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Advanced Series Trust – ‘N-Q’ for 3/31/17

On:  Friday, 5/26/17, at 3:55pm ET   ·   Effective:  5/26/17   ·   For:  3/31/17   ·   Accession #:  1193125-17-185481   ·   File #:  811-05186

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/26/17  Advanced Series Trust             N-Q         3/31/17    2:80M                                    Donnelley...Solutions/FAAST AB Global Bond PortfolioAst Academic Strategies Asset Allocation PortfolioAst Advanced Strategies PortfolioAST AQR Emerging Markets Equity PortfolioAST AQR Large-Cap PortfolioAst Balanced Asset Allocation PortfolioAST BlackRock Global Strategies PortfolioAST BlackRock iShares ETF PortfolioAst Blackrock Low Duration Bond PortfolioAST BlackRock Multi-Asset Income PortfolioAST BlackRock/Loomis Sayles Bond PortfolioAST Bond Portfolio 2017AST Bond Portfolio 2018AST Bond Portfolio 2019AST Bond Portfolio 2020AST Bond Portfolio 2021AST Bond Portfolio 2022AST Bond Portfolio 2023AST Bond Portfolio 2024AST Bond Portfolio 2025AST Bond Portfolio 2026AST Bond Portfolio 2027AST Bond Portfolio 2028AST Boston Partners Large-Cap Value PortfolioAst Capital Growth Asset Allocation PortfolioAST ClearBridge Dividend Growth PortfolioAst Cohen & Steers Realty PortfolioAST Columbia Adaptive Risk Allocation PortfolioAST Defensive Asset Allocation PortfolioAST Emerging Managers Diversified PortfolioAst Fidelity Institutional Amsm Quantitative PortfolioAST FQ Absolute Return Currency PortfolioAST Franklin Templeton K2 Global Absolute Return PortfolioAST Global Real Estate PortfolioAST Goldman Sachs Global Growth Allocation PortfolioAST Goldman Sachs Global Income PortfolioAST Goldman Sachs Large-Cap Value PortfolioAst Goldman Sachs Mid-Cap Growth PortfolioAST Goldman Sachs Multi-Asset PortfolioAst Goldman Sachs Small-Cap Value PortfolioAst Government Money Market PortfolioAst High Yield PortfolioAst Hotchkis & Wiley Large-Cap Value PortfolioAst International Growth PortfolioAst International Value PortfolioAST Investment Grade Bond PortfolioAST J.P. Morgan Global Thematic PortfolioAst J.P. Morgan International Equity PortfolioAst J.P. Morgan Strategic Opportunities PortfolioAST Jennison Global Infrastructure PortfolioAST Jennison Large-Cap Growth PortfolioAST Legg Mason Diversified Growth PortfolioAst Loomis Sayles Large-Cap Growth PortfolioAst Lord Abbett Core Fixed Income PortfolioAST Managed Alternatives PortfolioAST Managed Equity PortfolioAST Managed Fixed Income PortfolioAst MFS Global Equity PortfolioAst MFS Growth PortfolioAST MFS Large-Cap Value PortfolioAST Morgan Stanley Multi-Asset PortfolioAST Multi-Sector Fixed Income PortfolioAST Neuberger Berman Long/Short PortfolioAst Neuberger Berman/LSV Mid-Cap Value PortfolioAST New Discovery Asset Allocation PortfolioAST Parametric Emerging Markets Equity PortfolioAST PIMCO Dynamic Bond PortfolioAst Preservation Asset Allocation PortfolioAST Prudential Core Bond PortfolioAST Prudential Flexible Multi-Strategy PortfolioAst Prudential Growth Allocation PortfolioAST QMA Emerging Markets Equity PortfolioAST QMA International Core Equity PortfolioAST QMA Large-Cap PortfolioAst Qma U.S. Equity Alpha PortfolioAST Quantitative Modeling PortfolioAST RCM World Trends PortfolioAst Schroders Global Tactical PortfolioAst Small-Cap Growth Opportunities PortfolioAst Small-Cap Growth PortfolioAst Small-Cap Value PortfolioAst T. Rowe Price Asset Allocation PortfolioAST T. Rowe Price Diversified Real Growth PortfolioAST T. Rowe Price Growth Opportunities PortfolioAst T. Rowe Price Large-Cap Growth PortfolioAst T. Rowe Price Large-Cap Value PortfolioAst T. Rowe Price Natural Resources PortfolioAst Templeton Global Bond PortfolioAst Wedge Capital Mid-Cap Value PortfolioAST Wellington Management Global Bond PortfolioAST Wellington Management Hedged Equity PortfolioAST Wellington Management Real Total Return PortfolioAST Western Asset Core Plus Bond PortfolioAST Western Asset Emerging Markets Debt Portfolio

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Advanced Series Trust                               HTML  49.90M 
 2: EX-99.CERT  302 Certification                                   HTML     16K 


N-Q   —   Advanced Series Trust


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  Advanced Series Trust  

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:    Advanced Series Trust
Address of principal executive offices:    655 Broad Street, 17th Floor,
   Newark, New Jersey 07102
Name and address of agent for service:    Deborah A. Docs
   655 Broad Street, 17th Floor,
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    973-367-7521
Date of fiscal year end:    12/31/2017
Date of reporting period:    3/31/2017


Item 1.  Schedule of Investments


Glossary:

The following abbreviations are used in the quarterly schedule of portfolio holdings:

 

Currency:     

AED

   Emirati Dirham

ARS

   Argentine Peso

AUD

   Australian Dollar

BRL

   Brazilian Real

CAD

   Canadian Dollar

CHF

   Swiss Franc

CLP

   Chilean Peso

CNH

   Chinese Renminbi

CNY

   Chinese Yuan Renminbi

COP

   Columbian Peso

CZK

   Czech Koruna

DOP

   Dominican Peso

DKK

   Danish Krone

EGP

   Egyptian Pound

EUR

   Euro

GBP

   British Pound

HKD

   Hong Kong Dollar

HUF

   Hungarian Forint

IDR

   Indonesian Rupiah

ILS

   Israeli Shekel

INR

   Indian Rupee

ITL

   Italian Lira

JPY

   Japanese Yen

KRW

   South Korean Won

MXN

   Mexican Peso

MYR

   Malaysian Ringgit

NOK

   Norwegian Krone

NZD

   New Zealand Dollar

PEN

   Peruvian Nuevo Sol

PHP

   Philippine Peso

PLN

   Polish Zloty

RON

   Romanian Leu

RUB

   Russian Ruble

SAR

   Saudi Arabian Riyal

SEK

   Swedish Krona

SGD

   Singapore Dollar

THB

   Thai Baht

TRY

   Turkish Lira

TWD

   New Taiwanese Dollar

USD

   United States Dollar

ZAR

   South African Rand

Exchange:

  

AEX

   Amsterdam Stock Exchange

ASX

   Australian Securities Exchange

BATS

   Better Alternative Trading System Exchange

BVC

   Colombian Securities Exchange

CBOE

   Chicago Board Options Exchange

CHI-X

   European Equity Exchange

FTSE

   Financial Times Stock Exchange

JSE

   Johannesburg Stock Exchange

LMA

   Lima Stock Exchange

LME

   London Metal Exchange

MICEX

   Moscow Interbank Currency Exchange

NASDAQ GS

   National Association for Securities Dealers Automated Quotations Global Select Market

NYMEX

   New York Mercantile Exchange

NYSE

   New York Stock Exchange

OMXS

   Sweden Stock Market Index

OMXS30

   Stockholm Stock Exchange

OTC

   Over-the-counter

RTS

   Russian Trading System

SGMX

   Sigma X MTF

SGX

   Singapore Exchange

SWX

   SIX Swiss Exchange

TASE

   Tel Aviv Stock Exchange

TSX

   Toronto Stock Exchange

XBRN

   Berne Stock Exchange

XEQT

   Equiduct Stock Exchange

XHKG

   Hong Kong Stock Exchange

XJSE

   Johannesburg Stock Exchange

XLON

   London Stock Exchange

XNGS

   NASDAQ Global Select Market

XPAR

   Paris Stock Exchange

XTSE

   Toronto Stock Exchange

Index:

  

ABX

   Asset-Backed Securities Index

BCMSELEV

   Global Elevators Index

BCOM

   Bloomberg Commodity Index

BCOMTR

   Bloomberg Commodity Index Total Return

BIST

   Borsa Istanbul Index

BNPBIRON

   BNP Iron Ore Miners

BTP

   Buoni del Tesoro Poliennali

Bovespa

   Sao Paulo Se Bovespa Index

CAC

   French Stock Market Index

CAC40

   French Stock Index

CDX

   Credit Derivative Index

CGCBMCYC

   Citi U.S. Cyclicals

CGCBMED3

   U.S. Media Index

CNX

   CNX Nifty Index

CPI

   Consumer Price Index

CMBX

   Commercial Mortgage-Backed Index

DAX

   German Stock Index

DIP

   Debtor-in-Possession

EURMARGIN

   European Refined Margin

GOLDLNPM

   LBMA Gold Price PM USD Index

GSCBMS5S

   GS U.S. Staples Index

GSCI

   Goldman Sachs Commodity Index

GSGLAER2

   Developed Market Aerospace Equipment Index

GSGLMCPM

   GS Global Copper Miners

GSMSLIFT

   GS Global Elevators

HICP

   Harmonised Index of Consumer Prices

HSCEI

   Hang Seng China Enterprises Index

JPEBMCO2

   European Staples Index

JPCMMGR2

   JP U.S. Growth Index

JPCMMVL2

   JP U.S. Value Index

JPGMIRON

   JP Global Iron Ore Miners Index

JPGMMLUX

   Luxury Goods Index

JPMSCBK4

   JP China Mid-Sized Banks

IBEX

   Spanish Stock Index

iBoxx

   Bond Market Indices

iTraxx

   International Credit Derivative Index

IXRTR

   Consumer Staples Select Sector SPDR Fund

KOSPI

   Korean Stock Exchange Index

MIB

   Milano Italia Borsa

MEX

   Mexican Stock Exchange Mexican Bolsa IPC Index

MLMIREI2

   U.S. REITs Index

MXWO0EE

   MSCI World Energy Equipment & Services

NDDLSZ

   MSCI Switzerland Net Return Index

NIKKEI

   Japanese Stock Market Index

QMTF

   Quote Multilateral Trading Facility

RMS G

   MSCI US REIT Index
 


SET

   Stock Exchange of Thailand SET Index

SPI

   Swiss Performance Index

SPTRSGX

   S&P 500 Growth Index

STOXX

   Stock Index of the Eurozone

S5CPGS

   Barclays U.S Capital Goods Index

TAIEX

   Taiwan Stock Exchange Index

TOPIX

   Tokyo Stock Price Index

UKRPI

   United Kingdom Retail Price Index

WIG 20

   Warsaw Stock Exchange

Other:

  

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.

RegS

   Regulation S. Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

ABS

   Asset-Backed Security

ADR

   American Depositary Receipt

ADS

   American Depositary Security

AID

   Agency for International Development

ASX

   Australian Securities Exchange

BABs

   Build America Bonds

BBSW

   Australian Bank Bill Swap Reference Rate

BBA

   British Bankers Association

BDR

   Brazilian Depositary Receipt

BKNT

   Bank Notes

Bobl

   Bundesobligationen-German Federal Obligations

bps

   Basis Points

CAS

   Connecticut Avenue Securities

CDI

   CHESS Depositary Interest

CDO

   Collateralized Debt Obligation

CDOR

   Canadian Dealer Offered Rate

CLO

   Collateralized Loan Obligation

CMBS

   Commercial Mortgage-Backed Security

COOIS

   Colombia Overnight Interbank Reference Rate

CVA

   Certificate Van Aandelen (Bearer)

CVR

   Contingent Value Rights

CVT

   Convertible Security

EAFE

   Europe, Australia, Far East

EMTN

   Euro Medium Term Note

EONIA

   Euro Overnight Index Average

ETF

   Exchange Traded Fund

EURIBOR

   Euro Interbank Offered Rate

EURSIMP

   Weighted Basket of Refined Products

FHLMC

   Federal Home Loan Mortgage Corporation

FNMA

   Federal National Mortgage Association

FREMF

   Freddie Mac Mortgage Trust

GDR

   Global Depositary Receipt

GMAC

   General Motors Acceptance Corporation

GMTN

   Global Medium Term Note

GNMA

   Government National Mortgage Association

GO

   General Obligation

HIBOR

   Hong Kong Interbank Offered Rate

IO

   Interest Only

JIBAR

   Johannesburg Interbank Agreed Rate

JSFC

   Joint Stock Financial Corporation

KWCDC

   Korean Won Certificate of Deposit

L1

   Level 1

L2

   Level 2

L3

   Level 3

LIBOR

   London Interbank Offered Rate

LLS

   Light Louisiana Sweet

MLP

   Master Limited Partnership

MSCI

   Morgan Stanley Capital International

MTN

   Medium Term Note

NSA

   Non-Seasonally Adjusted

NASDAQ

   National Association of Securities Dealers Automated Quotations

NFIX3FRA  

   New Zealand Bank Bill 3 Month Forward Rate Agreement

NIBOR

   Norwegian Interbank Offered Rate

NVDR

   Non-voting Depositary Receipt

OAT

   Obligations Assimilables du Tresor

OJSC

   Open Joint-Stock Company

OPIS

   Oil Price Information Service

PIK

   Payment-in-Kind

PJSC

   Public Joint-Stock Company

PO

   Principal Only

PRFC

   Preference Shares

PRI

   Pimary Rate Interface

PRIBOR

   Prague Interbank Offered Rate

PQSC

   Private Qatar Stock Company

QMTF

   Quote Multilateral Trading Facility

RBOB

   Reformulated Gasoline Blendstock for Oxygen Blending

REIT

   Real Estate Investment Trust

REMICS

   Real Estate Mortgage Investment Conduit Security

RTS

   Russian Trading System

S&P

   Standard & Poor

SDR

   Sweden Depositary Receipt

SLM

   Student Loan Mortgage

SMB

   Sallie Mae Bank

SONIA

   Sterling Overnight Index Average

SPDR

   Standard & Poor’s Depository Receipts

STACR

   Structured Agency Credit Risk

STIBOR

   Stockholm Interbank Offered Rate

STRIPS

   Separate Trading of Registered Interest and Principal of Securities

TBA

   To Be Announced

TIPS

   Treasury Inflation Protected Securities

ULSD

   Ultra-Low Sulfur Diesel

USAID

   United States Agency for International Development

USB3MTA

   United States Auction Results 3 Month Treasury Bill High Discount

USOIS

   United States Overnight Index Swap

UTS

   Unit Trust Security

WIBOR

   Warsaw Interbank Offered Rate

WTI

   West Texas Intermediate
 


   AST AB GLOBAL BOND PORTFOLIO           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Interest

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

LONG-TERM INVESTMENTS — 99.8%

 

ASSET-BACKED SECURITIES — 1.5%

 

Collateralized Loan Obligations — 0.5%

 

CIFC Funding Ltd. (Cayman Islands),

 

Series 2015-4A, Class D, 144A

 

6.530%(c)

  10/20/27        3,485      $ 3,422,055  

OZLM VIII Ltd. (Cayman Islands),

 

Series 2014-8A, Class D, 144A

 

5.973%(c)

  10/17/26        1,592        1,519,043  

Voya CLO Ltd. (Cayman Islands),

 

Series 2016-1A, Class D, 144A

 

7.580%(c)

  01/20/27        1,400        1,419,275  

Series 2016-3A, Class D, 144A

 

7.673%(c)

  10/18/27        1,750        1,778,171  
         

 

 

 
            8,138,544  
         

 

 

 

Non-Residential Mortgage-Backed Securities — 1.0%

 

CPS Auto Receivables Trust,

 

Series 2016-C, Class E, 144A

 

8.390%

  09/15/23        500        542,158  

CPS Auto Trust,

 

Series 2016-D, Class E, 144A

 

6.860%

  04/15/24        700        727,863  

Exeter Automobile Receivables Trust,

 

Series 2017-1A, Class D, 144A

 

6.200%

  11/15/23        5,500        5,612,537  

Hertz Vehicle Financing II LP,

 

Series 2015-1A, Class A, 144A

 

2.730%

  03/25/21        3,300        3,293,991  

Sofi Consumer Loan Program LLC,

 

Series 2017-1, Class B, 144A

 

4.730%(c)

  01/26/26        4,295        4,324,478  

Series 2017-2, Class A, 144A

 

3.280%

  02/25/26        3,345        3,344,625  
         

 

 

 
                17,845,652  
         

 

 

 

TOTAL ASSET-BACKED SECURITIES
(cost $25,755,381)

 

     25,984,196  
         

 

 

 

COMMERCIAL MORTGAGE-BACKED

SECURITIES — 2.0%

 

 

225 Liberty Street Trust,

 

Series 2016-225L, Class E, 144A

 

4.649%(c)

  02/10/36        2,713        2,619,356  

CGBAM Commercial Mortgage Trust,

 

Series 2016-IMC, Class C, 144A

 

4.893%(c)

  11/15/21        2,189        2,189,256  

Citigroup Commercial Mortgage Trust,

 

Series 2015-SHP2, Class E, 144A

 

5.262%(c)

  07/15/27        1,185        1,187,325  

Commercial Mortgage Trust,

 

Series 2013-CR6, Class A2

 

2.122%

  03/10/46        330        331,342  

Series 2013-CR6, Class D, 144A

 

4.171%(c)

  03/10/46        1,910        1,731,645  

Series 2013-CR10, Class D, 144A

 

4.789%(c)

  08/10/46        2,020        1,741,541  

Series 2013-LC6, Class D, 144A

 

4.284%(c)

  01/10/46        3,975        3,636,673  

Series 2014-LC15, Class A2

 

Interest

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

COMMERCIAL MORTGAGE-BACKED

SECURITIES (Continued)

 

 

2.840%

  04/10/47        290      $ 294,335  

CSAIL Commercial Mortgage Trust,

 

Series 2015-C3, Class D

 

3.360%(c)

  08/15/48        2,032        1,482,950  

CSMC Trust,

 

Series 2016-MFF, Class D, 144A

 

5.367%(c)

  11/15/33        1,311        1,315,465  

GS Mortgage Securities Trust,

 

Series 2012-GC6, Class D, 144A

 

5.653%(c)

  01/10/45        524        501,390  

Series 2007-GG10, Class A4

 

5.949%(c)

  08/10/45        584        583,111  

Series 2013-G1, Class A1, 144A

 

2.059%

  04/10/31        698        676,612  

Series 2014-GC22, Class D, 144A

 

4.646%(c)

  06/10/47        600        497,326  

JPMBB Commercial Mortgage Securities Trust,

 

Series 2015-C32, Class C

 

4.669%(c)

  11/15/48        1,790        1,691,972  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2006-LDP9, Class AM

 

5.372%

  05/15/47        736        735,270  

Series 2012-CBX, Class E, 144A

 

5.215%(c)

  06/15/45        1,144        1,130,874  

Series 2015-SGP, Class A, 144A

 

2.612%(c)

  07/15/36        2,750        2,763,779  

LB-UBS Commercial Mortgage Trust,

 

Series 2006-C6, Class AJ

 

5.452%(c)

  09/15/39        1,439        1,271,778  

ML-CFC Commercial Mortgage Trust,

 

Series 2007-9, Class A4

 

5.700%

  09/12/49        237        238,961  

Morgan Stanley Capital I Trust,

 

Series 2015-XLF2, Class AFSD, 144A

 

4.569%(c)

  08/15/26        1,700        1,707,351  

Series 2015-XLF2, Class SNMD, 144A(g)

 

2.647%(c)

  11/15/26        1,450        1,314,963  

Resource Capital Corp. Ltd. (Cayman Islands),

 

Series 2014-CRE2, Class A, 144A

 

1.993%(c)

  04/15/32        22        22,365  

Starwood Retail Property Trust,

 

Series 2014-STAR, Class A, 144A

 

2.132%(c)

  11/15/27        3,780        3,758,567  

WFRBS Commercial Mortgage Trust,

 

Series 2014-C25, Class D, 144A

 

3.803%(c)

  11/15/47        2,155        1,548,795  
         

 

 

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $35,698,785)

 

     34,973,002  
         

 

 

 

CORPORATE BONDS — 23.9%

 

Australia — 0.6%

 

Australia & New Zealand Banking Group Ltd.,

 

Covered Bonds, EMTN, RegS

 

3.625%

  07/18/22        EUR    1,509        1,897,863  

Commonwealth Bank of Australia,

 

Covered Bonds, EMTN, RegS

 

0.750%

  11/04/21        EUR    2,814        3,090,135  
 


   AST AB GLOBAL BOND PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Interest

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

  

Australia (cont’d.)

