ADVANCED SERIES TRUST - Prudential Financial

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ADVANCED SERIES TRUSTSEMIANNUAL REPORT ‰ JUNE 30, 2015Based on the variable contract you own or the portfolios you invested in,you may receive additional reports that provide financial information onthose investment choices. Please refer to your variable annuity or variablelife insurance contract prospectus to determine which portfolios areavailable to you.The views expressed in this report and information about the Trust’sportfolio holdings are for the period covered by this report and are subjectto change thereafter.The accompanying financial statements as of June 30, 2015, were notaudited and, accordingly, no auditor’s opinion is expressed on them.Please note that this document may include prospectus supplements thatare separate from and not a part of this report. Please refer to your variableannuity or variable life insurance contract prospectus to determine whichsupplements are applicable to you.For information regarding enrollment in the e-Delivery program, pleasesee the inside front cover of this report.* Effective July 13, 2015, the AST PIMCO Limited Maturity Bond Portfoliohas been renamed the AST BlackRock Low Duration Bond Portfolio.AST Advanced Strategies PortfolioAST Balanced Asset Allocation PortfolioAST BlackRock Global Strategies PortfolioAST BlackRock/Loomis Sayles Bond PortfolioAST Defensive Asset Allocation PortfolioAST FI Pyramis Quantitative PortfolioAST Franklin Templeton Founding FundsPlus PortfolioAST Legg Mason Diversified Growth PortfolioAST PIMCO Limited Maturity Bond Portfolio*AST Preservation Asset Allocation PortfolioAST Prudential Growth Allocation PortfolioAST RCM World Trends PortfolioAST Schroders Global Tactical PortfolioAST Schroders Multi-Asset WorldStrategies PortfolioAST T. Rowe Price Asset Allocation PortfolioAST T. Rowe Price GrowthOpportunities Portfolio

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Advanced Series TrustTable of ContentsSemiannual ReportJune 30, 2015䡲 LETTER TO CONTRACT OWNERS䡲 PRESENTATION OF PORTFOLIO HOLDINGS䡲 FEES AND EXPENSES䡲 FINANCIAL REPORTSSection ASchedule of Investments and Financial StatementsAST Advanced Strategies Portfolio . . . . . . . . . . . . . . . . . . .AST Balanced Asset Allocation Portfolio . . . . . . . . . . . . . .AST BlackRock Global Strategies Portfolio . . . . . . . . . . . .AST BlackRock/Loomis Sayles Bond Portfolio . . . . . . . . .AST Defensive Asset Allocation Portfolio . . . . . . . . . . . . .AST FI Pyramis Quantitative Portfolio . . . . . . . . . . . . . . .AST Franklin Templeton Founding Funds Plus Portfolio . .AST Legg Mason Diversified Growth Portfolio . . . . . . . . .AST PIMCO Limited Maturity Bond Portfolio* . . . . . . . . .AST Preservation Asset Allocation Portfolio . . . . . . . . . . .AST Prudential Growth Allocation Portfolio . . . . . . . . . . .AST RCM World Trends Portfolio . . . . . . . . . . . . . . . . . . .AST Schroders Global Tactical Portfolio . . . . . . . . . . . . . .AST Schroders Multi-Asset World Strategies Portfolio . . .AST T. Rowe Price Asset Allocation Portfolio . . . . . . . . . .AST T. Rowe Price Growth Opportunities Portfolio . . . . .Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Section BSection 321A353A399A422Notes to Financial StatementsFinancial Highlights䡲 APPROVAL OF ADVISORY AGREEMENTS䡲 PROXY VOTING RESULTS* Effective July 13, 2015, the AST PIMCO Limited Maturity Bond Portfolio has been renamed the AST BlackRock Low DurationBond Portfolio.This report may include financial information pertaining to certain portfolios that are not available through the variable lifeinsurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuityprospectus to determine which portfolios are available to you.

