NPORT-EX 2 PI30A01ASTSmCapValPt.htm
AST SMALL-CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Long-Term Investments — 90.5%
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.
13,200   $234,432
BWX Technologies, Inc.
37,541   1,828,622
Hexcel Corp.
24,967   928,523
Moog, Inc. (Class A Stock)
8,850   447,190
Park Aerospace Corp.
2,700   34,020
Vectrus, Inc.*
14,507   600,735
            4,073,522
Air Freight & Logistics — 0.5%
Echo Global Logistics, Inc.*
30,700   524,356
Hub Group, Inc. (Class A Stock)*
16,300   741,161
            1,265,517
Airlines — 0.1%
Hawaiian Holdings, Inc.
18,300   191,052
SkyWest, Inc.
4,500   117,855
            308,907
Auto Components — 0.4%
Adient PLC*(a)
47,400   429,918
Dana, Inc.
70,700   552,167
Modine Manufacturing Co.*
8,600   27,950
            1,010,035
Banks — 12.9%
1st Source Corp.
2,350   76,210
Amalgamated Bank (Class A Stock)
28,800   311,616
Ameris Bancorp
32,380   769,349
Banc of California, Inc.(a)
33,424   267,392
Bancorp, Inc. (The)*
100,900   612,463
Bank of Commerce Holdings
6,200   48,794
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
93,284   1,588,627
BankUnited, Inc.
75,768   1,416,862
Banner Corp.
6,800   224,672
Bar Harbor Bankshares
8,200   141,696
Berkshire Hills Bancorp, Inc.
72,979   1,084,468
Boston Private Financial Holdings, Inc.
80,500   575,575
Business First Bancshares, Inc.
9,300   125,550
Capital Bancorp, Inc.*
6,700   83,884
Capstar Financial Holdings, Inc.
8,300   82,087
Cathay General Bancorp
9,400   215,730
Central Valley Community Bancorp
5,100   66,504
Chemung Financial Corp.
1,500   49,470
Community Trust Bancorp, Inc.
7,146   227,171
ConnectOne Bancorp, Inc.
64,458   866,316
Customers Bancorp, Inc.*
72,540   792,862
Dime Community Bancshares, Inc.
24,700   338,637
Farmers National Banc Corp.
3,100   36,053
Financial Institutions, Inc.
23,600   428,104
First BanCorp. (Puerto Rico)
230,200   1,224,664
First Bancorp/Southern Pines NC
7,000   161,560
First Business Financial Services, Inc.
9,900   153,450
First Financial Corp.
4,200   141,624
First Horizon National Corp.(a)
117,326   945,648
First Internet Bancorp
3,300   54,186
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
Flushing Financial Corp.
7,800   $104,208
FNB Corp.
262,458   1,934,315
Franklin Financial Network, Inc.
3,200   65,248
Great Southern Bancorp, Inc.
15,000   606,000
Hancock Whitney Corp.
60,100   1,173,152
Hanmi Financial Corp.
69,475   753,804
Heritage Commerce Corp.
11,000   84,370
Hilltop Holdings, Inc.
65,800   994,896
HomeTrust Bancshares, Inc.
6,100   97,112
IBERIABANK Corp.
72,357   2,616,429
Independent Bank Corp.
23,600   303,732
Investar Holding Corp.
13,500   172,395
Investors Bancorp, Inc.
119,500   954,805
LCNB Corp.
9,500   119,700