 

  

3.000%

  05/03/22      EUR 869      $ 1,058,556  

National Capital Trust I,

 

Ltd. Gtd. Notes, RegS

     

5.620%(c)

  09/29/49      GBP 274        359,614  

Westpac Banking Corp.,

 

Covered Bonds, EMTN, RegS

     

1.500%

  03/24/21      EUR     2,689        3,035,284  
         

 

 

 
            9,441,452  
         

 

 

 

Brazil — 1.1%

 

  

Braskem Finance Ltd.,

 

Gtd. Notes

     

6.450%

  02/03/24        865        930,135  

BRF GmbH,

 

Gtd. Notes, RegS

     

4.350%

  09/29/26        1,047        955,388  

Fibria Overseas Finance Ltd.,

 

Gtd. Notes

     

5.500%

  01/17/27        2,309        2,313,964  

Gerdau Trade, Inc.,

 

Gtd. Notes, 144A

     

5.750%

  01/30/21        3,659        3,837,376  

GTL Trade Finance, Inc.,

 

Gtd. Notes, RegS

     

5.893%

  04/29/24        645        646,613  

MARB BondCo PLC,

 

Gtd. Notes, 144A

     

7.000%

  03/15/24        2,081        2,065,393  

Minerva Luxembourg SA,

 

Gtd. Notes, 144A

     

6.500%

  09/20/26        724        707,442  

Odebrecht Finance Ltd.,

 

Gtd. Notes, 144A

     

7.125%

  06/26/42        2,565        923,400  

Petrobras Global Finance BV,

 

Gtd. Notes

     

6.125%

  01/17/22        2,737        2,872,482  

8.750%

  05/23/26        1,635        1,892,513  

Rumo Luxembourg Sarl,

 

Gtd. Notes, 144A

     

7.375%

  02/09/24        1,543        1,589,290  

Vale Overseas Ltd.,

 

Gtd. Notes

     

5.875%

  06/10/21        798        855,153  
         

 

 

 
            19,589,149  
         

 

 

 

Canada — 0.3%

 

  

Bell Canada, Inc.,

 

Gtd. Notes

     

3.350%

  06/18/19      CAD   1,788        1,394,717  

Canadian National Railway Co.,

 

Sr. Unsec’d. Notes

     

5.550%

  03/01/19        939        1,003,906  

Leisureworld Senior Care LP,

 

Sr. Sec’d. Notes

     

3.474%

  02/03/21      CAD   2,334        1,848,789  

Yamana Gold, Inc.,

 

Gtd. Notes

     

4.950%

  07/15/24        995        999,975  
         

 

 

 

Interest

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

  

Canada (cont’d.)

 

  
          $ 5,247,387  
         

 

 

 

China — 0.0%

 

  

Tencent Holdings Ltd.,

 

Sr. Unsec’d. Notes, 144A

     

3.375%

  05/02/19        200        204,465  
         

 

 

 

France — 0.9%

 

  

BNP Paribas SA,

 

Gtd. Notes, BKNT, MTN

     

5.000%

  01/15/21        1,045        1,131,241  

Jr. Sub. Notes, RegS

     

5.019%(c)

  04/29/49      EUR        550        587,152  

Sr. Unsec’d. Notes, 144A

     

3.800%

  01/10/24(a)        1,484        1,476,767  

Sub. Notes, EMTN, RegS

     

2.250%

  01/11/27      EUR 448        464,462  

BPCE SA,

 

Sub. Notes, 144A

     

5.150%

  07/21/24        1,447        1,486,149  

Sub. Notes, MTN, 144A

     

5.700%

  10/22/23        962        1,020,239  

Credit Agricole Home Loan SFH SA,

 

Covered Bonds, RegS

     

3.500%

  06/14/18      EUR 500        558,035  

Credit Agricole SA,

 

Jr. Sub. Notes, 144A

     

8.125%(c)

  12/29/49        1,766        1,880,789  

Sr. Unsec’d. Notes, MTN, 144A

     

4.125%

  01/10/27        1,875        1,860,069  

Europcar Groupe SA,

 

Sec’d. Notes, RegS

     

5.750%

  06/15/22      EUR 1,220        1,363,920  

Loxam SAS,

 

First Lien, 144A

     

4.250%

  04/15/24      EUR 474        513,250  

Sr. Sub. Notes, RegS

     

7.000%

  07/23/22      EUR 461        521,847  

SFR Group SA,

 

Sr. Sec’d. Notes, 144A

     

7.375%

  05/01/26        2,359        2,429,770  

Societe Generale SA,

 

Jr. Sub. Notes, 144A

     

8.000%(c)

  09/29/49        922        942,745  
         

 

 

 
            16,236,435  
         

 

 

 

India — 0.2%

 

  

Adani Ports & Special Economic Zone Ltd.,

 

Sr. Unsec’d. Notes, 144A

     

3.950%

  01/19/22        3,290        3,327,844  
         

 

 

 

Ireland — 0.2%

 

  

Bank of Ireland,

 

Jr. Sub. Notes, RegS

     

7.375%(c)

  12/29/49      EUR 2,265        2,589,148  
         

 

 

 

Israel — 0.3%

 

  

Teva Pharmaceutical Finance Netherlands III BV,

 

Gtd. Notes

     

2.800%

  07/21/23        3,066        2,912,114  

3.150%

       10/01/26(a)        2,017        1,858,694  
         

 

 

 
 


   AST AB GLOBAL BOND PORTFOLIO (CONTINUED)            

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

Israel (cont’d.)

 

  
          $ 4,770,808  
         

 

 

 

Italy — 0.2%

 

  

Intesa Sanpaolo SpA,

     

Sub. Notes, 144A

       

5.017%

  06/26/24        2,511        2,362,176  

Wind Acquisition Finance SA,

     

Sr. Sec’d. Notes, 144A

     

4.750%

  07/15/20        1,433        1,456,286  
         

 

 

 
            3,818,462  
         

 

 

 

Japan — 0.1%

 

  

Sumitomo Mitsui Banking Corp.,

     

Gtd. Notes

       

1.966%

  01/11/19        2,513        2,513,643  
         

 

 

 

Kazakhstan — 0.2%

 

  

KazMunayGas National Co. JSC,

     

Sr. Unsec’d. Notes, MTN, RegS

     

6.375%

  04/09/21        1,563        1,715,533  

Sr. Unsec’d. Notes, RegS

     

7.000%

  05/05/20        750        825,104  

Tengizchevroil Finance Co. International Ltd.,

 

  

Sr. Sec’d. Notes, 144A

     

4.000%

  08/15/26        1,809        1,733,203  
         

 

 

 
            4,273,840  
         

 

 

 

Kuwait — 0.3%

 

  

Equate Petrochemical BV,

     

Gtd. Notes, 144A

       

3.000%

  03/03/22        4,446        4,343,741  
         

 

 

 

Mexico — 0.6%

 

  

Petroleos Mexicanos,

     

Gtd. Notes

       

3.500%

  01/30/23        1,703        1,622,789  

4.625%

  09/21/23        2,483        2,497,277  

4.875%

  01/18/24        6,295        6,351,655  
         

 

 

 
            10,471,721  
         

 

 

 

Netherlands — 0.9%

 

  

Basell Finance Co. BV,

     

Gtd. Notes, 144A

       

8.100%

  03/15/27        85        112,569  

Cooperatieve Rabobank UA,

     

Bank Gtd. Notes

       

4.375%

  08/04/25        3,128        3,208,399  

Gtd. Notes

       

3.950%

  11/09/22        3,520        3,612,333  

ING Bank NV,

     

Sr. Unsec’d. Notes, 144A

     

2.000%

  11/26/18        3,990        3,987,267  

ING Groep NV,

     

Sr. Unsec’d. Notes

       

2.302%(c)

  03/29/22        2,437        2,440,643  

Ziggo Secured Finance BV,

     

Sr. Sec’d. Notes, 144A

     

5.500%

  01/15/27        2,543        2,542,746  
         

 

 

 
                15,903,957  
         

 

 

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

Norway — 0.1%

 

  

DNB Bank ASA,

     

Sr. Unsec’d. Notes, EMTN, RegS

     

4.375%

  02/24/21      EUR 1,252      $     1,552,440  
         

 

 

 

Peru — 0.2%

 

  

Minsur SA,

     

Sr. Unsec’d. Notes, 144A

     

6.250%

  02/07/24        3,320        3,552,400  
         

 

 

 

South Africa — 0.1%

 

  

Eskom Holdings SOC Ltd.,

     

Sr. Unsec’d. Notes, RegS

     

5.750%

  01/26/21        1,678        1,685,138  
         

 

 

 

Spain — 0.6%

 

  

Banco de Sabadell SA,

     

Covered Bonds, RegS

     

0.875%

  11/12/21      EUR     3,300        3,623,058  

Cirsa Funding Luxembourg SA,

 

  

Gtd. Notes, RegS

       

5.875%

  05/15/23      EUR 800        896,115  

Santander Issuances SAU,

 

  

Gtd. Notes

       

5.179%

  11/19/25        2,600        2,697,674  

Gtd. Notes, MTN, RegS

     

3.250%

  04/04/26      EUR 400        443,949  

Telefonica Emisiones SAU,

 

  

Gtd. Notes

       

5.213%

  03/08/47        1,931        1,954,682  
         

 

 

 
            9,615,478  
         

 

 

 

Sweden — 0.4%

 

  

Nordea Bank AB,

     

Sub. Notes, 144A

       

4.875%

  05/13/21        2,511        2,679,014  

Sub. Notes, EMTN, RegS

     

4.000%

  03/29/21      EUR 1,509        1,836,154  

Skandinaviska Enskilda Banken AB,

 

  

Sub. Notes, EMTN, RegS

     

4.000%(c)

  09/12/22      EUR 1,566        1,698,433  
         

 

 

 
            6,213,601  
         

 

 

 

Switzerland — 1.3%

 

  

Credit Suisse Group Funding Guernsey Ltd.,

 

  

Gtd. Notes

       

3.750%

  03/26/25        1,632        1,605,534  

3.800%

  06/09/23        2,288        2,297,367  

Gtd. Notes, EMTN, RegS

     

1.250%

  04/14/22      EUR 1,898        2,052,552  

Dufry Finance SCA,

     

Gtd. Notes, 144A

       

4.500%

  08/01/23      EUR 1,249        1,427,240  

Glencore Finance Europe SA,

     

Gtd. Notes, EMTN, RegS

     

1.750%

  03/17/25      EUR 1,934        2,029,596  

Glencore Funding LLC,

     

Gtd. Notes, 144A

       

4.000%

  04/16/25        124        123,401  

4.125%

  05/30/23        1,224        1,247,611  

4.625%

  04/29/24        2,036            2,114,467  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

Switzerland (cont’d.)

 

  

Holcim Finance Luxembourg SA,

 

  

Gtd. Notes, EMTN, RegS

     

2.250%

  05/26/28      EUR 3,805      $ 4,252,769  

UBS AG,

 

  

Sub. Notes

     

7.625%

  08/17/22            2,505        2,896,281  

UBS Group Funding Jersey Ltd.,

 

  

Gtd. Notes, 144A

     

4.125%

  09/24/25        1,957        1,990,110  
         

 

 

 
            22,036,928  
         

 

 

 

United Arab Emirates — 0.0%

 

  

Abu Dhabi National Energy Co. PJSC,

 

  

Sr. Unsec’d. Notes, MTN, 144A

     

3.625%

  06/22/21        354        362,241  
         

 

 

 

United Kingdom — 3.2%

 

  

Aviva PLC,

 

  

Sub. Notes, EMTN, RegS

     

6.125%(c)

  07/05/43      EUR 1,985        2,499,917  

Barclays Bank PLC,

 

  

Sub. Notes, EMTN, RegS

     

6.625%

  03/30/22      EUR 875        1,157,156  

Barclays PLC,

 

  

Jr. Sub. Notes

     

8.000%(c)

  12/15/49      EUR 2,910        3,360,510  

Sr. Unsec’d. Notes

     

3.684%

  01/10/23        3,050        3,064,454  

Sub. Notes

     

5.200%

  05/12/26        1,624        1,661,216  

British Telecommunications PLC,

 

  

Sr. Unsec’d. Notes

     

9.125%

  12/15/30        431        644,736  

HSBC Holdings PLC,

 

  

Jr. Sub. Notes, RegS

     

6.000%(c)

  12/29/49      EUR 1,566        1,798,148  

Sr. Unsec’d. Notes

     

4.041%(c)

  03/13/28        2,164        2,187,419  

Sub. Notes

     

4.375%

  11/23/26        1,372        1,382,651  

Lloyds Banking Group PLC,

 

  

Jr. Sub. Notes, RegS

     

6.375%(c)

  06/27/49      EUR 668        747,009  

Sub. Notes

     

4.582%

  12/10/25        2,292        2,327,923  

4.650%

  03/24/26        933        950,648  

Nationwide Building Society,

 

  

Sub. Notes, 144A

     

4.000%

  09/14/26        4,300        4,162,920  

Sub. Notes, EMTN, RegS

     

4.125%(c)

  03/20/23      EUR 1,566        1,726,726  

Royal Bank of Scotland Group PLC,

 

  

Jr. Sub. Notes

     

7.640%(c)

  03/29/49        1,500        1,398,750  

8.625%(c)

  12/29/49        2,574        2,683,395  

Sub. Notes

     

6.125%

  12/15/22        1,617        1,712,278  

Santander UK Group Holdings PLC,

 

  

Sr. Unsec’d. Notes

     

2.875%

  08/05/21        4,175        4,120,667  

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

United Kingdom (cont’d.)

 

  

Sub. Notes, 144A

     

4.750%

  09/15/25        1,701      $ 1,697,302  

Santander UK PLC,

 

  

Covered Bonds, EMTN, RegS

     

1.625%

  11/26/20      EUR 2,653        2,997,297  

4.250%

  04/12/21      EUR 2,450        3,049,246  

Sky Group Finance PLC,

 

  

Gtd. Notes, RegS

     

5.750%

  10/20/17      GBP 1,681        2,162,880  

Standard Chartered PLC,

 

  

Jr. Sub. Notes, 144A

     

2.549%(c)

  01/29/49        3,200        2,672,000  

Sub. Notes, EMTN, RegS

     

4.000%(c)

  10/21/25      EUR 103        116,536  

Sub. Notes, MTN, 144A

     

4.300%

  02/19/27        1,640        1,612,356  

Synlab Bondco PLC,

 

  

Sr. Sec’d. Notes, 144A

     

6.250%

  07/01/22      EUR 1,250        1,436,117  

Yorkshire Power Finance Ltd.,

 

  

Gtd. Notes

     

7.250%

  08/04/28      GBP 564        1,043,862  
         

 

 

 
                54,374,119  
         

 

 

 

United States — 12.1%

 

  

21st Century Fox America, Inc.,

 

  

Gtd. Notes

     

3.000%

  09/15/22        762        761,361  

AbbVie, Inc.,

 

  

Sr. Unsec’d. Notes

     

1.375%

  05/17/24      EUR 3,235        3,496,791  

2.500%

  05/14/20        206        207,405  

3.600%

  05/14/25        2,029        2,029,383  

ACE Capital Trust II,

 

  

Ltd. Gtd. Notes

     

9.700%

  04/01/30        2,710        4,017,575  

American Express Credit Corp.,

 

  

Sr. Unsec’d. Notes

     

0.625%

  11/22/21      EUR     2,360        2,538,451  

American Tower Corp.,

 

  

Sr. Unsec’d. Notes

     

5.050%

  09/01/20        564        606,906  

5.900%

  11/01/21        1,135        1,269,928  

Apache Corp.,

 

  

Sr. Unsec’d. Notes

     

6.900%

  09/15/18        1,400        1,495,750  

AT&T, Inc.,

 

  

Sr. Unsec’d. Notes

     

2.500%

  03/15/23      EUR 1,249        1,445,614  

3.000%

  02/15/22        875        872,981  

3.400%

  05/15/25        2,282        2,204,243  

3.600%

  02/17/23        961        973,302  

4.125%

  02/17/26        1,112        1,127,678  

5.800%

  02/15/19        1,135        1,212,001  

Bank of America Corp.,

 

  

Sr. Unsec’d. Notes, EMTN, RegS

     

1.625%

  09/14/22      EUR 4,493        5,000,053  

Sr. Unsec’d. Notes, MTN

     

3.824%(c)

  01/20/28        4,116        4,122,903  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

United States (cont’d.)

