NPORT-EX 2 PIPDMH0ASTAQRLgCapPt.htm
AST AQR LARGE-CAP PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Long-Term Investments — 91.5%
Common Stocks
Aerospace & Defense — 0.2%
Raytheon Co.
15,611   $2,047,383
Airlines — 2.2%
Alaska Air Group, Inc.
327,779   9,331,868
Delta Air Lines, Inc.(a)
159,778   4,558,466
United Airlines Holdings, Inc.*(a)
197,830   6,241,537
            20,131,871
Banks — 0.9%
Comerica, Inc.
20,644   605,695
Fifth Third Bancorp
447,183   6,640,667
JPMorgan Chase & Co.
7,857   707,366
            7,953,728
Beverages — 0.1%
PepsiCo, Inc.(a)
7,637   917,204
Biotechnology — 6.9%
AbbVie, Inc.(a)
166,403   12,678,245
Alexion Pharmaceuticals, Inc.*
5,055   453,888
Amgen, Inc.
70,271   14,246,040
Biogen, Inc.*
42,033   13,298,401
Gilead Sciences, Inc.
180,269   13,476,910
Incyte Corp.*
63,489   4,649,300
Vertex Pharmaceuticals, Inc.*
23,532   5,599,439
            64,402,223
Building Products — 0.4%
Johnson Controls International PLC
145,195   3,914,457
Capital Markets — 0.5%
Moody’s Corp.
6,231   1,317,857
MSCI, Inc.(a)
3,266   943,743
S&P Global, Inc.
9,542   2,338,267
            4,599,867
Chemicals — 0.2%
DuPont de Nemours, Inc.
28,531   972,907
LyondellBasell Industries NV (Class A Stock)
26,012   1,290,976
            2,263,883
Commercial Services & Supplies — 0.1%
Waste Management, Inc.(a)
12,690   1,174,586
Communications Equipment — 0.8%
Cisco Systems, Inc.
158,878   6,245,494
F5 Networks, Inc.*
14,780   1,575,992
            7,821,486
Construction & Engineering — 0.8%
Quanta Services, Inc.(a)
245,314   7,783,813
Consumer Finance — 2.4%
Discover Financial Services
311,960   11,127,613
Synchrony Financial
697,926   11,229,630
            22,357,243
      Shares   Value
Common Stocks (continued)
Diversified Financial Services — 1.6%
Berkshire Hathaway, Inc. (Class B Stock)*(a)
82,551   $15,092,799
Diversified Telecommunication Services — 0.4%
Verizon Communications, Inc.(a)
73,722   3,961,083
Electric Utilities — 0.1%
Evergy, Inc.
14,846   817,272
Pinnacle West Capital Corp.
4,479   339,464
            1,156,736
Electrical Equipment — 0.2%
Eaton Corp. PLC
18,688   1,451,871
Electronic Equipment, Instruments & Components — 0.8%
CDW Corp.
79,222   7,389,036
Entertainment — 2.2%
Activision Blizzard, Inc.
137,634   8,186,470
Electronic Arts, Inc.*
120,806   12,101,137
            20,287,607
Equity Real Estate Investment Trusts (REITs) — 3.3%
American Tower Corp.
32,946   7,173,992
Crown Castle International Corp.
41,847   6,042,707
Equinix, Inc.
8,213   5,129,593
Prologis, Inc.
70,261   5,646,877
Public Storage
23,068   4,581,535
Simon Property Group, Inc.(a)
51,072   2,801,810
            31,376,514
Food & Staples Retailing — 3.8%
Costco Wholesale Corp.
24,244   6,912,692
Kroger Co. (The)
93,856   2,826,943
Sysco Corp.(a)
102,809   4,691,174
Walgreens Boots Alliance, Inc.
98,996   4,529,067
Walmart, Inc.(a)
142,844   16,229,935
            35,189,811
Food Products — 1.6%
Hershey Co. (The)
35,918   4,759,135
Tyson Foods, Inc. (Class A Stock)
180,578   10,450,049
            15,209,184
Health Care Equipment & Supplies — 0.1%
Hologic, Inc.*
24,730   868,023
Health Care Providers & Services — 6.2%
AmerisourceBergen Corp.
102,681   9,087,269
Anthem, Inc.
24,521   5,567,248
Cardinal Health, Inc.(a)
103,896   4,980,774
HCA Healthcare, Inc.
33,689   3,026,957
Humana, Inc.(a)
47,660   14,966,193
Laboratory Corp. of America Holdings*
5,029   635,615
UnitedHealth Group, Inc.
27,548   6,869,920
Universal Health Services, Inc. (Class B Stock)
134,847   13,360,641
            58,494,617
Hotels, Restaurants & Leisure — 0.2%
Starbucks Corp.
25,444   1,672,689
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AST AQR LARGE-CAP PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
      Shares   Value
Common Stocks (continued)
Household Products — 3.8%
Church & Dwight Co., Inc.
13,443   $862,771
Colgate-Palmolive Co.
199,858   13,262,577
Kimberly-Clark Corp.
37,194   4,755,997
Procter & Gamble Co. (The)
