series T-59, Class 1A2		Aaa			7.00	%		10/25/43		2,560		2,635,661
FHLMC Structured Pass Through Securities, Series T-62, Class 1A1		Aaa			4.678	%		10/25/44		22,503		22,629,590
FHLMC Sttructured Pass Through Securities, Series T-61, Class 1A		Aaa			4.878	%		07/25/44		6,828		6,858,956
First Republic Mortgage Loan Trust, Series 2002-FRB1, Class A		Aaa			5.049	%		08/15/32		6,557		6,568,486
Freddie Mac, Series 2538, Class CA		Aaa			5.00	%		04/15/16		2,378		2,351,817
Freddie Mac, Series 2544, Class PN		Aaa			4.50	%		03/15/26		1,508		1,491,572
Freddie Mac, Series 2572, Class HA		Aaa			5.00	%		06/15/13		1,336		1,333,979
Freddie Mac, Series 2692, Class YB		Aaa			3.50	%		05/15/16		16,413		16,053,555
Freddie Mac, Series 2737, Class XG		Aaa			4.00	%		11/15/22		8,300		8,111,005
Freddie Mac, Series 2756, Class MA		Aaa			5.00	%		06/15/16		6,074		6,062,590
Freddie Mac, Series 2828, Class EN		Aaa			4.50	%		10/15/23		8,300		8,131,268
Freddie Mac, Series 2839, Class DG		Aaa			5.00	%		06/15/16		1,533		1,527,913
Freddie Mac, Series 2887, Class LB		Aaa			5.00	%		12/15/19		2,100		2,090,380
Freddie Mac, Series 2905, Class UY		Aaa			4.00	%		10/15/23		728		712,534
Freddie Mac, Series 2957, Class HA		Aaa			5.00	%		01/15/27		299		296,366

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings			Interest Rate			Maturity Date		Principal Amount (000)			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
GE Capital Commerical Mortgage Corp., Series 2002-3A, Class A1		AAA	(d)		4.229	%		12/10/37	$	3,262		$	3,169,618
GMAC Mortgage Corporation Loan Trust, Series 2004-J4, Class A1		Aaa			5.50	%		09/25/34		6,763			6,669,173
Government National Mortgage Assoc., Series 1998-15, Class C		Aaa			6.50	%		06/20/28		3,034			3,092,053
Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1 (g)		Aaa			5.048	%		06/25/45		2,215			2,212,298
GSAA Home Equity Trust, Series 2004-CW1, Class 2A1		Aaa			6.00	%		04/01/34		14,284			14,177,011
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1		Aaa			3.409	%		06/25/34		1,002			979,676
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1		Aaa			4.541	%		09/25/35		4,469			4,366,964
Saco I, Inc., Series 2004-2, Class A2		Aaa			5.008	%		07/25/19		—	(r)		0
Sami, Series 2006-Ar3, Class A1		Aaa			5.04	%		03/25/36		3,800			3,805,958
Small Business Investment Cos., Series 1997-P10B, Class 1		Aaa			7.31	%		05/10/07		338			344,516
Structured Adjustable Rate Mortgage Loan, Series 2005-23, Class 1A3		Aaa			5.45	%		01/25/36		1,432			1,429,284
Structured Asset Securities Corp., Series 2005-S5, Class A1		Aaa			4.918	%		08/25/35		6,856			6,856,433
Washington Mutual, Inc.,		Aaa			4.80	%		12/25/27		2,188			2,186,216
Washington Mutual, Series 2002-AR11, Class A1		Aaa			5.127	%		10/25/32		1,336			1,328,032
Washington Mutual, Series 2002-AR2, Class A		Aaa			4.546	%		02/27/34		603			591,652
Washington Mutual, Series 2005-AR1, Class A1A		Aaa			4.85	%		01/25/45		219			219,477
Washington Mutual, Series 2005-AR2, Class 2A1A		Aaa			5.128	%		01/25/45		3,277			3,290,843
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $226,337,500)													225,813,847
CORPORATE BONDS — 12.9%
Airlines — 0.2%
United Air Lines, Inc., Pass-Thru Cert., Series 01-1, 144A (g)(i)		NR			6.831	%		09/01/08		1,800			1,656,000
United Air Lines, Inc., Pass-Thru Cert., Series 01-1, 144A (g)(i)		NR			6.932	%		09/01/11		1,100			1,108,250
													2,764,250
Automobile Manufacturers — 1.3%
DaimlerChrysler NA Holding Co.,		A3			4.99	%		05/24/06		500			500,130
DaimlerChrysler NA Holding Co., Co. Gtd. Notes		A3			5.10	%		03/07/07		8,980			8,983,206
DaimlerChrysler NA Holding Co., Co. Gtd. Notes		A3			6.40	%		05/15/06		3,610			3,614,155
DaimlerChrysler NA Holding Co., Notes		A3			4.125	%		03/07/07		4,600			4,549,938
DaimlerChrysler NA Holding Corp., Co. Gtd. Notes		A3			5.30	%		03/13/09		2,700			2,700,470
													20,347,899
Cable Television — 0.1%
CSC Holdings, Inc.,		B2			7.875	%		12/15/07		2,277			2,322,540
Electric — 0.3%
CMS Energy Corp., Sr. Notes		B1			8.90	%		07/15/08		1,900			2,018,750
PSE&G Power LLC, Gtd. Notes		Baa1			6.875	%		04/15/06		2,700			2,700,937
													4,719,687
Electronic Components & Equipment — 2.3%
Dominion Resources, Inc., Sr. Notes		Baa1			4.819	%		09/28/07		11,100			11,109,513
Entergy Gulf States, Inc., 1st Mortgage 144A		Baa			5.61	%		12/08/08		6,300			6,302,759
Nisource Finance Corp., Co. Gtd. Notes		Baa3			3.20	%		11/01/06		3,115			3,077,118
Nisource Finance Corp., Co. Gtd. Notes		Baa3			5.344	%		11/23/09		4,300			4,313,859
Progress Energy, Inc., Sr. Unsec’d. Notes		A3			5.141	%		11/14/08		7,400			7,401,717
Southwestern Public Service Co., Sr. Notes		Baa1			5.125	%		11/01/06		2,900			2,893,896
													35,098,862
Entertainment & Leisure — 0.6%
Time Warner, Inc., Co. Gtd. Notes		Baa1			6.125	%		04/15/06		4,925			4,925,980

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Entertainment & Leisure (cont’d)
Time Warner, Inc., Notes		Baa1		8.18	%		08/15/07	$	4,200	$	4,349,356
											9,275,336
Financial - Bank & Trust — 1.1%
HSBC Finance Corp., Sr. Unsec’d. Notes		A1		5.04	%		09/15/08		7,000		7,017,759
Riggs Capital Trust II Preferred Securities, Co. Gtd. Notes, 144A		A3		8.875	%		03/15/27		850		910,559
Riggs Capital Trust II, Co. Gtd. Notes		A3		8.875	%		03/15/27		1,560		1,671,144
Riggs Capital Trust, Co. Gtd. Notes		A3		8.625	%		12/31/26		3,000		3,186,651
VTB Capital SA, Sr. Notes, 144A (Luxembourg)(l)		A2		5.241	%		09/21/07		4,400		4,403,300
											17,189,413
Financial - Brokerage — 1.0%
Goldman Sachs Group, Inc., Notes		Aa3		4.67	%		08/01/06		8,340		8,343,002
Goldman Sachs Group, Inc., Notes		Aa3		4.819	%		06/28/10		6,400		6,426,765
											14,769,767
Financial Services — 3.4%
Bombardier Capital, Inc., Keepwell Agreement, 144A (g)		NR		7.09	%		03/30/07		1,000		1,001,875
Citigroup, Inc., Notes		Aa1		4.541	%		12/26/08		3,900		3,899,528
Federal Home Loan Mortgage Corp. (Step Bond)		Aaa		4.00	%(v)		08/25/09		1,165		1,142,388
Ford Motor Credit Co., Notes		Baa2		5.09	%		03/13/07		2,000		1,938,600
Ford Motor Credit Co., Notes		Baa2		5.349	%		09/28/07		1,400		1,343,705
Federal Home Loan Mortgage Corp., Notes		Aaa		4.48	%		09/19/08		18,300		17,971,003
General Motors Acceptance Corp., Notes		Baa2		5.50	%		01/16/07		2,900		2,854,026
General Motors Acceptance Corp., Notes		Baa2		5.62	%		03/20/07		3,000		2,938,737
General Motors Acceptance Corp., Notes		Baa2		5.645	%		05/18/06		50		49,857
Lehman Brothers Holdings, Inc.		A1		4.71	%		12/23/10		4,200		4,204,507
MBNA America Bank NA		Baa1		6.50	%		06/20/06		2,000		2,006,274
MBNA Europe Funding PLC, Bank Gtd., 144A (United Kingdom)(l)		Baa1		4.95	%		09/07/07		9,800		9,804,273
Morgan Stanley, Sr. Notes		Aa3		4.825	%		02/09/09		3,900		3,903,143
											53,057,916
Food — 0.6%
Heinz (H.J.) Co., Notes, 144A		Baa1		6.428	%		12/01/20		5,700		5,800,719
Kroger Co., Sr. Notes		Baa2		7.625	%		09/15/06		3,000		3,027,144
											8,827,863
Hotels & Motels — 0.5%
Host Marriott Corp., Co. Gtd. Notes		Ba3		9.25	%		10/01/07		2,279		2,387,253
Mandalay Resort Group, Sr. Notes		Ba2		6.50	%		07/31/09		900		898,875
Mirage Resorts, Inc., Notes		Ba2		6.75	%		08/01/07		800		807,000
Mirage Resorts, Inc., Sr. Notes		Ba2		7.25	%		10/15/06		589		592,681
Park Place Entertainment Corp.,		Ba1		9.375	%		02/15/07		500		515,625
Park Place Entertainment Corp., Sr. Notes		Ba1		8.50	%		11/15/06		1,760		1,789,054
											6,990,488
Medical Supplies & Equipment — 0.3%
HCA, Inc., Notes		Ba2		5.25	%		11/06/08		500		491,404
HCA, Inc., Notes		Ba2		7.125	%		06/01/06		4,200		4,210,265
											4,701,669
Oil & Gas — 0.2%
Transcontinental Gas Pipe Line Corp., Notes		Ba2		6.25	%		01/15/08		750		756,563
Transcontinental Gas Pipe Line Corp., Notes, 144A		Ba2		5.88	%		04/15/08		1,000		1,014,614
Williams Cos., Inc., Notes, 144A		B1		6.375	%		10/01/10		700		693,000
											2,464,177
Retail & Merchandising — 0.2%
Delhaize America, Inc., Co. Gtd. Notes		Ba1		7.375	%		04/15/06		740		740,334
JC Penney & Co., Notes		Ba1		6.50	%		12/15/07		2,910		2,953,630
											3,693,964