 

  

4.875%

  04/01/44        2,188      $     2,359,850  

Sub. Notes, MTN

     

4.000%

  01/22/25        1,277        1,275,655  

Becton Dickinson and Co.,

 

Sr. Unsec’d. Notes

     

1.900%

  12/15/26      EUR 1,684        1,852,926  

Brixmor Operating Partnership LP,

 

Sr. Unsec’d. Notes

     

3.850%

  02/01/25        495        488,524  

Broadcom Corp./Broadcom Cayman Finance Ltd.,

 

Gtd. Notes, 144A

     

3.625%

  01/15/24        828        834,102  

3.875%

  01/15/27        1,790        1,799,437  

Carnival Corp.,

 

Gtd. Notes

     

1.625%

  02/22/21      EUR 3,551        3,956,597  

CenturyLink, Inc.,

 

Sr. Unsec’d. Notes

     

6.450%

  06/15/21        1,194        1,268,494  

7.500%

       04/01/24(a)        1,080        1,141,765  

CF Industries, Inc.,

 

Gtd. Notes

     

4.950%

  06/01/43        1,391        1,178,873  

Charter Communications Operating LLC/Charter Communications Operating Capital,

 

Sr. Sec’d. Notes

     

3.579%

  07/23/20        1,250        1,285,798  

4.908%

  07/23/25        3,920        4,142,139  

Citigroup Global Markets Holdings, Inc.,

 

Gtd. Notes, EMTN, 144A

     

16.595%(s)

  03/08/18      EGP   44,407        2,091,388  

CMS Energy Corp.,

 

Sr. Unsec’d. Notes

     

5.050%

  03/15/22        985        1,078,279  

Cox Communications, Inc.,

 

Sr. Unsec’d. Notes, 144A

     

2.950%

  06/30/23        270        257,777  

CSC Holdings LLC,

 

Gtd. Notes, 144A

     

6.625%

  10/15/25        1,262        1,372,425  

Diamond 1 Finance Corp./Diamond 2 Finance Corp.,

 

Gtd. Notes, 144A

     

7.125%

       06/15/24(a)        571        631,229  

Sr. Sec’d. Notes, 144A

     

4.420%

  06/15/21        2,455        2,567,304  

5.450%

  06/15/23        2,455        2,648,977  

6.020%

  06/15/26        420        457,876  

Diamond Offshore Drilling, Inc.,

 

Sr. Unsec’d. Notes

     

4.875%

  11/01/43        632        458,199  

Discovery Communications LLC,

 

Gtd. Notes

     

4.875%

  04/01/43        685        620,509  

eBay, Inc.,

 

Sr. Unsec’d. Notes

     

3.800%

  03/09/22        937        975,109  

Enbridge Energy Partners LP,

 

Sr. Unsec’d. Notes

     

4.375%

       10/15/20(a)        2,750        2,898,940  

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

United States (cont’d.)

 

  

Energy Transfer Partners LP,

 

Sr. Unsec’d. Notes

     

4.650%

  06/01/21        1,002      $ 1,054,229  

4.900%

  02/01/24        621        645,235  

EnLink Midstream Partners LP,

 

Sr. Unsec’d. Notes

     

4.150%

  06/01/25        3,253        3,213,863  

Enterprise Products Operating LLC,

 

Gtd. Notes

     

4.900%

  05/15/46        1,332        1,363,395  

FedEx Corp.,

 

Gtd. Notes

     

1.000%

  01/11/23      EUR     4,845        5,214,482  

Fidelity National Information Services, Inc.,

 

Sr. Unsec’d. Notes

     

5.000%

  10/15/25        3        3,263  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

     

5.875%

  08/02/21        3,869        4,310,132  

General Electric Co.,

 

Jr. Sub. Notes

     

5.000%(c)

  12/29/49        1,003        1,058,165  

Goldman Sachs Group, Inc. (The),

 

Sr. Unsec’d. Notes

     

2.350%

  11/15/21        1,843        1,805,003  

5.750%

  01/24/22        2,378        2,674,965  

6.000%

  06/15/20        1,624        1,797,667  

Sr. Unsec’d. Notes, EMTN, RegS

     

1.625%

  07/27/26      EUR 4,480        4,766,427  

Sr. Unsec’d. Notes, GMTN

     

7.500%

  02/15/19        507        556,412  

Sub. Notes

     

5.150%

  05/22/45        621        652,506  

HCA, Inc.,

 

Sr. Sec’d. Notes

     

4.500%

  02/15/27        353        353,000  

5.250%

  06/15/26        558        587,295  

HCP, Inc.,

 

Sr. Unsec’d. Notes

     

5.375%

  02/01/21        45        49,015  

Healthcare Trust of America Holdings LP,

 

Gtd. Notes

     

3.375%

  07/15/21        483        489,847  

Herc Rentals, Inc.,

 

Sec’d. Notes, 144A

     

7.750%

       06/01/24(a)        600        640,500  

Hertz Corp. (The),

 

Gtd. Notes

     

6.750%

       04/15/19(a)        446        446,558  

Gtd. Notes, 144A

     

5.500%

       10/15/24(a)        1,720        1,494,249  

Hess Corp.,

 

Sr. Unsec’d. Notes

     

4.300%

  04/01/27        2,929        2,876,896  

Hill-Rom Holdings, Inc.,

 

Gtd. Notes, 144A

     

5.750%

  09/01/23        277        287,041  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

  

United States (cont’d.)

     

HP, Inc.,

 

Sr. Unsec’d. Notes

     

4.650%

       12/09/21(a)        1,757      $ 1,882,450  

HSBC Finance Corp.,

 

Sub. Notes

     

6.676%

  01/15/21        1,192        1,347,446  

Humana, Inc.,

 

Sr. Unsec’d. Notes

     

7.200%

  06/15/18        835        887,122  

International Game Technology PLC,

 

Sr. Sec’d. Notes, 144A

     

6.500%

  02/15/25        616        656,040  

Sr. Sec’d. Notes, RegS

     

4.750%

  02/15/23      EUR     1,320          1,519,074  

JPMorgan Chase & Co.,

 

Sr. Unsec’d. Notes

     

3.782%(c)

  02/01/28        5,550        5,602,370  

Kinder Morgan, Inc.,

 

Gtd. Notes, 144A

     

5.000%

  02/15/21        2,478        2,646,447  

KLA-Tencor Corp.,

 

Sr. Unsec’d. Notes

     

4.650%

  11/01/24        2,812        2,994,069  

Laboratory Corp. of America Holdings,

 

Sr. Unsec’d. Notes

     

3.200%

  02/01/22        139        139,630  

3.600%

  02/01/25        1,059        1,047,193  

Level 3 Financing, Inc.,

 

Gtd. Notes

     

5.375%

  01/15/24        917        938,779  

Liberty Mutual Finance Europe DAC,

 

Gtd. Notes, 144A

     

1.750%

  03/27/24      EUR 875        946,584  

LifePoint Health, Inc.,

 

Gtd. Notes

     

5.875%

       12/01/23(a)        1,866        1,921,980  

Lincoln National Corp.,

 

Sr. Unsec’d. Notes

     

8.750%

  07/01/19        156        178,071  

LKQ Italia Bondco SpA,

 

Gtd. Notes, 144A

     

3.875%

  04/01/24      EUR 400        449,730  

Massachusetts Mutual Life Insurance Co.,

 

Sub. Notes, 144A

     

8.875%

  06/01/39        163        264,660  

McKesson Corp.,

 

Sr. Unsec’d. Notes

     

1.500%

  11/17/25      EUR 2,245        2,417,634  

Micron Technology, Inc.,

 

Sr. Sec’d. Notes, 144A

     

7.500%

  09/15/23        1,517        1,693,351  

Monongahela Power Co.,

 

First Mortgage, 144A

     

4.100%

  04/15/24        150        157,299  

Morgan Stanley,

 

Sr. Unsec’d. Notes

     

3.875%

  04/29/24        3,063        3,152,244  

Sr. Unsec’d. Notes, GMTN

     

1.375%

  10/27/26      EUR 5,870        6,106,984  

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

United States (cont’d.)

 

  

Sr. Unsec’d. Notes, MTN

     

5.625%

  09/23/19        2,546      $     2,749,150  

Mosaic Co. (The),

 

Sr. Unsec’d. Notes

     

5.625%

  11/15/43        1,116        1,149,076  

MPLX LP,

 

Sr. Unsec’d. Notes

     

4.125%

  03/01/27        1,616        1,608,995  

4.500%

  07/15/23        1,560        1,622,431  

Mylan NV,

 

Gtd. Notes

     

3.150%

  06/15/21        2,424        2,432,913  

3.950%

  06/15/26        483        472,772  

Nabors Industries, Inc.,

 

Gtd. Notes

     

6.150%

  02/15/18        361        374,213  

Gtd. Notes, 144A

     

5.500%

  01/15/23        1,649        1,683,011  

Nationwide Mutual Insurance Co.,

 

Sub. Notes, 144A

     

9.375%

  08/15/39        939        1,504,738  

Navient Corp.,

 

Sr. Unsec’d. Notes

     

6.625%

  07/26/21        2,490        2,577,150  

Noble Energy, Inc.,

 

Sr. Unsec’d. Notes

     

8.250%

  03/01/19        115        127,925  

Novelis Corp.,

 

Gtd. Notes, 144A

     

6.250%

  08/15/24        1,096        1,142,580  

Penske Truck Leasing Co. LP/PTL Finance Corp.,

 

Sr. Unsec’d. Notes, 144A

     

3.375%

  02/01/22        3,193        3,239,912  

Plains All American Pipeline LP/PAA Finance Corp.,

 

Sr. Unsec’d. Notes

     

3.600%

  11/01/24        2,188        2,117,914  

Reynolds American, Inc.,

 

Gtd. Notes

     

4.450%

  06/12/25        2,478        2,608,363  

5.850%

  08/15/45        1,002        1,176,754  

S&P Global, Inc.,

 

Gtd. Notes

     

4.400%

  02/15/26        2,405        2,552,451  

Seagate HDD Cayman,

 

Gtd. Notes

     

4.750%

  06/01/23        170        170,850  

4.750%

  01/01/25        805        788,397  

Gtd. Notes, 144A

     

4.875%

  03/01/24        820        805,689  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,

 

Asset Backed, 144A

     

3.360%

  03/20/23        2,397        2,391,008  

SPX FLOW, Inc.,

 

Gtd. Notes, 144A

     

5.875%

  08/15/26        310        312,713  

TECO Finance, Inc.,

 

Gtd. Notes

     

5.150%

  03/15/20        533        568,967  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
           Principal  
Amount
(000)#
             Value          

CORPORATE BONDS (Continued)

 

United States (cont’d.)

 

  

Time Warner, Inc.,

 

Gtd. Notes

     

3.550%

    06/01/24          1,383      $ 1,385,221  

3.600%

    07/15/25          3,196        3,160,077  

Total System Services, Inc.,

 

Sr. Unsec’d. Notes

     

3.750%

    06/01/23          2,653        2,662,506  

Trans-Allegheny Interstate Line Co.,

 

Sr. Unsec’d. Notes, 144A

     

3.850%

    06/01/25          1,190        1,218,922  

Transocean, Inc.,

 

Gtd. Notes, 144A

     

9.000%

         07/15/23(a)          1,605        1,713,338  

Tyson Foods, Inc.,

 

Gtd. Notes

     

2.650%

    08/15/19          495        500,447  

Uniti Group, Inc./CSL Capital LLC,

 

Sr. Sec’d. Notes, 144A

     

6.000%

    04/15/23          376        390,100  

US Bancorp,

 

Jr. Sub. Notes

     

5.300%(c)

         1,761        1,794,019  

Valeant Pharmaceuticals International, Inc.,

 

Gtd. Notes, 144A

     

4.500%

    05/15/23        EUR 1,070        838,987  

5.875%

    05/15/23          918        712,598  

6.125%

    04/15/25          566        435,820  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

     

2.625%

         08/15/26(a)          4,707        4,298,164  

3.500%

    11/01/24          3,647        3,616,351  

4.272%

    01/15/36          247        228,724  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes, EMTN, RegS

     

2.625%

    08/16/22        EUR 315        370,968  

Western Digital Corp.,

 

Sr. Sec’d. Notes, 144A

     

7.375%

    04/01/23          2,265        2,483,006  

Williams Partners LP,

 

Sr. Unsec’d. Notes

     

3.900%

    01/15/25          1,192        1,190,411  

4.125%

    11/15/20          275        287,573  

4.500%

    11/15/23          368        385,171  

Wyndham Worldwide Corp.,

 

Sr. Unsec’d. Notes

     

4.250%

    03/01/22          123        128,057  
         

 

 

 
            206,292,231  
         

 

 

 

TOTAL CORPORATE BONDS
(cost $406,740,074)

 

         408,416,628  
         

 

 

 

FOREIGN GOVERNMENT BONDS — 42.8%

 

Argentine Bonos del Tesoro (Argentina),

 

Bonds

     

15.500%

    10/17/26        ARS 115,108        7,784,328  

16.000%

    10/17/23        ARS   123,211        8,273,658  

Argentine Republic Government International Bond (Argentina),

 

Sr. Unsec’d. Notes, 144A

     

5.625%

    01/26/22          2,369        2,425,855  

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

FOREIGN GOVERNMENT BONDS (Continued)

 

Australia Government Bond (Australia),

 

Sr. Unsec’d. Notes, RegS

     

4.250%

  04/21/26         AUD 14,067      $ 12,122,865  

Bahrain Government International Bond (Bahrain),

 

Sr. Unsec’d. Notes, RegS

     

7.000%

  10/12/28        2,420        2,525,488  

Brazil Notas do Tesouro Nacional (Brazil),

 

Notes

     

6.000%

  08/15/50         BRL 7,678        8,210,488  

10.000%

  01/01/21         BRL 76,795        24,659,309  

Brazilian Government International Bond (Brazil),

 

Sr. Unsec’d. Notes

     

4.875%

  01/22/21        999        1,052,696  

Bundesrepublik Deutschland (Germany),

 

Bonds, RegS

     

0.253%(s)

  08/15/26         EUR 1,615        1,681,511  

0.500%

  02/15/26         EUR 6,995        7,684,375  

1.000%

  08/15/25         EUR 12,337        14,176,310  

2.500%

  01/04/21         EUR 799        952,206  

2.500%

  07/04/44         EUR 4,420        6,291,661  

2.500%

  08/15/46         EUR 4,697        6,747,289  

5.500%

  01/04/31         EUR 4,268        7,533,062  

6.250%

  01/04/30         EUR 5,270        9,627,799  

Caisse Francaise de Financement Local (France),

 

Covered Bonds, EMTN

     

3.625%

  02/26/18         EUR 360        397,794  

Canada Housing Trust No. 1 (Canada),

 

Gov’t. Gtd. Notes, 144A

     

1.900%

  09/15/26         CAD 10,760        7,911,191  

2.250%

  12/15/25         CAD 7,450        5,678,885  

2.550%

  03/15/25         CAD 6,430        5,039,803  

3.350%

  12/15/20         CAD 42,180        34,050,712  

3.800%

  06/15/21         CAD 56,790        46,845,932  

Canadian Government Bond (Canada),

 

Bonds

     

2.750%

  12/01/48         CAD 3,777        3,114,246  

Colombian TES (Colombia),

 

Bonds

     

7.000%

  05/04/22      COP 19,202,700        6,901,565  

Dominican Republic International Bond (Dominican Republic),

 

Sr. Unsec’d. Notes, 144A

     

5.950%

  01/25/27        2,215        2,262,069  

Sr. Unsec’d. Notes, RegS

     

7.500%

  05/06/21        1,790        1,977,949  

Egypt Government International Bond (Egypt),

 

Sr. Unsec’d. Notes, 144A

     

7.500%

  01/31/27        2,525        2,680,161  

French Republic Government Bond OAT (France),

 

Bonds, RegS

     

2.500%

  05/25/30         EUR 2,245        2,744,620  

3.250%

  05/25/45         EUR 920        1,250,251  

Italy Buoni Poliennali del Tesoro (Italy),

 

Bonds

     

1.250%

  12/01/26         EUR 17,510        17,261,560  

1.350%

  04/15/22         EUR 19,100        20,652,931  

5.500%

  11/01/22         EUR 17,210        22,522,411  

Unsec’d. Notes, RegS, 144A

     

2.700%

  03/01/47         EUR 7,439        7,103,865  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

FOREIGN GOVERNMENT BONDS (Continued)

 

Sr. Unsec’d. Notes

     

3.750%

  05/01/21      EUR 19,285      $ 23,125,027  

Japan Government Ten Year Bond (Japan),

 

Sr. Unsec’d. Notes

     

0.100%

  03/20/26      JPY   3,101,150        28,020,658  

Japan Government Twenty Year Bond (Japan),

 

Sr. Unsec’d. Notes

     

0.500%

  09/20/36      JPY 4,002,450        35,150,233  

1.400%

  09/20/34      JPY 2,366,050        24,452,159  

Japanese Government CPI Linked Bond (Japan),

 

Sr. Unsec’d. Notes

     

0.100%

  03/10/26      JPY 4,455,065        42,071,267  

Kingdom of Belgium Government Bond (Belgium),

 

Unsec’d. Notes, RegS, 144A

     

0.800%

  06/22/25      EUR 7,360        8,034,608  

Mexican Bonos (Mexico),

 

Bonds

     

6.500%

  06/10/21      MXN 311,402        16,423,982  

8.000%

  06/11/20      MXN 694,581        38,309,033  

10.000%

  12/05/24      MXN 75,312        4,731,987  

Sr. Unsec’d. Notes

     

7.750%

  11/13/42      MXN 47,659        2,633,429  

New Zealand Government Bond (New Zealand),

 

Sr. Unsec’d. Notes, RegS

     

5.500%

  04/15/23      NZD 26,152        21,061,349  

Poland Government Bond (Poland),

 

Bonds

     

2.500%

  07/25/27      PLN 74,725        17,229,881  

5.750%

  10/25/21      PLN 7,065        2,009,028  

Province of Ontario (Canada),

 

Sr. Unsec’d. Notes

     

2.400%

  06/02/26      CAD 340        255,944  

Unsec’d. Notes

     

2.600%

  06/02/25      CAD 789        608,174  

Province of Quebec (Canada),

 

Unsec’d. Notes

     

2.750%

  09/01/25      CAD 1,243        968,715  

Provincia de Buenos Aires (Argentina),

 

Sr. Unsec’d. Notes, 144A

     

5.750%

  06/15/19        1,961        2,026,105  

Sr. Unsec’d. Notes, RegS

     

9.125%

  03/16/24        417        462,349  

Provincia de Cordoba (Argentina),

 

Sr. Unsec’d. Notes, 144A

     

7.125%

  06/10/21        780        808,384  

Republic of Angola Via Northern Lights III BV (Angola),

 

Sr. Sec’d. Notes, RegS

     

7.000%

  08/17/19        1,684        1,735,041  

Russian Federal Bond (Russia),

 