156,149   17,176,390
            36,057,735
Insurance — 2.9%
Allstate Corp. (The)
143,804   13,191,141
American International Group, Inc.
41,730   1,011,953
Everest Re Group Ltd.(a)
54,634   10,512,674
Travelers Cos., Inc. (The)
9,084   902,495
Willis Towers Watson PLC
7,219   1,226,147
            26,844,410
Interactive Media & Services — 5.2%
Alphabet, Inc. (Class A Stock)*(a)
6,145   7,140,183
Alphabet, Inc. (Class C Stock)*
12,773   14,852,572
Facebook, Inc. (Class A Stock)*
163,462   27,265,461
            49,258,216
Internet & Direct Marketing Retail — 2.6%
Amazon.com, Inc.*
12,583   24,533,327
IT Services — 4.2%
Akamai Technologies, Inc.*(a)
76,154   6,967,329
Cognizant Technology Solutions Corp. (Class A Stock)
104,497   4,855,976
Leidos Holdings, Inc.
38,594   3,537,140
Mastercard, Inc. (Class A Stock)
70,415   17,009,447
VeriSign, Inc.*
40,310   7,259,428
Visa, Inc. (Class A Stock)(a)
524   84,427
            39,713,747
Life Sciences Tools & Services — 0.5%
IQVIA Holdings, Inc.*
39,589   4,270,070
Media — 0.1%
ViacomCBS, Inc. (Class B Stock)(a)
88,810   1,244,228
Multiline Retail — 1.2%
Target Corp.
121,702   11,314,635
Multi-Utilities — 0.8%
Public Service Enterprise Group, Inc.
165,645   7,439,117
Pharmaceuticals — 6.5%
Allergan PLC
17,978   3,183,904
Eli Lilly & Co.
2,224   308,513
Johnson & Johnson(a)
109,887   14,409,482
Merck & Co., Inc.
254,012   19,543,683
Mylan NV*(a)
528,800   7,884,408
Pfizer, Inc.
421,342   13,752,603
Zoetis, Inc.
13,356   1,571,868
            60,654,461
Professional Services — 0.9%
Robert Half International, Inc.(a)
233,349   8,808,925
Semiconductors & Semiconductor Equipment — 6.9%
Applied Materials, Inc.
259,551   11,892,627
Intel Corp.(a)
151,170   8,181,321
      Shares   Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Lam Research Corp.
28,029   $6,726,960
Micron Technology, Inc.*
251,371   10,572,664
NVIDIA Corp.(a)
4,922   1,297,439
Qorvo, Inc.*
114,673   9,246,084
QUALCOMM, Inc.
94,076   6,364,241
Skyworks Solutions, Inc.(a)
120,758   10,793,350
            65,074,686
Software — 8.7%
Adobe, Inc.*
29,301   9,324,750
Cadence Design Systems, Inc.*
44,375   2,930,525
Intuit, Inc.
47,210   10,858,300
Microsoft Corp.
253,285   39,945,577
NortonLifeLock, Inc.
587,621   10,994,389
Oracle Corp.
160,024   7,733,960
            81,787,501
Specialty Retail — 3.2%
Best Buy Co., Inc.
178,570   10,178,490
Home Depot, Inc. (The)
98,383   18,369,090
L Brands, Inc.(a)
53,746   621,304
Ross Stores, Inc.
5,179   450,417
Tractor Supply Co.
6,034   510,175
            30,129,476
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.
156,185   39,716,284
HP, Inc.
94,031   1,632,378
Seagate Technology PLC
196,869   9,607,207
Xerox Holdings Corp.
545,235   10,326,751
            61,282,620
Tobacco — 1.5%
Altria Group, Inc.
151,763   5,868,675
Philip Morris International, Inc.
111,243   8,116,289
            13,984,964
 
Total Long-Term Investments

(cost $915,491,603)
  859,915,832
Short-Term Investments — 21.7%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(w)
64,016,144   64,016,144
PGIM Institutional Money Market Fund

(cost $139,810,924; includes $139,746,109 of cash collateral for securities on loan)(b)(w)
140,195,000   139,970,688
 
Total Short-Term Investments

(cost $203,827,068)
  203,986,832
 
TOTAL INVESTMENTS—113.2%

(cost $1,119,318,671)
  1,063,902,664
 
Liabilities in excess of other assets(z) — (13.2)%
  (123,801,990)
 
Net Assets — 100.0%
  $940,100,674
    
 
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AST AQR LARGE-CAP PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
REITs Real Estate Investment Trust
S&P Standard & Poor’s
    
* 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 $135,768,652; cash collateral of $139,746,109 (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:
475   S&P 500 E-Mini Index   Jun. 2020   $61,030,375   $1,885,683
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).
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