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Advanced Series TrustLetter to Contract OwnersSemiannual ReportJune 30, 2015䡲 DEAR CONTRACT OWNERAt Prudential, our primary objective is to help investors achieve and maintain long-term financial success. This Advanced SeriesTrust semiannual report outlines our efforts to achieve this goal. We hope you find it informative and useful.Prudential has been building on a heritage of success for more than 135 years. The quality of our businesses and riskdiversification has enabled us to manage effectively through volatile markets over time. We believe the array of our productsprovides a highly attractive value proposition to clients like you who are focused on financial security.Your financial professional is the best resource to help you make the most informed investment decisions. Together, you canbuild a diversified investment portfolio that aligns with your long-term financial goals. Please keep in mind that diversificationand asset allocation strategies do not assure a profit or protect against loss in declining markets.Thank you for selecting Prudential as one of your financial partners. We value your trust and appreciate the opportunity to helpyou achieve financial security.Sincerely,Timothy S. CroninPresident,Advanced Series TrustJuly 31, 2015

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Advanced Series TrustPresentation of Portfolio Holdings - (Unaudited)AST Advanced StrategiesFive Largest Holdings(% of Net Assets)SPDR S&P 500 ETF TrustiShares MSCI EAFE ETFiShares Core U.S. AggregateBond ETFBarclays Capital GroupU.S. Treasury Inflation IndexedBonds, TIPS0.125%, 07/15/222.8%2.1%2.0%1.5%1.2%AST BlackRock / Loomis Sayles BondAllocation(% of Net Assets)Corporate Bonds40.8%U.S. Government AgencyObligations26.1%U.S. Treasury Obligations22.2%Asset-Backed Securities8.5%Commercial Mortgage-BackedSecurities5.4%June 30, 2015AST Balanced Asset AllocationFive Largest Holdings(% of Net Assets)AST Prudential Core BondPortfolioAST AQR Large-Cap PortfolioAST QMA Large-Cap PortfolioAST Western Asset Core PlusBond PortfolioAST International GrowthPortfolio11.2%9.5%9.5%8.0%4.6%AST Defensive Asset AllocationFive Largest Holdings(% of Net Assets)AST FI Pyramis QuantitativeFive Largest HoldingsAST Prudential Core BondPortfolioAST Western Asset Core PlusBond PortfolioAST Lord Abbett Core FixedIncome PortfolioAST Neuberger Berman CoreBond PortfolioAST Goldman Sachs StrategicIncome PortfolioApple, Inc.Federal National MortgageAssoc.3.500%, TBAFederal National MortgageAssoc.3.000%, TBAU.S. Treasury Notes2.250%, 03/31/21U.S. Treasury Notes1.125%, 06/15/1829.7%21.5%11.1%5.9%5.9%AST Franklin Templeton Founding Funds PlusFive Largest Holdings(% of Net Assets)AST Legg Mason Diversified GrowthFive Largest Holdings(% of Net Assets)AST Franklin TempletonFounding Funds AllocationPortfolioAST Templeton Global BondPortfolioAST Western Asset Core PlusBond PortfolioAST Western Asset EmergingMarkets Debt PortfolioUnitedHealth Group, Inc.Apple, Inc.Intel Corp.74.7%25.3%12.3%2.4%0.8%0.6%0.5%AST Preservation Asset AllocationFive Largest Holdings(% of Net Assets)AST Prudential Growth AllocationFive Largest Holdings(% of Net Assets)AST Prudential Core BondPortfolioAST Western Asset Core PlusBond PortfolioAST Lord Abbett Core FixedIncome PortfolioAST AQR Large-Cap PortfolioAST QMA Large-Cap PortfolioApple, Inc.Federal National MortgageAssoc.4.000%, TBAExxon Mobil Corp.Johnson & JohnsonJPMorgan Chase & Co.20.2%14.6%7.5%5.6%5.6%AST BlackRock Global StrategiesAllocation(% of Net Assets)Corporate Bonds21.5%Common Stocks20.9%U.S. Government AgencyObligations9.6%Exchange Traded Funds7.6%U.S. Treasury Obligations4.5%1.4%0.9%0.8%0.7%0.7%(% of Net Assets)1.0%0.7%0.7%0.7%0.5%AST PIMCO Limited Maturity BondAllocation(% of Net Assets)Corporate Obligations43.9%U.S. Treasury Obligations25.6%Residential Mortgage-BackedSecurities19.4%U.S. Government AgencyObligations11.6%Commercial Mortgage-BackedSecurities3.1%AST RCM World TrendsFive Largest Holdings(% of Net Assets)Apple, Inc.1.5%Comcast Corp. (Class A Stock)0.7%Wells Fargo & Co.0.7%Amgen, Inc.0.6%Johnson & Johnson0.6%For a complete listing of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only longterm investments. Holdings/Issues/Industries/Sectors are subject to change.