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Moody’s Ratings		Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS (Continued)
Telecommunications — 0.1%
Sprint Capital Corp., Co. Gtd. Notes		Baa2		4.78	%		08/17/06	$	2,000	$	1,995,878
Utilities — 0.7%
CMS Energy Corp., Sr. Notes		B1		9.875	%		10/15/07		1,750		1,861,563
Dominion Resources, Inc., Sr. Notes		Baa1		3.66	%		11/15/06		1,400		1,385,465
Niagara Mohawk Power Corp., Notes		A3		7.75	%		05/15/06		4,590		4,603,825
Ohio Edison Co., Notes, 144A		Baa2		5.647	%		06/15/09		500		500,966
Ohio Edison Co., Sr. Notes		Baa2		4.00	%		05/01/08		1,205		1,169,645
Public Service Enterprise Group, Inc., Notes		Baa2		4.875	%		09/21/08		1,700		1,701,644
											11,223,108
TOTAL CORPORATE BONDS (cost $200,074,222)											199,442,817
FOREIGN GOVERNMENT BONDS (l)— 2.5%
Federal Republic of Brazil (Brazil)		Ba3		8.75	%		02/04/25		25		28,625
Federal Republic of Brazil (Brazil)		Ba3		8.875	%		10/14/19-04/15/24		50		57,775
Republic of Brazil (Brazil)		Ba3		7.875	%		03/07/15		25		26,988
Republic of Brazil (Brazil)		B2		8.00	%		01/15/18		1,377		1,491,979
Republic of Brazil (Brazil)		B1		4.25	%		04/15/09		969		969,236
Republic of Brazil (Brazil)		B1		4.313	%		04/15/12		306		305,735
Republic of Brazil (Brazil)		B1		10.271	%		06/29/09		800		928,000
Republic of Brazil (Brazil)		B1		11.00	%		01/11/12-08/17/40		2,590		3,201,970
Republic of Brazil (Brazil)		B1		12.00	%		04/15/10		310		378,355
Republic of Brazil (Brazil) (BRB)		B2		4.25	%		04/15/06		912		902,880
Republic of Brazil (Brazil) (BRB)		B1		4.313	%		04/15/09-04/15/12		14,247		14,234,920
Republic of Panama (Panama)		Ba1		8.875	%		09/30/27		900		1,093,500
Republic of Panama (Panama)		Ba1		9.375	%		07/23/12		1,000		1,160,000
Republic of Panama (Panama)		Ba1		9.625	%		02/08/11		3,000		3,457,500
Republic of Peru (Peru)		Ba3		5.00	%		03/07/17		468		440,619
Republic of Peru (Peru)		Ba3		9.125	%		01/15/08-02/21/12		2,375		2,603,750
Republic of Peru (Peru)		Ba3		9.875	%		02/06/15		1,000		1,180,000
Republic of South Africa (South Africa)		Baa1		9.125	%		05/19/09		2,650		2,908,375
Russian Federation (Russia)		Baa3		8.25	%		03/31/10		1,250		1,322,125
United Mexican States (Mexico)		Baa1		8.125	%		12/30/19		850		998,750
United Mexican States (Mexico)		Baa1		11.375	%		09/15/16		150		211,425
TOTAL FOREIGN GOVERNMENT BONDS (cost $34,783,135)											37,902,507

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 10.7%
Federal Home Loan Bank	3.85	%	12/21/07	320	313,482
Federal Home Loan Mortgage Corp.	4.559	%	01/01/34	318	312,446
Federal Home Loan Mortgage Corp.	5.375	%	07/01/29	242	248,273
Federal Home Loan Mortgage Corp.	6.00	%	08/01/29-04/01/33	7,217	7,221,227
Federal Home Loan Mortgage Corp.	6.12	%	12/01/26	59	59,820
Federal Home Loan Mortgage Corp.	8.50	%	01/01/25	417	447,652
Federal National Mortgage Assoc.	3.854	%	10/01/33	7,923	7,728,014
Federal National Mortgage Assoc.	4.586	%	04/01/32	77	78,512
Federal National Mortgage Assoc.	4.897	%	03/01/17	351	351,646

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Federal National Mortgage Assoc.		5.00	%		10/01/17-10/01/20	$	54,617	$	53,252,668
Federal National Mortgage Assoc.		5.025	%		04/01/24		132		133,695
Federal National Mortgage Assoc.		5.08	%		05/01/25		56		55,604
Federal National Mortgage Assoc.		5.50	%		12/01/34-11/01/35		90,855		88,697,557
Federal National Mortgage Assoc.		5.654	%		01/01/25		17		17,181
Federal National Mortgage Assoc.		5.774	%		12/01/29		122		124,989
Federal National Mortgage Assoc.		6.00	%		04/01/12-11/01/17		2,421		2,452,678
Government National Mortgage Assoc.		4.375	%		05/20/24-06/20/26		576		579,113
Government National Mortgage Assoc.		4.75	%		07/20/17-07/20/24		147		147,903
Government National Mortgage Assoc.		5.125	%		11/20/29		512		516,750
Government National Mortgage Assoc.		6.50	%		04/15/26-06/15/29		295		305,397
Government National Mortgage Assoc.		7.00	%		01/15/24-08/15/25		96		100,412
Government National Mortgage Assoc.		8.00	%		06/20/30-01/20/32		1,493		1,584,666
Government National Mortgage Assoc.		8.50	%		10/15/29-01/15/31		376		403,998
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (cost $169,380,994)									165,133,683
U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.5%
Federal Home Loan Bank		2.30	%		03/30/09		2,000		2,000,000
Federal Home Loan Bank		3.00	%		07/17/08		1,000		980,517
Federal Home Loan Bank		3.125	%		08/25/08		1,715		1,699,136
Federal Home Loan Bank		3.15	%		08/13/07		2,680		2,611,092
Federal Home Loan Bank		3.50	%		10/22/07-03/17/09		7,000		6,796,737
Federal Home Loan Bank		3.73	%		01/04/08		1,400		1,368,241
Federal Home Loan Bank		4.01	%		10/28/08		1,075		1,047,351
Federal Home Loan Bank		4.25	%		07/30/09		5,571		5,410,821
Federal Home Loan Bank		4.50	%		06/12/13		5,500		5,216,778
Federal Home Loan Bank		4.77	%		06/13/06		41,900		41,892,751
Federal Home Loan Mortgage Corp.		4.00	%		05/23/08		1,400		1,369,635
Federal Home Loan Mortgage Corp.		4.24	%		07/30/09		19,700		19,143,514
Federal National Mortgage Assoc.		4.02	%		05/07/09		755		730,743
Federal National Mortgage Assoc.		4.25	%		07/30/09		23,525		22,846,539
Federal National Mortgage Assoc.		4.376	%		09/22/06		18,200		18,196,742
Federal National Mortgage Assoc.		4.665	%		05/22/06		64,700		64,681,496
Federal National Mortgage Assoc.		4.725	%		09/07/06		28,000		27,995,408
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $224,087,768)									223,987,501
U.S. TREASURY OBLIGATION — 5.7%
U.S. Treasury Notes		3.50	%		12/15/09		7,470		7,138,519
U.S. Treasury Notes		4.00	%		03/15/10		10,600		10,287,385
U.S. Treasury Notes		4.625	%		02/29/08		70,600		70,315,976
TOTAL U.S. TREASURY OBLIGATION (cost $88,428,992)									87,741,880

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Contracts		Value
OUTSTANDING OPTIONS PURCHASED*
Call Options
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50, Expires 04/04/06(g)		23,400,000	$	234
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50, Expires 10/04/06(g)		31,600,000		6,194
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50, Expires 10/04/06(g)		54,700,000		12,581
				19,009
Put Option
U.S. Dollar vs. Japanese Yen, Strike Price 115, expiring 05/26/06, 144A(g)		21,300,000		169,228
TOTAL OUTSTANDING OPTIONS PURCHASED (cost $899,655)				188,237
	Units
RIGHTS*
United Mexican States Value Recovery Rights Series D (Mexico)		5,500,000		77,000
United Mexican States Value Recovery Rights Series E (Mexico)		5,500,000		141,625
TOTAL RIGHTS (cost $0)				218,625
TOTAL LONG-TERM INVESTMENTS (cost $985,686,095)				982,185,027

	Interest Rate			Maturity Date			Principal Amount (000)
SHORT-TERM INVESTMENTS — 26.0%
CERTIFICATES OF DEPOSIT (n)— 4.6%
San Paolo IMI U.S. Financial Co.		4.76	%		05/30/06		$	31,000	30,998,695
Unicred Ital NY		4.883	%		06/16/06			40,000	39,997,560
									70,996,255
COMMERCIAL PAPER (n)— 15.6%
Bank of Ireland, 144A (h) (cost $1,285,034; purchased 02/08/06)		4.605	%		05/09/06			1,300	1,293,890
Barclays US Funding		4.46	%		04/11/06			15,500	15,484,328
Citibank NA		4.72	%		05/17/06			40,000	39,994,684
Cox Communications, Inc., 144A (h) (cost $2,259,000; purchased 01/13/06)		4.802	%		07/17/06			2,259	2,224,508
Cox Communications, Inc., 144A (h) (cost $5,300,000; purchased 01/04/06)		4.99	%		09/15/06			5,300	5,170,404
Danske Bank A/S, 144A (h) (cost $7,217,542; purchased 01/04/06)		4.42	%		04/06/06			7,300	7,297,240
Danske Bank A/S, 144A (h) (cost $3,261,966; purchased 01/24/06)		4.51	%		04/26/06			3,300	3,290,278
Fortis Funding, 144A (h) (cost $32,506,100; purchased 01/11/06)		4.49	%		05/11/06			33,000	32,836,736
HBOS Treasury Services		4.71	%		06/01/06			40,000	39,683,560
Progress Energy, Inc.		4.63	%		04/28/06			4,300	4,285,905
Skandi Ensk Bank, 144A (h) (cost $2,966,663; purchased 01/10/06)		4.445	%		04/10/06			3,000	2,997,328
Skandi Ensk Bank, 144A (h) (cost $35,158,303; purchased 03/29/06)		4.855	%		06/29/06			35,600	35,595,892
UBS Finance, Inc.		4.44	%		04/10/06			46,200	46,159,125
UBS Finance, Inc.		4.48	%		05/10/06			4,200	4,179,776
									240,493,654
FOREIGN GOVERNMENT BONDS (n)— 5.1%
France Discount T-Bill Government (France)		2.606	%		06/29/06	EUR		37,520	45,186,961
German Treasury Bill (Germany)		2.484	%		06/14/06	EUR		25,000	30,143,423
German Treasury Bill (Germany)		2.759	%		09/13/06	EUR		3,420	4,093,365
									79,423,749
U.S. TREASURY OBLIGATION (n)— 0.2%
U.S. Treasury Bill (k)		4.51	%		06/01/06			3,000	2,978,052

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)
		Shares		Value
AFFILIATED MONEY MARKET MUTUAL FUND — 0.5%
Dryden Core Investment Fund - Taxable Money Market Series (cost $8,634,532)(w)			8,634,532	$	8,634,532
TOTAL SHORT-TERM INVESTMENTS (cost $402,041,673)					402,526,242
TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN—89.6% (cost $1,387,727,768)(p)					1,384,711,269

	Interest Rate			Maturity Date		Principal Amount (000)
INVESTMENTS SOLD SHORT* — (3.2)%
U.S. Government Agency Obligations
Federal National Mortgage Assoc.		5.00	%		04/18/21		1,000	(974,688	)
Federal National Mortgage Assoc.		5.50	%		04/12/36		50,000	(48,796,900	)
TOTAL INVESTMENTS SOLD SHORT (proceeds $49,999,583)								(49,771,588	)

	Nominal Amount
OUTSTANDING OPTIONS WRITTEN*
CALL OPTIONS
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50, Expires 04/04/06		10,000,000		(100	)
Swap 3 Month LIBOR & Fixed 4.50%, Strike Price 4.50, Expires 10/04/06		13,500,000		(9,112	)
Swap 3 Month LIBOR & Fixed 4.54%, Strike Price 4.54, Expires 10/04/06		23,500,000		(15,863	)
U.S. Dollar vs. Japanese Yen, Strike Price $112, Expires 05/26/06		21,300,000		(56,956	)
U.S. Treasury Note Futures, Strike Price $113, Expires 05/26/06		14,700,000		(2,297	)
TOTAL CALL OPTIONS (proceeds received $717,554)				(84,328	)
PUT OPTION
U.S. Treasury Note Futures, Strike Price $104, Expires 05/26/06		14,700,000		(18,375	)
TOTAL OUTSTANDING OPTIONS WRITTEN (Premium received $772,201)				(102,703	)
TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN—86.4% (Premium received $1,336,955,984)				1,334,836,978
OTHER ASSETS IN EXCESS OF LIABILITIES (x) — 13.6%				210,407,268
NET ASSETS — 100.0%			$	1,545,244,246

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.
	BRB	Brady Bond
	NR	Not Rated by Moody’s or Standard & Poor’s
(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 $89,954,608. The aggregate market value of $90,706,276 is approximately 5.87% 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 or a portion thereof with an aggregate market value of $2,978,052 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006.

