NPORT-EX 2 PIPD201ASTHighYieldPt.htm AST HIGH YIELD PORTFOLIO
AST HIGH YIELD PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 89.9%
Asset-Backed Securities — 1.5%
Collateralized Loan Obligations
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)
3.061%(c)   10/15/29     3,250   $ 3,087,681
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
3.020%(c)   10/30/30     3,250   3,005,530
 
Total Asset-Backed Securities

(cost $5,802,834)
   6,093,211
Bank Loans — 7.5%
Auto Parts & Equipment — 0.1%
Adient US LLC,
Initial Term Loan, 3 Month LIBOR + 4.000%
5.596%(c)   05/06/24     264   229,065
American Axle & Manufacturing, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 2.250%
3.180%(c)   04/06/24     11   9,540
              238,605
Biotechnology — 0.1%
Concordia International Corp. (Canada),
Term Loan, 1 - 6 Month LIBOR + 5.500%
6.568%(c)   09/06/24     460   391,579
Chemicals — 0.6%
Nouryon USA LLC (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.000%
3.863%(c)   10/01/25^     498   447,680
Solenis International LP,
First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000%
5.613%(c)   06/26/25     697   546,152
Second Lien Initial Term Loan, 3 Month LIBOR + 8.500%
10.113%(c)   06/26/26^     1,971   1,301,025
              2,294,857
Commercial Services — 0.2%
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 2.750%
4.200%(c)   06/07/23^     354   316,830
Syniverse Holdings, Inc.,
Tranche C Term Loan, 1 Month LIBOR + 5.000%
6.873%(c)   03/09/23     547   351,979
              668,809
Computers — 1.1%
McAfee LLC,
Second Lien Initial Loan, 1 Month LIBOR + 8.500%
9.441%(c)   09/29/25     2,931   2,740,719
Term B USD Loan, 1 Month LIBOR + 3.750%
4.691%(c)   09/30/24     1,697   1,563,627
              4,304,346
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Bank Loans (continued)
Electric — 0.5%
Calpine Corp.,
Term Loan (05/15), 1 Month LIBOR + 2.250%
3.240%(c)   01/15/24     687   $ 657,563
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%
7.771%(c)   07/30/26^     1,592   1,273,600
              1,931,163
Electronics — 0.0%
II-VI, Inc.,
Term B Loan, 1 Month LIBOR + 3.500%
4.489%(c)   09/24/26^     160   134,062
Entertainment — 1.0%
CCM Merger, Inc.,
Term Loan, 1 Month LIBOR + 2.250%
3.239%(c)   08/06/21     106   93,618
Playtika Holding Corp.,
Term B Loan, 6 Month LIBOR + 6.000%
7.072%(c)   12/10/24     1,679   1,558,439
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 - 2 Month LIBOR + 2.750%
4.054%(c)   08/14/24     2,452   1,967,783
UFC Holdings LLC,
Term B Loan, 1 Month LIBOR + 3.250%
4.250%(c)   04/29/26^     313   272,673
              3,892,513
Foods — 0.3%
Moran Foods LLC,
Term Loan, 1 - 3 Month LIBOR + 8.000%
9.772%(c)   12/05/23     1,443   151,514
9.772%(c)   12/05/23^     305   305,000
United Natural Foods, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.250%
5.239%(c)   10/22/25     257   218,001
Viskase Cos., Inc.,
Initial Term Loan, 3 Month LIBOR + 3.250%
4.700%(c)   01/30/21     549   411,714
              1,086,229
Healthcare-Services — 0.1%
US Renal Care, Inc.,
First Lien Term Loan B, 1 Month LIBOR + 5.000%
6.625%(c)   06/26/26     444   392,838
Machinery-Construction & Mining — 0.0%
Vertiv Group Corp.,
Initial Term Loan, 1 Month LIBOR + 3.000%
4.581%(c)   03/02/27^     140   125,300
Media — 0.2%
Banijay Group US Holding, Inc. (France),
Term Loan
—%(p)   03/01/25^     40   35,200
iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%
3.989%(c)   05/01/26     439   370,212
A1
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Bank Loans (continued)
Media (cont’d.)
Meredith Corp.,
Term B-2 Loan, 1 Month LIBOR + 2.500%