Bonds

     

6.400%

  05/27/20      RUB 585,168        9,929,998  

South Africa Government Bond (South Africa),

 

Bonds

     

8.750%

  02/28/48      ZAR 142,227        9,588,694  

10.500%

  12/21/26      ZAR 108,398        8,933,590  

Spain Government Bond (Spain),

 

Sr. Unsec’d. Notes, RegS, 144A

     

2.900%

  10/31/46      EUR 776        826,612  

4.700%

  07/30/41      EUR 698        1,008,159  

4.850%

  10/31/20      EUR 3,875        4,840,588  

  Interest  

Rate

        Maturity      
Date
         Principal  
Amount
(000)#
             Value          

FOREIGN GOVERNMENT BONDS (Continued)

 

Unsec’d. Notes, RegS, 144A

     

1.300%

  10/31/26      EUR     16,097      $ 16,794,437  

Sweden Government Bond (Sweden),

 

Bonds Bonds

     

3.500%

  06/01/22      SEK 61,180        8,078,793  

Turkey Government Bond (Turkey),

 

Bonds

     

10.600%

  02/11/26      TRY 7,281        1,989,320  

11.000%

  02/24/27      TRY 22,318        6,260,402  

Turkey Government International Bond (Turkey),

 

Sr. Unsec’d. Notes

     

4.875%

  10/09/26        3,320        3,194,889  

6.000%

  03/25/27        3,366        3,496,433  

United Kingdom Gilt (United Kingdom),

 

Bonds, RegS

     

1.500%

  07/22/26      GBP 14,412        18,759,345  

1.750%

  09/07/22      GBP 2,955        3,946,997  

2.000%

  09/07/25      GBP 3,455        4,707,466  

2.250%

  09/07/23      GBP 11,320        15,611,856  

2.500%

  07/22/65      GBP 4,258        7,011,331  

4.250%

  06/07/32      GBP 1,440        2,481,365  

4.250%

  12/07/40      GBP 1,814        3,378,156  

4.500%

  12/07/42      GBP 1,599        3,144,798  

4.750%

  12/07/30      GBP 7,395        13,179,824  

Unsec’d. Notes, RegS

     

3.250%

  01/22/44      GBP 1,876        3,088,566  
         

 

 

 

TOTAL FOREIGN GOVERNMENT BONDS
(cost $738,684,098)

 

         730,513,817  
         

 

 

 

RESIDENTIAL MORTGAGE-BACKED

SECURITIES — 3.4%

 

 

Alternative Loan Trust,

 

Series 2005-64CB, Class 1A15

     

5.500%

  12/25/35        1,149        1,092,432  

Series 2006-11CB, Class 1A1

     

6.000%

  05/25/36        1,304        1,034,355  

Series 2006-25CB, Class A2

     

6.000%

  10/25/36        1,166        1,014,424  

Bellemeade Re II Ltd. (Bermuda),

 

Series 2016-1A, Class M2A, 144A(g)

 

  

5.482%(c)

  04/25/26        2,947        2,954,998  

Series 2016-1A, Class M2B, 144A(g)

 

  

7.482%(c)

  04/25/26        6,032        6,099,133  

Fannie Mae Connecticut Avenue Securities,

 

Series 2014-C02, Class 1M1

     

1.932%(c)

  05/25/24        462        464,003  

Series 2015-C03, Class 1M1

     

2.482%(c)

  07/25/25        27        27,263  

Series 2015-C03, Class 1M2

     

5.982%(c)

  07/25/25        1,607        1,767,615  

Series 2015-C03, Class 2M1

     

2.482%(c)

  07/25/25        62        62,304  

Series 2015-C03, Class 2M2

     

5.982%(c)

  07/25/25        1,000        1,094,469  

Series 2015-C04, Class 2M1

     

2.682%(c)

  04/25/28        1,954        1,959,546  

Series 2015-C04, Class 2M2

     

6.532%(c)

  04/25/28        2,400        2,671,347  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

    Interest    
Rate

        Maturity      
Date
         Principal  
Amount
(000)#
           Value        

RESIDENTIAL MORTGAGE-BACKED

SECURITIES (Continued)

 

 

Series 2016-C01, Class 1M2

     

7.732%(c)

  08/25/28        2,892      $ 3,425,397  

Series 2016-C01, Class 2M2

     

7.932%(c)

  08/25/28        818        964,010  

Series 2016-C02, Class 1M2

     

6.982%(c)

  09/25/28        2,647        3,020,569  

Series 2016-C03, Class 1M2

     

6.282%(c)

  10/25/28        432        483,562  

Series 2016-C03, Class 2M2

     

6.882%(c)

  10/25/28        2,731        3,108,638  

Series 2016-C04, Class 1M2

     

5.232%(c)

  01/25/29        1,227        1,302,559  

Series 2016-C05, Class 2M2

     

5.432%(c)

  01/25/29        3,299        3,524,921  

Series 2016-C07, Class 2M2

     

5.332%(c)

  04/25/29        1,043        1,102,031  

Series 2017-C02, Class 2M2

     

4.627%(c)

  09/25/29        1,284        1,292,728  

Freddie Mac Structured Agency Credit Risk Debt Notes,

 

Series 2014-HQ2, Class M1

     

2.432%(c)

  09/25/24        296        297,427  

Series 2015-DN1, Class M3

 

  

5.132%(c)

  01/25/25        2,965        3,161,893  

Series 2015-DNA2, Class M2

 

  

3.582%(c)

  12/25/27        1,357        1,390,247  

Series 2015-DNA3, Class M3

 

  

5.682%(c)

  04/25/28        684        754,254  

Series 2015-HQ1, Class M2

 

  

3.182%(c)

  03/25/25        1,725        1,748,844  

Series 2015-HQA1, Class M2

 

  

3.632%(c)

  03/25/28        2,091        2,142,611  

Series 2015-HQA2, Class M2

 

  

3.782%(c)

  05/25/28        2,635        2,716,128  

Series 2015-HQA2, Class M3

 

  

5.782%(c)

  05/25/28        498        549,244  

Series 2016-DNA1, Class M2

 

  

3.882%(c)

  07/25/28        1,141        1,188,750  

Series 2016-DNA2, Class M3

 

  

5.632%(c)

  10/25/28        1,114        1,207,530  

Series 2016-DNA3, Class M2

 

  

2.982%(c)

  12/25/28        713        727,755  

Series 2016-DNA4, Class M2

 

  

2.282%(c)

  03/25/29        634        635,876  

Series 2016-HQA1, Class M3

 

  

7.332%(c)

  09/25/28        1,182        1,401,284  

JPMorgan Madison Avenue Securities Trust Series,

 

Series 2014-CH1, Class M2, 144A(g)

 

  

5.232%(c)

  11/25/24        1,212        1,253,322  

Series 2015-CH1, Class M1, 144A(g)

 

  

2.982%(c)

  10/25/25        793        786,923  
         

 

 

 

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $55,519,840)

 

         58,428,392  
         

 

 

 
U.S. GOVERNMENT AGENCY
OBLIGATION — 1.1%
    

Federal National Mortgage Assoc.

 

  

4.000%

  TBA(t)        18,258        19,150,929  
         

 

 

 

(cost $19,056,184)

       

Interest
Rate

        Maturity      
Date
         Principal  
Amount
(000)#
           Value        

U.S. TREASURY OBLIGATIONS — 25.0%

 

U.S. Treasury Bonds

 

  

3.000%

  11/15/45        19,159      $ 19,040,751  

5.375%

  02/15/31        12,982        17,334,514  

U.S. Treasury Inflation Indexed Bonds, TIPS

 

  

0.125%

  04/15/19        31,398        33,011,071  

0.125%

  04/15/20        8,195        8,623,102  

0.250%

  01/15/25        25,205        25,617,371  

0.375%

  07/15/25        16,422        16,856,311  

U.S. Treasury Notes

 

  

1.125%

  12/31/19        70,899        70,289,694  

1.125%

  07/31/21        22,075        21,409,306  

1.250%

  03/31/21        13,825        13,539,859  

1.375%

  03/31/20        24,898        24,790,042  

1.375%

  04/30/20        64,439        64,099,213  

1.625%

  05/15/26        19,950        18,713,260  

2.000%

  08/31/21        7,077        7,116,256  

2.000%

  02/15/23        17,684        17,592,821  

2.000%

  11/15/26        7,820        7,554,245  

2.250%

  02/15/27        9,705        9,581,038  

2.375%

  08/15/24        6,545        6,597,412  

2.500%

  05/15/24        36,567        37,222,646  

2.625%

  08/15/20        7,090        7,317,929  
         

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS

 

  

(cost $429,095,968)

 

     426,306,841  
         

 

 

 
            

 

Shares

        

PREFERRED STOCK — 0.1%

 

United States

       

Citigroup Capital XIII, 7.409%
(cost $1,358,674)

     53,000        1,412,449  
         

 

 

 

TOTAL LONG-TERM INVESTMENTS
(cost $1,711,909,004)

 

     1,705,186,254  
         

 

 

 

SHORT-TERM INVESTMENTS — 2.6%

 

AFFILIATED MUTUAL FUNDS — 2.4%

 

Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)

     26,749,621        26,749,621  

Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund
(cost $14,237,528; includes $14,224,360 of cash collateral for securities on loan)(b)(w)

     14,234,535        14,237,382  
         

 

 

 

TOTAL AFFILIATED MUTUAL FUNDS
(cost $40,987,149)

 

     40,987,003  
         

 

 

 

 

   

  Counterparty  

 

  Notional  
Amount
(000)#

     

OPTIONS PURCHASED* — 0.2%

 

Call Options — 0.2%

     

Currency Option Mexican Peso vs United States Dollar,

   

expiring 04/20/17,
Strike Price 18.45

  Morgan Stanley   MXN350,366     78,647  
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

   

  Counterparty  

 

  Notional  

Amount

(000)#

  Value  

OPTIONS PURCHASED* (Continued)

 

Call Options (cont’d.)

   

expiring 04/20/17, Strike Price 19.00

  Deutsche Bank AG   MXN 240,540   $ 227,084  

expiring 04/25/17, Strike Price 19.52

  Deutsche Bank AG   MXN 164,182     355,180  

expiring 04/20/17, Strike Price 20.40

  Goldman Sachs & Co.   MXN 172,176     785,071  

expiring 04/25/17, Strike Price 20.63

  JPMorgan Chase   MXN 173,459     897,355  

Currency Option Russian Ruble vs United States Dollar,

 

expiring 06/19/17, Strike Price 57.20

  Credit Suisse First Boston Corp.   RUB 240,240     98,372  

expiring 06/19/17,
Strike Price 57.20

  Deutsche Bank AG   RUB 240,240     98,372  

Currency Option Turkish Lira vs Euro,

 

expiring 04/12/17,
Strike Price 3.65

 

Citigroup Global

Markets

  TRY   22,119     1  

Currency Option Turkish Lira vs United States Dollar,

 

expiring 06/15/17, Strike Price 3.70

  JPMorgan Chase   TRY   15,443     109,416  

expiring 04/27/17, Strike Price 3.73

  Citigroup Global Markets   TRY   31,303     237,929  
     

 

 

 
        2,887,427  
     

 

 

 

Put Options — 0.0%

     

Currency Option Turkish Lira vs Euro,

 

expiring 04/12/17, Strike Price 4.11

  Goldman Sachs & Co.   TRY 24,907     1,837  
     

 

 

 

TOTAL OPTIONS PURCHASED
(cost $1,249,153)

    2,889,264  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(cost $42,236,302)

    43,876,267  
     

 

 

 

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN  — 102.4%
(cost $1,754,145,306)

    1,749,062,521  
     

 

 

 

OPTIONS WRITTEN* — (0.2)%

 

Call Options — (0.2)%

     

Currency Option Australian Dollar vs Euro,

 

expiring 04/25/17, Strike Price 1.39

  Citigroup Global Markets   AUD   21,675     (55,487

Currency Option British Pound vs Euro,

 

expiring 04/18/17, Strike Price 0.86

  Deutsche Bank AG   GBP      6,766     (79,744

expiring 05/22/17, Strike Price 0.85

  Goldman Sachs & Co.   GBP      6,554     (80,522

Currency Option Japanese Yen vs Australian Dollar,

 

expiring 04/26/17, Strike Price 81.98

  Goldman Sachs & Co.   JPY 3,616,958     (70,206

Currency Option Japanese Yen vs Canadian Dollar,

 

expiring 09/17/17, Strike Price 76.00

  Goldman Sachs & Co.   JPY 1,708,480     (105,312
   

  Counterparty  

 

  Notional  

Amount

(000)#

  Value  

OPTIONS WRITTEN* (Continued)

 

Call Options (cont’d.)

     

Currency Option Japanese Yen vs Euro,

 

expiring 05/18/17,
Strike Price 115.00

  Citigroup Global Markets   JPY1,794,000   $ (110,791

Currency Option Mexican Peso vs United States Dollar,

 

expiring 04/20/17,
Strike Price 19.00

  Morgan Stanley   MXN240,540     (227,084

expiring 04/20/17,
Strike Price 20.40

  Deutsche Bank AG   MXN172,176     (785,071

expiring 04/25/17,
Strike Price 20.63

  Deutsche Bank AG   MXN173,459     (897,355

Currency Option Norwegian Krone vs Euro,

 

expiring 04/06/17,
Strike Price 8.86

  JPMorgan Chase     NOK   35,440     (1

Currency Option Swiss Franc vs Euro,

 

expiring 05/04/17,
Strike Price 1.04

  Goldman Sachs & Co.   CHF     8,111     (11,999

expiring 05/05/17,
Strike Price 1.04

  Bank of America   CHF     8,112     (10,630

Currency Option Turkish Lira vs United States Dollar,

 

expiring 05/12/17,
Strike Price 3.60

  Credit Suisse First Boston Corp.   TRY  15,120     (44,887

Interest Rate Swap Options,

     

Pay a fixed rate of 1.00% and receive a floating rate based on 6 Month LIBOR, expiring 04/03/17

  Goldman Sachs & Co.   GBP     4,930     (7,947

Pay a fixed rate of 1.01% and receive a floating rate based on 6 Month LIBOR, expiring 04/03/17

  Barclays Capital Group   GBP     4,930     (10,222

Pay a fixed rate of 1.02% and receive a floating rate based on 6 Month LIBOR, expiring 04/06/17

  Goldman Sachs & Co.   GBP     4,980     (15,853

Pay a fixed rate of 1.01% and receive a floating rate based on 6 Month LIBOR, expiring 04/07/17

  Goldman Sachs & Co.   GBP     4,980     (13,121

Pay a fixed rate of 1.06% and receive a floating rate based on 6 Month LIBOR, expiring 04/10/17

  Goldman Sachs & Co.   GBP     4,980     (29,720

Pay a fixed rate of 1.07% and receive a floating rate based on 6 Month LIBOR, expiring 04/10/17

  Barclays Capital Group   GBP     4,980     (34,287

Pay a fixed rate of 0.91% and receive a floating rate based on 6 Month LIBOR, expiring 04/18/17

  JPMorgan Chase   GBP     6,840     (32,043
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

   

  Counterparty  

 

  Notional  

Amount

(000)#

  Value  

OPTIONS WRITTEN* (Continued)

 

Call Options (cont’d.)

     

Pay a fixed rate of 0.93%and receive a floating rate based on 6 Month LIBOR,
expiring 04/18/17

  Morgan Stanley   GBP 6,840   $ (35,393

Pay a fixed rate of 1.07%and receive a floating rate based on 6 Month LIBOR,
expiring 04/18/17

  Goldman Sachs & Co.   GBP 5,000     (36,544

Pay a fixed rate of 0.94%and receive a floating rate based on 6 Month LIBOR,
expiring 04/20/17

  Goldman Sachs & Co.   GBP 6,840     (41,114

Pay a fixed rate of 0.95%and receive a floating rate based on 6 Month LIBOR,
expiring 04/21/17

  Goldman Sachs & Co.   GBP 6,840     (45,655

Pay a fixed rate of 0.92%and receive a floating rate based on 6 Month LIBOR,
expiring 04/24/17

  Morgan Stanley   GBP 6,840     (35,645

Pay a fixed rate of 0.93%and receive a floating rate based on 6 Month LIBOR,
expiring 04/24/17

  Morgan Stanley   GBP 6,840     (38,628

Pay a fixed rate of 0.92%and receive a floating rate based on 6 Month LIBOR,
expiring 04/27/17

  Citigroup Global Markets   GBP 6,740     (35,133

Pay a fixed rate of 0.87%and receive a floating rate based on 6 Month LIBOR,
expiring 04/28/17

  JPMorgan Chase   GBP 6,740     (23,573

Pay a fixed rate of 0.91%and receive a floating rate based on 6 Month LIBOR,
expiring 04/28/17

  Citigroup Global Markets   GBP 6,740     (32,400

Pay a fixed rate of 0.93%and receive a floating rate based on 6 Month LIBOR,
expiring 04/28/17

  Goldman Sachs & Co.   GBP 6,740     (37,665
     

 

 

 
        (2,984,032
     

 

 

 

Put Options — 0.0%

     

Currency Option Australian Dollar vs United
States Dollar,

 

expiring 04/12/17, Strike Price 0.74

  Goldman Sachs & Co.   AUD 11,125     (1,458
   

  Counterparty  

 

  Notional  

Amount

(000)#

  Value  

OPTIONS WRITTEN* (Continued)

 

Put Options (cont’d.)