Advanced Series TrustPresentation of Portfolio Holdings - (Unaudited) (continued)AST Schroders Global TacticalFive Largest Holdings(% of Net Assets)iShares Core S&P 500 ETF5.6%T. Rowe Price Value Fund (RetailShares)4.9%SPDR S&P 500 ETF Trust3.0%Aston Montag & CaldwellGrowth Fund (InstitutionalShares)1.4%Federal National MortgageAssoc.4.500%, 12/01/430.8%June 30, 2015AST Schroders Multi-Asset World StrategiesFive Largest Holdings(% of Net Assets)T. Rowe Price Value Fund (RetailShares)Goldman Sachs Small Cap ValueFund (Institutional Shares)iShares MSCI Emerging MarketsETFiShares MSCI South KoreaCapped ETFOneMain Financial IssuanceTrust, Series 2015-1AClass A,144A3.190%, 03/18/264.5%1.7%0.9%0.5%AST T. Rowe Price Asset AllocationFive Largest Holdings(% of Net Assets)Apple, Inc.1.2%Microsoft Corp.0.8%U.S. Treasury Notes0.625%, 11/30/170.8%Federal National MortgageAssoc.3.500%, TBA0.8%Exxon Mobil Corp.0.7%0.3%AST T. Rowe Price Growth OpportunitiesFive Largest Holdings(% of Net Assets)General Electric Co.1.1%Pfizer, Inc.1.0%Danaher Corp.0.8%JPMorgan Chase & Co.0.8%Visa, Inc. (Class A Stock)0.8%For a complete listing of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only longterm investments. Holdings/Issues/Industries/Sectors are subject to change.

Advanced Series TrustFees and Expenses — (Unaudited)June 30, 2015As a contract owner investing in Portfolios of the Trust through a variable annuity or variable life contract, you incur ongoing costs,including management fees, and other Portfolio expenses. This example is intended to help you understand your ongoing costs (indollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other investment options. Thisexample does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, thecosts shown below would be higher. Please consult the prospectus for your contract for more information about contract feesand charges.The example is based on an investment of 1,000 invested at the beginning of the period and held for the entire period January 1, 2015through June 30, 2015.Actual ExpensesThe first line of the table below provides information about actual account values and actual expenses. You may use this information,together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide your accountvalue by 1,000 (for example, an 8,600 account value divided by 1,000 8.6), then multiply the result by the number in the firstline under the heading entitled “Expenses Paid During Period” to estimate the Portfolio expenses you paid on your account during thisperiod. As noted above, the table does not reflect variable contract fees and charges.Hypothetical Example for Comparison PurposesThe second line of the table below provides information about hypothetical account values and hypothetical expenses based on thePortfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return.The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paidfor the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other investment options.To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the otherinvestment options.Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect anycontract fees and charges, such as sales charges (loads), insurance charges or administrative charges. Therefore the second line of thetable is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owningdifferent contracts. In addition, if these contract fees and charges were included, your costs would have been higher.Advanced Series Trust PortfoliosBeginningAccount ValueJanuary 1, 2015EndingAccount ValueJune 30, 2015Annualized ExpenseRatio based on theSix-Month periodExpenses PaidDuring theSix-Month period*AST AdvancedStrategies PortfolioActualHypothetical 1,000.00 1,000.00 1,019.40 1,020.130.94%0.94% 4.71 4.71AST Balanced AssetAllocation PortfolioActualHypothetical 1,000.00 1,000.00 1,019.70 1,020.330.90%0.90% 4.51 4.51AST BlackRock GlobalStrategies PortfolioActualHypothetical 1,000.00 1,000.00 1,006.70 1,019.191.13%1.13% 5.62 5.66AST BlackRock/Loomis SaylesBond PortfolioActualHypothetical 1,000.00 1,000.00 994.50 1,021.270.71%0.71% 3.51 3.56AST Defensive AssetAllocation PortfolioActualHypothetical 1,000.00 1,000.00 1,005.80 1,020.280.91%0.91% 4.53 4.56AST FI Pyramis Quantitative PortfolioActualHypothetical 1,000.00 1,000.00 1,038.00 1,020.830.80%0.80% 4.04 4.01AST Franklin TempletonFounding Funds Plus PortfolioActualHypothetical 1,000.00 1,000.00 1,003.60 1,019.591.05%1.05% 5.22 5.26AST Legg Mason DiversifiedGrowth PortfolioActualHypothetical 1,000.00 1,000.00 1,017.10 1,019.491.07%1.07% 5.35 5.36AST PIMCO Limited MaturityBond Portfolio**ActualHypothetical 1,000.00 1,000.00 1,009.70 1,020.980.77%0.77% 3.84 3.86AST Preservation AssetAllocation PortfolioActualHypothetical 1,000.00 1,000.00 1,011.50 1,020.530.86%0.86% 4.29 4.31AST Prudential GrowthAllocation PortfolioActualHypothetical 1,000.00 1,000.00 1,020.70 1,020.180.93%0.93% 4.66 4.66

Advanced Series TrustFees and Expenses — (Unaudited) (continued)Advanced Series Trust PortfoliosJune 30, 2015BeginningAccount ValueJanuary 1, 2015EndingAccount ValueJune 30, 2015Annualized ExpenseRatio based on theSix-Month periodExpenses PaidDuring theSix-Month period*AST RCM WorldTrends PortfolioActualHypothetical 1,000.00 1,000.00 1,022.40 1,019.641.04%1.04% 5.22 5.21AST Schroders GlobalTactical PortfolioActualHypothetical 1,000.00 1,000.00 1,028.50 1,019.291.11%1.11% 5.58 5.56AST Schroders Multi-AssetWorld Strategies PortfolioActualHypothetical 1,000.00 1,000.00 1,015.30 1,018.551.26%1.26% 6.30 6.31AST T. Rowe Price AssetAllocation PortfolioActualHypothetical 1,000.00 1,000.00 1,019.50 1,020.430.88%0.88% 4.41 4.41AST T. Rowe Price GrowthOpportunities PortfolioActualHypothetical 1,000.00 1,000.00 1,033.70 1,018.891.19%1.19% 6.00 5.96* Portfolio expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table),multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended June 30, 2015,and divided by the 365 days in the Portfolio’s fiscal year ended December 31, 2015 (to reflect the six-month period). Expensespresented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.** Effective July 13, 2015, the AST PIMCO Limited Maturity Bond Portfolio has been renamed the AST BlackRock Low DurationBond Portfolio.

