NPORT-EX 2 PIPDZZ1ASTLMDiversifiedGthPt.htm AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Long-Term Investments — 67.4%
Affiliated Mutual Funds — 11.3%
AST Western Asset Core Plus Bond Portfolio*
 1,575,566   $ 21,033,802
AST Western Asset Emerging Markets Debt Portfolio*
 387,523   4,169,753
 
Total Affiliated Mutual Funds

(cost $24,578,944)(w)
   25,203,555
Common Stocks — 53.5%
Aerospace & Defense — 0.5%
Huntington Ingalls Industries, Inc.
 182   33,162
L3Harris Technologies, Inc.
 2,522   454,263
Lockheed Martin Corp.
 845   286,413
Northrop Grumman Corp.
 1,211   366,388
            1,140,226
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.(a)
 5,395   357,149
Cia de Distribucion Integral Logista Holdings SA (Spain)
 24,575   395,555
Expeditors International of Washington, Inc.
 1,616   107,820
XPO Logistics, Inc.*
 98   4,777
            865,301
Airlines — 0.4%
Alaska Air Group, Inc.
 9,573   272,543
Delta Air Lines, Inc.
 14,848   423,614
Southwest Airlines Co.
 2,626   93,512
United Airlines Holdings, Inc.*
 188   5,931
            795,600
Auto Components — 0.5%
Bridgestone Corp. (Japan)
 7,500   230,018
Gentex Corp.
 2,620   58,059
Nemak SAB de CV (Mexico), 144A
 576,500   96,235
S&T Motiv Co. Ltd. (South Korea)
 10,096   228,091
Standard Motor Products, Inc.
 4,408   183,241
Sumitomo Rubber Industries Ltd. (Japan)
 18,800   177,339
Tupy SA (Brazil)
 87,700   219,752
            1,192,735
Automobiles — 0.1%
BAIC Motor Corp. Ltd. (China) (Class H Stock), 144A
 116,000   45,666
Ford Motor Co.(a)
 32,807   158,458
General Motors Co.
 3,575   74,288
Harley-Davidson, Inc.(a)
 1,834   34,718
            313,130
Banks — 2.7%
Aozora Bank Ltd. (Japan)
 5,700   108,235
Bank Hapoalim BM (Israel)
 41,519   249,731
Bank Mandiri Persero Tbk PT (Indonesia)
 293,600   84,188
Bank of America Corp.
 11,155   236,821
      Shares   Value
 
Common Stocks (continued)
Banks (cont’d.)
Bank of Communications Co. Ltd. (China) (Class H Stock)
 136,000   $ 83,034
Bank of Nova Scotia (The) (Canada)
 7,600   310,362
Central Pacific Financial Corp.
 6,252   99,407
China CITIC Bank Corp. Ltd. (China) (Class H Stock)
 484,000   238,831
Citigroup, Inc.
 1,827   76,953
City Holding Co.
 1,457   96,934
Community Trust Bancorp, Inc.
 1,965   62,467
Credicorp Ltd. (Peru)
 2,200   314,754
CTBC Financial Holding Co. Ltd. (Taiwan)
 87,000   51,352
DNB ASA (Norway)
 15,472   173,139
Financial Institutions, Inc.
 5,490   99,588
First Community Bankshares, Inc.
 4,490   104,617
First Financial Corp.
 946   31,899
First Financial Holding Co. Ltd. (Taiwan)
 115,315   74,682
Flushing Financial Corp.
 13,386   178,837
Grupo Financiero Banorte SAB de CV (Mexico) (Class O Stock)
 15,000   41,100
Hang Seng Bank Ltd. (Hong Kong)
 23,100   393,873
Heritage Commerce Corp.
 10,609   81,371
Independent Bank Corp.
 8,079   103,977
ING Groep NV (Netherlands)
 38,584   201,001
Investors Bancorp, Inc.
 5,596   44,712
Lloyds Banking Group PLC (United Kingdom)
 462,965   181,243
M&T Bank Corp.
 986   101,982
MCB Bank Ltd. (Pakistan)
 43,200   37,300
Midland States Bancorp, Inc.
 3,570   62,439
National Bank of Pakistan (Pakistan)*
 61,500   9,813
National Commercial Bank (Saudi Arabia)
 44,665   411,589
Peoples Bancorp, Inc.
 8,080   178,972
Sandy Spring Bancorp, Inc.
 5,195   117,615
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)
 36,649   246,820
Sterling Bancorp
 646   6,751
Thanachart Capital PCL (Thailand), NVDR
 48,700   49,355
Tisco Financial Group PCL (Thailand), NVDR
 158,800   336,779
U.S. Bancorp
 2,879   99,181
Washington Trust Bancorp, Inc.
 2,916   106,609
Wells Fargo & Co.
 17,883   513,242
Zions Bancorp NA
 1,138   30,453
            6,032,008
Beverages — 0.2%
Brown-Forman Corp. (Class B Stock)
 3,035   168,473
Coca-Cola Co. (The)
 2,424   107,262
PepsiCo, Inc.
 686   82,389
Suntory Beverage & Food Ltd. (Japan)
 3,400   128,364
            486,488
A1
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Biotechnology — 2.1%
AbbVie, Inc.(a)
 6,045   $ 460,569
Agios Pharmaceuticals, Inc.*
 320   11,354
Alkermes PLC*
 846   12,199
Amgen, Inc.
 7,466   1,513,582
Biogen, Inc.*
 3,359   1,062,721
Gilead Sciences, Inc.
 6,437   481,230
ImmunoGen, Inc.*(a)
 12,003   40,930
Ionis Pharmaceuticals, Inc.*
 4,913   232,287
Ultragenyx Pharmaceutical, Inc.*(a)
 3,900   173,277
Vertex Pharmaceuticals, Inc.*
 2,315   550,854
Voyager Therapeutics, Inc.*
 10,015   91,637
            4,630,640
Building Products — 0.2%
A.O. Smith Corp.
 264   9,982
Inwido AB (Sweden)
 39,097   225,185
Johnson Controls International PLC
 8,168   220,209
            455,376
Capital Markets — 0.5%
Ameriprise Financial, Inc.
 1,015   104,017
Carlyle Group, Inc. (The)
 803   17,385
Cohen & Steers, Inc.
 1,278   58,085
E*TRADE Financial Corp.
 2,155   73,960
IG Group Holdings PLC (United Kingdom)
 27,167   231,879
Lazard Ltd. (Class A Stock)
 450   10,602
LPL Financial Holdings, Inc.
 1,021   55,573
Moscow Exchange MICEX-RTS PJSC (Russia)
 400,000   485,938
            1,037,439
Chemicals — 0.6%
Advanced Emissions Solutions, Inc.(a)
 21,018   138,088
Celanese Corp.
 1,616   118,598
FMC Corp.
 532   43,459
Formosa Chemicals & Fibre Corp. (Taiwan)
 72,000   159,492
Grand Pacific Petrochemical (Taiwan)*
 71,000   30,119
LyondellBasell Industries NV (Class A Stock)
 2,019   100,203
PhosAgro PJSC (Russia), GDR
 8,215   84,625
Sensient Technologies Corp.
 3,247   141,277
Taiwan Styrene Monomer (Taiwan)
 579,000   261,905
Westlake Chemical Partners LP, MLP
 11,019   162,861
            1,240,627
Commercial Services & Supplies — 0.5%
Biffa PLC (United Kingdom), 144A
 49,050   109,087
Ennis, Inc.
 9,835   184,701
Herman Miller, Inc.
 3,969   88,112
KAR Auction Services, Inc.
 20,127   241,524
Knoll, Inc.
 4,723   48,741
Matthews International Corp. (Class A Stock)
 5,094   123,224
McGrath RentCorp
 3,157   165,364
Republic Services, Inc.
 848   63,651
      Shares   Value
 