     

Currency Option Canadian Dollar vs Australian Dollar,

 

expiring 04/26/17, Strike Price 1.03

  Deutsche Bank AG   CAD 5,679     (7,025

expiring 04/26/17, Strike Price 1.03

  JPMorgan Chase   CAD  11,352     (14,697

Currency Option Chilean Peso vs United States Dollar,

 

expiring 04/12/17, Strike Price 677.50

  Citigroup Global Markets   CLP 2,845,500     (4,085

Currency Option Chinese Renminbi vs United States Dollar,

 

expiring 04/12/17, Strike Price 7.14

  JPMorgan Chase   CNH  46,410     (54

expiring 05/11/17, Strike Price 7.10

  JPMorgan Chase   CNH 238,610     (14,498

expiring 06/13/17, Strike Price 7.08

  JPMorgan Chase   CNH  59,312     (14,815

Currency Option Mexican Peso vs United States Dollar,

 

expiring 04/20/17, Strike Price 23.50

  Goldman Sachs & Co.   MXN 198,340     (182

expiring 04/25/17, Strike Price 22.88

  JPMorgan Chase   MXN 192,439     (17

Currency Option New Taiwanese Dollar vs United States Dollar,

 

expiring 04/05/17, Strike Price 31.42

  JPMorgan Chase   TWD 132,750     (2

Currency Option New Zealand Dollar vs Australian Dollar,

 

expiring 04/20/17, Strike Price 1.10

  JPMorgan Chase   NZD 5,995     (10,012

expiring 09/14/17, Strike Price 1.15

  JPMorgan Chase   NZD 12,650     (27,532

Currency Option Norwegian Krone vs Euro,

 

expiring 05/04/17,Strike Price 9.10

  Bank of America   NOK 70,525     (101,902

Currency Option Russian Ruble vs United States Dollar,

 

expiring 06/19/17, Strike Price 62.20

  Credit Suisse First Boston Corp.   RUB 261,240     (26,260

expiring 06/19/17, Strike Price 62.20

  Deutsche Bank AG   RUB 261,240     (26,260

Currency Option South African Rand vs United States Dollar,

 

expiring 05/02/17, Strike Price 13.51

  Goldman Sachs & Co.   ZAR 56,721     (97,689

Currency Option Turkish Lira vs Euro,

 

expiring 04/12/17,Strike Price 4.11

 

Citigroup Global

Markets

  TRY 24,907     (1,837

expiring 04/12/17, Strike Price 4.50

  Goldman Sachs & Co.   TRY 27,285     (13

Currency Option Turkish Lira vs United States Dollar,

 

expiring 04/27/17, Strike Price 4.16

  Citigroup Global Markets   TRY 34,944     (3,296
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

   

  Counterparty  

 

  Notional  
Amount
(000)#

  Value  

OPTIONS WRITTEN* (Continued)

 

Put Options (cont’d.)

     

expiring 06/15/17, Strike Price 4.05

  JPMorgan Chase   TRY 16,909   $ (30,871

expiring 09/21/17, Strike Price 4.10

  JPMorgan Chase   TRY 17,220     (92,651

expiring 12/20/17, Strike Price 4.30

  JPMorgan Chase   TRY 18,060     (118,456

Interest Rate Swap Options,

 

Receive a fixed rate of 2.12% and pay a floating rate based on 3 Month LIBOR, expiring 04/03/17

  Barclays Capital Group   8,740     (1,329

Receive a fixed rate of 2.15% and pay a floating rate based on 3 Month LIBOR, expiring 04/03/17

  Citigroup Global Markets   8,740     (397

Receive a fixed rate of 2.15% and pay a floating rate based on 3 Month LIBOR, expiring 04/06/17

  Goldman Sachs & Co.   8,770     (1,961

Receive a fixed rate of 2.16% and pay a floating rate based on 3 Month LIBOR, expiring 04/07/17

  JPMorgan Chase   8,770     (2,013

Receive a fixed rate of 2.24% and pay a floating rate based on 3 Month LIBOR, expiring 04/10/17

  Citigroup Global Markets   8,770     (730

Receive a fixed rate of 2.24% and pay a floating rate based on 3 Month LIBOR, expiring 04/10/17

  Goldman Sachs & Co.   8,770     (730

Receive a fixed rate of 0.28% and pay a floating rate based on 6 Month Euribor, expiring 04/18/17

  Barclays Capital Group   EUR  7,850     (3,478

Receive a fixed rate of 0.28% and pay a floating rate based on 6 Month Euribor, expiring 04/18/17

  Citigroup Global Markets   EUR  7,850     (3,371

Receive a fixed rate of 0.29% and pay a floating rate based on 6 Month Euribor, expiring 04/18/17

  Goldman Sachs & Co.   EUR  7,850     (3,141

Receive a fixed rate of 0.30% and pay a floating rate based on 6 Month Euribor, expiring 04/20/17

  Goldman Sachs & Co.   EUR  7,850     (2,881
   

  Counterparty  

 

  Notional  
Amount
(000)#

  Value  

OPTIONS WRITTEN* (Continued)

 

Put Options (cont’d.)

     

Receive a fixed rate of 0.31% and pay a floating rate based on 6 Month Euribor, expiring 04/21/17

  Goldman Sachs & Co.   EUR  7,850   $ (2,745

Receive a fixed rate of 0.29% and pay a floating rate based on 6 Month Euribor, expiring 04/24/17

  Barclays Capital Group   EUR  7,850     (4,870

Receive a fixed rate of 0.29% and pay a floating rate based on 6 Month Euribor, expiring 04/24/17

  JPMorgan Chase   EUR  7,850     (4,870

Receive a fixed rate of 0.28% and pay a floating rate based on 6 Month Euribor,expiring 04/27/17

  Morgan Stanley   EUR7,690     (6,270

Receive a fixed rate of 0.23% and pay a floating rate based on 6 Month Euribor, expiring 04/28/17

  JPMorgan Chase   EUR  7,690     (12,576

Receive a fixed rate of 0.25% and pay a floating rate based on 6 Month Euribor, expiring 04/28/17

  Citigroup Global Markets   EUR  7,690     (9,446

Receive a fixed rate of 0.45% and pay a floating rate based on 6 Month Euribor,expiring 04/28/17

  Morgan Stanley   EUR  5,590     (20,005
     

 

 

 
        (674,425
     

 

 

 

TOTAL OPTIONS WRITTEN
(premiums received $4,166,719)

    (3,658,457
     

 

 

 

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 102.2%
(cost $1,749,978,587)

    1,745,404,064  

Liabilities in excess of other assets(z) — (2.2)%

    (37,748,654
     

 

 

 

NET ASSETS — 100.0%

    $  1,707,655,410  
     

 

 

 

See the Glossary for abbreviations used in the quarterly schedule of portfolio holdings.

* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $13,852,475; cash collateral of $14,224,360 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments.
 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
(g) Indicates a security that has been deemed illiquid; the aggregate value of $12,409,339 is approximately 0.7% of net assets.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(t) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $18,258,000 is approximately 1.1% of net assets.
(w) PGIM Investments LLC, the manager of the Portfolio, also serves as the manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.
(z) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:
 

Futures contracts outstanding at March 31, 2017:

 

Number
of
Contracts
   Type    Expiration
Date
        

Value at
Trade

Date

         Value at
March 31, 2017
         Unrealized
Appreciation
(Depreciation)

Long Positions:

                                

163         

   5 Year U.S. Treasury Notes    Jun. 2017             $  19,160,141             $  19,189,430             $  29,289

70         

   10 Year Euro-Bund    Jun. 2017             12,066,206             12,054,236             (11,970 )

20         

   10 Year Japanese Bonds    Jun. 2017             26,984,640             26,997,215             12,575

57         

   10 Year U.S. Treasury Notes    Jun. 2017             7,065,328             7,100,063             34,735
                                   

 

 

 
                                      64,629
                                   

 

 

 

Short Positions:

                                

54         

   10 Year Canadian Government Bonds    Jun. 2017             5,534,647             5,576,027             (41,380 )

2          

   30 Year Euro Buxl    Jun. 2017             356,824             359,641             (2,817 )

95          

   Euro-OAT    Jun. 2017             14,867,269             14,901,961                (34,692)  
                                   

 

 

 
                                          (78,889)  
                                   

 

 

 
                                      $(14,260)  
                                   

 

 

 

Cash and foreign currency of $683,239 has been segregated with Morgan Stanley to cover requirements for open futures contracts at March 31, 2017.

Forward foreign currency exchange contracts outstanding at March 31, 2017:

 

Purchase Contracts    Counterparty                  Notional
Amount
(000)
           Value at
Settlement
Date
         Current
Value
     Unrealized
  Appreciation
(Depreciation)

OTC forward foreign currency exchange contracts:

                                           

Australian Dollar,

                                              

Expiring 04/06/17

   JPMorgan Chase        AUD               5,901               $ 4,510,928             $ 4,508,292        $  (2,636)  

Brazilian Real,

                                              

Expiring 04/04/17

   Deutsche Bank AG        BRL               105,576               33,708,742             33,693,036        (15,706)  

Expiring 04/04/17

   Goldman Sachs & Co.        BRL               50,780               15,866,786             16,205,747        338,961  

Expiring 04/04/17

   Goldman Sachs & Co.        BRL               8,800               2,777,568             2,808,540        30,972  

Expiring 04/04/17

   Standard Chartered PLC        BRL               147,555               46,570,949             47,090,243        519,294  

British Pound,

                                              

Expiring 05/18/17

   JPMorgan Chase        GBP               38,692               47,587,662             48,532,431        944,769  

Canadian Dollar,

                                              

Expiring 04/07/17

   Credit Suisse First Boston Corp.        CAD               66,218               50,596,297             49,798,946        (797,351)  

Chinese Renminbi,

                                              

Expiring 04/18/17

   Nomura Securities Co.        CNH               7,909               1,137,500             1,149,128        11,628  

Euro,

                                              

Expiring 04/12/17

   BNP Paribas        EUR               3,774               4,081,714             4,028,711        (53,003)  

Expiring 04/12/17

   Citigroup Global Markets        EUR               1,521               1,620,321             1,623,563        3,242  

Expiring 04/12/17

   Goldman Sachs & Co.        EUR               6,921               7,478,677             7,387,437        (91,240)  

Expiring 04/12/17

   Goldman Sachs & Co.        EUR               2,440               2,618,442             2,604,211        (14,231)  

Expiring 04/12/17

   Goldman Sachs & Co.        EUR               2,118               2,282,789             2,260,545        (22,244)  

Expiring 04/12/17

   Hong Kong & Shanghai Bank        EUR               873               917,469             931,242        13,773  

Expiring 04/12/17

   Morgan Stanley        EUR               1,355               1,437,660             1,445,742        8,082  

Expiring 04/12/17

   Standard Chartered PLC        EUR               9,158               9,708,508             9,775,165        66,657  

Expiring 04/12/17

   Standard Chartered PLC        EUR               3,716               4,016,327             3,965,925        (50,402)  

Indian Rupee,

                                              

Expiring 04/11/17

   Barclays Capital Group        INR               1,082,727               16,575,736             16,648,397        72,661  

Expiring 04/11/17

   JPMorgan Chase        INR               564,030               8,440,275             8,672,723        232,448  


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Forward foreign currency exchange contracts outstanding at March 31, 2017 (continued):

 

Purchase Contracts    Counterparty                  Notional
Amount
(000)
           Value at
Settlement
Date
         Current
Value
     Unrealized
  Appreciation
(Depreciation)

OTC forward foreign currency exchange contracts (cont’d.):

                                           

Indonesian Rupiah,

                                           

Expiring 05/19/17

   Goldman Sachs & Co.        IDR               87,230,480               $     6,495,196             $    6,510,207        $    15,011

Mexican Peso,

                                           

Expiring 04/24/17

   Goldman Sachs & Co.        MXN               49,803               2,363,200             2,650,246        287,046

Expiring 04/27/17

   Credit Suisse First Boston Corp.        MXN               89,842               4,162,950             4,778,661        615,711

Turkish Lira,

                                           

Expiring 04/11/17

   Credit Suisse First Boston Corp.        TRY               29,531               7,942,011             8,099,715        157,704

Expiring 04/28/17

   Credit Suisse First Boston Corp.        TRY               16,798               4,317,600             4,585,093        267,493

Expiring 06/16/17

   Credit Suisse First Boston Corp.        TRY               8,943               2,338,000             2,406,156        68,156

Expiring 12/21/17

   Credit Suisse First Boston Corp.        TRY               3,114               798,000             795,512        (2,488)
                               

 

 

           

 

 

      

 

 

 
                                  $290,351,307             $292,955,614        2,604,307
                               

 

 

           

 

 

      

 

 

 
Sale Contracts    Counterparty                  Notional
Amount
(000)
           Value at
Settlement
Date
         Current
Value
     Unrealized
  Appreciation
(Depreciation)

OTC forward foreign currency exchange contracts:

                                           

Australian Dollar,

                                              

Expiring 04/06/17

   Citigroup Global Markets        AUD               3,367               $     2,536,238             $    2,572,043        $    (35,805)  

Expiring 04/06/17

   JPMorgan Chase        AUD               47,666               35,897,238             36,413,198        (515,960)

Expiring 04/06/17

   JPMorgan Chase        AUD               9,763               7,338,904             7,458,064        (119,160)

Expiring 04/06/17

   Royal Bank of Scotland        AUD               10,044               7,596,513             7,672,466        (75,953)

Brazilian Real,

                                              

Expiring 04/04/17

   Deutsche Bank AG        BRL               105,576               33,321,480             33,693,035        (371,555)

Expiring 04/04/17

   Goldman Sachs & Co.        BRL               50,780               16,027,037             16,205,748        (178,711)

Expiring 04/04/17

   Goldman Sachs & Co.        BRL               8,800               2,813,262             2,808,539        4,723

Expiring 04/04/17

   Standard Chartered PLC        BRL               147,555               45,446,407             47,090,243        (1,643,836)

Expiring 05/03/17

   Deutsche Bank AG        BRL               105,576               33,510,801             33,469,635        41,166

British Pound,

                                              

Expiring 05/18/17

   BNP Paribas        GBP               100,839               123,133,958             126,483,517        (3,349,559)

Expiring 05/18/17

   BNP Paribas        GBP               6,822               8,508,136             8,557,227        (49,091)

Canadian Dollar,

                                              

Expiring 04/07/17

   Goldman Sachs & Co.        CAD               206,593               158,099,211             155,366,537        2,732,674

Expiring 04/07/17

   Hong Kong & Shanghai Bank        CAD               4,059               3,089,391             3,052,790        36,601

Chinese Renminbi,

                                              

Expiring 04/18/17

   JPMorgan Chase        CNH               7,909               1,137,500             1,149,128        (11,628)

Expiring 04/27/17

   Bank of New York Mellon        CNH               91,143               13,240,036             13,233,020        7,016

Expiring 04/27/17

   Bank of New York Mellon        CNH               24,468               3,539,470             3,552,538        (13,068)

Expiring 05/15/17

   JPMorgan Chase        CNH               37,947               5,478,446             5,501,798        (23,352)

Expiring 05/15/17

   Standard Chartered PLC        CNH               191,473               27,642,639             27,761,350        (118,711)

Euro,

                                              

Expiring 04/12/17

   Bank of New York Mellon        EUR               1,844               1,978,540             1,968,478        10,062

Expiring 04/12/17

   Bank of New York Mellon        EUR               1,339               1,434,847             1,429,605        5,242

Expiring 04/12/17

   Bank of New York Mellon        EUR               806               869,430             859,790        9,640

Expiring 04/12/17

   Bank of New York Mellon        EUR               805               863,098             859,360        3,738

Expiring 04/12/17

   Bank of New York Mellon        EUR               699               757,799             746,240        11,559

Expiring 04/12/17

   Bank of New York Mellon        EUR               538               568,241             573,667        (5,426)

Expiring 04/12/17

   Bank of New York Mellon        EUR               493               523,489             525,714        (2,225)

Expiring 04/12/17

   Bank of New York Mellon        EUR               473               499,656             504,361        (4,705)

Expiring 04/12/17

   Bank of New York Mellon        EUR               454               483,229             484,922        (1,693)

Expiring 04/12/17

   Bank of New York Mellon        EUR               393               416,145             419,191        (3,046)

Expiring 04/12/17

   Citigroup Global Markets        EUR               219,522               236,721,362             234,312,356        2,409,006

Expiring 04/12/17

   Citigroup Global Markets        EUR               1,321               1,424,384             1,410,264        14,120

Expiring 04/12/17

   Goldman Sachs & Co.        EUR               4,420               4,744,633             4,717,615        27,018

Expiring 04/12/17

   Goldman Sachs & Co.        EUR               758               810,035             809,237        798

Expiring 04/12/17

   JPMorgan Chase        EUR               3,266               3,517,718             3,486,009        31,709

Expiring 04/12/17

   Morgan Stanley        EUR               60,599               64,864,089             64,681,434        182,655

Expiring 04/12/17

   Standard Chartered PLC        EUR               3,025               3,257,067             3,228,823        28,244


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Forward foreign currency exchange contracts outstanding at March 31, 2017 (continued):

 

Sale Contracts    Counterparty            Notional
Amount
(000)
   Value at
Settlement
Date
  

Current

Value

     Unrealized
  Appreciation
(Depreciation)

OTC forward foreign currency exchange contracts (cont’d.):

                          

Indonesian Rupiah,

                          

Expiring 05/19/17

   JPMorgan Chase        IDR          86,491,665        $    6,415,011        $    6,455,068        $   (40,057)  

Japanese Yen,

                             

Expiring 05/11/17

   BNP Paribas        JPY          18,388,625        160,575,500        165,436,790        (4,861,290)

Mexican Peso,

                             

Expiring 04/24/17

   BNP Paribas        MXN          125,080        6,021,856        6,656,050        (634,194)

Expiring 04/24/17

   Goldman Sachs & Co.        MXN          94,276        4,238,366        5,016,861        (778,495)

Expiring 04/24/17

   JPMorgan Chase        MXN          49,803        2,363,200        2,650,242        (287,042)

Expiring 04/26/17

   JPMorgan Chase        MXN          781,418        37,862,539        41,570,007        (3,707,468)

Expiring 04/27/17

   JPMorgan Chase        MXN          89,842        4,162,950        4,778,661        (615,711)

New Zealand Dollar,

                             

Expiring 04/06/17

   Bank of America        NZD          12,147        8,522,106        8,513,678        8,428

Expiring 04/06/17

   Bank of New York Mellon        NZD          849        607,337        595,355        11,982

Expiring 04/06/17

   Bank of New York Mellon        NZD          812        582,728        569,055        13,673

Expiring 04/06/17

   Citigroup Global Markets        NZD          2,944        2,112,401        2,063,730        48,671

Expiring 04/06/17

   Goldman Sachs & Co.        NZD          4,656        3,342,206        3,263,671        78,535

Expiring 04/06/17

   JPMorgan Chase        NZD          9,811        7,166,667        6,876,629        290,038

Expiring 04/06/17

   JPMorgan Chase        NZD          9,358        6,693,157        6,558,681        134,476

Expiring 04/06/17

   Royal Bank of Scotland        NZD          1,840        1,323,548        1,289,605        33,943

Norwegian Krone,

                             

Expiring 05/11/17

   Credit Suisse First Boston Corp.        NOK          35,890        4,175,541        4,181,788        (6,247)

Polish Zloty,

                             

Expiring 05/11/17

   JPMorgan Chase        PLN          75,637        18,574,013        19,064,552        (490,539)

Russian Ruble,

                             

Expiring 04/28/17

   Citigroup Global Markets        RUB          267,422        4,524,909        4,720,338        (195,429)

Expiring 04/28/17

   Citigroup Global Markets        RUB          49,726        834,460        877,717        (43,257)

Expiring 06/20/17

   Credit Suisse First Boston Corp.        RUB          129,163        2,191,056        2,251,958        (60,902)

Expiring 06/20/17

   Deutsche Bank AG        RUB          127,955        2,170,560        2,230,892        (60,332)

South African Rand,

                             

Expiring 05/24/17

   Bank of New York Mellon        ZAR          15,715        1,215,023        1,160,196        54,827

Expiring 05/24/17

   Citigroup Global Markets        ZAR          87,775        6,527,423        6,480,077        47,346

Expiring 05/24/17

   Hong Kong & Shanghai Bank        ZAR          44,960        3,559,129        3,319,193        239,936

Swedish Krona,

                             

Expiring 05/11/17

   Credit Suisse First Boston Corp.        SEK          77,045        8,567,159        8,614,900        (47,741)

Expiring 05/11/17

   Hong Kong & Shanghai Bank        SEK          148,649        16,609,101        16,621,350        (12,249)

Turkish Lira,

                             

Expiring 04/28/17

   Citigroup Global Markets        TRY          16,798        4,317,600        4,585,044        (267,444)

Expiring 06/16/17

   JPMorgan Chase        TRY          8,943        2,338,000        2,406,135        (68,135)

Expiring 12/21/17

   JPMorgan Chase        TRY          3,114        798,000        795,508        2,492
                   

 

 

      

 

 

      

 

 

 
                      $1,180,481,975        $1,192,661,673        (12,179,698)
                   

 

 

      

 

 

      

 

 

 
                                $(9,575,391)  
                             

 

 

 


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Cross currency exchange contracts outstanding at March 31, 2017:

 

Settlement      Type              Notional
Amount
(000)
           In Exchange
for (000)
     Unrealized
Appreciation
(Depreciation)
  Counterparty

OTC cross currency exchange contracts:

                 

04/13/17

     Buy      EUR      2,921      TRY          11,215        $ 43,215      
Citigroup Global Markets Credit
Suisse First Boston

04/13/17

     Buy      EUR      1,860      TRY           7,856          (167,591 )       Corp.