3.489%(c)   01/31/25     220   $ 196,931
              602,343
Mining — 0.4%
Aleris International, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750%
5.739%(c)   02/27/23     1,771   1,585,177
Miscellaneous Manufacturing — 0.0%
Axalta Coating Systems US Holdings, Inc.,
Term B-3 Dollar Loan, 3 Month LIBOR + 1.750%
3.200%(c)   06/01/24     198   183,591
FGI Operating Co. LLC,
Exit Term Loan, 3 Month LIBOR + 10.000%
12.000%(c)   05/15/22^     26   26,309
              209,900
Oil & Gas — 0.7%
California Resources Corp.,
Term Loan (11/17), 3 Month LIBOR + 4.750%
6.363%(c)   12/31/22     1,102   297,486
Chesapeake Energy Corp.,
Class A Loan, 1 Month LIBOR + 8.000%
9.000%(c)   05/23/24     2,875   1,106,875
Citgo Holding, Inc.,
Term Loan, 1 Month LIBOR + 7.000%
8.000%(c)   08/01/23^     249   197,005
CITGO Petroleum Corp.,
2019 Incremental Term B Loan, 1 Month LIBOR + 5.000%
6.000%(c)   03/27/24^     619   532,125
Term B Loan, 1 Month LIBOR + 4.500%
5.500%(c)   07/29/21^     642   583,778
Ultra Resources, Inc.,
Senior Secured Term Loan Non-PIK, 3 Month LIBOR + 4.000%
5.603%(c)   04/12/24     207   97,739
              2,815,008
Packaging & Containers — 0.1%
Berry Global, Inc.,
Term W Loan, 3 Month LIBOR + 2.000%
2.863%(c)   10/01/22     150   142,650
Reynolds Group Holdings, Inc.,
Incremental U.S. Term Loan, 1 Month LIBOR + 2.750%
3.739%(c)   02/06/23     257   242,818
              385,468
Pharmaceuticals — 0.3%
Bausch Health Co., Inc.,
Initial Term Loan, 1 Month LIBOR + 3.000%
3.612%(c)   06/02/25     697   662,007
Mallinckrodt International Finance SA,
2017 Term B Loan, 3 Month LIBOR + 2.750%
4.200%(c)   09/24/24     458   307,936
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Bank Loans (continued)
Pharmaceuticals (cont’d.)
2018 Incremental Term Loan, 3 Month LIBOR + 3.000%
4.704%(c)   02/24/25     139   $ 93,556
              1,063,499
Retail — 0.5%
Claire’s Stores, Inc.,
Term Loan B, 3 Month LIBOR + 6.500%
8.421%(c)   12/18/26^     636   524,294
EG America LLC (United Kingdom),
Second Lien Facility (USD), 3 Month LIBOR + 8.000%
9.072%(c)   04/20/26     532   407,087
Neiman Marcus Group Ltd. LLC,
Cash Pay PIK Ext Term Loan, 1 Month LIBOR + 6.500%
7.516%(c)   10/25/23     107   38,626
PetSmart, Inc.,
Tranche B-2 Loan, 6 Month LIBOR + 4.000%
5.000%(c)   03/11/22     636   609,891
Staples, Inc.,
2019 Refinancing New Term B-1 Loans, 1 Month LIBOR + 5.000%
6.515%(c)   04/16/26     299   232,295
Steinway Musical Instruments, Inc.,
First Lien Term Loan B, 1 Month LIBOR + 3.750%
4.455%(c)   02/13/25^     139   126,763
              1,938,956
Software — 0.9%
Boxer Parent Co., Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 4.250%
5.239%(c)   10/02/25     1,042   880,332
Finastra USA, Inc.,
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250%
9.027%(c)   06/13/25     1,075   800,875
Greeneden US Holdings II LLC,
Tranche B-3 Dollar Term Loan, 1 Month LIBOR + 3.250%
4.239%(c)   12/01/23     212   188,987
Informatica LLC,
Second Lien Initial Loan
7.125%   02/25/25     400   348,000
Term Loan
—%(p)   02/14/27     92   80,040
Kronos, Inc.,
Second Lien Initial Term Loan, 3 Month LIBOR + 8.250%
10.013%(c)   11/01/24     625   579,375
TIBCO Software, Inc.,
Second Lien Term Loan, 1 Month LIBOR + 7.250%
8.240%(c)   02/28/28^     650   604,500
Term Loan B-3, 1 Month LIBOR + 3.750%
4.740%(c)   06/30/26^     249   233,825
              3,715,934
Telecommunications — 0.4%
Avaya, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 4.250%
4.955%(c)   12/15/24     222   186,854
CenturyLink, Inc.,
Term B Loan, 1 Month LIBOR + 2.250%
3.239%(c)   03/15/27     249   227,104
 