Common Stocks (continued)
Commercial Services & Supplies (cont’d.)
Transcontinental, Inc. (Canada) (Class A Stock)(a)
 13,500   $ 119,815
            1,144,219
Communications Equipment — 0.7%
Cisco Systems, Inc.
 21,399   841,195
InterDigital, Inc.
 2,447   109,210
Juniper Networks, Inc.
 13,697   262,160
Motorola Solutions, Inc.
 1,980   263,181
            1,475,746
Construction & Engineering — 0.2%
China Communications Services Corp. Ltd. (China) (Class H Stock)
 130,000   94,097
CTCI Corp. (Taiwan)
 26,000   25,151
Obayashi Corp. (Japan)
 20,800   178,102
Primoris Services Corp.
 5,444   86,560
Sinopec Engineering Group Co. Ltd. (China) (Class H Stock)
 86,500   36,233
            420,143
Construction Materials — 0.2%
Asia Cement Corp. (Taiwan)
 50,000   65,022
China National Building Material Co. Ltd. (China) (Class H Stock)
 86,000   93,761
HeidelbergCement AG (Germany)
 7,330   311,759
            470,542
Consumer Finance — 0.2%
American Express Co.
 1,716   146,907
Discover Financial Services
 4,206   150,028
OneMain Holdings, Inc.
 201   3,843
Santander Consumer USA Holdings, Inc.
 732   10,182
Synchrony Financial
 8,648   139,146
            450,106
Containers & Packaging — 0.3%
International Paper Co.
 10,600   329,978
Silgan Holdings, Inc.(a)
 11,140   323,283
Taiwan Hon Chuan Enterprise Co. Ltd. (Taiwan)
 49,000   80,159
            733,420
Distributors — 0.1%
Core-Mark Holding Co., Inc.
 5,057   144,478
Diversified Consumer Services — 0.2%
H&R Block, Inc.(a)
 35,107   494,307
Diversified Financial Services — 0.1%
Far East Horizon Ltd. (China)
 125,000   100,522
REC Ltd. (India)
 49,580   57,944
            158,466
Diversified Telecommunication Services — 2.0%
AT&T, Inc.
 19,283   562,100
BCE, Inc. (Canada)
 7,747   317,796
 