(i) US$ Denominated Foreign Bonds.

AST PIMCO LIMITED MATURITY BOND PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS		March 31, 2006 (Unaudited)
(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Portfolio’s investments was $1,387,808,070; accordingly, net unrealized depreciation on investments for federal income tax purposes was $3,096,801 (gross unrealized appreciation - $5,217,920; gross unrealized depreciation - $8,314,721). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(r)	Less than 1,000 par.
(v)	The rate shown reflects the coupon rate after the step date.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(x)	Other assets in excess of other liabilities includes net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts, interest rate and credit default swaps as follows:

Number of Contracts	Type	Expiration Month	Value at Trade Date	Value at March 31, 2006		Unrealized Depreciation
Long Positions:
725	Euro Dollar	Jun 06	173,809,688	171,815,938		(1,993,750	)
1,432	Euro Dollar	Sep 06	341,100,225	339,151,300		(1,948,925	)
					$	(3,942,675	)

Forward foreign currency exchange contracts outstanding at March 31, 2006:

Purchase Contracts
Settlement Month	Type		Contracts to Receive		In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Mar 07	Buy	CNY		7,564,130	$	980,000	$	976,860	$	(3,140	)
Apr 06	Buy	EUR		34,350,000		41,877,551		41,689,802		(187,749	)
May 06	Buy	JPY		1,889,463,000		16,106,306		16,156,278		49,972
					$	58,963,857	$	58,822,940	$	(140,917	)

Sale Contract
Settlement Month	Type		Contracts to Deliver		Exchange For		Contracts at Value		Unrealized Depreciation
Apr 06	Sell	EUR	99,032,000	$	120,032,272	$	120,415,478	$	(383,206	)

Interest rate swap agreements outstanding at March 31, 2006:

Description	Expiration Month		Notional Amount (000)		Unrealized Appreciation (Depreciation)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(1)		Jun 08		73,400	$	(419,022	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(2)		Jun 08		244,700		(1,397,207	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(3)		Jun 08		693,600		(4,555,678	)
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(3)		Jun 08		164,600		5,038,323
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(4)		Jun 08		52,500		(302,342	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(5)		Jun 08		212,300		(888,615	)
					$	(2,524,541	)

Brokers/Counterparties
(1)	Morgan Stanley Capital Services, Inc.
(2)	Goldman Sachs Capital Markets, L.P.
(3)	UBS AG
(4)	Barclays Bank PLC
(5)	Lehman Brothers, Inc.

Credit default swap agreements outstanding at March 31, 2006:

Description	Expiration Month		Notional Amount (000)		Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.875%, due 08/28/12.(2)		Sep 06	$	2,400	$	(17,202	)
Receive a fixed rate equal to 1.70% and the Portfolio will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.875%, due 8/28/12.(2)		Sep 06		4,600		(35,127	)
Receive a fixed rate equal to 0.58% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.0% due 03/31/30. (2)		Jun 06		1,500		1,450
Receive a fixed rate equal to 1.750% and the Portfolio will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.875%, due 08/28/12.(3)		Sep 06		3,500		(25,906	)
Receive a fixed rate equal to 0.720% and the Portfolio will pay to the counterparty at par in the event of default of JSC GAZPROM LOAN PARTICIPATION NOTES: 10.5%, due 10/21/09; 7.8%, due 9/27/10; 9.625%, due 3/1/13; 5.875%, due 6/1/15; 8.625%, due 4/28/14. (1)		Apr 06		6,290		1,846
					$	(74,939	)

Broker/Counterparty
(1)	Credit Suisse First Boston
(2)	Morgan Stanley Capital Services, Inc.
(3)	Goldman Sachs Capital Markets, L.P.

AST MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS				March 31, 2006 (Unaudited)
	Interest Rate			Maturity Date		Principal Amount (000)		Value
COMMERCIAL PAPER — 51.3%
Amsterdam Funding Corp.		4.625	%		04/06/06	$	27,000	$	26,989,594
Amsterdam Funding Corp. 144A		4.66	%		04/11/06		16,000		15,983,431
Barton Capital Corp. 144A		4.76	%		05/03/06		15,000		14,940,500
CBA (Delaware) Finance (n)		4.00	%		05/16/06		15,000		14,928,333
Citigroup Funding (n)		4.77	%		05/08/06		7,788		7,751,883
Citigroup Funding (n)		4.77	%		05/09/06		15,000		14,928,450
Falcon Asset Securities Corp. 144A		4.61	%		04/04/06		11,261		11,256,953
Falcon Asset Securities Corp. 144A		4.61	%		04/05/06		17,125		17,120,614
Falcon Asset Securities Corp. 144A		4.61	%		04/06/06		36,493		36,478,981
Falcon Asset Securities Corp. 144A		4.625	%		04/10/06		20,001		19,983,013
Fortis Funding LLC 144A		4.63	%		04/10/06		88,157		88,077,634
Greenwich Capital Holdings Inc. (n)		4.68	%		05/11/06		45,000		45,000,000
Long Lane Master Trust 144A		4.575	%		04/03/06		36,207		36,207,000
Norddeutsche Landesbank 144A		4.62	%		04/04/06		42,416		42,410,557
Norddeutsche Landesbank 144A		4.63	%		04/04/06		45,530		45,524,144
Nordea North America		4.62	%		04/06/06		2,208		2,207,150
PB Finance Delaware (n)		4.64	%		04/07/06		53,600		53,572,366
PB Finance Delaware (n)		4.78	%		04/27/06		30,000		29,904,400
Prudential PLC 144A		4.61	%		04/06/06		25,194		25,184,321
Sanofi-Aventis 144A		4.745	%		05/10/06		50,000		49,756,160
Sheffield Receivables 144A		4.61	%		04/05/06		50,000		49,987,194
Sheffield Receivables 144A		4.61	%		04/05/06		14,000		13,996,414
Sheffield Receivables 144A		4.76	%		04/17/06		20,000		19,962,978
Triple A-1 Funding 144A		4.59	%		04/03/06		10,099		10,099,000
Triple A-1 Funding 144A		4.78	%		04/10/06		13,922		13,909,060
Triple A-1 Funding 144A		4.78	%		04/12/06		7,190		7,181,408
Tulip Funding Corp. 144A		4.73	%		04/18/06		50,000		49,901,458
Tulip Funding Corp. 144A		4.78	%		04/28/06		25,000		24,917,014
UBS Finance LLC (n)		4.62	%		04/07/06		19,950		19,939,759
Windmill Funding Corp. 144A		4.66	%		04/11/06		5,180		5,174,636
									813,274,405
CERTIFICATES OF DEPOSIT — 18.2%
BNP Paribas NY Branch (c)		4.714	%		06/19/06		40,000		39,998,110
Credit Suisse First Boston NY (c)		4.661	%		05/09/06		69,000		69,000,275
HBOs Treasury Services PLC (c)		5.165	%		03/14/07		50,000		50,000,000
Skandinaviska Enskilda Banken (c)		4.905	%		02/01/07		10,000		10,000,402
State Street Bank and Trust (c)		4.88	%		12/15/06		50,000		49,996,747
Wells Fargo & Co. (c)		4.80	%		01/16/07		69,000		69,006,511
									288,002,045

AST MONEY MARKET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS				March 31, 2006 (Unaudited)
	Interest Rate			Maturity Date		Principal Amount (000)		Value
CORPORATE BONDS — 31.6%
American Express Credit Corp. MTN (c)		4.761	%		04/05/07	$	17,800	$	17,817,614
American General Finance Corp. MTN 144A (c)(g)		4.779	%		04/13/07		5,000		5,000,000
American Honda Finance Corp. MTN 144A (c)(g)		4.77	%		08/11/06		20,000		20,004,460
American Honda Finance Corp. MTN 144A (c)(g)		4.81	%		11/22/06		15,000		15,006,387
FleetBoston Financial Corp. (c)		4.875	%		12/01/06		15,965		15,972,923
Goldman Sachs Group, MTN Inc. (c)		4.69	%		01/09/07		45,704		45,756,225
HSBC Finance Corp. MTN (c)		4.651	%		04/05/07		60,000		60,000,000
Irish Life & Permanent PLC MTN 144A (c)(g)		4.80	%		04/20/07		2,000		2,000,000
Lehman Brothers Holdings, Inc. (c)		4.59	%		06/02/06		18,000		18,002,796
Merrill Lynch & Co., Inc. MTN (c)		5.085	%		12/22/06		11,500		11,513,710
Morgan Stanley (c)		4.708	%		01/12/07		27,938		27,969,717
Morgan Stanley (c)		4.874	%		02/15/07		45,000		45,056,730
National City Bank, Notes Cleveland (c)		5.01	%		02/14/07		50,000		50,000,000
Nationwide Building Society 144A (c)(g)		5.025	%		04/27/07		72,000		72,047,744
Nationwide Building Society MTN 144A (c)(g)		4.70	%		04/05/07		5,000		5,000,000
Nordea Bank AB (c)		4.68	%		04/09/07		40,000		40,000,000
Northern Rock PLC MTN 144A (c)(g)		4.651	%		10/20/06		50,000		50,018,351
									501,166,657
TOTAL INVESTMENTS—101.1%
(cost $1,602,443,108) †									1,602,443,107
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%									(17,462,547	)
NET ASSETS — 100.0%								$	1,584,980,560

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

†	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(c)	Indicates a variable rate security.
(g)	Indicates a security that has been deemed illiquid.
(n)	Rates shown are the effective yields at purchase date.

AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 97.6%
Affiliated Registered Investment Companies
AST AllianceBernstein Growth & Income Portfolio		875,844	$	18,138,722
AST Federated Aggressive Growth Portfolio		579,067		6,572,407
AST Large-Cap Value Portfolio		2,067,324		36,674,326
AST LSV International Value Portfolio		1,605,656		26,204,314
AST Marsico Capital Growth Portfolio		1,485,778		29,329,260
AST Small-Cap Value Portfolio		349,980		5,613,683
AST T. Rowe Price Large-Cap Growth Portfolio *		2,776,124		28,954,977
AST T. Rowe Price Natural Resources Portfolio		98,736		2,742,894
AST William Blair International Growth Portfolio		2,008,060		29,920,089
TOTAL INVESTMENTS (w) — 97.6% (cost $181,733,719) (p)				184,150,672
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%				4,454,392
NET ASSETS — 100.0%			$	188,605,064

*	Non-income producing security.
(p)	The United States federal income tax basis of the Portfolio’s investments was $181,735,511; accordingly, net unrealized appreciation on investments for federal income tax purposes was $2,415,161 (gross unrealized appreciation - $3,005,047; gross unrealized depreciation - $589,886).The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the co-manager of the Portfolios also serves as a manager of the underlying portfolio in which the Portfolio invests.