AST ADVANCED STRATEGIES PORTFOLIOSCHEDULE OF INVESTMENTSJune 30, 2015 (Unaudited)SharesValue(Note 2)SharesCOMMON STOCKS (Continued)LONG-TERM INVESTMENTS — 95.5%AFFILIATED MUTUAL FUNDS — 2.8%AST Goldman Sachs Small-Cap ValuePortfolio* . . . . . . . . . . . . . . . . .AST Small-Cap Growth OpportunitiesPortfolio* . . . . . . . . . . . . . . . . .AST Small-Cap Growth Portfolio*. . . .AST Small-Cap Value Portfolio*. . . . .2,318,188 ,421,83877,097,769TOTAL AFFILIATED MUTUAL FUNDS(cost 176,442,767)(w) . . . . . . . . . . . . . . . . . . . . . . .251,879,822Banks — 3.3%Aozora Bank Ltd. (Japan) . . . . . . . . . .Australia & New Zealand Banking GroupLtd. (Australia) . . . . . . . . . . . . . . . .Banco Santander SA (Spain) . . . . . . . .Bank Hapoalim BM (Israel) . . . . . . . . .Bank of America Corp. . . . . . . . . . . . .Bank of Yokohama Ltd. (The) (Japan) . . .Bank Rakyat Indonesia Persero Tbk PT(Indonesia) . . . . . . . . . . . . . . . . . .Barclays PLC (United Kingdom) . . . . . .Bendigo & Adelaide Bank Ltd. (Australia) .BNP Paribas SA (France) . . . . . . . . . .Credit Agricole SA (France) . . . . . . . . .DBS Group Holdings Ltd. (Singapore) . . .Deutsche Bank AG (Germany) . . . . . . .DnB ASA (Norway) . . . . . . . . . . . . . .HSBC Holdings PLC (United Kingdom) . .ING Groep NV (Netherlands), CVA. . . . .Intesa Sanpaolo SpA (Italy) . . . . . . . . .JPMorgan Chase & Co. . . . . . . . . . . .Keiyo Bank Ltd. (The) (Japan) . . . . . . .Mitsubishi UFJ Financial Group, Inc.(Japan) . . . . . . . . . . . . . . . . . . . .Mizuho Financial Group, Inc. (Japan) . . .National Australia Bank Ltd. (Australia) . .Nishi-Nippon City Bank Ltd. (The) (Japan)Nordea Bank AB (Sweden) . . . . . . . . .Permanent TSB Group Holdings PLC(Ireland)* . . . . . . . . . . . . . . . . . . .PNC Financial Services Group, Inc. (The)Resona Holdings, Inc. (Japan) . . . . . . .Societe Generale SA (France). . . . . . . .Sumitomo Mitsui Financial Group, Inc.(Japan) . . . . . . . . . . . . . . . . . . . .Swedbank AB (Sweden) (Class A Stock) .U.S. Bancorp . . . . . . . . . . . . . . . . . .Wells Fargo & Co. . . . . . . . . . . . . . . .COMMON STOCKS — 49.8%Aerospace & Defense — 1.1%BAE Systems PLC (United Kingdom)Boeing Co. (The). . . . . . . . . . . . .Elbit Systems Ltd. (Israel) . . . . . . .Honeywell International, Inc. . . . . . .Raytheon Co. . . . . . . . . . . . . . . .Thales SA (France) . . . . . . . . . . .United Technologies Corp. . . . . . . ,292,83132,724,35096,865,245Air Freight & Logistics — 0.5%Expeditors International of Washington, Inc. .United Parcel Service, Inc. (Class B Stock) nes — 0.5%Air New Zealand Ltd. (New Zealand)Deutsche Lufthansa AG (Germany)* .easyJet PLC (United Kingdom) . . . .Japan Airlines Co. Ltd. (Japan) . . . .Ryanair Holdings PLC (Ireland), ADRSouthwest Airlines Co. . . . . . . . . 