A2
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Diversified Telecommunication Services (cont’d.)
China Telecom Corp. Ltd. (China) (Class H Stock)
 248,000   $ 75,323
China Unicom Hong Kong Ltd. (China)
 96,000   55,484
CITIC Telecom International Holdings Ltd. (China)
 1,216,000   401,903
Cogent Communications Holdings, Inc.
 2,668   218,696
Deutsche Telekom AG (Germany)
 19,292   249,122
GCI Liberty, Inc. (Class A Stock)*
 513   29,226
HKT Trust & HKT Ltd. (Hong Kong)
 202,000   274,020
KT Corp. (South Korea)
 514   8,352
KT Corp. (South Korea), ADR*
 30,847   239,990
LG Uplus Corp. (South Korea)
 42,262   372,039
Magyar Telekom Telecommunications PLC (Hungary)
 70,521   78,822
Nippon Telegraph & Telephone Corp. (Japan)
 22,900   548,690
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)
 388,900   74,820
Verizon Communications, Inc.
 15,742   845,818
            4,352,201
Electric Utilities — 1.3%
ALLETE, Inc.
 1,759   106,736
American Electric Power Co., Inc.
 581   46,468
CLP Holdings Ltd. (Hong Kong)
 20,000   183,473
Duke Energy Corp.(a)
 4,238   342,769
El Paso Electric Co.
 2,763   187,773
Endesa SA (Spain)
 14,411   307,901
Exelon Corp.
 882   32,466
IDACORP, Inc.
 1,821   159,866
Manila Electric Co. (Philippines)
 15,760   69,599
NextEra Energy, Inc.
 454   109,241
OGE Energy Corp.
 2,101   64,564
Pinnacle West Capital Corp.
 3,232   244,953
PNM Resources, Inc.(a)
 4,547   172,786
Portland General Electric Co.
 8,723   418,181
Power Grid Corp. of India Ltd. (India)
 41,501   87,109
Red Electrica Corp. SA (Spain)
 14,462   260,241
Southern Co. (The)
 2,164   117,159
Tenaga Nasional Bhd (Malaysia)
 3,100   8,580
            2,919,865
Electrical Equipment — 0.2%
Chicony Power Technology Co. Ltd. (Taiwan)
 22,601   39,181
Powell Industries, Inc.
 1,354   34,757
Rockwell Automation, Inc.
 571   86,170
Signify NV (Netherlands), 144A
 20,106   386,582
            546,690
Electronic Equipment, Instruments & Components — 1.0%
ALSO Holding AG (Switzerland)*
 2,234   355,185
CDW Corp.
 832   77,600
Codan Ltd. (Australia)
 67,023   222,271
Dolby Laboratories, Inc. (Class A Stock)
 3,351   181,658
Foxconn Technology Co. Ltd. (Taiwan)
 6,231   10,202
      Shares   Value
 
Common Stocks (continued)
Electronic Equipment, Instruments & Components (cont’d.)
Jabil, Inc.
 5,535   $ 136,050
National Instruments Corp.
 9,900   327,492
Nippon Electric Glass Co. Ltd. (Japan)
 10,500   139,049
Synnex Technology International Corp. (Taiwan)
 168,000   206,727
TE Connectivity Ltd.
 6,591   415,101
Tripod Technology Corp. (Taiwan)
 29,000   91,238
Yageo Corp. (Taiwan)
 3,443   30,668
Zhen Ding Technology Holding Ltd. (Taiwan)
 33,000   101,306
            2,294,547
Energy Equipment & Services — 0.0%
Core Laboratories NV
 3,114   32,199
National Oilwell Varco, Inc.
 4,929   48,452
            80,651
Entertainment — 0.2%
Activision Blizzard, Inc.*
 1,400   83,272
Liberty Media Corp.-Liberty Formula One (Class A Stock)*
 542   13,994
Liberty Media Corp.-Liberty Formula One (Class C Stock) *
 781   21,267
Lions Gate Entertainment Corp. (Class B Stock)*
 960   5,357
Madison Square Garden Co. (The) (Class A Stock)*
 805   170,185
Major Cineplex Group PCL (Thailand), NVDR
 474,300   194,265
World Wrestling Entertainment, Inc. (Class A Stock)
 782   26,533
            514,873
Equity Real Estate Investment Trusts (REITs) — 2.7%
AEON REIT Investment Corp. (Japan)
 385   369,953
Alexander’s, Inc.
 682   188,198
Concentradora Fibra Danhos SA de CV (Mexico)
 447,400   365,879
CorEnergy Infrastructure Trust, Inc.
 3,459   63,576
CubeSmart
 12,481   334,366
Empiric Student Property PLC (United Kingdom)
 280,151   229,892
Essex Property Trust, Inc.
 1,600   352,384
Extra Space Storage, Inc.
 3,724   356,610
First Real Estate Investment Trust (Singapore)
 429,700   204,908
Four Corners Property Trust, Inc.
 7,124   133,290
Ichigo Office REIT Investment Corp. (Japan)
 460   319,493
Industrial Logistics Properties Trust
 9,818   172,208
Kenedix Retail REIT Corp. (Japan)
 157   222,877
KLCCP Stapled Group (Malaysia)
 40,500   73,078
Klepierre SA (France)
 8,971   188,924
Life Storage, Inc.
 4,067   384,535
LTC Properties, Inc.
 2,194   67,795
 