A2
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Bank Loans (continued)
Telecommunications (cont’d.)
Cincinnati Bell, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 3.250%
4.250%(c)   10/02/24     349   $ 332,127
Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 1 - 6 Month LIBOR + 4.500%
5.491%(c)   11/01/24^     180   138,495
West Corp.,
Initial Term B Loan, 3 Month LIBOR + 4.000%
5.450%(c)   10/10/24^     200   151,612
Windstream Services LLC,
New Tranche B-6 Term Loan, PRIME + 5.000%
9.500%(c)   03/29/21^     133   79,716
Zayo Group Holdings, Inc.,
Initial Dollar Term Loan, 1 Month LIBOR + 3.000%
3.989%(c)   03/09/27     330   305,250
              1,421,158
 
Total Bank Loans

(cost $37,183,163)
   29,197,744
Convertible Bonds — 0.2%
Media — 0.2%
Liberty Interactive LLC,
Sr. Unsec’d. Notes
3.750%   02/15/30     368   191,539
4.000%   11/15/29     549   388,281
              579,820
Oil & Gas — 0.0%
Whiting Petroleum Corp.,
Gtd. Notes
1.250%   04/01/20     161   79,961
 
Total Convertible Bonds

(cost $789,077)
   659,781
Corporate Bonds — 78.4%
Advertising — 0.6%
Mood Media Borrower LLC/Mood Media Co-Issuer, Inc.,
Sec’d. Notes, 144A, Cash pays ((6 Month LIBOR + 14.000%)/(1—Statutory Reserves)) or PIK 8.000% (Cap N/A, Floor 1.000%)
15.910%(c)   12/31/23^     95   54,132
National CineMedia LLC,
Sr. Sec’d. Notes, 144A
5.875%   04/15/28(a)     425   296,356
Sr. Unsec’d. Notes
5.750%   08/15/26     1,365   897,478
Terrier Media Buyer, Inc.,
Gtd. Notes, 144A
8.875%   12/15/27     1,470   1,259,147
              2,507,113
Aerospace & Defense — 1.7%
Arconic, Inc.,
Sr. Unsec’d. Notes
6.750%   01/15/28     483   465,496
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.450%   05/01/34     75   $ 48,114
7.500%   12/01/24     2,575   1,705,445
7.500%   03/15/25(a)     1,810   1,271,731
7.875%   04/15/27     2,900   1,999,572
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A
9.750%   12/31/23     775   812,368
TransDigm UK Holdings PLC,
Gtd. Notes
6.875%   05/15/26     75   70,436
TransDigm, Inc.,
Sr. Sec’d. Notes, 144A
6.250%   03/15/26     282   280,671
              6,653,833
Agriculture — 0.4%
Vector Group Ltd.,
Gtd. Notes, 144A
10.500%   11/01/26     300   250,533
Sr. Sec’d. Notes, 144A
6.125%   02/01/25     1,575   1,433,271
              1,683,804
Airlines — 0.0%
United Airlines Holdings, Inc.,
Gtd. Notes
5.000%   02/01/24(a)     234   199,391
Auto Manufacturers — 1.2%
Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%   10/01/24     385   371,783
5.875%   06/01/29     380   372,400
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%   01/15/43     1,200   611,922
5.291%   12/08/46     1,650   961,463
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.343%   11/02/20     250   241,767
4.271%   01/09/27     285   243,031
4.542%   08/01/26     445   389,698
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A
7.125%   04/15/26     219   205,887
Navistar International Corp.,
Gtd. Notes, 144A
6.625%   11/01/25     1,700   1,436,921
              4,834,872
Auto Parts & Equipment — 1.7%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A
4.875%   08/15/26(a)     1,450   1,007,761
 