Metropolitan Bank Holding Corp.*
1,000   26,930
Midland States Bancorp, Inc.
5,600   97,944
Northrim BanCorp, Inc.
4,500   121,500
OFG Bancorp (Puerto Rico)
7,500   83,850
Old Second Bancorp, Inc.
18,300   126,453
Orrstown Financial Services, Inc.
9,500   130,815
Pacific Mercantile Bancorp*
10,300   48,513
PacWest Bancorp
8,169   146,388
Peoples Bancorp, Inc.
20,100   445,215
Pinnacle Financial Partners, Inc.(a)
13,515   507,353
Premier Financial Bancorp, Inc.
4,112   50,989
RBB Bancorp
5,900   80,948
Republic Bancorp, Inc. (Class A Stock)
3,946   130,336
SB One Bancorp
11,200   190,400
Select Bancorp, Inc.*
24,277   185,234
Shore Bancshares, Inc.
5,300   57,505
Sierra Bancorp
6,600   116,028
Sterling Bancorp(a)
172,670   1,804,401
TriCo Bancshares
11,000   328,020
TriState Capital Holdings, Inc.*
5,000   48,350
Umpqua Holdings Corp.
131,691   1,435,432
United Community Banks, Inc.
73,400   1,343,954
Univest Financial Corp.
68,148   1,112,175
Veritex Holdings, Inc.
46,701   652,413
West Bancorporation, Inc.
5,300   86,655
Western Alliance Bancorp
16,991   520,095
Wintrust Financial Corp.
25,000   821,500
            33,790,786
Biotechnology — 0.9%
Acceleron Pharma, Inc.*
7,500   674,025
Acorda Therapeutics, Inc.*
8,100   7,554
Akero Therapeutics, Inc.*(a)
16,500   349,800
AMAG Pharmaceuticals, Inc.*(a)
6,700   41,406
BioCryst Pharmaceuticals, Inc.*
40,000   80,000
Karyopharm Therapeutics, Inc.*
21,200   407,252
Minerva Neurosciences, Inc.*
34,800   209,496
Scholar Rock Holding Corp.*(a)
20,700   250,677
Spero Therapeutics, Inc.*
27,640   223,331
            2,243,541
Building Products — 0.7%
Builders FirstSource, Inc.*
21,100   258,053
Caesarstone Ltd.(a)
26,300   277,991
A1
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Building Products (cont’d.)
JELD-WEN Holding, Inc.*
8,100   $78,813
Masonite International Corp.*
18,700   887,315
PGT Innovations, Inc.*
5,400   45,306
Quanex Building Products Corp.
26,800   270,144
            1,817,622
Capital Markets — 1.3%
Artisan Partners Asset Management, Inc. (Class A Stock)(a)
19,100   410,459
BGC Partners, Inc. (Class A Stock)
20,600   51,912
Brightsphere Investment Group, Inc.
4,400   28,116
Cowen, Inc. (Class A Stock)
61,900   597,954
Hercules Capital, Inc.(a)
175,357   1,339,727
Oppenheimer Holdings, Inc. (Class A Stock)
2,200   43,472
Piper Sandler Cos.
2,800   141,596
Stifel Financial Corp.
12,000   495,360
Virtus Investment Partners, Inc.
3,800   289,218
            3,397,814
Chemicals — 3.2%
Cabot Corp.
14,457   377,617
FutureFuel Corp.
19,100   215,257
HB Fuller Co.
27,546   769,360
Ingevity Corp.*
14,479   509,661
Koppers Holdings, Inc.*
36,600   452,742
Kraton Corp.*
22,500   182,250
Livent Corp.*(a)
134,584   706,566
Minerals Technologies, Inc.
5,400   195,804
Olin Corp.(a)