A3
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Macquarie Mexico Real Estate Management SA de CV (Mexico), 144A
 430,100   $ 357,895
MGM Growth Properties LLC (Class A Stock)
 4,841   114,587
National Health Investors, Inc.
 2,440   120,829
New Senior Investment Group, Inc.
 23,795   60,915
Omega Healthcare Investors, Inc.
 3,417   90,687
Premier Investment Corp. (Japan)
 316   348,746
PS Business Parks, Inc.
 403   54,615
RPT Realty
 7,139   43,048
Simon Property Group, Inc.(a)
 1,384   75,926
Slate Retail REIT (Canada)
 39,700   192,110
Welltower, Inc.
 2,149   98,381
WPT Industrial Real Estate Investment Trust (Canada)
 32,100   286,011
Xenia Hotels & Resorts, Inc.
 5,782   59,555
            5,931,271
Food & Staples Retailing — 1.7%
BJ’s Wholesale Club Holdings, Inc.*
 6,961   177,297
Casey’s General Stores, Inc.(a)
 519   68,762
Empire Co. Ltd. (Canada) (Class A Stock)
 20,876   408,382
George Weston Ltd. (Canada)
 3,700   264,571
GS Retail Co. Ltd. (South Korea)
 15,660   396,395
Ingles Markets, Inc. (Class A Stock)
 4,639   167,746
Koninklijke Ahold Delhaize NV (Netherlands)
 19,339   451,351
Kroger Co. (The)
 10,361   312,074
Lawson, Inc. (Japan)
 9,900   545,800
Seven & i Holdings Co. Ltd. (Japan)
 6,900   229,994
SpartanNash Co.
 13,601   194,766
Walmart, Inc.
 3,942   447,890
            3,665,028
Food Products — 2.2%
B&G Foods, Inc.(a)
 9,087   164,384
Dali Foods Group Co. Ltd. (China), 144A
 779,000   542,555
Flowers Foods, Inc.
 18,322   375,967
General Mills, Inc.
 7,600   401,052
Hershey Co. (The)
 2,418   320,385
High Liner Foods, Inc. (Canada)
 88,100   402,532
Indofood Sukses Makmur Tbk PT (Indonesia)
 202,400   78,650
Ingredion, Inc.
 1,666   125,783
J.M. Smucker Co. (The)
 3,203   355,533
JBS SA
 19,500   76,332
John B. Sanfilippo & Son, Inc.
 2,204   197,038
Mondelez International, Inc. (Class A Stock)
 1,660   83,133
Nestle SA (Switzerland)
 3,647   373,126
Tate & Lyle PLC (United Kingdom)
 62,266   503,996
Thai Vegetable Oil PCL (Thailand), NVDR
 55,800   38,285
Tyson Foods, Inc. (Class A Stock)
 4,040   233,795
      Shares   Value
 
Common Stocks (continued)
Food Products (cont’d.)
Uni-President China Holdings Ltd. (China)
 98,000   $ 94,362
Uni-President Enterprises Corp. (Taiwan)
 164,720   357,622
Want Want China Holdings Ltd. (China)
 116,000   84,046
            4,808,576
Gas Utilities — 0.3%
Enagas SA (Spain)
 15,524   310,045
Kunlun Energy Co. Ltd. (China)
 162,000   94,416
ONE Gas, Inc.
 738   61,712
Spire, Inc.
 1,938   144,342
Suburban Propane Partners LP, MLP
 7,860   111,140
            721,655
Health Care Equipment & Supplies — 0.7%
Baxter International, Inc.
 4,033   327,439
LeMaitre Vascular, Inc.
 2,883   71,844
Medtronic PLC
 7,343   662,192
ResMed, Inc.
 606   89,258
Smith & Nephew PLC (United Kingdom)
 16,756   296,435
            1,447,168
Health Care Providers & Services — 1.6%
AmerisourceBergen Corp.
 4,023   356,036
Anthem, Inc.
 903   205,017
Cardinal Health, Inc.
 6,416   307,583
Chemed Corp.
 507   219,632
CVS Health Corp.
 7,826   464,317
DaVita, Inc.*
 131   9,964
Encompass Health Corp.
 2,808   179,796
Guardant Health, Inc.*
 1,480   103,008
Henry Schein, Inc.*
 336   16,975
Humana, Inc.
 404   126,864
McKesson Corp.
 888   120,111
Miraca Holdings, Inc. (Japan)
 5,700   120,246
Patterson Cos., Inc.(a)
 7,221   110,409
Quest Diagnostics, Inc.(a)
 1,010   81,103
Sinopharm Group Co. Ltd. (China) (Class H Stock)
 14,600   32,768
UnitedHealth Group, Inc.
 4,555   1,135,926
            3,589,755
Health Care Technology — 0.1%
Computer Programs & Systems, Inc.
 4,666   103,818
Hotels, Restaurants & Leisure — 0.6%
Bloomin’ Brands, Inc.
 8,057   57,527
Brinker International, Inc.
 12,406   148,996
Cheesecake Factory, Inc. (The)(a)
 5,054   86,322
Churchill Downs, Inc.
 68   7,001
Cracker Barrel Old Country Store, Inc.(a)
 1,161   96,619
Darden Restaurants, Inc.
 783   42,642
Domino’s Pizza, Inc.
 1,000   324,070
Jack in the Box, Inc.
 2,387   83,664
Las Vegas Sands Corp.
 1,781   75,639
 
A4
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Hotels, Restaurants & Leisure (cont’d.)
Marriott International, Inc. (Class A Stock)(a)
 1,841   $ 137,725
MGM Resorts International
 524   6,183
OPAP SA (Greece)
 10,361   79,021
Ruth’s Hospitality Group, Inc.
 4,653   31,082
Starbucks Corp.
 2,020   132,795
Texas Roadhouse, Inc.(a)
 726   29,984
            1,339,270
Household Durables — 0.6%
Ethan Allen Interiors, Inc.
 8,638   88,280
JM AB (Sweden)
 7,715   134,356
La-Z-Boy, Inc.
 4,908   100,860
McCarthy & Stone PLC (United Kingdom), 144A
 558,533   450,334
Newell Brands, Inc.
 7,119   94,540
Nien Made Enterprise Co. Ltd. (Taiwan)
 9,000   53,794
PulteGroup, Inc.
 3,010   67,183
Sekisui House Ltd. (Japan)
 24,400   403,182
            1,392,529
Household Products — 0.7%
Church & Dwight Co., Inc.
 5,432   348,626
Clorox Co. (The)
 1,800   311,850
Kimberly-Clark Corp.
 404   51,659
Kimberly-Clark de Mexico SAB de CV (Mexico) (Class A Stock)
 197,300   299,911
Procter & Gamble Co. (The)
 4,833   531,630
            1,543,676
Independent Power & Renewable Electricity Producers — 0.5%
Aboitiz Power Corp. (Philippines)
 135,700   70,228
AES Corp.
 1,068   14,525
AES Gener SA (Chile)
 1,449,750   176,159
CGN Power Co. Ltd. (China) (Class H Stock), 144A
 387,000   88,355
Clearway Energy, Inc. (Class A Stock)
 1,049   18,011
Colbun SA (Chile)
 824,462   89,584
Polaris Infrastructure, Inc. (Canada)
 55,900   443,689
TerraForm Power, Inc. (Class A Stock)
 12,446   196,273
            1,096,824
Industrial Conglomerates — 0.2%
Carlisle Cos., Inc.
 144   18,041
CITIC Ltd. (China)
 73,000   76,450
Honeywell International, Inc.
 2,394   320,293
            414,784
Insurance — 2.5%
Allianz SE (Germany)
 2,315   398,800
Allstate Corp. (The)
 3,206   294,086
American Financial Group, Inc.
 3,296   230,984
Argo Group International Holdings Ltd.
 724   26,831
Assurant, Inc.
 2,900   301,861
Axis Capital Holdings Ltd.
 8,638   333,859
      Shares   Value
 