A3
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Auto Parts & Equipment (cont’d.)
Adient US LLC,
Sr. Sec’d. Notes, 144A
7.000%   05/15/26     15   $ 13,885
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.250%   04/01/25(a)     920   737,192
6.250%   03/15/26(a)     2,243   1,720,795
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A
5.625%   11/15/26(a)     930   697,575
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
6.500%   06/01/26(a)     1,250   1,081,503
Dana, Inc.,
Sr. Unsec’d. Notes
5.375%   11/15/27     240   195,914
5.500%   12/15/24     15   13,273
Delphi Technologies PLC,
Gtd. Notes, 144A
5.000%   10/01/25     375   300,650
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.,
Sr. Sec’d. Notes, 144A
6.250%   05/15/26     195   181,931
Tenneco, Inc.,
Gtd. Notes
5.000%   07/15/26     160   100,374
5.375%   12/15/24     255   158,816
Titan International, Inc.,
Sr. Sec’d. Notes
6.500%   11/30/23     900   409,973
              6,619,642
Banks — 0.5%
Bank of America Corp.,
Jr. Sub. Notes, Series AA
6.100%(ff)   –(rr)     308   314,020
Barclays PLC (United Kingdom),
Jr. Sub. Notes
7.750%(ff)   –(rr)     330   291,455
CIT Group, Inc.,
Sr. Unsec’d. Notes
5.250%   03/07/25     200   194,928
Citigroup, Inc.,
Jr. Sub. Notes, Series R
6.125%(ff)   –(rr)     370   345,553
Royal Bank of Scotland Group PLC (United Kingdom),
Jr. Sub. Notes
7.500%(ff)   –(rr)     280   259,087
8.625%(ff)   –(rr)     225   222,867
Sub. Notes
6.000%   12/19/23     250   259,049
              1,886,959
Building Materials — 1.2%
American Woodmark Corp.,
Gtd. Notes, 144A
4.875%   03/15/26     15   13,985
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Building Materials (cont’d.)
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A
8.000%   04/15/26(a)     600   $ 519,158
Griffon Corp.,
Gtd. Notes, 144A
5.750%   03/01/28     425   399,445
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.875%   12/15/27(a)     365   321,025
Patrick Industries, Inc.,
Gtd. Notes, 144A
7.500%   10/15/27     575   563,466
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.750%   01/15/28     1,185   1,089,655
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes
6.125%   07/15/23     206   205,340
Gtd. Notes, 144A
5.125%   06/01/25     112   104,162
U.S. Concrete, Inc.,
Gtd. Notes
6.375%   06/01/24(a)     1,750   1,577,253
              4,793,489
Chemicals — 3.4%
Ashland LLC,
Gtd. Notes
6.875%   05/15/43     1,175   1,197,468
Atotech Alpha 2 BV (Germany),
Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%
8.750%   06/01/23(a)     1,400   1,267,158
Chemours Co. (The),
Gtd. Notes
5.375%   05/15/27     450   349,656
6.625%   05/15/23     245   208,011
7.000%   05/15/25(a)     1,946   1,618,334
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A
6.750%   08/15/24     1,005   832,547
CVR Partners LP/CVR Nitrogen Finance Corp.,
Sec’d. Notes, 144A
9.250%   06/15/23     1,102   871,008
Hexion, Inc.,
Gtd. Notes, 144A
7.875%   07/15/27     1,410   1,200,575
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
5.000%   05/01/25     393   330,246
5.250%   06/01/27     1,153   971,185
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A
7.250%   04/01/25     960   811,097
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands),
Sr. Unsec’d. Notes, 144A
8.000%   10/01/26(a)     1,375   1,303,722
 