AST BALANCED ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 91.5%
Affiliated Registered Investment Companies
AST AllianceBernstein Growth & Income Portfolio		3,908,388	$	80,942,715
AST Federated Aggressive Growth Portfolio		2,803,648		31,821,403
AST High Yield Bond Portfolio		1,618,255		12,654,756
AST Large-Cap Value Portfolio		9,153,532		162,383,656
AST LSV International Value Portfolio		6,242,788		101,882,308
AST Marsico Capital Growth Portfolio		7,010,612		138,389,488
AST Money Market Portfolio		4,930,280		4,930,280
AST PIMCO Total Return Bond Portfolio		27,450,347		301,679,318
AST Small-Cap Value Portfolio		1,613,710		25,883,910
AST T. Rowe Price Global Bond Portfolio		710,263		7,727,662
AST T. Rowe Price Large-Cap Growth Portfolio *		13,088,476		136,512,809
AST T. Rowe Price Natural Resources Portfolio		474,102		13,170,560
AST William Blair International Growth Portfolio		8,554,001		127,454,608
TOTAL INVESTMENTS (w) — 91.5% (cost $1,147,765,702) (p)				1,145,433,473
OTHER ASSETS IN EXCESS OF LIABILITIES — 8.5%				106,008,487
NET ASSETS — 100.0%			$	1,251,441,960

*	Non-income producing security.
(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as a manager of the underlying portfolios in which the Portfolio invests.

AST GROWTH ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 94.3%
Affiliated Registered Investment Companies
AST AllianceBernstein Growth & Income Portfolio		5,800,935	$	120,137,357
AST Federated Aggressive Growth Portfolio		4,055,784		46,033,151
AST High Yield Bond Portfolio		1,458,019		11,401,711
AST Large-Cap Value Portfolio		13,599,226		241,250,272
AST LSV International Value Portfolio		10,337,084		168,701,211
AST Marsico Capital Growth Portfolio		9,998,551		197,371,399
AST Money Market Portfolio		3,227,721		3,227,721
AST PIMCO Total Return Bond Portfolio		17,672,684		194,222,798
AST Small-Cap Value Portfolio		2,417,240		38,772,527
AST T. Rowe Price Global Bond Portfolio		561,908		6,113,564
AST T. Rowe Price Large-Cap Growth Portfolio *		18,808,367		196,171,264
AST T. Rowe Price Natural Resources Portfolio		566,661		15,741,843
AST William Blair International Growth Portfolio		12,863,701		191,669,145
TOTAL INVESTMENTS(w) — 94.3% (cost $1,423,664,195) (p)				1,430,813,963
OTHER ASSETS IN EXCESS OF LIABILITIES — 5.7%				85,909,480
NET ASSETS — 100.0%			$	1,516,723,443

*	Non-income producing security.
(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the co-manager of the Portfolios also serves as a manager of the underlying Portfolios which the Portfolio invests.

1

AST CONSERVATIVE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 88.8%
Affiliated Registered Investment Companies
AST Alliance Bernstein Growth & Income Portfolio		756,937	$	15,676,161
AST Federated Aggressive Growth Portfolio		512,862		5,820,985
AST High Yield Bond Portfolio		455,771		3,564,131
AST Large-Cap Value Portfolio		1,771,399		31,424,617
AST LSV International Value Portfolio		1,343,186		21,920,789
AST Marsico Capital Growth Portfolio		1,310,715		25,873,513
AST Money Market Portfolio		2,114,481		2,114,481
AST PIMCO Total Return Bond Portfolio		8,002,287		87,945,129
AST Small-Cap Value Portfolio		277,831		4,456,409
AST T. Rowe Price Large-Cap Growth Portfolio *		2,456,664		25,623,002
AST T. Rowe Price Global Bond Portfolio		175,041		1,904,446
AST T. Rowe Price Natural Resources Portfolio		108,981		3,027,495
AST William Blair International Growth Portfolio		1,665,255		24,812,293
TOTAL INVESTMENTS(w) — 88.8%
(cost $255,640,584) (p)				254,163,451
OTHER ASSETS IN EXCESS OF LIABILITIES — 11.2%				32,145,225
NET ASSETS — 100.0%			$	286,308,676

*	Non-income producing security.
(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the co-manager of the Portfolio also serves as a manager of the underlying portfolios in which the Portfolio invests.

1

AST PRESERVATION ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 85.6%
Affiliated Registered Investment Companies
AST AllianceBernstein Growth & Income Portfolio		131,879	$	2,731,214
AST Federated Aggressive Growth Portfolio		106,457		1,208,282
AST High Yield Bond Portfolio		104,425		816,607
AST Large-Cap Value Portfolio		309,268		5,486,408
AST LSV International Value Portfolio		221,533		3,615,419
AST Marsico Capital Growth Portfolio		240,022		4,738,025
AST Money Market Portfolio		419,296		419,296
AST PIMCO Total Return Bond Portfolio		3,406,097		37,433,009
AST Small-Cap Value Portfolio		51,767		830,341
AST T. Rowe Price Global Bond Portfolio		43,971		478,401
AST T. Rowe Price Large-Cap Growth Portfolio *		448,931		4,682,351
AST T. Rowe Price Natural Resources Portfolio		30,718		853,340
AST William Blair International Growth Portfolio		242,720		3,616,533
TOTAL INVESTMENTS(w) — 85.6%
(cost $68,187,286) (p)				66,909,226
OTHER ASSETS IN EXCESS OF LIABILITIES — 14.4%				11,215,482
NET ASSETS — 100.0%			$	78,124,708

*	Non-income producing security.
(p)	The cost of securities for federal income tax purpose is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the co-manager of the Portfolios also serves as a manager of the underlying portfolios in which the Portfolio invests.

1

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 132.6%
COMMON STOCKS — 107.0%
Aerospace & Defense — 1.0%
AAR Corp. *		1,098	$	31,271
Ceradyne, Inc.		636		31,736
United Industrial Corp.		779		47,465
				110,472
Air Freight & Logistics — 1.5%
C.H. Robinson Worldwide, Inc.		3,202		157,186
Airlines — 1.5%
Cathay Pacific Airways, Ltd. (Hong Kong)		91,000		159,502
Automobiles — 2.9%
Daimlerchrysler AG (Germany)		1,001		57,468
General Motors Corp.		9,119		193,961
Honda Motor Ltd.		1,892		58,576
				310,005
Automotive Parts — 1.6%
GKN PLC * (United Kingdom)		28,348		163,763
Biotechnology — 2.1%
Digene Corp. *		1,601		62,599
Gilead Sciences, Inc. *		2,509		156,110
				218,709
Building Products — 0.8%
Universal Forest Products, Inc.		1,286		81,648
Chemicals — 2.1%
BASF AG, ADR (Germany)		735		57,624
Bayer AG, ADR (Germany)		1,381		55,309
H.B. Fuller Co.		2,041		104,785
				217,718
Commercial Services & Supplies — 0.6%
American Ecology Corp.		1,235		25,169
Mobile Mini, Inc. *		1,128		34,878
				60,047
Computers & Peripherals — 7.5%
Apple Computer, Inc. *		5,324		333,921
SanDisk Corp.		6,043		347,593
Western Digital Corp. *		5,529		107,429
				788,943
Conglomerates — 1.6%
Citic Pacific Ltd. (Hong Kong)		56,000		168,163
Construction & Engineering — 1.4%
Insituform Technologies, Inc. (Class “A” Stock)		1,860		49,476
McDermott International, Inc. *		1,767		96,213
				145,689
Construction Materials — 1.0%
Eagle Materials, Inc.		660		42,081
Lafarge SA		2,115		60,172
				102,253

	Shares		Value
COMMON STOCKS (Continued)
Consumer Finance — 0.3%
Asta Funding, Inc.		952	$	31,664
Distributors — 0.4%
Building Material Holding Corp.		1,077		38,384
Diversified Telecommunication Services — 8.0%
AT&T, Inc.		6,712		181,493
BCE, Inc.		2,291		55,121
BT Group PLC (United Kingdom)		46,810		180,548
Deutsche Telekom AG, ADR (Germany)		3,519		59,190
France Telecom SA		2,544		57,189
Nippon Telegraph & Telephone, Inc., ADR (Japan)		2,561		55,190
Telecom Italia SpA		2,062		60,210
Verizon Communications, Inc.		5,496		187,194
				836,135
Electric Utilities — 0.5%
Korea Electric Power Co., ADR (South Korea)		2,501		54,022
Electrical Equipment — 0.6%
General Cable Corp. *		1,035		31,391
Lamson & Sessions Co. *		1,177		32,756
				64,147
Electronic Equipment & Instruments — 1.1%
Brightpoint, Inc. *		1,193		37,055
Daktronics, Inc.		1,380		50,370
LoJack Corp. *		1,150		27,577
				115,002
Energy Equipment & Services — 5.7%
Dril-Quip, Inc. *		1,437		101,812
Parker Drilling Co.		7,200		66,744
Patterson-UTI Energy, Inc.		3,441		109,974
Schlumberger Ltd.		1,812		229,345
W-H Energy Services, Inc. *		2,033		90,448
				598,323
Financial Services — 2.2%
BOC Hong Kong (Holdings) Ltd. (Hong Kong)		84,000		168,885
ING Groep NV, ADR (Netherlands)		1,478		58,233
				227,118
Food and Beverage — 1.7%
Compass Group PLC (United Kingdom)		44,332		175,804
Healthcare Equipment & Supplies — 5.8%
Arthrocare Corp. *		1,769		84,593
Cutera, Inc. *		838		22,726
Intermagnetics General Corp.		2,934		73,497
Intuitive Surgical, Inc.		714		84,252
Molecular Devices Corp. *		2,074		68,774
Somanetics Corp. *		734		16,207
Thoratec Corp. *		3,564		68,678

1

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Varian Medical Systems, Inc. *		3,386	$	190,158
				608,885
Health Care Providers & Services — 5.0%
Eclipsys Corp. *		3,371		79,590
Express Scripts, Inc. *		4,178		367,246
Per-Se Technologies, Inc. *		2,785		74,248
				521,084
Hotels, Restaurants & Leisure — 1.5%
Starbucks Corp. *		4,303		161,965
Household Durables — 2.1%
Garmin Ltd.		2,014		159,972
Matsushita Electric Industrial Co. Ltd., ADR (Japan)		2,632		58,273
				218,245
Industrial Conglomerates — 1.9%
General Electric Co.		5,634		195,951
Industrial Products — 1.6%
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		54,000		171,552
Insurance — 3.7%
Aegon NV		3,368		62,072
Allianz AG		3,433		57,297
Navigators Group, Inc. *		1,155		57,288
Royal & Sun Alliance Insurance Group PLC (United Kingdom)		74,086		177,308
Tower Group, Inc.		1,427		32,964
				386,929
Internet Software & Services — 1.6%
Google, Inc., (Class “A” Stock) *		431		168,090
IT Services — 0.5%
Gevity HR, Inc.		2,289		55,989
Machinery — 3.0%
American Science & Engineering, Inc. *		560		52,304
JLG Industries, Inc.		2,227		68,569
Joy Global, Inc.		3,337		199,453
				320,326
Media — 0.6%
Vivendi Universal SA		1,843		63,031
Metals & Mining — 1.4%
POSCO, ADR (South Korea)		951		60,674
Reliance Steel & Aluminum Co.		884		83,025
				143,699
Oil, Gas & Consumable Fuels — 5.7%
Atlas America, Inc.		863		41,260
Carrizo Oil & Gas, Inc. *		1,711		44,469
Encana Corp.		1,345		62,852
ENI SpA, ADR (Italy)		2,470		110,170
EOG Resources, Inc.		3,091		222,552
Norsk Hydro ASA		476		65,850