68,930   804,413
Orion Engineered Carbons SA (Luxembourg)
10,700   79,822
PolyOne Corp.
16,800   318,696
Sensient Technologies Corp.
21,114   918,670
Trinseo SA
23,500   425,585
Tronox Holdings PLC (Class A Stock)
35,700   177,786
Valhi, Inc.
7,900   8,137
Valvoline, Inc.
86,001   1,125,753
WR Grace & Co.
32,810   1,168,036
            8,436,155
Commercial Services & Supplies — 2.1%
ABM Industries, Inc.(a)
26,100   635,796
ACCO Brands Corp.
113,150   571,408
Clean Harbors, Inc.*
28,721   1,474,536
Harsco Corp.*
79,029   550,832
HNI Corp.
8,900   224,191
Kimball International, Inc. (Class B Stock)
28,500   339,435
Knoll, Inc.
24,000   247,680
Mobile Mini, Inc.
2,600   68,198
Pitney Bowes, Inc.
82,800   168,912
Team, Inc.*(a)
119,915   779,447
UniFirst Corp.
3,050   460,825
VSE Corp.
400   6,556
            5,527,816
      Shares   Value
Common Stocks (continued)
Communications Equipment — 1.1%
KVH Industries, Inc.*
11,500   $108,445
Lumentum Holdings, Inc.*(a)
11,300   832,810
Viavi Solutions, Inc.*(a)
173,995   1,950,484
            2,891,739
Construction & Engineering — 1.2%
EMCOR Group, Inc.
26,786   1,642,517
Great Lakes Dredge & Dock Corp.*
83,200   690,560
Primoris Services Corp.
24,300   386,370
Sterling Construction Co., Inc.*
31,400   298,300
Tutor Perini Corp.*(a)
35,300   237,216
            3,254,963
Containers & Packaging — 0.7%
Greif, Inc. (Class A Stock)(a)
5,400   167,886
O-I Glass, Inc.
82,636   587,542
Silgan Holdings, Inc.(a)
39,337   1,141,560
            1,896,988
Diversified Consumer Services — 0.2%
American Public Education, Inc.*
14,800   354,164
WW International, Inc.*
14,700   248,577
            602,741
Diversified Financial Services — 0.0%
Marlin Business Services Corp.
7,500   83,775
Diversified Telecommunication Services — 0.7%
Cogent Communications Holdings, Inc.(a)
21,770   1,784,487
Electric Utilities — 3.1%
Genie Energy Ltd. (Class B Stock)
10,400   74,672
Hawaiian Electric Industries, Inc.(a)
21,040   905,772
IDACORP, Inc.
29,163   2,560,220
Portland General Electric Co.
90,645   4,345,521
Spark Energy, Inc. (Class A Stock)(a)
31,300   196,251
            8,082,436
Electrical Equipment — 0.9%
Encore Wire Corp.
800   33,592
Generac Holdings, Inc.*
8,969   835,642
Powell Industries, Inc.
6,600   169,422
Regal Beloit Corp.
21,212   1,335,295
            2,373,951
Electronic Equipment, Instruments & Components — 2.5%
Belden, Inc.(a)
18,577   670,258
Benchmark Electronics, Inc.
31,300   625,687
Fabrinet (Thailand)*
16,900   922,064
Methode Electronics, Inc.(a)
12,900   340,947
Sanmina Corp.*
64,768   1,766,871
ScanSource, Inc.*
50,000   1,069,500
Tech Data Corp.*
3,500   457,975
TTM Technologies, Inc.*(a)
55,500   573,870
Vishay Intertechnology, Inc.
14,900   214,709
            6,641,881
 