04/28/17

     Buy      JPY      566,635      AUD          6,716          (32,758 )      
Goldman Sachs & Co. Credit
Suisse First Boston

04/13/17

     Buy      TRY      817      EUR             195          15,235       Corp.

04/13/17

     Buy      TRY      6,912      EUR          1,665          117,399       Goldman Sachs & Co.

04/13/17

     Buy      TRY      11,958      EUR          3,175          (111,741 )       Goldman Sachs & Co.
                               

 

 

     
                                $ (136,241 )    
                               

 

 

     

Credit default swap agreements outstanding at March 31, 2017:

 

Reference Entity/Obligation    Termination
Date
   Fixed
Rate
  Notional
Amount
(000)#(3)
   Value at
Trade Date
  

Value at
March 31,

2017(4)

   Unrealized
Appreciation
(Depreciation)

Centrally cleared credit default swaps on credit indices – Sell Protection(2):

 

CDX.NA.IG.S28.V1

       06/20/22        1.000 %       78,890      $   1,256,535      $   1,333,153      $   76,618
                  

 

 

      

 

 

      

 

 

 

 

Reference Entity/Obligation    Termination
Date
       Fixed    
Rate
   Notional
Amount
(000)#(3)
     Fair
Value(4)
     Upfront
  Premiums  
Paid
(Received)
    

Unrealized

Appreciation
(Depreciation)

     Counterparty

OTC credit default swaps on credit indices – Sell Protection(2):

      

CMBX.BBB

   05/11/63    3.000%    5,879      $  (748,011)      $    (363,598)      $    (384,413)          Deutsche Bank AG

CMBX.BBB

   05/11/63    3.000%    5,151            (655,496)            (386,626)            (268,870)          Deutsche Bank AG

CMBX.BBB

   05/11/63    3.000%    2,633            (335,008)            (163,295)            (171,713)         
Credit Suisse First
Boston Corp.

CMBX.BBB

   05/11/63    3.000%    1,292            (164,386)              (85,946)              (78,440)          Deutsche Bank AG

CMBX.BBB

   05/11/63    3.000%    574              (73,045)              (45,935)              (27,110)          Deutsche Bank AG

CMBX.NA.A.6

   05/11/63    2.000%    5,000            (257,120)            (105,789)            (151,331)          Deutsche Bank AG

CMBX.NA.BBB.6

   05/11/63    3.000%    15,000        (1,908,516)            (822,389)          (1,086,127)         
Goldman Sachs
& Co.

CMBX.NA.BBB.6

   05/11/63    3.000%    11,150        (1,417,270)            (210,581)          (1,206,689)          Morgan Stanley

CMBX.NA.BBB.6

   05/11/63    3.000%    10,000        (1,272,344)            (549,442)            (722,902)         
Goldman Sachs &
Co.

CMBX.NA.BBB.6

   05/11/63    3.000%    8,500        (1,080,430)            (110,120)            (970,310)          Morgan Stanley

CMBX.NA.BBB.6

   05/11/63    3.000%    6,600            (838,922)            (107,510)            (731,412)          Morgan Stanley

CMBX.NA.BBB.6

   05/11/63    3.000%    6,000            (762,656)              (80,225)            (682,431)          Morgan Stanley
                                 Credit Suisse First

CMBX.NA.BBB.6

   05/11/63    3.000%    1,896            (241,236)      (121,747)            (119,489)          Boston Corp.
             

 

    

 

    

 

      
              $(9,754,440)      $(3,153,203)      $(6,601,237)       
             

 

    

 

    

 

      

The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

 

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

 

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

 

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

 

(4) The fair value of credit default swap agreements on credit indices and asset-backed securities serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

 

(5) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at March 31, 2017:

 

      Notional
Amount
(000)#
     Termination
Date
     Fixed
Rate
    

Floating

Rate

   Value at
Trade Date
   Value at
March 31,
2017
   Unrealized
Appreciation
(Depreciation)

Centrally cleared swap agreements:

                   

EUR

   1,200      02/08/47      1.426%      6 Month EURIBOR(1)      $ (31,553 )      $ (15,249 )      $ 16,304

EUR

   1,200      02/08/47      1.424%      6 Month EURIBOR(1)        (26,420 )        (14,919 )        11,501

EUR

   1,200      02/08/47      1.298%      6 Month EURIBOR(2)               (26,737 )        (26,737 )

EUR

   1,200      02/08/47      1.293%      6 Month EURIBOR(2)               (28,545 )        (28,545 )

GBP

   37,950      05/21/18      0.780%      6 Month GBP LIBOR(2)               157,281        157,281

GBP

   37,950      02/20/19      0.878%      6 Month GBP LIBOR(1)               (254,009 )        (254,009 )

GBP

   5,280      01/10/22      0.981%      6 Month GBP LIBOR(1)        21,515        (51,117 )        (72,632 )

GBP

   5,280      01/09/22      0.911%      6 Month GBP LIBOR(2)        828        27,880        27,052

GBP

   4,910      02/28/24      1.251%      6 Month GBP LIBOR(2)        136,909        111,176        (25,733 )

GBP

   4,910      02/29/24      1.251%      6 Month GBP LIBOR(1)        122        (111,021 )        (111,143 )

MXN

   176,610      12/11/18      6.775%      28 Day Mexican Interbank Rate(2)               (46,515 )        (46,515 )

MXN

   222,850      12/12/18      6.840%      28 Day Mexican Interbank Rate(2)               (49,488 )        (49,488 )

MXN

   148,570      12/13/18      6.845%      28 Day Mexican Interbank Rate(2)               (32,459 )        (32,459 )

MXN

   66,780      12/17/18      7.035%      28 Day Mexican Interbank Rate(2)               112,407        112,407

MXN

   44,540      12/01/26      7.700%      28 Day Mexican Interbank Rate(1)               (54,734 )        (54,734 )

MXN

   56,640      12/02/26      7.762%      28 Day Mexican Interbank Rate(1)               (83,131 )        (83,131 )

MXN

   37,710      12/03/26      7.760%      28 Day Mexican Interbank Rate(1)               (54,993 )        (54,993 )

MXN

   16,620      12/07/26      7.830%      28 Day Mexican Interbank Rate(1)               735        735
                      

 

 

      

 

 

      

 

 

 
                       $   101,401      $ (413,438 )      $ (514,839 )
                      

 

 

      

 

 

      

 

 

 

Cash of $2,010,174 has been segregated with Morgan Stanley to cover requirements for open centrally cleared interest rate and credit default swap contracts at March 31, 2017.


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

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

 

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

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices generally in active markets for identical securities.

Level 2 - quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3 - unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of March 31, 2017 in valuing such portfolio securities:

 

         Level 1            Level 2            Level 3    

Investments in Securities

              

Asset-Backed Securities

              

Collateralized Loan Obligations

     $


     $
8,138,544

     $


Non-Residential Mortgage-Backed Securities

      


      
17,845,652

      


Commercial Mortgage-Backed Securities

              34,973,002       

Corporate Bonds

              

Australia

              9,441,452       

Brazil

              19,589,149       

Canada

              5,247,387       

China

              204,465       

France

              16,236,435       

India

              3,327,844       

Ireland

              2,589,148       

Israel

              4,770,808       

Italy

              3,818,462       

Japan

              2,513,643       

Kazakhstan

              4,273,840       

Kuwait

              4,343,741       

Mexico

              10,471,721       

Netherlands

              15,903,957       

Norway

              1,552,440       

Peru

              3,552,400       

South Africa

              1,685,138       

Spain

              9,615,478       

Sweden

              6,213,601       

Switzerland

              22,036,928       

United Arab Emirates

              362,241       

United Kingdom

              54,374,119       

United States

              206,292,231       

Foreign Government Bonds

              730,513,817       

Residential Mortgage-Backed Securities

              58,428,392       

U.S. Government Agency Obligation

              19,150,929       

U.S. Treasury Obligations

              426,306,841       

Preferred Stock

              

United States

       1,412,449              

Affiliated Mutual Funds

       40,987,003              

Options Purchased

              2,889,264       

Options Written

              (3,658,457 )       

Other Financial Instruments*

              

Futures Contracts

       (14,260 )              

OTC Forward Foreign Currency Exchange Contracts

              (9,575,391 )       

OTC Cross Currency Exchange Contracts

              (136,241 )       

Centrally Cleared Credit Default Swap Agreement

              76,618       

OTC Credit Default Swap Agreements

              (9,754,440 )       

Centrally Cleared Interest Rate Swap Agreements

              (514,839 )       
    

 

 

      

 

 

      

 

 

 

Total

     $ 42,385,192      $ 1,683,100,319      $
    

 

 

      

 

 

      

 

 

 

 

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.


   AST AB GLOBAL BOND PORTFOLIO  (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2017 were as follows:

 

Foreign Government Bonds

       42.8 %

U.S. Treasury Obligations

       25.0

Banks

       8.9

Residential Mortgage-Backed Securities

       3.4

Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan)

       2.4

Commercial Mortgage-Backed Securities

       2.0

Telecommunications

       1.6

Oil & Gas

       1.6

Media

       1.2

U.S. Government Agency Obligations

       1.1

Pipelines

       1.1

Non-Residential Mortgage-Backed Securities

       1.0

Pharmaceuticals

       1.0

Commercial Services

       0.8

Computers

       0.7

Diversified Financial Services

       0.6

Mining

       0.6

Insurance

       0.5

Healthcare-Services

       0.5

 

Collateralized Loan Obligations

       0.5 %

Transportation

       0.5

Chemicals

       0.5

Semiconductors

       0.4

Electric

       0.4

Savings & Loans

       0.3

Iron/Steel

       0.3

Leisure Time

       0.3

Auto Manufacturers

       0.3

Building Materials

       0.2

Foods

       0.2

Agriculture

       0.2

Real Estate Investment Trusts (REITs)

       0.2

Trucking & Leasing

       0.2

Options Purchased

       0.2

Forest Products & Paper

       0.1

Entertainment

       0.1

Healthcare-Products

       0.1

Retail

       0.1

Internet

       0.1

Metal Fabricate/Hardware

       0.1

Miscellaneous Manufacturing

       0.1
    

 

 

 
       102.2

Options Written

       (0.2 )

Liabilities in excess of other assets

       (2.2 )
    

 

 

 
       100.0 %
    

 

 

 
 

 

The following is a summary of the fair value of the derivative instruments utilized by the Portfolio as of March 31, 2017 categorized by risk exposure:

 

     Derivative Fair Value
at 03/31/17

Credit contracts

     $ (9,677,822 )

Foreign exchange contracts

       (9,895,069 )

Interest rate contracts

       (1,114,855 )
    

 

 

 

Total

     $ (20,687,746 )
    

 

 

 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

LONG-TERM INVESTMENTS — 83.4%

 

AFFILIATED MUTUAL FUNDS — 56.9%

 

AST AQR Emerging Markets Equity Portfolio*

     8,446,012     $ 90,456,784  

AST BlackRock Low Duration Bond Portfolio*

     69,159       734,464  

AST BlackRock/Loomis Sayles Bond Portfolio*

     1,879,748       24,906,655  

AST Boston Partners Large-Cap Value Portfolio*

     1,316,442       27,039,713  

AST ClearBridge Dividend Growth Portfolio*

     2,814,381       43,791,766  

AST Cohen & Steers Realty Portfolio*

     15,070,558       165,173,315  

AST Global Real Estate Portfolio*

     24,158,767       275,893,114  

AST Goldman Sachs Large-Cap Value Portfolio*

     901,362       26,454,989  

AST Goldman Sachs Mid-Cap Growth Portfolio*

     12,749,568       102,889,018  

AST Goldman Sachs Small-Cap Value Portfolio*

     4,332,527       93,149,335  

AST Goldman Sachs Strategic Income Portfolio*

     917,127       8,923,649  

AST Government Money Market Portfolio*

     246,725       246,725  

AST High Yield Portfolio*

     33,412,257           321,760,040  

AST Hotchkis & Wiley Large-Cap Value Portfolio*

     1,440,420       37,537,352  

AST International Growth Portfolio*

     18,009,470       261,317,410  

AST International Value Portfolio*

     20,886,162       384,723,096  

AST Jennison Large-Cap Growth Portfolio*

     806,615       20,423,481  

AST Loomis Sayles Large-Cap Growth Portfolio*

     815,200       33,211,254  

AST Lord Abbett Core Fixed Income Portfolio*

     5,768,466       71,125,189  

AST MFS Growth Portfolio*

     1,023,820       20,353,543  

AST MFS Large-Cap Value Portfolio*

     2,876,920       51,640,719  

AST Neuberger Berman Long/Short Portfolio*

     1,000,000       10,270,000  

AST Neuberger Berman/LSV Mid-Cap Value Portfolio*

     3,704,910       118,371,878  

AST Parametric Emerging Markets Equity Portfolio*

     8,214,875       72,126,603  

AST Prudential Core Bond Portfolio*

     6,852,935       80,933,167  

AST QMA Emerging Markets Equity Portfolio*

     5,361,242       51,360,702  

AST QMA International Core Equity Portfolio*

     14,130,259       155,008,945  

AST QMA US Equity Alpha Portfolio*

     6,813,113       178,299,167  

AST Small-Cap Growth Opportunities Portfolio*

     613,540       10,197,035  

AST Small-Cap Growth Portfolio*

     318,867       12,113,754  

AST Small-Cap Value Portfolio*

     4,036,023       107,479,301  

AST T. Rowe Price Large-Cap Growth Portfolio*

     824,489       22,937,289  

AST T. Rowe Price Natural Resources Portfolio*

     2,133,909       44,299,947  

AST Value Equity Portfolio*

     2,457,613       33,226,923  

AST WEDGE Capital Mid-Cap Value Portfolio*

     5,348,168       123,382,229  

AST Wellington Management Real Total Return Portfolio*

     1,400,000       12,796,000  
       Shares               Value          

AFFILIATED MUTUAL FUNDS (Continued)

 

AST Western Asset Core Plus Bond Portfolio*

     4,543,838     $ 55,843,771  
    

 

 

 

TOTAL AFFILIATED MUTUAL FUNDS (cost $2,464,632,138)(w)

         3,150,398,322  
    

 

 

 

COMMON STOCKS — 8.0%

 

Aerospace & Defense — 0.1%

 

BWX Technologies, Inc.(u)

     11,800       561,680  

Huntington Ingalls Industries, Inc.(u)

     3,800       760,912  

Lockheed Martin Corp.(u)

     800       214,080  

MTU Aero Engines AG (Germany)

     2,182       283,675  

Saab AB (Sweden) (Class B Stock)

     3,862       162,952  

Spirit AeroSystems Holdings, Inc. (Class A Stock)(u)

     12,800       741,376  
    

 

 

 
       2,724,675  
    

 

 

 

Air Freight & Logistics — 0.1%

 

bpost SA (Belgium)

     4,680       109,802  

Deutsche Post AG (Germany)

     6,773       231,797  

FedEx Corp.