Oil, Gas & Consumable Fuels (cont’d.)
Repsol SA	1,984	$	56,544
			603,697
Personal Products — 0.2%
Parlux Fragrances, Inc. *	655		21,124
Pharmaceuticals — 1.9%
Bentley Pharmaceuticals, Inc.	1,498		19,699
Pfizer, Inc.	7,072		176,234
			195,933
Real Estate — 2.5%
Hang Lung Properties Ltd. (Hong Kong)	94,000		178,692
Trammell Crow Co. *	2,462		87,795
			266,487
Road & Rail — 0.2%
Celadon Group, Inc. *	1,041		22,787
Semiconductors & Semiconductor Equipment — 11.5%
Advanced Energy Industries, Inc. *	3,397		48,000
Advanced Mirco Devices, Inc. *	5,388		178,666
Broadcom Corp., (Class “A” Stock) *	8,085		348,949
Lam Research Corp.	2,717		116,831
Nvidia Corp. *	7,337		420,117
Omnivision Technologies, Inc. *	1,312		39,622
STMicroelectronics NV	3,278		60,282
			1,212,467
Software — 3.1%
Adobe Systems, Inc.	4,054		141,566
Advent Software, Inc.	2,157		61,302
Ansoft Corp. *	804		33,519
Blackboard, Inc. *	1,884		53,524
SPSS, Inc. *	1,246		39,448
			329,359
Specialty Retail — 1.9%
Charlotte Russe Holding, Inc. *	1,522		32,571
Dress Barn, Inc.	787		37,737
Guess? Inc. *	1,165		45,563
Hibbett Sporting Goods, Inc. *	2,467		81,386
			197,257
Textiles, Apparel & Luxury Goods — 1.0%
Gildan Activewear, Inc. *	1,474		70,044
Steven Madden Ltd. *	952		33,796
			103,840
Trading Companies & Distributors — 1.3%
Fastenal Co.	2,854		135,108
Wireless Telecommunication Services — 2.9%
NTT DoCoMo, Inc., ADR (Japan)	3,747		55,343
Vodafone Group PLC, ADR (United Kingdom)	88,359		184,986

2

AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services (cont’d.)
Vodafone Group PLC, ADR (United Kingdom)		2,876	$	60,109
				300,438
TOTAL COMMON STOCKS
(cost $11,140,354)				11,228,940

Interest Rate	Maturity Date	Moody's Ratings	Principal Amount (000)		Value
CORPORATE BONDS — 25.6%
Biotechnology — 1.8%
Amgen, Inc., Sr. Notes
4.85%	11/18/14	A2	$	200	190,105
Conglomerates — 2.0%
Unilever Capital Corp., Gtd. Notes
7.125%	11/01/10	A1		200	212,829
Financial - Bank & Trust — 3.7%
Citigroup, Inc., Notes
3.50%	02/01/08	Aa1		200	193,990
HSBC Finance Corp., Notes Notes.
5.50%	01/19/16	Aa3		200	195,398
					389,388
Financial Services — 5.9%
General Electric Capital Corp., Unsecd. Notes
6.00%	06/15/12	Aaa		200	205,399
Goldman Sachs, Gtd. Notes
6.345%	02/15/34	Aa3		200	198,332
Morgan Stanley Dean Witter, Unsub. Notes
6.75%	04/15/11	Aa3		200	210,530
					614,261
Oil, Gas & Consumable Fuels — 4.1%
Conoco, Inc., Sr. Notes
6.95%	04/15/29	Aa1		200	226,259
Kinder Morgan, Inc., Sr. Notes
6.50%	09/01/12	Baa2		200	206,910
					433,169
Retail & Merchandising — 2.0%
Wal Mart Stores, Inc., Sr. Notes
6.875%	08/10/09	Aa2		200	209,689
Telecommunications — 2.0%
GTE Corp., Debs.
6.84%	04/15/18	Baa1		200	208,459
Utilities — 4.1%
Duke Energy Corp., 1St Mortgage
3.75%	03/05/08	A2		200	194,321
Progress Energy, Sr. Notes Sr. Notes
7.75%	03/01/31	Baa1		200	232,495
					426,816
TOTAL CORPORATE BONDS
(cost $2,713,636)					2,684,716
TOTAL LONG-TERM INVESTMENTS
(cost $13,853,990)					13,913,656

	Shares		Value
SHORT-TERM INVESTMENT — 38.7%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $4,062,418)(w)		4,062,418	$	4,062,418
TOTAL INVESTMENTS — 171.3%
(cost $17,916,408)(p)				17,976,074
LIABILITIES IN EXCESS OF OTHER ASSETS — (71.3)%				(7,480,572	)
NET ASSETS — 100.0%			$	10,495,502

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

*	Non-income producing security.
(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the manager of the Fund also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

3

AST FIRST TRUST BALANCED TARGET PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 55.3%
COMMON STOCKS — 35.7%
Aerospace & Defense — 0.2%
AAR Corp. *		629	$	17,914
Ceradyne, Inc.		365		18,213
United Industrial Corp.		199		12,125
				48,252
Airlines — 0.5%
Cathay Pacific Airways Ltd. (Hong Kong)		54,000		94,649
Automobile Manufacturers — 1.0%
Daimlerchrysler AG, ADR (Germany)		765		43,919
General Motors Corporation.		5,222		111,072
Honda Motor Ltd.		1,444		44,706
				199,697
Automotive Parts — 0.5%
GKN PLC * (United Kingdom)		17,038		98,426
Biotechnology — 0.1%
Digene Corp. *		407		15,914
Building Products — 0.1%
Universal Forest Products, Inc.		327		20,761
		561		43,982
Chemicals — 2.2%
BASF AG, ADR (Germany)		1,054		42,213
Bayer AG, ADR (Germany)		2,150		110,037
Eastman Chemical Co.		519		26,646
H.B. Fuller Co.		2,451		105,025
Lubrizol Corp. (The)		5,070		100,893
Lyondell Chemical Co.				428,796
Commercial Banks — 1.7%
Citizens Banking Corp.		4,005		107,534
Comerica, Inc.		1,850		107,245
FNB Corp.		6,432		109,987
				324,766
Commercial Services — 0.7%
American Ecology Corp.		314		6,399
Donnelley, (R.R.) & Sons Co.		3,151		103,101
Mobile Mini, Inc. *		575		17,779
				127,279
Computers & Peripherals — 1.5%
Apple Computer, Inc. *		1,742		109,258
SanDisk Corp.		1,978		113,775
Western Digital Corp. *		3,167		61,535
				284,568
Conglomenates — 0.5%				102,099
Citic Pacific Ltd. (Hong Kong)		34,000		102,099
Construction & Engineering — 0.3%
Insituform Technologies, Inc., (Class “A” Stock)		473		12,582
McDermott International, Inc. *		1,011		55,049
				67,631
Construction Materials — 0.4%
Eagle Materials, Inc.		378		24,101
Construction Materials (cont’d.)
Lafarge Coppee SA (Germany)		1,615	$	45,947
				70,048
Consumer Finance
Asta Funding, Inc.		242		8,049
Distribution/Wholesale — 0.1%
Building Material Holding Corp.		274		9,765
Diversified Financial Services — 0.8%
ING Groep N.V., ADR (Netherlands)		1,128		44,443
JPMorgan Chase & Co.		2,578		107,348
				151,791
Diversified Telecommunication Services — 2.8%
AT&T, Inc.		3,844		103,942
BCE, Inc.		1,749		42,081
BT Group PLC (United Kingdom)		28,134		108,514
Deutsche Telekom AG, ADR (Germany)		2,686		45,179
France Telecom SA (France)		1,942		43,656
Nippon Telegraph & Telephone, ADR (Japan)		1,955		42,130
Telecom Italia SPA (Italy)		1,575		45,990
Verizon Communications, Inc.		3,147		107,187
				538,679
Electric Utilities — 2.0%
Duquesne Light Holdings, Inc.		6,113		100,865
E. on AG, ADR (Germany)		1,145		41,907
Entergy Corp.		1,463		100,859
FirstEnergy Corp.		2,076		101,516
Korea Electric Power Co., ADR (South Korea)		1,910		41,256
				386,403
Electrical Equipment — 0.2%
General Cable Corp. *		592		17,955
Lamson & Sessions Co. *		674		18,758
				36,713
Electronic Equipment & Instruments — 0.2%
Brightpoint, Inc. *		683		21,214
Daktronics, Inc.		351		12,812
LoJack Corp. *		293		7,026
				41,052
Energy Equipment & Services — 1.0%
Dril-Quip, Inc. *		366		25,931
Parker Drilling Co.		1,833		16,992
Schlumberger Ltd.		1,038		131,380

1

AST FIRST TRUST BALANCED TARGET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares			Value
COMMON STOCKS (Continued)
Energy Equipment & Services (cont’d.)
W-H Energy Services, Inc. *		517	$	23,001
				197,304
Financial Services — 0.5%
Boc Hong Kong Holdings Ltd. (Hong Kong)		50,000		100,526
Food & Beverage — 0.5%
Compass Group PLC (United Kingdom)		26,645		105,664
Gas & Pipeline Utilities — 0.5%
Nicor, Inc.		2,470		97,713
Healthcare Equipment & Supplies — 1.0%
Arthrocare Corp. *		450		21,519
Cutera, Inc. *		213		5,777
Intermagnetics General Corp.		747		18,712
Molecular Devices Corp. *		806		26,727
Somanetics Corp. *		187		4,129
Thoratec Corp. *		907		17,478
Varian Medical Systems, Inc. *		1,939		108,894
				203,236
Healthcare Providers & Services — 0.8%
Eclipsys Corp. *		858		20,257
Express Scripts, Inc. *		1,368		120,247
Per-Se Technologies, Inc. *		709		18,902
				159,406
Household/Personal Care — 0.8%
La-Z-Boy, Inc.		6,649		113,033
Matsushita Electric Industrial, ADR (Japan)		2,009		44,479
				157,512
Industrial Conglomerates — 0.6%
General Electric Co.		3,227		112,235
Industrial Products — 0.5%
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		32,000		101,661
Insurance — 2.2%
Aegon NV (Netherlands)		2,571		47,384
Allianz AG (Germany)		2,622		43,761
Cincinnati Financial Corp.		2,391		100,589
Navigators Group, Inc. *		294		14,582
Royal & Sun Alliance Insurance Group PLC (United Kingdom)		44,527		106,566
Tower Group, Inc.		363		8,385
Unitrin, Inc.		2,193		101,997
				423,264
IT Services — 0.1%
Gevity HR, Inc.		583		14,260
Machinery — 0.9%
American Science & Engineering, Inc. *		143		13,356
JLG Industries, Inc.		1,276		39,288

Joy Global, Inc.	1,911	$	114,221
			166,865
Media — 0.2%
Vivendi Universal SA (France)	1,407		48,119
Metals & Mining — 0.5%
POSCO, ADR (South Korea)	726		46,319
Reliance Steel & Aluminum Co.	506		47,523
			93,842
Multi-Utilities & Unregulated Power — 1.1%
Energy East Corp.	4,233		102,862
SCANA Corp.	2,601		102,063
			204,925
Oil, Gas & Consumable Fuels — 2.3%
Atlas America, Inc.	329		15,729
Carrizo Oil & Gas, Inc. *	436		11,332
Encana Corp.	1,027		47,992
ENI SpA, ADR (Italy)	741		42,222
EOG Resources, Inc.	1,770		127,440
Marathon Oil Corp.	1,502		114,407
Norsk Hydro ASA (Norway)	364		50,356
Repsol YPF SA, ADR (Spain)	1,515		43,178
			452,656
Personal Products
Parlux Fragrances, Inc. *	167		5,386
Pharmaceuticals — 0.5%
Bentley Pharmaceuticals, Inc.	381		5,010
Pfizer, Inc.	4,050		100,926
			105,936
Real Estate — 0.7%
Hang Lung Properties Ltd. (Hong Kong)	56,000		106,455
Trammell Crow Co. *	627		22,359
			128,814
Road & Rail
Celadon Group, Inc. *	264		5,779
Semiconductors & Semiconductor Equipment — 2.2%
Advanced Energy Industries, Inc. *	865		12,222
Advanced Mirco Devices, Inc. *	3,085		102,299
Broadcom Corp., (Class “A” Stock) *	2,646		114,201
Nvidia Corp. *	2,383		136,451
Omnivision Technologies, Inc. *	751		22,680
STMicroelectronics NV (Netherlands)	2,502		46,012
			433,865
Software — 0.2%
Advent Software, Inc.	549		15,603
Ansoft Corp. *	205		8,546
Blackboard, Inc. *	480		13,637