Common Stocks (continued)
Insurance (cont’d.)
China Pacific Insurance Group Co. Ltd. (China) (Class H Stock)
 29,000   $ 87,531
CNO Financial Group, Inc.
 5,027   62,285
Direct Line Insurance Group PLC (United Kingdom)
 72,397   265,153
Employers Holdings, Inc.
 4,692   190,073
Everest Re Group Ltd.
 1,893   364,251
First American Financial Corp.
 2,798   118,663
Hannover Rueck SE (Germany)
 1,448   208,348
Hanover Insurance Group, Inc. (The)
 2,584   234,059
Hartford Financial Services Group, Inc. (The)
 6,558   231,104
HCI Group, Inc.
 4,774   192,154
Horace Mann Educators Corp.
 3,511   128,468
IRB Brasil Resseguros S/A (Brazil)
 12,900   24,082
Liberty Holdings Ltd. (South Africa)
 7,328   27,041
Mercury General Corp.
 13,142   535,142
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)
 2,007   403,289
PICC Property & Casualty Co. Ltd. (China) (Class H Stock)
 86,000   82,839
Safety Insurance Group, Inc.
 1,444   121,917
Samsung Fire & Marine Insurance Co. Ltd. (South Korea)
 508   64,155
Stewart Information Services Corp.
 5,254   140,124
Talanx AG (Germany)
 7,770   264,862
Travelers Cos., Inc. (The)
 2,800   278,180
            5,610,141
Interactive Media & Services — 0.2%
Twitter, Inc.*
 16,590   407,450
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc.*
 268   360,546
eBay, Inc.
 10,819   325,219
PetMed Express, Inc.(a)
 8,041   231,420
Qurate Retail, Inc. (Class A Stock)*
 6,122   37,375
            954,560
IT Services — 1.1%
Amdocs Ltd.(a)
 6,327   347,795
Booz Allen Hamilton Holding Corp.
 4,620   317,117
Capgemini SE (France)
 4,244   356,619
CSG Systems International, Inc.
 4,533   189,706
EVERTEC, Inc. (Puerto Rico)
 6,433   146,222
Hackett Group, Inc. (The)
 14,824   188,561
Infosys Ltd. (India), ADR
 4,810   39,490
International Business Machines Corp.
 1,806   200,340
NIC, Inc.
 8,467   194,741
Science Applications International Corp.
 477   35,599
TTEC Holdings, Inc.
 4,132   151,727
Western Union Co. (The)(a)
 17,209   311,999
            2,479,916
Machinery — 0.7%
Allison Transmission Holdings, Inc.
 846   27,588
 
A5
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Machinery (cont’d.)
Caterpillar, Inc.
 3,166   $ 367,383
Cummins, Inc.
 2,341   316,784
Douglas Dynamics, Inc.
 3,575   126,948
Dover Corp.
 730   61,276
Hyster-Yale Materials Handling, Inc.(a)
 1,729   69,316
Illinois Tool Works, Inc.
 2,509   356,579
Lincoln Electric Holdings, Inc.
 381   26,289
Oshkosh Corp.
 219   14,088
Pentair PLC
 4,670   138,979
            1,505,230
Marine — 0.1%
Scorpio Bulkers, Inc.
 79,343   200,738
Media — 1.4%
AMC Networks, Inc. (Class A Stock)*(a)
 8,459   205,638
Astro Malaysia Holdings Bhd (Malaysia)
 1,050,300   205,015
Comcast Corp. (Class A Stock)
 24,874   855,168
Discovery, Inc. (Class A Stock)*(a)
 16,400   318,816
Discovery, Inc. (Class C Stock)*
 5,317   93,260
Gannett Co., Inc.
 6,868   10,165
Interpublic Group of Cos., Inc. (The)
 12,495   202,294
KT Skylife Co. Ltd. (South Korea)
 10,347   51,463
Liberty Broadband Corp. (Class A Stock)*
 807   86,349
Liberty Broadband Corp. (Class C Stock) *
 1,328   147,036
Liberty Media Corp.-Liberty SiriusXM (Class A Stock)*
 2,093   66,327
Liberty Media Corp.-Liberty SiriusXM (Class C Stock)*
 3,323   105,073
MSG Networks, Inc. (Class A Stock)*
 3,903   39,811
Omnicom Group, Inc.(a)
 9,451   518,860
Reach PLC (United Kingdom)
 120,643   156,769
ViacomCBS, Inc. (Class B Stock)
 756   10,592
            3,072,636
Metals & Mining — 0.5%
China Steel Corp. (Taiwan)
 100,000   62,686
Eregli Demir ve Celik Fabrikalari TAS (Turkey)
 57,940   65,830
Freeport-McMoRan, Inc.
 19,820   133,785
Harmony Gold Mining Co. Ltd. (South Africa), ADR*(a)
 133,042   290,032
Kaiser Aluminum Corp.
 1,348   93,390
Nucor Corp.
 5,463   196,777
POSCO (South Korea)
 223   29,183
Schnitzer Steel Industries, Inc. (Class A Stock)
 2,003   26,119
Steel Dynamics, Inc.
 323   7,280
Warrior Met Coal, Inc.
 14,491   153,894
            1,058,976
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Anworth Mortgage Asset Corp.
 55,100   62,263
      Shares   Value
 