A2
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Energy Equipment & Services — 0.6%
DMC Global, Inc.(a)
21,666   $498,535
Forum Energy Technologies, Inc.*
91,700   16,258
Matrix Service Co.*
30,000   284,100
NexTier Oilfield Solutions, Inc.*
73,000   85,410
Select Energy Services, Inc. (Class A Stock)*
208,032   671,943
            1,556,246
Equity Real Estate Investment Trusts (REITs) — 7.2%
Acadia Realty Trust
14,500   179,655
Alexander & Baldwin, Inc.
9,300   104,346
Armada Hoffler Properties, Inc.
63,600   680,520
Ashford Hospitality Trust, Inc.
267,200   197,514
Braemar Hotels & Resorts, Inc.
77,900   132,430
BRT Apartments Corp.
8,200   84,050
CatchMark Timber Trust, Inc. (Class A Stock)
41,100   296,742
Cedar Realty Trust, Inc.
24,600   22,954
City Office REIT, Inc.
67,900   490,917
Columbia Property Trust, Inc.
104,893   1,311,163
Community Healthcare Trust, Inc.
1,400   53,592
CorEnergy Infrastructure Trust, Inc.
14,500   266,510
CorePoint Lodging, Inc.
10,100   39,592
Corporate Office Properties Trust
69,973   1,548,502
Cousins Properties, Inc.
47,139   1,379,759
DiamondRock Hospitality Co.
131,800   669,544
Essential Properties Realty Trust, Inc.
15,100   197,206
First Industrial Realty Trust, Inc.
35,400   1,176,342
Getty Realty Corp.
36,100   857,014
Gladstone Commercial Corp.
28,500   409,260
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)
5,700   116,337
Hersha Hospitality Trust(a)
6,900   24,702
Highwoods Properties, Inc.
11,700   414,414
Hudson Pacific Properties, Inc.
8,100   205,416
Investors Real Estate Trust
9,500   522,500
Jernigan Capital, Inc.(a)
9,900   108,504
Kite Realty Group Trust
11,400   107,958
Lexington Realty Trust(a)
102,197   1,014,816
Monmouth Real Estate Investment Corp.
16,300   196,415
New Senior Investment Group, Inc.
120,200   307,712
Office Properties Income Trust(a)
29,200   795,700
One Liberty Properties, Inc.
3,100   43,183
Physicians Realty Trust
17,600   245,344
Retail Value, Inc.
7,100   86,975
Rexford Industrial Realty, Inc.
8,000   328,080
RLJ Lodging Trust
19,322   149,166
Sabra Health Care REIT, Inc.
56,300   614,796
Saul Centers, Inc.
2,600   85,124
STAG Industrial, Inc.
48,600   1,094,472
Sun Communities, Inc.
450   56,183
Sunstone Hotel Investors, Inc.
122,102   1,063,508
Urban Edge Properties
50,300   443,143
Urstadt Biddle Properties, Inc. (Class A Stock)
7,500   105,750
      Shares   Value
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Xenia Hotels & Resorts, Inc.
72,100   $742,630
            18,970,440
Food & Staples Retailing — 1.3%
BJ’s Wholesale Club Holdings, Inc.*(a)
70,829   1,804,015
SpartanNash Co.
112,700   1,613,864
            3,417,879
Food Products — 4.7%
Cal-Maine Foods, Inc.(a)
36,107   1,587,986
Darling Ingredients, Inc.*
143,216   2,745,451
Hain Celestial Group, Inc. (The)*(a)
67,556   1,754,429
Hostess Brands, Inc.*(a)
139,412   1,486,132
Sanderson Farms, Inc.
15,153   1,868,668
TreeHouse Foods, Inc.*(a)
65,368   2,885,997
            12,328,663
Gas Utilities — 1.9%
New Jersey Resources Corp.(a)
4,900   166,453
ONE Gas, Inc.
8,800   735,856
Southwest Gas Holdings, Inc.
18,200   1,265,992
Spire, Inc.
38,690   2,881,631
            5,049,932
Health Care Equipment & Supplies — 1.2%
Envista Holdings Corp.*
111,722   1,669,127
Integra LifeSciences Holdings Corp.*
18,819   840,645
NuVasive, Inc.*
7,326   371,135
Orthofix Medical, Inc.*
5,400   151,254
            3,032,161
Health Care Providers & Services — 1.5%
American Renal Associates Holdings, Inc.*
20,700   136,827
Cross Country Healthcare, Inc.*
38,400   258,816
Magellan Health, Inc.*
29,800   1,433,678
National HealthCare Corp.
7,300   523,629
Owens & Minor, Inc.(a)
93,734   857,666
Surgery Partners, Inc.*
29,700   193,941
Tenet Healthcare Corp.*
29,600   426,240
            3,830,797
Health Care Technology — 0.1%
Computer Programs & Systems, Inc.
16,100   358,225
Hotels, Restaurants & Leisure — 0.5%
Penn National Gaming, Inc.*
53,400   675,510
Texas Roadhouse, Inc.
12,334   509,394
            1,184,904
Household Durables — 0.8%
Bassett Furniture Industries, Inc.
10,900   59,405
Hamilton Beach Brands Holding Co. (Class A Stock)
5,300   50,403
Helen of Troy Ltd.*(a)
6,600   950,598
Lifetime Brands, Inc.
19,600   110,740
Meritage Homes Corp.*
15,800   576,858
 