2

AST FIRST TRUST BALANCED TARGET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
SPSS, Inc. *		318	$	10,068
				47,854
Specialty Retail — 0.4%
Charlotte Russe Holding, Inc. *		388		8,303
Dress Barn, Inc.		451		21,626
Guess?, Inc. *		667		26,086
Hibbett Sporting Goods, Inc. *		628		20,718
				76,733
Textiles, Apparel & Luxury Goods — 0.3%		844		40,107
Gildan Activewear, Inc. *		242		8,591
Madden Steven Ltd. *				48,698
Thrifts & Mortgage Finance — 0.5%
Washington Mutual, Inc.		2,484		105,868
Wireless Telecommunication Services — 1.6%
Alltel Corp.		1,679		108,715
NTT Docomo, Inc., ADR (Japan)		2,861		42,257
Vodafone Group PLC (United Kingdom)		53,106		111,182
Vodafone Group PLC, ADR (United Kingdom)		2,196		45,896
				308,050
TOTAL COMMON STOCKS (cost $6,981,423)				6,961,509

Interest Rate	Maturity Date	Moody’s Ratings	Principal Amount (000)	Value
CORPORATE BONDS — 19.6%
Aerospace — 1.2%
United Technologies Corp., Sr. Notes Sr. Notes
4.875%	05/01/15	A2	$250	238,789
Biotechnology — 1.2%
Amgen, Inc., Sr. Notes
4.85%	11/18/14	A2	250	237,631
Conglomerates — 1.4%
Unilever Capital Corp., Co. Gtd.
7.125%	11/01/10	A1	250	266,037
Electric Utilities — 1.3%
Duke Energy Corp., 1St Mortgage
3.75%	03/05/08	A2	250	242,902
Electronic Components — 1.5%
Progress Energy, Sr. Notes Sr. Notes
7.75%	03/01/31	Baa2	250	290,618
Financial - Bank & Trust — 2.5%
Citigroup, Inc., Notes
3.50%	02/01/08	Aa1	250	242,488

HSBC Finance Corp., Notes Notes.
5.50%	01/19/16	Aa3	240	$	234,478
					476,966
Financial Services — 3.9%
General Electric Capital Corp., Unsec’d. Notes
6.00%	06/15/12	Aaa	250		256,748
Goldman Sachs, Co. Gtd. Notes
6.345%	02/15/34	A1	250		247,916
Morgan Stanley Dean Witter, Unsub. Notes
6.75%	04/15/11	Aa3	250		263,162
					767,826
Oil, Gas & Consumable Fuels — 2.7%
Conoco, Inc., Sr. Notes
6.95%	04/15/29	A1	250		282,823
Kinder Morgan, Inc., Sr. Notes
6.50%	09/01/12	Baa2	240		248,292
					531,115
Retail & Merchandising — 1.3%
Wal-Mart Stores, Inc., Sr. Notes
6.875%	08/10/09	Aa2	250		262,111
Telecommunications — 2.6%
GTE Corp., Deb.
6.84%	04/15/18	Baa1	250		260,574
SBC Communications, Notes Notes
5.10%	09/15/14	A2	250		237,284
					497,858
TOTAL CORPORATE BONDS (cost $3,862,635)					3,811,853
TOTAL LONG-TERM INVESTMENTS (cost $10,844,058)					10,773,362

	Shares		Value
SHORT-TERM INVESTMENT — 12.0%
AFFILIATED MONEY MARKET MUTUAL FUND
Dryden Core Investment Fund - Taxable Money Market Series (cost $2,341,836)(w)		2,341,836		2,341,836
TOTAL INVESTMENTS — 67.3% (cost $13,185,894) (p)				13,115,198
OTHER ASSETS IN EXCESS OF LIABILITIES — 32.7%				6,359,554
NET ASSETS — 100.0%			$	19,474,752

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt
NR	Not Rated by Moody’s or Standard & Poor’s
* Non-income producing security.

AST FIRST TRUST BALANCED TARGET PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

(p)	The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.
(w)	Prudential Investments LLC, the manager of the Portfolio also serves as manager of the Dryden Core Investment Fund-Taxable Money Market Series.

4

AST ADVANCED STRATEGIES PORTFOLIO

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
LONG-TERM INVESTMENTS — 72.4%
COMMON STOCKS — 49.4%
Aerospace & Defense — 1.4%
General Dynamics Corp.		2,814	$	180,039
Honeywell International, Inc.		2,200		94,094
Lockheed Martin Corp.		2,721		204,429
Raytheon Co.		1,300		59,592
United Technologies Corp.		2,072		120,114
				658,268
Agriculture/Heavy Equipment — 0.2%
Altria Group, Inc.		600		42,516
Syngenta AG (Switzerland)		300		42,159
				84,675
Airlines — 0.3%
Cathay Pacific Air (Hong Kong)		22,000		38,561
Gol- Linhas Aereas Inteligentes SA ADR (Brazil)		400		10,720
Qantas Airways Ltd. (Australia)		14,800		37,507
Ryanair Holdings PLC, ADR * (Ireland)		800		43,760
Singapore Airlines Ltd. (Singapore)		3,000		25,993
				156,541
Auto Parts & Related — 0.1%
Compagnie Generale des Establissements Michelin (Class “B” Stock) (France)		800		50,268
Automobile Manufacturers — 1.5%
Daimler-Chrysler AG (Germany)		600		34,465
General Motors Corp.		1,300		27,651
Honda Motor Co. Ltd. (Japan)		1,000		61,937
Nippon Unipac Group, Inc. (Japan)		10		43,246
Nissan Motor Co. Ltd. (Japan)		3,800		45,135
PSA Peugeot Citroen SA (France)		600		37,810
Renault SA * (France)		300		31,902
Toyota Motor Corp. (Japan)		3,500		191,207
Toyota Motor Corp., ADR		1,690		184,041
Volkswagen, AG (Germany)		300		22,653
				680,047
Automotive Parts — 0.5%
Continental AG (Germany)		500		55,049
Denso Corp. (Japan)		2,400		94,817
Georg Fischer AG * (Switzerland)		70		31,197
GKN PLC * (United Kingdom)		5,100		29,462
Yokohama Rubber Co. Ltd. (Japan)		4,000		20,799
				231,324
Banking — 1.1%
Bank of America Corp.		2,900		132,066
Barclays PLC (United Kingdom)		6,900		80,740
Bumiputra-Commerce Holdings BHD (Malaysia)		11,200		19,158
EFG International * (Switzerland)		600	$	16,569
HBOS PLC (United Kingdom)		11,400		190,340
Standard Chartered PLC (United Kingdom)		2,300		57,223
				496,096
Beverages — 0.3%
Anheuser-Busch Cos., Inc.		1,600		68,432
Asahi Breweries Ltd. (Japan)		2,900		41,147
Coca Cola Hellenic Bottling Co.SA (Greece)		1,200		37,344
				146,923
Biotechnology — 0.4%
Genentech, Inc. *		2,122		179,330
Broadcasting
Modern Times Group AB (Class “B” Stock) (Sweden)		300		14,098
Building Materials — 0.1%
Hanson PLC (United Kingdom)		4,000		52,400
Business Services — 0.1%
Chiyoda Corp. (Japan)		1,000		23,279
Grupo Ferrovial SA (Spain)		300		24,249
KK DaVinci Advisors * (Japan)		7		9,516
				57,044
Capital Markets — 0.8%
Goldman Sachs Group, Inc.		1,217		191,020
Schwab, (Charles) Corp.		2,300		39,583
UBS AG (Switzerland)		1,200		131,815
				362,418
Chemicals — 0.9%
Asahi Kasei Corp. (Japan)		5,000		35,642
BASF AG (Germany)		1,000		78,407
Bayer AG (Germany)		600		24,038
Cytec Industries, Inc.		2,064		123,861
Denki Kagaku Kogyo Kabushiki Kiasha (Japan)		5,000		22,345
Dow Chemical Co.		700		28,420
E.I. Du Pont de Nemours & Co.		1,500		63,315
Nitto Denko Corp., ADR (Japan)		500		42,438
				418,466
Clothing & Apparel — 0.2%
Benetton Group SpA (Italy)		2,800		41,804
Hermes International Designs (France)		200		50,559
Honeys Co, Ltd. (Japan)		300		15,879
				108,242
Commercial Banks — 0.3%
Mellon Financial Corp.		1,900		67,640

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Commercial Banks (cont’d.)
Societe Generale (France)		450	$	67,676
				135,316
Commercial Services — 0.3%
Boston Scientific Corp. *		1,500		34,575
SGS Societe Generale * (Switzerland)		30		27,799
Waste Management, Inc.		2,100		74,130
				136,504
Communication Equipment — 0.4%
QUALCOMM, Inc.		3,703		187,409
Computer Services & Software — 0.6%
Microsoft Corp.		3,000		81,630
SAP AG (Germany)		700		151,854
TomTom NV * (Netherlands)		600		21,217
				254,701
Computers — 0.3%
Hewlett-Packard Co.		1,100		36,190
International Business Machines Corp.		1,000		82,470
				118,660
Conglomerates — 0.1%
Citic Pacific Ltd. (Hong Kong)		12,000		36,035
Construction — 0.9%
Interserve PLC (United Kingdom)		3,700		24,557
Jacobs Engineering Group, Inc. *		2,202		191,001
KB Home		1,907		123,917
Taylor Woodrow PLC (United Kingdom)		4,400		30,884
Vinci SA (France)		500		49,292
				419,651
Consumer Finance — 0.1%
American Express Co.		900		47,295
Consumer Products & Services — 0.5%
Avon Products, Inc.		1,700		52,989
Electrolux AB (Sweden)		1,500		43,044
Fisher & Paykel Apppliances Holdings, Ltd. (New Zealand)		9,200		24,013
Newell Rubbermaid, Inc.		2,200		55,418
Reckitt Benckiser PLC (United Kingdom)		1,800		63,360
				238,824
Cosmetics & Toiletries — 0.3%
L’Oreal (France)		1,600		140,963
Diversified — 0.3%
BHP Billiton Ltd. (Australia)		2,800		56,127

Siemens AG -- (DEM) (Germany)	1,100	$	102,697
			158,824
Diversified Financial Services — 1.0%
Citigroup, Inc.	1,700		80,308
Fannie Mae	900		46,260
JPMorgan Chase & Co.	3,800		158,232
Merrill Lynch & Co., Inc.	900		70,884
Suncorp-Metway Ltd. (Australia)	1,700		23,659
U.S. Bancorp	2,800		85,400
			464,743
Diversified — 0.1%
Tomkins,PLC. (United Kingdom)	4,200		24,536
Diversified Telecommunication Services — 0.4%
AT&T, Inc.	1,900		51,376
Telestra Corp. Ltd. (Australia)	18,400		49,265
Verizon Communications Inc.	1,800		61,308
			161,949
Electric Utilities — 0.2%
Entergy Corp.	800		55,152
FirstEnergy Corp.	1,100		53,790
			108,942
Electronic Components — 0.4%
Alpine Electronics, Inc. (Japan)	1,700		25,117
Dassault Systemes SA (France)	500		28,594
Hitachi Ltd. (Japan)	3,000		21,232
Kansai Electric Power Co., Inc. (The) (Japan)	1,600		35,548
Keyence Corp. (Japan)	200		51,996
			162,487
Electronic Equipment & Instruments — 0.1%
Alps Electric Co. Ltd. (Japan)	1,500		24,176
Electronics — 0.3%
Schneider Electric, SA (France)	400		43,190
Sharp Corp. (Japan)	5,000		88,573
			131,763
Energy Equipment & Services — 0.4%
Halliburton Co.	2,615		190,947
Entertainment & Leisure — 0.5%
Capcom Co. Ltd. (Japan)	2,300		23,625
Las Vegas Sands, Inc. *	2,386		135,191
Walt Disney Co. (The)	1,800		50,202
			209,018
Equipment Services — 0.1%
Bluescope Steel Ltd. (Australia)	4,800		24,673
Exchange Traded Funds — 7.7%
iShares Lehman 20 + Year Treasury Bond Fund	600		52,164