44,777,126Auto Components — 0.7%Calsonic Kansei Corp. (Japan) . . . . . . . .Cie Generale des Etablissements Michelin(France) . . . . . . . . . . . . . . . . . . . . .Continental AG (Germany) . . . . . . . . . . .Johnson Controls, Inc. . . . . . . . . . . . . .Keihin Corp. (Japan) . . . . . . . . . . . . . .Toyo Tire & Rubber Co. Ltd. (Japan). . . . .Toyoda Gosei Co. Ltd. (Japan) . . . . . . . .Valeo SA (France) . . . . . . . . . . . . . . . .Yokohama Rubber Co. Ltd. (The) (Japan) 439,000 8,745,449Beverages — 1.1%Coca-Cola Co. (The) . . . . . . . . . . . .Monster Beverage Corp.* . . . . . . . . .PepsiCo, Inc. . . . . . . . . . . . . . . . . .SABMiller PLC (United Kingdom), ADR 8,789,34221,390,37996,007,30065,429,174Automobiles — 1.2%Bayerische Motoren Werke AG (Germany) .Daihatsu Motor Co. Ltd. (Japan) . . . . . . .Daimler AG (Germany) . . . . . . . . . . . . .Fuji Heavy Industries Ltd. (Japan) . . . . . .General Motors Co. . . . . . . . . . . . . . . .Hero MotoCorp Ltd. (India). . . . . . . . . . .Isuzu Motors Ltd. (Japan) . . . . . . . . . . .Nissan Motor Co. Ltd. (Japan) . . . . . . . .Renault SA (France). . . . . . . . . . . . . . .Tata Motors Ltd. (India) . . . . . . . . . . . . .Volkswagen AG (Germany) . . . . . . . . . .Value(Note 2)Biotechnology — 0.9%Actelion Ltd. (Switzerland)* . .Alexion Pharmaceuticals, Inc.*Amgen, Inc. . . . . . . . . . . . .Baxalta, Inc.* . . . . . . . . . . .Gilead Sciences, Inc. . . . . . uilding Products — 0.3%Daikin Industries Ltd. (Japan) . . . . . . . . . .Geberit AG (Switzerland) . . . . . . . . . . . . l Markets — 2.3%3i Group PLC (United Kingdom) . . . . . . . .107,171,224SEE NOTES TO FINANCIAL STATEMENTS.A1335,5002,722,293

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)SCHEDULE OF INVESTMENTSJune 30, 2015 (Unaudited)SharesValue(Note 2)SharesCOMMON STOCKS (Continued)COMMON STOCKS (Continued)Capital Markets (cont’d.)Ameriprise Financial, Inc. . . . . . . . . . .Bank of New York Mellon Corp. (The) . . .Charles Schwab Corp. (The) . . . . . . . .Credit Suisse Group AG (Switzerland)* . .GAM Holding AG (Switzerland)* . . . . . .Greenhill & Co., Inc. . . . . . . . . . . . . .Intermediate Capital Group PLC (UnitedKingdom)* . . . . . . . . . . . . . . . . . .Invesco Ltd. . . . . . . . . . . . . . . . . . . .Macquarie Group Ltd. (Australia) . . . . . .Man Strategic Holdings PLC (UnitedKingdom) . . . . . . . . . . . . . . . . . . .Morgan Stanley. . . . . . . . . . . . . . . . .Partners Group Holding AG (Switzerland).SEI Investments Co. . . . . . . . . . . . . .Tullett Prebon PLC (United Kingdom) . . .UBS AG (Switzerland)* . . . . . . . . . . . .102,100 77313,701,90726,159,319930,968104,074Construction Materials — 0.2%China Resources Cement Holdings Ltd.(Hong Kong) . . . . . . . . . . . . . . . . . . .Vulcan Materials Co. . . . . . . . . . . . . . . 996,305,0846,980,000 145,300Consumer Finance — 0.2%American Express Co. . . . . . . . . . . . . . .286,98522,304,474Containers & Packaging — 0.1%DS Smith PLC (United Kingdom) . . . . . . . .Rexam PLC (United Kingdom) . . . . . . . . .Smurfit Kappa Group PLC (Ireland) . . . . . 