Common Stocks (continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Apollo Commercial Real Estate Finance, Inc.
 6,814   $ 50,560
Arbor Realty Trust, Inc.
 12,256   60,054
Ares Commercial Real Estate Corp.
 11,790   82,412
Blackstone Mortgage Trust, Inc. (Class A Stock)
 5,135   95,614
Cherry Hill Mortgage Investment Corp.
 7,124   44,169
Chimera Investment Corp.
 37,229   338,784
Granite Point Mortgage Trust, Inc.
 8,402   42,598
Great Ajax Corp.
 29,896   190,139
Invesco Mortgage Capital, Inc.
 9,680   33,009
New Residential Investment Corp.
 5,203   26,067
Redwood Trust, Inc.
 12,170   61,580
TPG RE Finance Trust, Inc.
 11,110   60,994
Two Harbors Investment Corp.
 5,467   20,829
            1,169,072
Multiline Retail — 0.4%
Canadian Tire Corp. Ltd. (Canada) (Class A Stock)
 1,533   92,527
Dollar General Corp.
 2,700   407,727
Target Corp.
 4,749   441,514
            941,768
Multi-Utilities — 0.7%
Black Hills Corp.
 2,648   169,551
Canadian Utilities Ltd. (Canada) (Class A Stock)
 7,300   174,499
Dominion Energy, Inc.
 4,635   334,601
NorthWestern Corp.
 3,092   184,994
Public Service Enterprise Group, Inc.
 9,035   405,762
Unitil Corp.
 3,595   188,090
            1,457,497
Oil, Gas & Consumable Fuels — 1.5%
Alliance Resource Partners LP, MLP
 6,377   19,769
Arch Coal, Inc. (Class A Stock)(a)
 2,006   57,973
BP Midstream Partners LP, MLP
 19,949   185,725
Chevron Corp.
 1,260   91,300
China Shenhua Energy Co. Ltd. (China) (Class H Stock)
 114,276   217,512
CVR Energy, Inc.(a)
 10,824   178,921
Delek US Holdings, Inc.(a)
 4,451   70,148
DHT Holdings, Inc.
 34,380   263,695
Exxon Mobil Corp.
 2,194   83,306
HollyFrontier Corp.
 195   4,779
Itochu Enex Co. Ltd. (Japan)
 36,000   280,805
JXTG Holdings, Inc. (Japan)
 38,400   130,659
KNOT Offshore Partners LP (United Kingdom), MLP
 13,916   141,943
Motor Oil Hellas Corinth Refineries SA (Greece)
 2,479   30,800
MPLX LP, MLP
 19,100   221,942
Occidental Petroleum Corp.
 6,432   74,483
Oil & Natural Gas Corp. Ltd. (India)
 64,420   58,306
Ovintiv, Inc.(a)
 3,372   9,104
Phillips 66
 969   51,987
 
A6
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Royal Dutch Shell PLC (Netherlands) (Class A Stock)
 9,415   $ 169,235
Semirara Mining & Power Corp. (Philippines)
 266,920   57,575
Shell Midstream Partners LP, MLP(a)
 31,152   310,897
TC PipeLines LP, MLP
 12,123   333,140
Tsakos Energy Navigation Ltd. (Greece)
 64,493   210,247
            3,254,251
Paper & Forest Products — 0.1%
Hansol Paper Co. Ltd. (South Korea)
 8,060   69,367
Nine Dragons Paper Holdings Ltd. (Hong Kong)
 88,000   79,852
Schweitzer-Mauduit International, Inc.
 1,632   45,402
            194,621
Personal Products — 0.2%
Chlitina Holding Ltd. (China)
 9,000   51,426
Hengan International Group Co. Ltd. (China)
 13,500   100,785
Unilever NV (United Kingdom)
 7,715   380,002
            532,213
Pharmaceuticals — 3.5%
Allergan PLC
 2,061   365,003
Bausch Health Cos., Inc.*
 4,353   67,472
Bristol-Myers Squibb Co.
 8,665   482,987
China Medical System Holdings Ltd. (China)
 449,000   481,447
China Shineway Pharmaceutical Group Ltd. (China)
 104,000   77,759
Consun Pharmaceutical Group Ltd. (China)
 101,000   45,638
Dr. Reddy’s Laboratories Ltd. (India), ADR
 2,383   96,106
Eli Lilly & Co.
 3,326   461,383
GlaxoSmithKline PLC (United Kingdom)
 11,977   225,723
Jazz Pharmaceuticals PLC*
 6   598
Johnson & Johnson
 9,047   1,186,333
Merck & Co., Inc.
 8,344   641,987
Novartis AG (Switzerland)
 6,173   508,158
Novo Nordisk A/S (Denmark) (Class B Stock)
 9,645   580,508
Pfizer, Inc.
 23,044   752,156
Phibro Animal Health Corp. (Class A Stock)
 4,652   112,439
Roche Holding AG (Switzerland)
 3,285   1,063,935
Sanofi (France)
 6,393   557,825
Shionogi & Co. Ltd. (Japan)
 3,300   162,597
            7,870,054
Professional Services — 0.4%
Barrett Business Services, Inc.
 2,767   109,684
CRA International, Inc.
 4,303   143,763
Exponent, Inc.
 3,247   233,492
      Shares   Value
 