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Exchange Traded Funds (cont’d.)
iShares MSCI EAFE Index Fund		15,000	$	975,300
iShares MSCI Emerging Markets Index Fund		4,500		445,500
iShares MSCI Germany Index Fund		15,000		345,750
iShares MSCI Japan Index Fund		17,000		244,800
Ishares Msci Spain Index Fund		3,000		122,580
iShares Russell 1000 Growth Index Fund		15,000		789,900
iShares S&P Global 100 Index Fund		4,000		263,800
iShares S&P Global Energy Sector Index Fund		3,000		305,220
				3,545,014
Financial - Bank & Trust — 3.5%
ABN AMRO Holding NV (Netherlands)		800		23,985
Alliance & Leicester PLC * (United Kingdom)		1,800		38,654
Anglo Irish Bank Corp. PLC (Ireland)		3,100		51,092
Banche Popolari Unite Scpa (Italy)		900		21,824
Banco Bilbao Vizcaya Argentaria SA (Spain)		2,000		41,736
Banco Santander Central Hispano SA (Spain)		5,200		75,935
BNP Paribas SA (European Currency Unit)		1,800		167,200
Bradford & Bingley PLC (United Kingdom)		4,300		37,298
Commonwealth Bank of Australia (Australia)		2,100		68,104
Credit Agricole SA (France)		1,400		54,478
Credit Suisse Group * (Switzerland)		1,500		84,167
Danske Bank SA (Denmark)		800		29,686
Deutsche Bank AG * (Germany)		500		57,109
EFG Eurobank Ergasias (Greece)		700		26,959
Ericsson LM Telephone ADR (Sweden) *		4,700		177,284
Erste Bank der
Oesterreichischen Sparkassen AG (Austria)		600		35,381
Fifth Third Bancorp		1,800		70,848
Fortis (Belgium)		2,000		71,451
HDFC Bank Ltd., ADR (India)		700		38,150
Lloyds TSB Group PLC (United Kingdom)		8,300		79,385
Mitsubishi Tokyo Financial Group, Inc. (Japan)		8		122,345
Nordea Bank AB (Sweden)		5,100		63,026
San Paolo - IMI SpA (Italy)		3,100		55,487
State Street Corp.		1,100		66,473

Verwaltungs und Privat Bank AG * (Switzerland)	100	$	21,325
			1,579,382
Financial Services — 1.1%
Aeon Credit Service Co. Ltd. (Japan)	700		21,173
Ameriprise Financial, Inc.	1,000		45,060
Banco Itau Holding Financeira SA ADR (Brazil)	1,100		32,747
Bancolombia SA, ADR (Columbia)	600		20,940
Daiwa Securities Group, Inc. (Japan)	3,000		40,246
Eurazeo (France)	200		24,104
Irish Life & Permanent PLC (Ireland)	1,900		45,590
Kookmin Bank ADR (Korea)	300		25,656
Macquarie Bank Ltd. (Australia)	900		41,674
National Bank of Greece ADR (Greece)	2,900		27,782
ORIX Corp. (Japan)	500		155,693
Takefuji Corp. (Japan)	500		31,478
			512,143
Food & Beverage — 0.2%
Coca-Cola Co.	1,900		79,553
Food & Staples Retailing — 0.4%
Q.P. Corp. (Japan)	2,500		25,298
Tesco PLC (United Kingdom)	17,500		100,335
Wal-Mart Stores, Inc.	1,300		61,412
			187,045
Food Products — 0.1%
General Mills, Inc.	800		40,544
Foods — 0.2%
Campbell Soup Co.	1,500		48,600
Tate & Lyle PLC (United Kingdom)	2,300		22,817
			71,417
General Obligation Bonds — 0.4%
UBS AG	1,673		183,980
Health Care Providers & Services — 0.9%
UnitedHealth Group, Inc.	7,643		426,938
Healthcare Services
Capio AB * (Sweden)	600		11,209
Hotels & Motels — 0.3%
Wynn Resorts Ltd. *	1,710		131,413
Industrial Conglomerates — 0.5%
General Electric Co.	4,800		166,944

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Industrial Conglomerates (cont’d.)
Tyco International Ltd.		2,200	$	59,136
				226,080
Industrial Products — 0.2%
Rolls-Royce Group PLC * (United Kingdom)		12,400		98,671
Insurance — 1.9%
Aegon N.V. (Netherlands)		1,700		31,459
American International Group, Inc.		1,000		66,090
Aviva PLC (United Kingdom)		3,900		37,786
Baloise Holding (Switzerland)		450		32,085
China Life Insurance Co. Ltd. * (Hong Kong)		17,200		21,724
CNP Assurances (France)		400		40,331
Genworth Financial, Inc. (Class “A” Stock)		3,639		121,652
Hartford Financial Services Group, Inc.		700		56,385
ING Groep NV, ADR (Netherlands)		2,200		86,914
Legal & General PLC (United Kingdom)		10,700		26,398
Lincoln National Corp.		600		32,754
Manulife Financial Corp. (Canada)		1,200		75,277
Marsh & McLennan Cos., Inc.		3,500		102,760
Royal & Sun Alliance Insurance Group PLC (United Kingdom)		17,300		41,404
St. Paul Travelers Cos., Inc. (The)		1,300		54,327
Zurich Financial Services AG * (Switzerland)		250		58,729
				886,075
Investment Firms — 0.2%
Morgan Stanley Dean Witter & Co.		1,200		75,384
MTN Group Ltd. (South Africa)		2,400		23,940
				99,324
Machinery & Equipment — 0.8%
Caterpillar, Inc.		2,421		173,852
Deere & Co.		1,585		125,294
MAN AG * (Germany)		600		41,642
Misumi Corp. (Japan)		700		15,493
Rieter Holdings AG (Switzerland)		60		23,933
				380,214
Manufacturing — 0.2%
Foxconn International Holding Ltd. * (Hong Kong)		15,000		28,128
Hoya Corp. (Japan)		1,900		76,678
				104,806
Media — 0.9%
CBS Corp. (Class “B” Stock)		1,000		23,980
Comcast Corp. (Class “A” Stock) *		2,300		60,168
Dow Jones & Co., Inc.		900	$	35,370
Fuji Television Network, Inc. (Japan)		10		24,979
Liberty Media Corp. (Class “A” Stock) *		8,600		70,606
Naspers Ltd. (Class “N” Shares) (South Africa)		1,200		24,426
New York Times Co. (Class “A” Stock)		1,700		43,027
Time Warner, Inc. *		4,900		82,271
Viacom, Inc. (Class “B” Stock) *		800		31,040
				395,867
Medical Products
Phonak Holding AG-REG (Switzerland)		300		17,075
Medical Supplies & Equipment — 1.0%
Amylin Pharmaceuticals, Inc. *		1,559		76,313
Essilor International SA (France)		500		44,596
Johnson & Johnson		1,200		71,064
Luxottica Group SpA (Italy)		2,600		71,587
Medtronic, Inc.		2,278		115,609
Nobel Biocare Holding AG * (Switzerland)		100		22,264
Synthes, Inc. (Switzerland)		400		43,877
				445,310
Medical
Sigma Pharmaceuticals Ltd. (Australia)		4,300		8,158
Metals & Mining — 0.4%
NSK Ltd. (Japan)		4,000		34,733
Nucor Corp.		300		31,437
Rautaruukki Oyj (Finland)		1,100		40,631
ThyssenKrupp AG (Germany)		1,900		54,869
				161,670
Office Equipment
Ricoh Co. Ltd. (Japan)		1,000		19,541
Oil & Gas — 1.4%
Baker Hughes, Inc.		1,700		116,280
Eni SpA (Italy)		1,700		48,373
Exxon Mobil Corp.		2,000		121,720
Murphy Oil Corp.		1,300		64,766
NiSource, Inc. *		300		6,066
Royal Dutch Shell PLC (Class “B” Stock) (United Kingdom)		4,400		99,818
Royal Dutch Shell PLC, ADR		800		49,808
Total SA, ADR (France) (France)		1,100		144,903
				651,734
Oil, Gas & Consumable Fuels — 1.7%
BG Group PLC (United Kingdom)		11,300		141,257
BP PLC (United Kingdom)		9,000		103,358

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Cairn Energy PLC * (United Kingdom)		600	$	22,152
ChevronTexaco Corp.		2,000		115,940
Cosmo Oil Co. Ltd. (Japan)		6,000		31,453
Nippon Oil Corp. (Japan)		7,000		54,894
Osaka Gas Co. Ltd. (Japan)		9,000		32,727
Petroleo Brasileiro SA ADR (Brazil)		600		47,910
Repsol YPF SA (Spain)		2,100		59,652
Saipem SpA (Italy)		1,500		34,702
Sasol Ltd. * (South Africa)		1,100		41,570
Technip SA (France)		600		40,609
Total SA (Class “B” Stock) (France)		170		44,850
				771,074
Paper & Forest Products — 0.4%
Bowater, Inc.		700		20,706
DS Smith, PLC. (United Kingdom)		9,400		29,479
International Paper Co.		2,200		76,054
New Oji Paper Co., Ltd (Japan)		6,000		36,907
Rengo Co. Ltd. (Japan)		3,000		23,220
				186,366
Pharmaceuticals — 1.8%
AstraZeneca PLC (United Kingdom)		1,500		75,577
Bristol-Myers Squibb Co.		1,800		44,298
Celesio AG (Germany)		500		47,317
GlaxoSmithKline PLC (United Kingdom)		900		23,533
Kyowa Hakko Kogyo Co. Ltd (Japan)		3,000		21,920
Merck & Co., Inc.		2,600		91,598
Pfizer, Inc.		2,900		72,268
Qaigen NV * (Netherlands)		1,600		23,655
Roche Holding AG (Switzerland)		900		134,001
Sanofi-Aventis SA (France)		700		66,592
Santen Pharmaceutical Co. Ltd. (Japan)		1,000		24,044
Schering-Plough Corp.		2,300		43,677
Tanabe Seiyaku Co. Ltd. (Japan)		3,000		33,263
Teva Pharmaceutical Industries Ltd., ADR (Israel)		1,500		61,770
Wyeth		1,200		58,224
				821,737
Printing — 0.1%
Toppan Printing Co, Ltd. (Japan)		3,000		41,597
Real Estate — 0.5%
Aeon Mall Co. Ltd. (Japan)		500		24,894
CapitaLand Ltd. (Singapore)		18,000		53,916
Esprit Holdings Ltd. (Hong Kong)		3,000		23,353
Li & Fung Ltd. (Hong Kong)		18,000		40,597
Northern Rock PLC (United Kingdom)		3,100	$	63,770
Raiffeisen International Bank Holding AG * (Austria)		400		34,126
				240,656
Restaurants — 0.2%
Chipotle Mexican Grill, Inc. *		1,680		93,055
Retail & Merchandising — 1.2%
DSG International PLC (United Kingdom)		12,700		40,710
Home Depot (The), Inc.		5,455		230,746
Industria de Diseno Textil SA (Spain)		1,900		73,336
Point, Inc. (Japan)		200		14,342
RadioShack Corp.		1,700		32,691
Ryohin Keikaku Co. Ltd. (Japan)		200		16,771
Shoppers Drug Mart Corp. (Canada)		600		22,837
UNY Co. Ltd. (Japan)		2,000		31,997
Wal-Mart de Mexico SA de CV (Mexico)		17,300		46,343
Yamada Denki Co. Ltd. (Japan)		300		34,588
				544,361
Retail Apparel — 0.1%
Shimamura Co. Ltd. (Japan)		200		23,262
United Arrows Ltd. (Japan)		600		16,364
				39,626
Road & Rail — 0.6%
Burlington North Santa Fe Corp.		3,084		256,990
Semiconductors & Semiconductor Equipment — 0.1%
Intel Corp.		2,600		50,310
Specialty Retail — 0.4%
Bijou Brigitte AG (Germany)		40		11,440
Lowe’s Cos., Inc.		2,739		176,501
				187,941
Steel Producers/Products — 0.2%
Smorgon Steel Group Ltd. (Australia)		31,400		30,797
SSAB Svenskt Stal AB (Sweden)		600		26,693
voestalpine AG (Austria)		200		27,984
				85,474
Telecommunications — 2.0%
Ericsson (Class “B” Shares) ADR (Sweden)		28,000		106,413
America Movil SA de CV, ADR Series L (Mexico)		5,303		181,681
America Movil SA de CV,Series L (Mexico)		18,300		31,347
BT Group PLC (United Kingdom)		18,300		70,584