A3
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Household Durables (cont’d.)
Taylor Morrison Home Corp.*
25,000   $275,000
            2,023,004
Household Products — 1.0%
Central Garden & Pet Co.*
27,110   745,525
Central Garden & Pet Co. (Class A Stock)*
44,700   1,142,979
Spectrum Brands Holdings, Inc.
19,558   711,324
            2,599,828
Independent Power & Renewable Electricity Producers — 1.3%
Atlantic Power Corp.*
63,800   136,532
Clearway Energy, Inc. (Class A Stock)
49,200   844,764
Clearway Energy, Inc. (Class C Stock)
47,400   891,120
TerraForm Power, Inc. (Class A Stock)
28,500   449,445
Vistra Energy Corp.
69,708   1,112,540
            3,434,401
Insurance — 2.3%
Ambac Financial Group, Inc.*
13,100   161,654
American Equity Investment Life Holding Co.
37,300   701,240
CNO Financial Group, Inc.
6,100   75,579
FedNat Holding Co.
21,600   247,968
First American Financial Corp.
15,000   636,150
Hanover Insurance Group, Inc. (The)
6,749   611,324
Heritage Insurance Holdings, Inc.
9,900   106,029
Kemper Corp.(a)
20,813   1,547,863
National General Holdings Corp.
10,900   180,395
ProAssurance Corp.
57,374   1,434,350
ProSight Global, Inc.*
7,400   72,150
Third Point Reinsurance Ltd. (Bermuda)*
18,600   137,826
Watford Holdings Ltd. (Bermuda)*
2,400   35,160
            5,947,688
Interactive Media & Services — 0.1%
Cars.com, Inc.*
82,300   353,890
Internet & Direct Marketing Retail — 0.2%
Stamps.com, Inc.*
3,800   494,304
IT Services — 4.4%
CACI International, Inc. (Class A Stock)*
12,411   2,620,583
ExlService Holdings, Inc.*
36,454   1,896,702
Hackett Group, Inc. (The)
35,400   450,288
KBR, Inc.
78,900   1,631,652
ManTech International Corp. (Class A Stock)
33,129   2,407,484
Perspecta, Inc.
3,200   58,368
StarTek, Inc.*
27,312   102,693
Unisys Corp.*(a)
48,500   598,975
Virtusa Corp.*
63,850   1,813,340
            11,580,085
Leisure Products — 0.7%
Callaway Golf Co.(a)
72,087   736,729
      Shares   Value
Common Stocks (continued)
Leisure Products (cont’d.)
Vista Outdoor, Inc.*(a)
109,047   $959,614
            1,696,343
Life Sciences Tools & Services — 0.0%
NanoString Technologies, Inc.*
1,900   45,695
Machinery — 3.2%
Altra Industrial Motion Corp.
53,662   938,548
CIRCOR International, Inc.*
28,433   330,676
Commercial Vehicle Group, Inc.*
60,900   91,959
Enerpac Tool Group Corp.
44,058   729,160
EnPro Industries, Inc.
22,488   890,075
Hillenbrand, Inc.
21,899   418,490
Hurco Cos., Inc.
5,400   157,140
ITT, Inc.
37,396   1,696,283
LB Foster Co. (Class A Stock)*
5,300   65,508
Meritor, Inc.*(a)
42,300   560,475
Mueller Industries, Inc.
8,400   201,096
Navistar International Corp.*
3,800   62,662
SPX FLOW, Inc.*
16,872   479,502
Standex International Corp.
22,215   1,088,979
Terex Corp.
42,500   610,300
            8,320,853
Marine — 0.2%
Costamare, Inc. (Monaco)
116,700   527,484
Media — 1.6%
Cumulus Media, Inc. (Class A Stock)*
31,700   171,814
EW Scripps Co. (The) (Class A Stock)
43,000   324,220
Gray Television, Inc.*(a)
45,800   491,892
Liberty Latin America Ltd. (Chile) (Class A Stock)*
62,900   661,708
Meredith Corp.(a)
7,900   96,538
National CineMedia, Inc.(a)
19,600   63,896
Nexstar Media Group, Inc. (Class A Stock)
20,310   1,172,497
Sinclair Broadcast Group, Inc. (Class A Stock)(a)
23,816   382,961
TEGNA, Inc.
65,400   710,244
            4,075,770
Metals & Mining — 1.0%
Cleveland-Cliffs, Inc.(a)
5,800   22,910
Commercial Metals Co.
114,500   1,807,955
Ryerson Holding Corp.*
11,800   62,776
SunCoke Energy, Inc.
27,900   107,415
Warrior Met Coal, Inc.
44,400   471,528
Worthington Industries, Inc.
8,900   233,625
            2,706,209
Mortgage Real Estate Investment Trusts (REITs) — 1.5%
AG Mortgage Investment Trust, Inc.
11,800   32,332
Apollo Commercial Real Estate Finance, Inc.
30,900   229,278
ARMOUR Residential REIT, Inc.
14,500   127,745
Blackstone Mortgage Trust, Inc. (Class A Stock)(a)
77,602   1,444,949
Capstead Mortgage Corp.
37,400   157,080
 