1,575,944DistributorsPacific Brands Ltd. (Australia)* . . . . . . . . .2,607,900642,499Diversified Financial Services — 0.4%Challenger Ltd. (Australia) . . . . . . . . . . . .First Pacific Co. Ltd. (Hong Kong) . . . . . . .Fuyo General Lease Co. Ltd. (Japan) . . . . .IG Group Holdings PLC (United Kingdom) . .ORIX Corp. (Japan) . . . . . . . . . . . . . . . .Pargesa Holding SA (Switzerland) . . . . . . ,319Diversified Telecommunication Services — 0.5%AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . .371,300BT Group PLC (United Kingdom) . . . . . . . .576,400Nippon Telegraph & Telephone Corp.(Japan) . . . . . . . . . . . . . . . . . . . . . .352,800TDC A/S (Denmark) . . . . . . . . . . . . . . . .679,200TeliaSonera AB (Sweden) . . . . . . . . . . . .1,092,900Electric Utilities — 0.7%EDP - Energias de Portugal SA (Portugal)Electricite de France SA (France) . . . . .Enel SpA (Italy). . . . . . . . . . . . . . . . .Entergy Corp. . . . . . . . . . . . . . . . . . .Exelon Corp. . . . . . . . . . . . . . . . . . .FirstEnergy Corp. . . . . . . . . . . . . . . .Iberdrola SA (Spain). . . . . . . . . . . . . ,989,71340,096,979.376,1003,917,133Electrical Equipment — 0.1%Alstom SA (France)*. . . . . . . . . . . . . . . .Emerson Electric Co. . . . . . . . . . . . . . . .Fujikura Ltd. (Japan) . . . . . . . . . . . . . . 74,498Electronic Equipment, Instruments & Components — 1.3%Amphenol Corp. (Class A Stock) . . . . . . . .424,64524,616,671Anritsu Corp. (Japan) . . . . . . . . . . . . . . .357,9002,412,680Enplas Corp. (Japan) . . . . . . . . . . . . . . .62,0002,520,870Hexagon AB (Sweden) (Class B Stock) . . . .384,26513,918,283Hoya Corp. (Japan) . . . . . . . . . . . . . . . .313,50012,555,592Keyence Corp. (Japan) . . . . . . . . . . . . . .21,60011,641,901Kingboard Chemical Holdings Ltd. (HongKong) . . . . . . . . . . . . . . . . . . . . . . .966,6001,669,566Murata Manufacturing Co. Ltd. (Japan) . . . .105,30018,376,477National Instruments Corp. . . . . . . . . . . .366,55610,798,740TE Connectivity Ltd. (Switzerland) . . . . . . .187,30012,043,390102,423,679Construction & Engineering — 0.1%Acs Actividades de Construccion y ServiciosSA (Spain) . . . . . . . . . . . . . . . . . . . .Ausdrill Ltd. (Australia)(a) . . . . . . . . . . . .Boart Longyear Ltd.* . . . . . . . . . . . . . . .Carillion PLC (United Kingdom) . . . . . . . . .CIMIC Group Ltd. (Australia) . . . . . . . . . .Kyowa Exeo Corp. (Japan) . . . . . . . . . . ommunications Equipment — 1.1%Cisco Systems, Inc. . . . . . . . . . . . . . . .Pace PLC (United Kingdom). . . . . . . . . .QUALCOMM, Inc. . . . . . . . . . . . . . . . .Telefonaktiebolaget LM Ericsson (Sweden)(Class B Stock) . . . . . . . . . . . . . . . .13,188,5764,081,66141,467,19482,555,019Commercial Services & Supplies — 0.5%Downer EDI Ltd. (Australia) . . . . . . . . . . .1,016,200Mineral Resources Ltd. (Australia) . . . . . . .235,600Santa Fe Group A/S (Denmark)* . . . . . . . .10,000Securitas AB (Sweden) (Class B Stock). . . .219,700Stericycle, Inc.