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS	March 31, 2006 (Unaudited)
		Shares		Value
COMMON STOCKS (Continued)
Telecommunications (cont’d.)
Carphone Warehouse Group (United Kingdom)			3,900	$	20,937
Cisco Systems, Inc. *			2,700		58,509
Deutsche Telekom AG (Germany)			1,700		28,677
Iliad SA (France)			100		8,435
Koninklijke (Royal) KPN NV (Netherlands)			3,300		37,192
Motorola, Inc.			5,635		129,098
Nippon Telegraph and Telephone Corp. (Japan)			15		64,359
NTT Docomo, Inc. (Japan)			46		68,003
Qwest Communications International, Inc. *			5,500		37,400
Swisscom AG (Switzerland)			150		48,613
Vodafone Group PLC (United Kingdom)			10,800		22,611
					913,859
Transportation — 1.5%
Canadian National Railway Co. (Canada)			2,600		117,817
FedEx Corp.			2,164		244,402
Neptune Orient Lines Ltd. (Singapore)			18,000		24,284
Union Pacific Corp.			3,099		289,292
					675,795
Utilities — 0.6%
Duke Energy Corp.			2,800		81,620
E.ON AG (Germany)			700		77,034
Energias de Portugal SA * (Portugal)			7,600		29,841
Hokkaido Electric Power Co., Inc. (Japan)			1,100		23,598
Scottish Power PLC (United Kingdom)			3,300		33,369
Tohoku Electric Power Co., Inc. (Japan)			1,100		23,785
					269,247
Wireless Telecommunication Services — 0.2%
Alltel Corp.			600		38,850
Sprint Nextel Corp.			2,900		74,936
					113,786
TOTAL COMMON STOCKS (cost $22,588,481)					22,628,593

Interest Rate	Moody’s Ratings	Maturity Date		Principal Amount (000)		Value
FOREIGN GOVERNMENT BONDS — 5.7%
U.S. Treasury Bond			08/15/21	$	150	198,516
8.125%
U.S. Treasury Bonds, TIPS
1.875%			07/15/15		4,000	3,922,121
U.S. Treasury Note
4.375%			01/31/08		1,700	1,685,856
TOTAL U.S. TREASURY OBLIGATIONS
(cost $5,853,831)						5,806,493
FOREIGN GOVERNMENT BONDS — 5.7%
Brazilian Government International Bond (Brazil)
8.00%	Ba3		01/15/18		500	541,750
Federal Republic of Germany (Germany)
5.625%	Aaa		01/04/28		270	402,878
France Government Bond (France)
4.00%	Aaa		10/25/14		200	246,468
Mexico Government International Bond Notes (Mexico)
6.625%	Baa1		03/03/15		375	391,313
Netherlands Government Bond (Netherlands)
3.75%	Aaa		07/15/14		200	242,480
Russian Government International Bond Series Regs. (Russia)
5.00%	Baa2		03/31/30		500	548,300
Spain Government Bond (Spain)
4.75%	Aaa		07/30/14		200	259,731
TOTAL FOREIGN GOVERNMENT BONDS (cost $2,653,262)						2,632,920
CORPORATE BONDS — 4.3%
Federal National Mortgage Association — 4.3%
Federal National Mortgage Assoc. (cost $1,968,438)
5.50%			05/11/36		2,000	1,950,000

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

Interest Rate	Maturity Date	Principal Amount (000)	Value
CORPORATE BONDS (Continued)
Federal National Mortgage Association (cont'd.)

	Shares
PREFERRED STOCKS — 0.3%
Norway — 0.2%
Statoil ASA (Norway)	3,000	86,517
Oil, Gas & Consumable Fuels — 0.1%
Norsk Hydro ASA * (Norway)	400	55,420
TOTAL PREFERRED STOCKS
(cost $133,990)		141,937
RIGHTS
Construction
Vinci SA *(cost $0) (France)	500	1,072
TOTAL LONG-TERM INVESTMENTS
(cost $33,198,002)		33,161,015
SHORT-TERM INVESTMENTS — 51.2%
AFFILIATED MONEY MARKET MUTUAL FUND — 27.7%
Dryden Core Investment Fund - Taxable Money Market Series (cost $12,680,851)(w)	12,680,851	12,680,851

		Principal Amount (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.3%
Fannie Disc. Note
4.735%	06/21/06	$	100	98,958
Federal Home Loan Disc. Note
4.67%	04/26/06		900	897,315
FHLB Disc. Note
4.66%	04/19/06		1,200	1,197,515
4.63%	04/03/06		100	100,000
FHLMC Disc. Note
4.66%	04/25/06		900	897,437
4.75%	06/27/06		600	593,271
FNMA Disc. Note
4.715%	06/12/06		900	891,687
4.73%	06/16/06		1,200	1,188,283
4.65%	04/03/06		100	100,000

Freddie Mac Disc. Note
4.65%	04/03/06	100	100,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $6,064,580)			6,064,466
REPURCHASE AGREEMENTS — 8.7%
U.S. Treasury Repurchase Agreement Lehman Government Securities. 4.50%,dated 03/31/06, maturing 04/03/06, repurchase price $600,225 (Collaterized by U.S. Treasury Notes, 4.75%, par value $619,000, market value $617,356, due 03/31/11)
4.50%	04/03/06	600	600,000
U.S. Treasury Repurchase Agreement Credit Suisse Securities. 4.50%, dated 03/31/06, maturing 04/03/06, repurchase price $3,401,275 (Collaterized by U.S. Treasury Notes, 4.50%, par value $3,527,000, market value $3,489,669, due 02/28/11)
4.50%	04/03/06	3,400	3,400,000
TOTAL REPURCHASE AGREEMENTS
(cost $4,000,000)			4,000,000
COMMERCIAL PAPER — 1.5%
Rabobank
4.83%	04/03/06	300	300,000
Spintab AB Disc. Note
4.80%	04/26/06	100	99,693
UBS Finance
4.83%	04/03/06	300	300,000
TOTAL COMMERCIAL PAPER
(cost $699,693)			699,693
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills(k) %
04/20/2006	04/20/06	10	9,978

	Contracts		Value
OUTSTANDING OPTION PURCHASED*
OTC EPUT , Strike Price $71.46, Expires 06/30/06		20		469
TOTAL SHORT-TERM INVESTMENTS
(cost $23,455,571)				23,455,457
TOTAL INVESTMENTS — 123.6%
(cost $56,653,573)(p)				56,616,472
LIABILITIES IN EXCESS OF OTHER ASSETS (x) — (23.6)%				(10,820,927	)
NET ASSETS — 100.0%			$	45,795,545

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt
MTN	Medium Term Note
NR	Not Rated by Moody’s or Standard & Poo’s

AST ADVANCED STRATEGIES PORTFOLIO (Continued)

SCHEDULE OF INVESTMENTS March 31, 2006 (Unaudited)

TIPS	Treasury Inflation Protected Securities
GBP	British Pound
*	Non-income producing security.
(k)	Securities or a portion thereof with an aggregate market value of $9,978 have been segregated with the custodian to cover margin requirements for futures contracts open at March 31, 2006.
(p)	The United States federal income tax basis of the Portfolio’s investments was $56,655,957; accordingly, net unrealized depreciation on investments for federal income tax purposes was $39,485 (gross unrealized appreciation - $259,794; gross unrealized depreciation - $299,279). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.
(w)	Prudential Investments LLC, the 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:

Forward foreign currency exchange contracts outstanding at March 31, 2006:

Purchase Contract

Settlement Month	Type			Contracts to Receive		In Exchange For		Contracts at Value		Unrealized Appreciation
Apr 06		Buy	EUR		34,000	$	40,868	$	41,265	$	397
May 06		Buy	JPY		24,641,000		209,816		210,699		883
						$	250,684	$	251,964	$	1,280

Sale Contract

Settlement Month	Type			Contracts to Deliver		Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Apr 06		Sell	EUR		643,000	$	782,930	$	780,394	$	2,536
May 06		Sell	GBP		3,000		5,212		5,214		(2	)
						$	788,142	$	785,608	$	2,534

Number of Contracts			Type	Expiration Month		Value at Trade Date		Value at March 31, 2006		Unrealized Depreciation
Long Position:
6		Euro Dollar			Jun 07	$	1,424,850	$	1,422,525	$	(2,325	)
2		Euro Dollar			Sep 07		474,975		474,300		(675	)
6		Euro Dollar			Dec 06		1,422,675		1,421,175		(1,500	)
										$	(4,500	)
Short Positions:
13	U.S. Treasury 10 Year Note				Jun 06		1,381,859		1,383,078	$	(1,219	)

Interest rate swap agreements outstanding at March 31, 2006:

Description	Expiration Month			Notional Amount (000)		Unrealized Appreciation (Depreciation)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(1)		Jun 16		$	2,300	$	(34,364	)
Pay variable rate payments on the three month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(1)		Jun 16			500		2,395
Pay variable rate payments on the six month LIBOR-BBA floating rate and receive fixed rate payments of 5.00%.(2)		Sep 10	GBP		600		(496	)
						$	(32,465	)

Broker/Counterparty
(1)	Morgan Stanley Capital Services, Inc.
(2)	Citibank N.A. London

Commodity index swap agreements outstanding at March 31, 2006:

Description	Notional Amount (000)		Unrealized Appreciation
The Dow Jones - AIG Commodity-Index Total Return		2,000		52,724
			$	52,724

Broker/Counterparty
(1)	AIG Financial Products Corp.

Notes to the Schedule of Investments (unaudited)

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

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

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

Options on securities and indices traded on an exchange are valued on their last sales price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange.

Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted prices on such exchange or board of trade or at the last bid price in the absence of an asked price.

Securities for which market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. 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 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.

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

Forward currency contracts are valued daily at current exchange rates.

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

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

Short-term securities which mature in sixty days or less, are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities which mature in more than sixty days are valued at current market quotations.

Certain Portfolios invest in the Taxable Money Market Series and Short-Term Bond Series (the “Series”), series of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Series are a money market mutual fund and short-term bond fund, respectively, registered under the Investment Company Act of 1940, as amended, and managed by PI.

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

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

SIGNATURES

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

(Registrant) American Skandia Trust

By (Signature and Title)*	/s/Deborah A. Docs
	Deborah A. Docs
	Secretary of the Fund

Date May 30, 2006

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

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

Date May 30, 2006

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

Date May 30, 2006

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