     22,511       4,393,022  
    

 

 

 
       4,734,621  
    

 

 

 

Airlines — 0.0%

 

ANA Holdings, Inc. (Japan)

     78,000       238,563  

Deutsche Lufthansa AG (Germany)

     50,964       826,784  

International Consolidated Airlines Group SA (United Kingdom)

     57,675       382,260  

Japan Airlines Co. Ltd. (Japan)

     8,600       273,050  

United Continental Holdings, Inc.*(u)

     1,300       91,832  
    

 

 

 
       1,812,489  
    

 

 

 

Auto Components — 0.1%

 

Adient PLC(u)

     2,900       210,743  

Aisin Seiki Co. Ltd. (Japan)

     1,400       68,953  

Brembo SpA (Italy)

     2,676       197,971  

Cooper-Standard Holdings, Inc.*(u)

     1,600       177,488  

Dana, Inc.(u)

     18,200       351,442  

Hella KGaA Hueck & Co. (Germany)

     2,296       101,735  

LCI Industries(u)

     300       29,940  

Lear Corp.(u)

     4,900       693,742  

NHK Spring Co. Ltd. (Japan)

     12,700       140,613  

Nokian Renkaat OYJ (Finland)

     776       32,389  

Sumitomo Rubber Industries Ltd. (Japan)

     18,700       319,061  

Tenneco, Inc.(u)

     5,100       318,342  

Toyoda Gosei Co. Ltd. (Japan)

     1,500       38,258  

Toyota Boshoku Corp. (Japan)(u)

     3,800       88,382  

Visteon Corp.*(u)

     3,500       342,825  
    

 

 

 
       3,111,884  
    

 

 

 

Automobiles — 0.1%

 

Ferrari NV (Italy)

     1,839       137,063  

Fiat Chrysler Automobiles NV (United Kingdom)*(u)

     56,591       618,277  

Fuji Heavy Industries Ltd. (Japan)

     4,300       157,717  

Isuzu Motors Ltd. (Japan)

     1,900       25,164  

Peugeot SA (France)*

     40,594       817,397  

Suzuki Motor Corp. (Japan)

     5,500       228,435  

Thor Industries, Inc.(u)

     7,200       692,136  
    

 

 

 
       2,676,189  
    

 

 

 
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

COMMON STOCKS (Continued)

 

Banks — 0.2%

 

ABN AMRO Group NV (Netherlands), CVA, 144A

     14,330     $ 347,483  

Aozora Bank Ltd. (Japan)

     33,000       121,827  

Banco Bilbao Vizcaya Argentaria SA (Spain)

     35,994       279,157  

Banco de Sabadell SA (Spain)

     29,418       53,916  

Banco Popular Espanol SA (Spain)

     18,471       17,931  

Banco Santander SA (Spain)

     83,296       510,503  

Bank of America Corp.(u)

     32,000       754,880  

Bank of Ireland (Ireland)*

     154,933       38,428  

Bankia SA (Spain)

     25,483       28,980  

Bankinter SA (Spain)

     3,732       31,337  

BNP Paribas SA (France)

     5,870       390,945  

CaixaBank SA (Spain)

     14,737       63,342  

Citizens Financial Group, Inc.(u)

     10,700       369,685  

Commerzbank AG (Germany)

     5,910       53,452  

Credit Agricole SA (France)

     5,856       79,339  

Danske Bank A/S (Denmark)

     7,318       249,514  

DNB ASA (Norway)

     1,091       17,324  

Erste Group Bank AG (Austria)*

     1,547       50,377  

Financial Institutions, Inc.(u)

     3,500       115,325  

First Interstate BancSystem, Inc. (Class A Stock)(u)

     2,700       107,055  

Fukuoka Financial Group, Inc. (Japan)

     7,000       30,406  

Gunma Bank Ltd. (The) (Japan)

     3,200       16,694  

ING Groep NV (Netherlands)

     21,428       323,919  

Intesa Sanpaolo SpA (Italy)

     70,175       190,601  

Intesa Sanpaolo SpA-RSP (Italy)

     5,170       13,149  

JPMorgan Chase & Co.(u)

     8,000       702,720  

Jyske Bank A/S (Denmark)

     1,183       59,834  

KBC Group NV (Belgium)

     4,250       281,817  

Kyushu Financial Group, Inc. (Japan)(u)

     13,500       82,685  

Mediobanca SpA (Italy)

     77,546       699,078  

Mizuho Financial Group, Inc. (Japan)

     160,900       295,344  

Natixis SA (France)

     5,201       32,048  

Nordea Bank AB (Sweden)

     14,022       159,975  

Popular, Inc. (Puerto Rico)(u)

     1,800       73,314  

Raiffeisen Bank International AG (Austria)*

     648       14,624  

Resona Holdings, Inc. (Japan)(u)

     79,800       428,995  

Shinsei Bank Ltd. (Japan)

     10,000       18,426  

Societe Generale SA (France)

     4,240       215,080  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     4,000       145,595  

Sumitomo Mitsui Trust Holdings, Inc. (Japan)

     2,900       100,491  

Swedbank AB (Sweden) (Class A Stock)

     4,811       111,319  

UniCredit SpA (Italy)

     10,117       155,957  

Unione di Banche Italiane SpA (Italy)

     4,887       18,758  

Yamaguchi Financial Group, Inc. (Japan)

     11,000       119,325  
    

 

 

 
           7,970,954  
    

 

 

 

Beverages — 0.0%

 

Brown-Forman Corp. (Class B Stock)

     310       14,316  

Coca-Cola Co. (The)

     5,884       249,717  

Coca-Cola West Co. Ltd. (Japan)

     8,300       268,173  

Constellation Brands, Inc. (Class A Stock)

     306       49,593  

Davide Campari-Milano SpA (Italy)

     8,975       104,107  

Dr. Pepper Snapple Group, Inc.(u)

     4,310       422,035  

Ito En Ltd. (Japan)

     700       25,594  

Kirin Holdings Co. Ltd. (Japan)

     800       15,133  
       Shares               Value          

COMMON STOCKS (Continued)

 

Beverages (cont’d.)

 

Molson Coors Brewing Co. (Class B Stock)

     308     $ 29,479  

Monster Beverage Corp.*

     643       29,687  

National Beverage Corp.(u)

     1,800       152,154  

PepsiCo, Inc.

     2,145       239,940  
    

 

 

 
           1,599,928  
    

 

 

 

Biotechnology — 0.1%

 

AbbVie, Inc.(u)

     11,058       720,539  

Acorda Therapeutics, Inc.*(u)

     9,400       197,400  

Alexion Pharmaceuticals, Inc.*

     330       40,009  

AMAG Pharmaceuticals, Inc.*(u)

     2,300       51,865  

Amgen, Inc.(u)

     4,846       795,083  

Biogen, Inc.*(u)

     2,424       662,770  

Bioverativ, Inc.*(u)

     1,050       57,183  

Celgene Corp.*(u)

     6,559       816,136  

FibroGen, Inc.*(u)

     3,600       88,740  

Galapagos NV (Belgium)*

     1,114       96,445  

Genmab A/S (Denmark)*

     327       62,925  

Genomic Health, Inc.*(u)

     2,300       72,427  

Gilead Sciences, Inc.(u)

     7,062       479,651  

Incyte Corp.*(u)

     4,200       561,414  

Ionis Pharmaceuticals, Inc.*(u)

     2,200       88,440  

Regeneron Pharmaceuticals, Inc.*

     37       14,338  

Vanda Pharmaceuticals, Inc.*(u)

     7,000       98,000  

Vertex Pharmaceuticals, Inc.*(u)

     3,045       332,971  
    

 

 

 
       5,236,336  
    

 

 

 

Building Products — 0.1%

 

American Woodmark Corp.*(u)

     1,300       119,340  

Asahi Glass Co. Ltd. (Japan)

     6,000       48,681  

Cie de Saint-Gobain (France)

     16,076       825,512  

Continental Building Products, Inc.*(u)

     4,800       117,600  

Daikin Industries Ltd. (Japan)

     2,100       211,760  

Dormakaba Holding AG (Switzerland) (Class B Stock)*

     143       113,811  

Geberit AG (Switzerland)(u)

     920       396,438  

Lennox International, Inc.(u)

     800       133,840  

Masco Corp.(u)

     12,700       431,673  

Owens Corning(u)

     10,900       668,933  

Patrick Industries, Inc.*(u)

     3,150       223,335  

Trex Co., Inc.*(u)

     1,300       90,207  

Universal Forest Products, Inc.(u)

     1,600       157,664  
    

 

 

 
       3,538,794  
    

 

 

 

Capital Markets — 0.0%

 

Deutsche Boerse AG (Germany)*

     4,365       400,048  

Goldman Sachs Group, Inc. (The)(u)

     900       206,748  

Houlihan Lokey, Inc.(u)

     1,700       58,565  

INTL. FCStone, Inc.*(u)

     2,200       83,512  

LPL Financial Holdings, Inc.(u)

     6,300       250,929  

Morningstar, Inc.(u)

     1,700       133,620  

Partners Group Holding AG (Switzerland)

     82       44,068  

Penson Technologies LLC (Class B Stock), UTS*^(g)(u)

     1,248,607       67,662  

Piper Jaffray Cos.(u)

     1,800       114,930  

Raymond James Financial, Inc.(u)

     7,900       602,454  

TPT Acquisition, Inc.*^(g)

     2,050        
    

 

 

 
       1,962,536  
    

 

 

 
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

COMMON STOCKS (Continued)

 

Chemicals — 0.2%

    

Air Water, Inc. (Japan)(u)

     800     $ 14,792  

Akzo Nobel NV (Netherlands)

     1,838       152,157  

Asahi Kasei Corp. (Japan)(u)

     35,000       340,075  

BASF SE (Germany)

     2,576       255,060  

Cabot Corp.(u)

     8,300       497,253  

Chemours Co. (The)(u)

     23,200       893,200  

Covestro AG (Germany), 144A

     9,130       703,366  

EMS-Chemie Holding AG (Switzerland)

     33       19,219  

Evonik Industries AG (Germany)

     7,048       229,726  

FutureFuel Corp.(u)

     3,000       42,540  

GCP Applied Technologies, Inc.*(u)

     5,000       163,250  

Hitachi Chemical Co. Ltd. (Japan)(u)

     11,000       305,564  

Koninklijke DSM NV (Netherlands)

     5,231       353,769  

Koppers Holdings, Inc.*(u)

     2,000       84,700  

Kuraray Co. Ltd. (Japan)(u)

     21,300       324,029  

LANXESS AG (Germany)

     1,406       94,318  

LyondellBasell Industries NV (Class A Stock)(u)

     2,600       237,094  

Mitsubishi Chemical Holdings Corp. (Japan)(u)

     17,100       132,763  

Mitsubishi Gas Chemical Co., Inc. (Japan)(u)

     15,700       327,005  

Mitsui Chemicals, Inc. (Japan)(u)

     14,000       69,360  

Nippon Shokubai Co. Ltd. (Japan)(u)

     500       34,120  

Olin Corp.(u)

     5,800       190,646  

Shin-Etsu Chemical Co. Ltd. (Japan)

     1,400       121,687  

Sika AG (Switzerland)(u)

     86       515,803  

Solvay SA (Belgium)

     3,167       386,408  

Teijin Ltd. (Japan)(u)

     8,400       158,613  

Tosoh Corp. (Japan)(u)

     33,000       290,351  

Trinseo SA(u)

     7,500       503,250  

Umicore SA (Belgium)

     6,316       359,692  

Westlake Chemical Corp.(u)

     3,800       250,990  

Yara International ASA (Norway)

     1,000       38,518  
    

 

 

 
           8,089,318  
    

 

 

 

Commercial Services & Supplies — 0.1%

 

Brink’s Co. (The)(u)

     3,800       203,110  

Deluxe Corp.(u)

     2,700       194,859  

Herman Miller, Inc.(u)

     3,800       119,890  

ISS A/S (Denmark)

     8,296       313,661  

Knoll, Inc.(u)

     4,100       97,621  

Park24 Co. Ltd. (Japan)

     6,100       160,273  

Secom Co. Ltd. (Japan)

     200       14,371  

Securitas AB (Sweden) (Class B Stock)

     13,850       216,215  

Steelcase, Inc. (Class A Stock)(u)

     9,400       157,450  

Toppan Printing Co. Ltd. (Japan)

     13,000       132,875  

Waste Management, Inc.

     77,279       5,635,185  
    

 

 

 
       7,245,510  
    

 

 

 

Communications Equipment — 0.1%

 

CommScope Holding Co., Inc.*(u)

     14,700       613,137  

F5 Networks, Inc.*(u)

     4,700       670,079  

Juniper Networks, Inc.(u)

     19,400       539,902  

Lumentum Holdings, Inc.*(u)

     3,000       160,050  

Motorola Solutions, Inc.(u)

     2,500       215,550  

NETGEAR, Inc.*(u)

     7,100       351,805  

Plantronics, Inc.(u)

     4,500       243,495  
       Shares               Value          

COMMON STOCKS (Continued)

 

Communications Equipment (cont’d.)

 

ShoreTel, Inc.*(u)

     9,500     $ 58,425  
    

 

 

 
       2,852,443  
    

 

 

 

Construction & Engineering — 0.5%

 

Argan, Inc.(u)

     2,600       171,990  

Bouygues SA (France)

     7,529       306,459  

Comfort Systems USA, Inc.(u)

     3,100       113,615  

Eiffage SA (France)

     112,325       8,790,512  

EMCOR Group, Inc.(u)

     8,300       522,485  

Ferrovial SA (Spain)

     354,228       7,080,123  

FLSmidth & Co. A/S (Denmark)

     426       22,747  

HOCHTIEF AG (Germany)

     1,329       219,628  

Kajima Corp. (Japan)(u)

     51,000       333,594  

KBR, Inc.(u)

     32,500       488,475  

MasTec, Inc.*(u)

     6,400       256,320  

NCC AB (Sweden) (Class B Stock)

     5,280       130,445  

Obayashi Corp. (Japan)(u)

     29,600       277,553  

Shimizu Corp. (Japan)(u)

     32,000       287,355  

Skanska AB (Sweden) (Class B Stock)(u)

     15,182       357,314  

Taisei Corp. (Japan)

     35,000       255,960  

Vinci SA (France)

     121,758       9,666,912  
    

 

 

 
         29,281,487  
    

 

 

 

Construction Materials — 0.0%

 

Buzzi Unicem SpA (Italy)

     3,162       80,826  

CRH PLC (Ireland)

     9,101       321,076  

Headwaters, Inc.*(u)

     1,000       23,480  

HeidelbergCement AG (Germany)

     3,219       301,454  

Taiheiyo Cement Corp. (Japan)

     11,000       36,913  
    

 

 

 
       763,749  
    

 

 

 

Consumer Finance — 0.0%

 

Hitachi Capital Corp. (Japan)

     600       14,543  

Nelnet, Inc. (Class A Stock)(u)

     14,400       631,584  
    

 

 

 
       646,127  
    

 

 

 

Containers & Packaging — 0.0%

 

BillerudKorsnas AB (Sweden)

     9,292       149,726  

Crown Holdings, Inc.*(u)

     3,800       201,210  

Greif, Inc. (Class A Stock)(u)

     6,200       341,558  

Huhtamaki OYJ (Finland)

     1,940       69,037  

Owens-Illinois, Inc.*(u)

     17,500       356,650  

Packaging Corp. of America(u)

     3,400       311,508  

Toyo Seikan Group Holdings Ltd. (Japan)

     7,000       113,908  
    

 

 

 
       1,543,597  
    

 

 

 

Distributors — 0.0%

    

LKQ Corp.*(u)

     5,200       152,204  

Pool Corp.(u)

     800       95,464  
    

 

 

 
       247,668  
    

 

 

 

Diversified Consumer Services — 0.0%

 

Education Management Corp.*(u)

     926,435       7,411  

Grand Canyon Education, Inc.*(u)

     800       57,288  
    

 

 

 
       64,699  
    

 

 

 

Diversified Financial Services — 0.0%

 

Leucadia National Corp.(u)

     15,700       408,200  

Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)

     31,300       156,419  
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

COMMON STOCKS (Continued)

 

Diversified Financial Services (cont’d.)

 

ORIX Corp. (Japan)(u)

     18,400     $ 273,103  
    

 

 

 
       837,722  
    

 

 

 

Diversified Telecommunication Services — 0.0%

 

AT&T, Inc.

     8,966       372,537  

CenturyLink, Inc.

     828       19,516  

Frontier Communications Corp.

     1,812       3,878  

Level 3 Communications, Inc.*

     369       21,114  

Nippon Telegraph & Telephone Corp. (Japan)(u)

     13,300       568,619  

Proximus SADP (Belgium)

     7,095       222,337  

TDC A/S (Denmark)

     51,005       262,690  

Verizon Communications, Inc.(u)

     17,513       853,759  
    

 

 

 
       2,324,450  
    

 

 

 

Electric Utilities — 1.0%

 

Alliant Energy Corp.

     334       13,230  

American Electric Power Co., Inc.(u)

     76,809       5,156,188  

Chubu Electric Power Co., Inc. (Japan)

     7,800       104,777  

Duke Energy Corp.

     1,011       82,912  

Edison International

     78,288       6,232,508  

Enel SpA (Italy)(u)

     1,119,938       5,269,846  

Entergy Corp.

     311       23,624  

Eversource Energy

     492       28,920  

Exelon Corp.(u)

     231,299       8,322,138  

FirstEnergy Corp.(u)

     18,256       580,906  

Fortis, Inc. (Canada)

     77,506       2,568,477  

Iberdrola SA (Spain)

     377,035       2,693,883  

NextEra Energy, Inc.

     63,361       8,133,651  

PG&E Corp.

     147,556       9,791,816  

Pinnacle West Capital Corp.

     272       22,679  

Power Grid Corp. of India Ltd. (India)

     1,140,398       3,465,468  

PPL Corp.(u)

     18,006       673,244  

Southern Co. (The)

     1,488       74,073  

Xcel Energy, Inc.

     701       31,159  
    

 

 

 
         53,269,499  
    

 

 

 

Electrical Equipment — 0.0%

 

ABB Ltd. (Switzerland)*(u)

     12,361       289,315  

EnerSys(u)

     2,300       181,562  

Fuji Electric Co. Ltd. (Japan)

     22,000       131,013  

Mitsubishi Electric Corp. (Japan)(u)

     19,600       282,403  

Regal Beloit Corp.(u)

     3,300       249,645  

Vestas Wind Systems A/S (Denmark)

     5,141       418,170  
    

 

 

 
       1,552,108  
    

 

 

 

Electronic Equipment, Instruments & Components — 0.1%

 

Anixter International, Inc.*(u)

     4,000       317,200  

Arrow Electronics, Inc.*(u)

     2,800       205,548  

CDW Corp.(u)

     10,300       594,413  

Gerber Scientific Escrow Shares*^(g)(u)

     101,412        

Hitachi High-Technologies Corp. (Japan)

     8,700       355,392  

Hitachi Ltd. (Japan)

     12,000       65,157  

Insight Enterprises, Inc.*(u)

     2,500       102,725  

IPG Photonics Corp.*(u)

     800       96,560  

Itron, Inc.*(u)

     4,600       279,220  

Jabil Circuit, Inc.(u)

     2,300       66,516  

Keyence Corp. (Japan)

     900       361,056  

Kyocera Corp. (Japan)

     1,500       83,801  

Omron Corp. (Japan)

     2,600       114,241  
       Shares               Value          

COMMON STOCKS (Continued)

 

Electronic Equipment, Instruments & Components (cont’d.)

 

Sanmina Corp.*(u)

     4,600     $ 186,760  

ScanSource, Inc.*(u)

     1,800       70,650  

SYNNEX Corp.(u)

     2,900       324,626  

Tech Data Corp.*(u)

     1,000       93,900  

Vishay Intertechnology, Inc.(u)

     5,900       97,055  

Yokogawa Electric Corp. (Japan)

     6,900       108,819  
    

 

 

 
       3,523,639  
    

 

 

 

Energy Equipment & Services — 0.0%

 

Atwood Oceanics, Inc.*(u)

     8,900       84,817  

Diamond Offshore Drilling, Inc.*(u)

     4,300       71,853  

Ensco PLC (Class A Stock)(u)

     52,000       465,400  

McDermott International, Inc.*(u)

     30,500       205,875  

Nabors Industries Ltd.(u)

     26,700       348,969  

National Oilwell Varco, Inc.(u)

     6,100       244,549  

Subsea 7 SA (United Kingdom)*

     16,676       258,808  

Unit Corp.*(u)

     6,800       164,288  
    

 

 

 
       1,844,559  
    

 

 

 

Equity Real Estate Investment Trusts (REITs) — 0.3%

 

American Assets Trust, Inc.(u)

     4,400       184,096  

American Homes 4 Rent(u)

     6,000       137,760  

American Tower Corp.(u)

     45,346       5,511,353  

Apple Hospitality REIT, Inc.(u)

     8,400       160,440  

Ashford Hospitality Trust, Inc.(u)

     9,900       63,063  

Brixmor Property Group, Inc.(u)

     16,700       358,382  

Chatham Lodging Trust(u)

     4,800       94,800  

CoreCivic, Inc.(u)

     16,500       518,430  

Crown Castle International Corp.