Common Stocks (continued)
Professional Services (cont’d.)
Insperity, Inc.
 1,548   $ 57,740
Kelly Services, Inc. (Class A Stock)
 15,192   192,786
ManpowerGroup, Inc.
 336   17,805
Resources Connection, Inc.
 17,015   186,655
Robert Half International, Inc.(a)
 901   34,013
            975,938
Real Estate Management & Development — 0.5%
China Vanke Co. Ltd. (China) (Class H Stock)
 62,000   203,530
Daito Trust Construction Co. Ltd. (Japan)
 4,300   398,274
Deutsche EuroShop AG (Germany)(a)
 13,941   159,750
Hysan Development Co. Ltd. (Hong Kong)
 50,300   163,310
K Wah International Holdings Ltd. (Hong Kong)
 54,000   23,183
Shenzhen Investment Ltd. (China)
 256,000   79,353
Yuexiu Property Co. Ltd. (China)
 520,000   93,192
            1,120,592
Road & Rail — 0.4%
CSX Corp.
 4,085   234,070
Landstar System, Inc.
 41   3,930
Norfolk Southern Corp.(a)
 1,279   186,734
Union Pacific Corp.
 3,038   428,480
            853,214
Semiconductors & Semiconductor Equipment — 2.6%
Broadcom, Inc.
 4,347   1,030,674
Cree, Inc.*(a)
 9,467   335,700
Intel Corp.
 26,366   1,426,928
Lam Research Corp.
 515   123,600
Maxim Integrated Products, Inc.
 4,586   222,925
Novatek Microelectronics Corp. (Taiwan)
 83,000   471,013
Powertech Technology, Inc. (Taiwan)
 27,000   76,077
QUALCOMM, Inc.
 6,679   451,834
Sitronix Technology Corp. (Taiwan)
 24,000   92,247
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
 33,600   304,214
Teradyne, Inc.(a)
 936   50,703
Texas Instruments, Inc.
 7,077   707,205
United Microelectronics Corp. (Taiwan)
 778,000   347,048
Xperi Corp.
 7,830   108,915
            5,749,083
Software — 2.2%
Autodesk, Inc.*
 3,650   569,765
CDK Global, Inc.
 2,847   93,524
Cerence, Inc.*
 6,461   99,499
Citrix Systems, Inc.
 6,239   883,131
FireEye, Inc.*
 12,640   133,731
J2 Global, Inc.(a)
 408   30,539
Microsoft Corp.
 3,559   561,290
NortonLifeLock, Inc.
 16,900   316,199
Nuance Communications, Inc.*
 21,053   353,269
 
A7
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Common Stocks (continued)
Software (cont’d.)
Open Text Corp. (Canada)
 9,776   $ 341,378
Oracle Corp.
 16,685   806,386
Progress Software Corp.
 4,812   153,984
Software AG (Germany)
 12,730   381,664
TiVo Corp.
 24,438   173,021
            4,897,380
Specialty Retail — 0.8%
Aaron’s, Inc.(a)
 3,253   74,103
American Eagle Outfitters, Inc.
 7,103   56,469
Best Buy Co., Inc.
 3,768   214,776
DCM Holdings Co. Ltd. (Japan)
 26,600   245,839
Dufry AG (Switzerland)*
 2,764   84,837
Foot Locker, Inc.
 3,519   77,594
Lithia Motors, Inc. (Class A Stock)
 1,526   124,811
Lowe’s Cos., Inc.
 812   69,873
Petrobras Distribuidora SA (Brazil)
 16,200   49,073
Rent-A-Center, Inc.
 8,111   114,690
TJX Cos., Inc. (The)
 5,893   281,744
Tractor Supply Co.
 2,314   195,649
USS Co. Ltd. (Japan)
 5,109   70,449
Williams-Sonoma, Inc.
 3,403   144,696
            1,804,603
Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc.
 5,162   1,312,645
Hewlett Packard Enterprise Co.
 7,119   69,125
HP, Inc.
 20,000   347,200
Inventec Corp. (Taiwan)
 92,000   70,916
Lite-On Technology Corp. (Taiwan)
 329,000   448,595
Samsung Electronics Co. Ltd. (South Korea)
 23,054   895,706
Seagate Technology PLC
 12,513   610,634
Western Digital Corp.
 11,571   481,585
            4,236,406
Textiles, Apparel & Luxury Goods — 0.4%
Carter’s, Inc.
 414   27,212
Columbia Sportswear Co.(a)
 1,608   112,190
Formosa Taffeta Co. Ltd. (Taiwan)
 76,000   77,161
MC Group PCL (Thailand), NVDR
 405,600   85,836
Oxford Industries, Inc.(a)
 1,962   71,142
Pandora A/S (Denmark)
 6,943   225,040
Ralph Lauren Corp.
 152   10,158
Stella International Holdings Ltd. (Hong Kong)
 251,000   263,561
Yue Yuen Industrial Holdings Ltd. (Hong Kong)
 48,100   73,576
            945,876
Thrifts & Mortgage Finance — 0.5%
Deutsche Pfandbriefbank AG (Germany), 144A
 28,934   221,168
Federal Agricultural Mortgage Corp. (Class C Stock)
 2,528   140,633
Genworth MI Canada, Inc. (Canada)
 17,000   377,737
Indiabulls Housing Finance Ltd. (India)
 89,285   112,982
      Shares   Value
 