* . . . . . . . . . . . . . . . . . . .199,989Toppan Forms Co. Ltd. (Japan) . . . . . . . . .77,600Tyco International PLC . . . . . . . . . . . . . emicals — 0.9%Alent PLC (United Kingdom). . . . . . . . .Arkema SA (France). . . . . . . . . . . . . .Asahi Kasei Corp. (Japan) . . . . . . . . . .BASF SE (Germany) . . . . . . . . . . . . .Celanese Corp. (Class A Stock). . . . . . .E.I. du Pont de Nemours & Co. . . . . . . .Ecolab, Inc. . . . . . . . . . . . . . . . . . . .Huabao International Holdings Ltd. (HongKong) . . . . . . . . . . . . . . . . . . . . .Toagosei Co. Ltd. (Japan) . . . . . . . . . .Yara International ASA (Norway) . . . . . .Value(Note 842SEE NOTES TO FINANCIAL STATEMENTS.A2

AST ADVANCED STRATEGIES PORTFOLIO (CONTINUED)SCHEDULE OF INVESTMENTSJune 30, 2015 (Unaudited)SharesValue(Note 2)SharesCOMMON STOCKS (Continued)COMMON STOCKS (Continued)Electronic Equipment, Instruments & Components (cont’d.)Tongda Group Holdings Ltd. (Hong Kong) . . 12,390,000 2,393,041Health Care Providers & Services (cont’d.)Toho Holdings Co. Ltd. (Japan) . . . . . . . . .156,200 tels, Restaurants & Leisure — 1.3%Carnival Corp. . . . . . . . . . . . . . . . . . . .Compass Group PLC (United Kingdom). . . .InterContinental Hotels Group PLC (UnitedKingdom) . . . . . . . . . . . . . . . . . . . . .Las Vegas Sands Corp. . . . . . . . . . . . . .Plenus Co. Ltd. (Japan) . . . . . . . . . . . . .Starbucks Corp. . . . . . . . . . . . . . . . . . .Yum! Brands, Inc. . . . . . . . . . . . . . . . . 24Food & Staples Retailing — 1.0%Ain Pharmaciez, Inc. (Japan) . . . . . . . . . .Alimentation Couche-Tard, Inc. (Canada)(Class B Stock) . . . . . . . . . . . . . . . . .Costco Wholesale Corp. . . . . . . . . . . . . .Delhaize Group (Belgium) . . . . . . . . . . . .J Sainsbury PLC (United Kingdom) . . . . . .Koninklijke Ahold NV (Netherlands) . . . . . .Matsumotokiyoshi Holdings Co. Ltd. (Japan).Metcash Ltd. (Australia)(a) . . . . . . . . . . . .Wal-Mart Stores, Inc. . . . . . . . . . . . . . . .Whole Foods Market, Inc. . . . . . . . . . . . .WM Morrison Supermarkets PLC (UnitedKingdom) . . . . . . . . . . . . . . . . . . . . .Food Products — 0.8%Dairy Crest Group PLC (United Kingdom)Danone SA (France), ADR . . . . . . . . . .Ebro Foods SA (Spain) . . . . . . . . . . . .Marine Harvest ASA (Norway). . . . . . . .Mead Johnson Nutrition Co. . . . . . . . . .Megmilk Snow Brand Co. Ltd. (Japan) . .Morinaga Milk Industry Co. Ltd. (Japan). .Nichirei Corp. (J

AST Schroders Multi-Asset World Strategies Portfolio AST T. Rowe Price Asset Allocation Portfolio . AST Goldman Sachs Strategic Income Portfolio 5.9% ASTFIPyramis Quantitative FiveLargestHoldings (%ofNetAssets) Apple, I

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