     49,516       4,676,786  

Forest City Realty Trust, Inc. (Class A Stock)(u)

     16,400       357,192  

Franklin Street Properties Corp.(u)

     16,800       203,952  

GEO Group, Inc. (The)(u)

     16,300       755,831  

Hospitality Properties Trust(u)

     8,800       277,464  

Kite Realty Group Trust(u)

     1,400       30,100  

Lexington Realty Trust(u)

     17,400       173,652  

Outfront Media, Inc.(u)

     8,300       220,365  

Paramount Group, Inc.(u)

     6,900       111,849  

Ryman Hospitality Properties, Inc.(u)

     2,500       154,575  

Spirit Realty Capital, Inc.(u)

     38,400       388,992  

VEREIT, Inc.(u)

     61,200       519,588  

Washington Prime Group, Inc.(u)

     5,700       49,533  

WP Carey, Inc.(u)

     3,200       199,104  
    

 

 

 
         15,147,307  
    

 

 

 

Food & Staples Retailing — 0.0%

 

Colruyt SA (Belgium)

     1,936       95,078  

Cosmos Pharmaceutical Corp. (Japan)

     200       39,160  

Costco Wholesale Corp.

     654       109,669  

CVS Health Corp.

     1,518       119,163  

Ingles Markets, Inc. (Class A Stock)(u)

     2,500       107,875  

Kesko OYJ (Finland) (Class B Stock)

     3,512       167,434  

Koninklijke Ahold Delhaize NV (Netherlands)

     3,936       84,112  

Kroger Co. (The)

     1,250       36,863  

Matsumotokiyoshi Holdings Co. Ltd. (Japan)(u)

     2,600       123,857  

METRO AG (Germany)

     6,959       222,359  

Sysco Corp.

     690       35,825  

Tsuruha Holdings, Inc. (Japan)

     1,100       102,025  
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

         Shares         Value  

COMMON STOCKS (Continued)

 

Food & Staples Retailing (cont’d.)

 

Walgreens Boots Alliance, Inc.

     1,192     $ 98,996  

Wal-Mart Stores, Inc.(u)

     9,883       712,367  

Welcia Holdings Co. Ltd. (Japan)

     3,600       100,838  

Whole Foods Market, Inc.

     372       11,056  
    

 

 

 
       2,166,677  
    

 

 

 

Food Products — 0.1%

 

Archer-Daniels-Midland Co.

     838       38,582  

Aryzta AG (Switzerland)*(u)

     4,940       158,618  

Barry Callebaut AG (Switzerland)*

     56       73,221  

Blue Buffalo Pet Products, Inc.*(u)

     11,500       264,500  

Bunge Ltd.(u)

     10,000       792,600  

Campbell Soup Co.

     319       18,260  

Conagra Brands, Inc.(u)

     14,248       574,764  

Ezaki Glico Co. Ltd. (Japan)(u)

     2,000       97,269  

General Mills, Inc.

     844       49,804  

Hershey Co. (The)

     286       31,246  

Hormel Foods Corp.

     351       12,155  

Ingredion, Inc.(u)

     2,100       252,903  

J.M. Smucker Co. (The)

     275       36,047  

Kellogg Co.

     345       25,050  

Kewpie Corp. (Japan)(u)

     9,700       275,771  

Kraft Heinz Co. (The)

     846       76,825  

Lamb Weston Holdings, Inc.(u)

     4,266       179,428  

Leroy Seafood Group ASA (Norway)

     2,419       105,937  

Marine Harvest ASA (Norway)*

     33,206       506,537  

McCormick & Co., Inc.

     273       26,631  

Mead Johnson Nutrition Co.

     306       27,258  

Mondelez International, Inc. (Class A Stock)

     2,199       94,733  

NH Foods Ltd. (Japan)(u)

     18,000       483,561  

Nisshin Seifun Group, Inc. (Japan)(u)

     4,400       65,780  

Orkla ASA (Norway)

     2,459       22,028  

Pilgrim’s Pride Corp.(u)

     12,900       290,315  

Salmar ASA (Norway)

     3,750       80,865  

Sanderson Farms, Inc.(u)

     6,400       664,576  

Seaboard Corp.(u)

     30       125,084  

Suedzucker AG (Germany)

     5,218       130,768  

Toyo Suisan Kaisha Ltd. (Japan)(u)

     5,500       205,190  

Tyson Foods, Inc. (Class A Stock)(u)

     10,366       639,686  

Yamazaki Baking Co. Ltd. (Japan)(u)

     3,900       80,299  
    

 

 

 
       6,506,291  
    

 

 

 

Gas Utilities — 0.2%

 

Atmos Energy Corp.(u)

     43,776       3,457,866  

Infraestructura Energetica Nova SAB de CV (Mexico)(a)

     951,093       4,544,073  

Infraestructura Energetica Nova SAB de CV (Mexico), 144A(g)

     77,268       369,166  

Italgas SpA (Italy)*

     646,331       2,832,181  

Osaka Gas Co. Ltd. (Japan)

     33,000       125,828  

Southwest Gas Holdings, Inc.(u)

     700       58,037  

UGI Corp.(u)

     15,600       770,640  
    

 

 

 
         12,157,791  
    

 

 

 

Health Care Equipment & Supplies — 0.1%

 

Abbott Laboratories

     2,500       111,025  

ABIOMED, Inc.*(u)

     2,000       250,400  

Atrion Corp.(u)

     300       140,460  

Baxter International, Inc.(u)

     12,485       647,472  
         Shares         Value  

COMMON STOCKS (Continued)

 

Health Care Equipment & Supplies (cont’d.)

 

Becton, Dickinson and Co.(u)

     3,126     $ 573,433  

Boston Scientific Corp.*

     2,122       52,774  

C.R. Bard, Inc.(u)

     3,239       805,021  

Cantel Medical Corp.(u)

     1,400       112,140  

Cooper Cos., Inc. (The)

     25       4,997  

Danaher Corp.

     853       72,957  

DENTSPLY SIRONA, Inc.

     330       20,605  

DiaSorin SpA (Italy)

     732       49,372  

Edwards Lifesciences Corp.*(u)

     7,028       661,124  

GN Store Nord A/S (Denmark)

     8,591       200,558  

Hill-Rom Holdings, Inc.(u)

     5,300       374,180  

Hologic, Inc.*(u)

     16,462       700,458  

IDEXX Laboratories, Inc.*(u)

     4,647       718,473  

Intuitive Surgical, Inc.*

     20       15,329  

Masimo Corp.*(u)

     5,900       550,234  

Medtronic PLC

     1,892       152,420  

Rotech Healthcare, Inc.*^(g)

     5,517        

Straumann Holding AG (Switzerland)

     322       149,246  

Stryker Corp.

     376       49,500  

Varian Medical Systems, Inc.*

     48       4,374  

Zimmer Biomet Holdings, Inc.

     319       38,953  
    

 

 

 
           6,455,505  
    

 

 

 

Health Care Providers & Services — 0.1%

 

Aetna, Inc.

     502       64,030  

Alfresa Holdings Corp. (Japan)

     4,000       69,536  

AmerisourceBergen Corp.

     304       26,904  

Anthem, Inc.(u)

     3,250       537,485  

Cardinal Health, Inc.

     489       39,878  

Centene Corp.*(u)

     5,004       356,585  

Cigna Corp.

     352       51,564  

DaVita, Inc.*

     298       20,255  

Envision Healthcare Corp.*

     276       16,924  

Express Scripts Holding Co.*(u)

     8,854       583,567  

Fresenius Medical Care AG & Co. KGaA (Germany)

     761       64,169  

HCA Holdings, Inc.*(u)

     1,068       95,041  

Henry Schein, Inc.*

     42       7,139  

Humana, Inc.

     290       59,781  

Laboratory Corp. of America Holdings*

     54       7,747  

Magellan Health, Inc.*(u)

     2,500       172,625  

McKesson Corp.

     324       48,036  

Medipal Holdings Corp. (Japan)

     5,000       78,561  

Miraca Holdings, Inc. (Japan)

     500       22,958  

National HealthCare Corp.(u)

     500       35,650  

Patterson Cos., Inc.

     42       1,900  

Quest Diagnostics, Inc.

     287       28,181  

Suzuken Co. Ltd. (Japan)

     1,800       59,150  

UnitedHealth Group, Inc.(u)

     5,346       876,797  

Universal Health Services, Inc. (Class B Stock)

     45       5,600  

WellCare Health Plans, Inc.*(u)

     5,100       715,071  
    

 

 

 
       4,045,134  
    

 

 

 

Health Care Technology — 0.0%

 

Cerner Corp.*(u)

     11,371       669,183  

HMS Holdings Corp.*(u)

     4,000       81,320  

M3, Inc. (Japan)

     1,800       44,860  
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

COMMON STOCKS (Continued)

 

Health Care Technology (cont’d.)

 

Veeva Systems, Inc. (Class A Stock)*(u)

     10,800     $ 553,824  
    

 

 

 
       1,349,187  
    

 

 

 

Hotels, Restaurants & Leisure — 0.1%

 

Accor SA (France)

     9,599       399,882  

Aramark(u)

     6,100       224,907  

Autogrill SpA (Italy)

     9,038       89,719  

Biglari Holdings, Inc.*(u)

     500       215,990  

BJ’s Restaurants, Inc.*(u)

     3,000       121,200  

Bloomin’ Brands, Inc.(u)

     12,500       246,625  

Choice Hotels International, Inc.(u)

     700       43,820  

Denny’s Corp.*(u)

     10,800       133,596  

DineEquity, Inc.(u)

     2,500       136,050  

Extended Stay America, Inc., UTS(u)

     13,800       219,972  

Fiesta Restaurant Group, Inc.*(u)

     3,900       94,380  

Hyatt Hotels Corp. (Class A Stock)*(u)

     2,900       156,542  

International Game Technology PLC(u)

     3,500       82,950  

Panera Bread Co. (Class A Stock)*(u)

     1,600       418,992  

Papa John’s International, Inc.(u)

     3,400       272,136  

Ruth’s Hospitality Group, Inc.(u)

     6,700       134,335  

Texas Roadhouse, Inc.(u)

     8,200       365,146  

Yum China Holdings, Inc.*(u)

     8,500       231,200  
    

 

 

 
       3,587,442  
    

 

 

 

Household Durables — 0.1%

 

D.R. Horton, Inc.(u)

     18,700       622,897  

Electrolux AB (Sweden) (Class B Stock)

     3,428       95,168  

Haseko Corp. (Japan)(u)

     19,700       213,578  

Husqvarna AB (Sweden) (Class B Stock)

     18,308       160,519  

Iida Group Holdings Co. Ltd. (Japan)(u)

     3,600       55,399  

La-Z-Boy, Inc.(u)

     13,900       375,300  

NACCO Industries, Inc. (Class A Stock)(u)

     1,500       104,700  

Nikon Corp. (Japan)

     5,000       72,659  

NVR, Inc.*(u)

     210       442,445  

Sekisui Chemical Co. Ltd. (Japan)(u)

     9,800       165,209  

Taylor Morrison Home Corp. (Class A Stock)*(u)

     5,700       121,524  

TRI Pointe Group, Inc.*(u)

     3,100       38,874  
    

 

 

 
           2,468,272  
    

 

 

 

Household Products — 0.0%

 

Church & Dwight Co., Inc.

     351       17,504  

Clorox Co. (The)(u)

     1,983       267,368  

Colgate-Palmolive Co.

     1,212       88,706  

Henkel AG & Co. KGaA (Germany) (PRFC)*

     5,690       729,319  

Kimberly-Clark Corp.

     619       81,479  

Lion Corp. (Japan)(u)

     27,000       486,595  

Procter & Gamble Co. (The)

     3,994       358,861  

Svenska Cellulosa AB SCA (Sweden) (Class B Stock)

     6,350       204,637  

Unicharm Corp. (Japan)

     1,900       45,662  
    

 

 

 
       2,280,131  
    

 

 

 

Independent Power & Renewable Electricity Producers — 0.1%

 

AES Corp.(u)

     50,873       568,760  

Atlantica Yield PLC (Spain)(u)

     4,200       88,032  

Huaneng Renewables Corp. Ltd. (China) (Class H Stock)

     7,818,662       2,707,757  

NRG Energy, Inc.(u)

     29,777       556,830  

NTPC Ltd. (India)

     1,001,596       2,560,872  
       Shares               Value          

COMMON STOCKS (Continued)

 

Independent Power & Renewable Electricity Producers (cont’d.)

 

Uniper SE (Germany)*

     17,345     $ 291,512  
    

 

 

 
       6,773,763  
    

 

 

 

Industrial Conglomerates — 0.0%

 

Carlisle Cos., Inc.(u)

     4,700       500,127  

Koninklijke Philips NV (Netherlands)

     16,398       526,775  

Rheinmetall AG (Germany)

     2,973       249,245  

Siemens AG (Germany)

     5,118       701,026  
    

 

 

 
       1,977,173  
    

 

 

 

Insurance — 0.1%

 

Aegon NV (Netherlands)

     3,647       18,577  

Alleghany Corp.*(u)

     260       159,812  

Allianz SE (Germany)

     1,080       200,283  

Allstate Corp. (The)(u)

     8,200       668,218  

American Financial Group, Inc.(u)

     8,400       801,528  

Assured Guaranty Ltd.(u)

     3,500       129,885  

Baloise Holding AG (Switzerland)

     1,291       177,399  

Dai-ichi Life Holdings, Inc. (Japan)

     5,800       103,816  

Genworth Financial, Inc. (Class A Stock)*(u)

     13,900       57,268  

Hannover Rueck SE (Germany)

     1,727       199,006  

Hanover Insurance Group, Inc. (The)(u)

     700       63,042  

Helvetia Holding AG (Switzerland)

     51       28,237  

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Germany)

     2,589       506,804  

NN Group NV (Netherlands)

     4,913       159,561  

Old Republic International Corp.(u)

     20,800       425,984  

Poste Italiane SpA (Italy), 144A

     46,806       311,768  

Sompo Holdings, Inc. (Japan)

     1,400       51,434  

Swiss Re AG (Switzerland)

     8,061       724,008  

Talanx AG (Germany)

     2,628       92,656  

Tryg A/S (Denmark)

     1,775       32,183  

Unum Group(u)

     6,700       314,163  

Zurich Insurance Group AG (Switzerland)

     585       156,114  
    

 

 

 
       5,381,746  
    

 

 

 

Internet & Direct Marketing Retail — 0.0%

 

FTD Cos., Inc.*(u)

     3,120       62,837  

HSN, Inc.(u)

     2,700       100,170  

Liberty Interactive Corp. QVC Group (Class A Stock)*(u)

     17,700       354,354  

Liberty TripAdvisor Holdings, Inc. (Class A Stock)*(u)

     5,500       77,550  

Nutrisystem, Inc.(u)

     3,800       210,900  
    

 

 

 
       805,811  
    

 

 

 

Internet Software & Services — 0.0%

 

Alphabet, Inc. (Class C Stock)*(u)

     702       582,351  

CoStar Group, Inc.*(u)

     1,000       207,220  

DeNA Co. Ltd. (Japan)

     8,600       175,079  

Facebook, Inc. (Class A Stock)*(u)

     5,000       710,250  

Global Sources Ltd. (Hong Kong)*(u)

     4,491       37,051  

IAC/InterActiveCorp*(u)

     1,700       125,324  

Mixi, Inc. (Japan)

     6,600       319,253  

RetailMeNot, Inc.*(u)

     8,000       64,800  
    

 

 

 
           2,221,328  
    

 

 

 

IT Services — 0.1%

 

Aspire Holdings Ltd.*^(g)

     64,356       1  

Atos SE (France)

     2,784       344,369  
 


   AST ACADEMIC STRATEGIES ASSET ALLOCATION  PORTFOLIO (CONTINUED)           

 

SCHEDULE OF INVESTMENTS   March 31, 2017 (unaudited)

 

       Shares               Value          

COMMON STOCKS (Continued)

 

IT Services (cont’d.)

 

Booz Allen Hamilton Holding Corp.(u)

     15,200     $ 537,928  

CACI International, Inc. (Class A Stock)*(u)

     1,400       164,220  

Capgemini SA (France)

     5,121       472,886  

Cardtronics PLC (Class A Stock)*(u)

     3,400       158,950  

Cognizant Technology Solutions Corp. (Class A Stock)*(u)

     2,600       154,752  

CoreLogic, Inc.*(u)

     1,200       48,864  

DST Systems, Inc.(u)

     4,800       588,000  

Euronet Worldwide, Inc.*(u)

     500       42,760  

First Data Corp. (Class A Stock)*(u)

     48,900       757,950  

Fujitsu Ltd. (Japan)

     73,000       448,102  

Itochu Techno-Solutions Corp. (Japan)

     5,800       171,158  

Leidos Holdings, Inc.(u)

     9,200       470,488  

MAXIMUS, Inc.(u)

     2,500       155,500  

NTT Data Corp. (Japan)

     1,500       71,230  

Otsuka Corp. (Japan)

     800       43,468  

Science Applications International Corp.(u)

     2,600       193,440  

Syntel, Inc.(u)

     2,000       33,660  

Total System Services, Inc.(u)

     6,800       363,528  

Travelport Worldwide Ltd.(u)

     11,600       136,532  
    

 

 

 
           5,357,786  
    

 

 

 

Leisure Products — 0.0%

 

American Outdoor Brands Corp.*(u)

     12,800       253,568  

Bandai Namco Holdings, Inc. (Japan)

     13,400       401,674  

Sega Sammy Holdings, Inc. (Japan)(u)

     28,700       386,016  

Yamaha Corp. (Japan)

     1,900       52,563  
    

 

 

 
       1,093,821  
    

 

 

 

Life Sciences Tools & Services — 0.0%

 

Agilent Technologies, Inc.

     493       26,065  

Bruker Corp.(u)

     11,100       258,963  

Charles River Laboratories International, Inc.*(u)

     6,900       620,655  

Illumina, Inc.*

     291       49,656  

Lonza Group AG (Switzerland)*

     638       120,596