A4
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Colony Credit Real Estate, Inc.
8,200   $32,308
Dynex Capital, Inc.(a)
52,666   549,833
Invesco Mortgage Capital, Inc.
17,400   59,334
KKR Real Estate Finance Trust, Inc.
5,200   78,052
Ladder Capital Corp.
33,700   159,738
PennyMac Mortgage Investment Trust
34,800   369,576
Redwood Trust, Inc.
121,300   613,778
TPG RE Finance Trust, Inc.
30,200   165,798
            4,019,801
Multi-Utilities — 0.7%
Black Hills Corp.
18,193   1,164,898
NorthWestern Corp.
6,800   406,844
Unitil Corp.
4,500   235,440
            1,807,182
Oil, Gas & Consumable Fuels — 1.0%
Amplify Energy Corp.
4,400   2,490
Arch Coal, Inc. (Class A Stock)(a)
10,500   303,450
Berry Corp.
88,500   213,285
Callon Petroleum Co.*
319,091   174,830
CVR Energy, Inc.(a)
14,000   231,420
Delek US Holdings, Inc.(a)
55,600   876,256
Dorian LPG Ltd.*
17,100   148,941
Evolution Petroleum Corp.
32,200   84,042
Par Pacific Holdings, Inc.*
24,950   177,145
PDC Energy, Inc.*
22,824   141,737
Renewable Energy Group, Inc.*
12,600   258,678
Talos Energy, Inc.*
7,600   43,700
            2,655,974
Paper & Forest Products — 0.7%
Boise Cascade Co.
32,700   777,606
Louisiana-Pacific Corp.(a)
16,400   281,752
P.H. Glatfelter Co.
8,890   108,636
Schweitzer-Mauduit International, Inc.
22,747   632,821
Verso Corp. (Class A Stock)*
6,400   72,192
            1,873,007
Personal Products — 0.0%
Edgewell Personal Care Co.*
2,500   60,200
Pharmaceuticals — 1.6%
Endo International PLC*
144,800   535,760
Kala Pharmaceuticals, Inc.*(a)
26,000   228,540
Lannett Co., Inc.*(a)
88,100   612,295
Prestige Consumer Healthcare, Inc.*(a)
52,893   1,940,115
Revance Therapeutics, Inc.*
16,900   250,120
WaVe Life Sciences Ltd.*(a)
54,200   507,854
Zogenix, Inc.*
5,000   123,650
            4,198,334
Professional Services — 2.7%
CBIZ, Inc.*
28,100   587,852
CRA International, Inc.
6,300   210,483
Heidrick & Struggles International, Inc.
56,000   1,260,000
Huron Consulting Group, Inc.*
36,059   1,635,636
Kelly Services, Inc. (Class A Stock)
127,710   1,620,640
      Shares   Value
Common Stocks (continued)
Professional Services (cont’d.)
Korn Ferry
45,370   $1,103,399
TrueBlue, Inc.*
43,200   551,232
            6,969,242
Real Estate Management & Development — 0.1%
Newmark Group, Inc. (Class A Stock)
21,153   89,900
Realogy Holdings Corp.
48,800   146,888
            236,788
Road & Rail — 0.4%
ArcBest Corp.
59,553   1,043,369
Semiconductors & Semiconductor Equipment — 2.7%
Alpha & Omega Semiconductor Ltd.*
88,231   565,561
Amkor Technology, Inc.*
72,800   567,112
GSI Technology, Inc.*
10,300   71,688
Ichor Holdings Ltd.*
21,500   411,940
MACOM Technology Solutions Holdings, Inc.*(a)
119,492   2,261,984
NeoPhotonics Corp.*
15,600   113,100
Photronics, Inc.*
47,500   487,350
Rambus, Inc.*
52,400   581,640
Semtech Corp.*
15,865   594,937
SMART Global Holdings, Inc.*(a)
47,500   1,154,250
Ultra Clean Holdings, Inc.*
21,100   291,180
            7,100,742
Software — 0.4%
Avaya Holdings Corp.*
76,700   620,503
Verint Systems, Inc.*
9,200   395,600
            1,016,103
Specialty Retail — 2.5%
Bed Bath & Beyond, Inc.(a)
25,900   109,039
Cato Corp. (The) (Class A Stock)
37,300   397,991
Citi Trends, Inc.
15,100   134,390
Genesco, Inc.*(a)
13,100   174,754
Hibbett Sports, Inc.*(a)
46,700   510,664
Murphy USA, Inc.*(a)
32,255   2,721,032
Office Depot, Inc.
377,600   619,264
Rent-A-Center, Inc.
72,600   1,026,564
Signet Jewelers Ltd.
11,600   74,820
Sportsman’s Warehouse Holdings, Inc.*
48,300   297,528
Tilly’s, Inc. (Class A Stock)
71,400   294,882
Zumiez, Inc.*
15,181   262,935
            6,623,863
Technology Hardware, Storage & Peripherals — 0.0%
Diebold Nixdorf, Inc.*
8,900   31,328
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s, Inc.(a)
16,061   1,055,689
Culp, Inc.
7,100   52,256
Deckers Outdoor Corp.*
6,800   911,200
Oxford Industries, Inc.(a)
15,209   551,478
Steven Madden Ltd.
25,411   590,298
            3,160,921
 