Common Stocks (continued)
Thrifts & Mortgage Finance (cont’d.)
Northwest Bancshares, Inc.
 13,876   $ 160,545
Waterstone Financial, Inc.
 12,392   180,180
            1,193,245
Tobacco — 1.1%
Altria Group, Inc.
 11,081   428,502
British American Tobacco PLC (United Kingdom)
 15,433   525,791
Gudang Garam Tbk PT (Indonesia)
 15,700   39,523
Imperial Brands PLC (United Kingdom)
 13,347   246,803
Japan Tobacco, Inc. (Japan)
 9,500   175,928
KT&G Corp. (South Korea)
 6,333   387,257
Philip Morris International, Inc.
 3,453   251,931
Scandinavian Tobacco Group A/S (Denmark), 144A
 32,792   331,010
Vector Group Ltd.
 3,573   33,658
            2,420,403
Trading Companies & Distributors — 0.5%
Applied Industrial Technologies, Inc.
 2,310   105,613
HD Supply Holdings, Inc.*
 926   26,326
Marubeni Corp. (Japan)
 31,200   155,235
MSC Industrial Direct Co., Inc. (Class A Stock)
 8,537   469,279
Sumitomo Corp. (Japan)
 18,500   212,383
Systemax, Inc.
 5,568   98,721
W.W. Grainger, Inc.
 57   14,165
            1,081,722
Transportation Infrastructure — 0.4%
Enav SpA (Italy), 144A
 81,605   360,592
Grupo Aeroportuario del Centro Norte SAB de CV (Mexico)
 72,200   244,334
Grupo Aeroportuario del Pacifico SAB de CV (Mexico) (Class B Stock)
 6,500   35,144
Yuexiu Transport Infrastructure Ltd. (China)
 490,000   297,592
            937,662
Water Utilities — 0.0%
TTW PCL (Thailand), NVDR
 169,500   65,302
Wireless Telecommunication Services — 0.7%
China Mobile Ltd. (China)
 5,000   37,417
Globe Telecom, Inc. (Philippines)
 2,325   88,190
KDDI Corp. (Japan)
 21,900   649,052
NTT DOCOMO, Inc. (Japan)
 6,500   203,163
SK Telecom Co. Ltd. (South Korea)
 372   53,881
Softbank Corp. (Japan)
 33,900   432,644
Telephone & Data Systems, Inc.
 4,210   70,560
            1,534,907
 
Total Common Stocks

(cost $139,854,171)
   118,969,634
Exchange-Traded Funds — 2.5%
iShares Core S&P 500 ETF(a)
 2,500   646,000
iShares Edge MSCI Min Vol EAFE ETF
 28,258   1,753,409
 
A8
AST LEGG MASON DIVERSIFIED GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
 
Exchange-Traded Funds (continued)
iShares Edge MSCI Min Vol Emerging Markets ETF
 7,386   $ 346,551
iShares MSCI ACWI ex US ETF(a)
 46,270   1,742,066
iShares MSCI Emerging Markets ETF
 10,086   344,235
iShares Russell 1000 Value ETF
 5,400   535,572
iShares Russell 2000 ETF
 1,515   173,407
 
Total Exchange-Traded Funds

(cost $5,484,624)
   5,541,240
Preferred Stocks — 0.1%
Oil, Gas & Consumable Fuels
Surgutneftegas PJSC (Russia) (PRFC)
 362,600   173,074
Transneft PJSC (Russia) (PRFC)
 34   63,174
 
Total Preferred Stocks

(cost $295,154)
   236,248
 
Total Long-Term Investments

(cost $170,212,893)
   149,950,677
Short-Term Investments — 18.0%
Affiliated Mutual Funds — 17.6%
PGIM Core Ultra Short Bond Fund(w)
 32,001,996   32,001,996
PGIM Institutional Money Market Fund

(cost $7,102,959; includes $7,084,978 of cash collateral for securities on loan)(b)(w)
 7,114,047   7,102,665
 
Total Affiliated Mutual Funds

(cost $39,104,955)
   39,104,661
Unaffiliated Fund — 0.4%
Fidelity Investments Money Market Funds - Treasury Only Portfolio
 854,884   854,884
(cost $854,884)      
 
Total Short-Term Investments

(cost $39,959,839)
   39,959,545
 
TOTAL INVESTMENTS—85.4%

(cost $210,172,732)
   189,910,222
 
Other assets in excess of liabilities(z) — 14.6%
   32,477,093
 
Net Assets — 100.0%
   $ 222,387,315
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
ACWI All Country World Index
ADR American Depositary Receipt
EAFE Europe, Australasia, Far East
ETF Exchange-Traded Fund
GDR Global Depositary Receipt
MICEX Moscow Interbank Currency Exchange
MLP Master Limited Partnership
MSCI Morgan Stanley Capital International
NVDR Non-voting Depositary Receipt
PJSC Public Joint-Stock Company
PRFC Preference Shares
REITs Real Estate Investment Trust
RTS Russian Trading System
S&P Standard & Poor’s
US United States
    
* 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 $6,871,182; cash collateral of $7,084,978 (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 manager of the Portfolio, also serves as the manager/co-manager of the underlying portfolios in which the Portfolio invests.
(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:
292   S&P 500 E-Mini Index   Jun. 2020   $37,517,620   $2,385,545
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).
A9