A5
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Thrifts & Mortgage Finance — 3.4%
Bridgewater Bancshares, Inc.*
52,800   $514,800
ESSA Bancorp, Inc.
4,900   66,885
Essent Group Ltd.
46,400   1,222,176
First Defiance Financial Corp.
6,900   101,706
Flagstar Bancorp, Inc.
58,000   1,150,140
FS Bancorp, Inc.
2,500   90,000
HomeStreet, Inc.
11,500   255,645
Luther Burbank Corp.
26,000   238,420
Meta Financial Group, Inc.
3,800   82,536
MGIC Investment Corp.
228,277   1,449,559
MMA Capital Holdings, Inc.*
900   22,257
Mr. Cooper Group, Inc.*
31,599   231,621
OceanFirst Financial Corp.
42,700   679,357
OP Bancorp
21,641   161,442
Provident Bancorp, Inc.*
22,184   191,226
Provident Financial Holdings, Inc.
1,500   22,845
Provident Financial Services, Inc.
52,900   680,294
Radian Group, Inc.
78,300   1,013,985
Territorial Bancorp, Inc.
2,500   61,375
Walker & Dunlop, Inc.
12,400   499,348
WSFS Financial Corp.
2,200   54,824
            8,790,441
Trading Companies & Distributors — 1.6%
Applied Industrial Technologies, Inc.
1,700   77,724
BMC Stock Holdings, Inc.*
52,000   921,960
DXP Enterprises, Inc.*
5,000   61,300
GMS, Inc.*
69,300   1,090,089
MRC Global, Inc.*
48,200   205,332
NOW, Inc.*
69,900   360,684
Rush Enterprises, Inc. (Class A Stock)
12,700   405,384
Triton International Ltd. (Bermuda)(a)
39,000   1,008,930
Veritiv Corp.*
12,100   95,106
            4,226,509
Water Utilities — 0.1%
Artesian Resources Corp. (Class A Stock)
500   18,690
Consolidated Water Co. Ltd. (Cayman Islands)
18,700   306,680
            325,370
      Shares   Value
Common Stocks (continued)
Wireless Telecommunication Services — 0.0%
Spok Holdings, Inc.
5,300   $56,657
 
Total Long-Term Investments

(cost $326,094,488)
  237,215,308
Short-Term Investments — 15.0%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(w)
3,081,832   3,081,832
PGIM Institutional Money Market Fund

(cost $36,147,104; includes $36,102,425 of cash collateral for securities on loan)(b)(w)
36,211,789   36,153,850
 
Total Short-Term Investments

(cost $39,228,936)
  39,235,682
 
TOTAL INVESTMENTS—105.5%

(cost $365,323,424)
  276,450,990
 
Liabilities in excess of other assets(z) — (5.5)%
  (14,356,444)
 
Net Assets — 100.0%
  $262,094,546
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
REITs Real Estate Investment Trust
    
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $35,250,615; cash collateral of $36,102,425 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(w) PGIM Investments LLC, the co-manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
 
Futures contracts outstanding at March 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Position:
76   Russell 2000 E-Mini Index   Jun. 2020   $4,360,880   $115,421
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A6