A4
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Chemicals (cont’d.)
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A
10.500%   08/01/24     800   $ 654,844
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.,
Gtd. Notes, 144A
5.375%   09/01/25(a)     463   390,810
Tronox Finance PLC,
Gtd. Notes, 144A
5.750%   10/01/25(a)     680   605,998
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A
5.750%   07/15/25     1,068   832,837
              13,445,496
Coal — 0.0%
Peabody Energy Corp.,
Sr. Sec’d. Notes, 144A
6.000%   03/31/22     134   93,475
Commercial Services — 3.8%
ACE Cash Express, Inc.,
Sr. Sec’d. Notes, 144A
12.000%   12/15/22     544   411,023
ADT Security Corp. (The),
Sr. Sec’d. Notes, 144A
4.875%   07/15/32     370   314,219
Ahern Rentals, Inc.,
Sec’d. Notes, 144A
7.375%   05/15/23     642   373,328
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%   07/15/26     106   104,474
Sr. Unsec’d. Notes, 144A
9.750%   07/15/27     1,352   1,273,201
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A
5.250%   03/15/25     608   466,986
5.750%   07/15/27(a)     227   180,353
6.375%   04/01/24     110   89,750
Brink’s Co. (The),
Gtd. Notes, 144A
4.625%   10/15/27(a)     692   638,110
Herc Holdings, Inc.,
Gtd. Notes, 144A
5.500%   07/15/27(a)     289   268,991
Hertz Corp. (The),
Gtd. Notes, 144A
5.500%   10/15/24(a)     584   333,970
6.000%   01/15/28     379   198,000
7.125%   08/01/26     255   135,006
Sec’d. Notes, 144A
7.625%   06/01/22     69   55,797
Laureate Education, Inc.,
Gtd. Notes, 144A
8.250%   05/01/25     1,600   1,590,137
MPH Acquisition Holdings LLC,
Gtd. Notes, 144A
7.125%   06/01/24(a)     393   345,825
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Commercial Services (cont’d.)
Nielsen Co. Luxembourg SARL (The),
Gtd. Notes, 144A
5.000%   02/01/25(a)     126   $ 118,667
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A
8.250%   11/15/26     141   149,736
Team Health Holdings, Inc.,
Gtd. Notes, 144A
6.375%   02/01/25(a)     1,106   387,775
United Rentals North America, Inc.,
Gtd. Notes
4.875%   01/15/28     2,280   2,226,517
5.250%   01/15/30     2,500   2,498,482
5.875%   09/15/26     521   528,378
6.500%   12/15/26     796   808,948
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A
9.750%   08/15/26(a)     1,270   1,269,245
              14,766,918
Computers — 1.2%
Banff Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A
9.750%   09/01/26     2,905   2,544,486
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A
5.875%   06/15/21     142   142,033
Everi Payments, Inc.,
Gtd. Notes, 144A
7.500%   12/15/25     886   637,421
Exela Intermediate LLC/Exela Finance, Inc.,
Sr. Sec’d. Notes, 144A
10.000%   07/15/23     1,134   314,760
MTS Systems Corp.,
Gtd. Notes, 144A
5.750%   08/15/27     205   191,541
NCR Corp.,
Gtd. Notes, 144A
5.750%   09/01/27(a)     655   600,684
6.125%   09/01/29     215   201,809
Presidio Holdings, Inc.,
Sr. Sec’d. Notes, 144A
4.875%   02/01/27     150   132,428
              4,765,162
Cosmetics/Personal Care — 0.0%
Revlon Consumer Products Corp.,
Gtd. Notes
6.250%   08/01/24     229   56,035
Distribution/Wholesale — 0.3%
H&E Equipment Services, Inc.,
Gtd. Notes
5.625%   09/01/25(a)     300   280,771
Performance Food Group, Inc.,
Gtd. Notes, 144A
5.500%   10/15/27     171   158,589
 
A5
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Distribution/Wholesale (cont’d.)
Wolverine Escrow LLC,
Sr. Sec’d. Notes, 144A
9.000%   11/15/26     465   $ 374,376
Sr. Unsec’d. Notes, 144A
13.125%   11/15/27     215   172,014
              985,750
Diversified Financial Services — 3.2%
Alliance Data Systems Corp.,
Gtd. Notes, 144A
4.750%   12/15/24     650   490,816
Ally Financial, Inc.,
Gtd. Notes
8.000%   11/01/31     320   370,574
Sub. Notes
5.750%   11/20/25     480   469,768
CNG Holdings, Inc.,
Sr. Sec’d. Notes, 144A
12.500%   06/15/24     539   439,101
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.875%   07/15/24     590   557,467
Global Aircraft Leasing Co. Ltd. (Cayman Islands),
Sr. Unsec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%
6.500%   09/15/24     300   193,138
ILFC E-Capital Trust II,
Ltd. Gtd. Notes, 144A
3.570%(cc)   12/21/65     1,206   603,000
LPL Holdings, Inc.,
Gtd. Notes, 144A
5.750%   09/15/25     305   292,887
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
6.000%   01/15/27     550   461,610
8.125%   07/15/23     293   286,875
9.125%   07/15/26     3,572   3,243,844
Quicken Loans, Inc.,
Gtd. Notes, 144A
5.750%   05/01/25     680   676,535
Springleaf Finance Corp.,
Gtd. Notes
6.625%   01/15/28     1,020   963,085
7.125%   03/15/26     3,546   3,489,884
              12,538,584
Electric — 2.1%
Calpine Corp.,
Sr. Sec’d. Notes, 144A
5.250%   06/01/26     325   309,852
Sr. Unsec’d. Notes
5.750%   01/15/25     2,250   2,123,624
Sr. Unsec’d. Notes, 144A
5.125%   03/15/28     3,551   3,271,714
Keystone Power Pass-Through Holders LLC/Conemaugh Power
Pass-Through Holders,
Gtd. Notes, 144A
9.000%   12/01/23     214   214,286
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Keystone Power Pass-Through Holders LLC/Conemaugh Power
Pass-Through Holders, (cont’d.)
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A
13.000%   06/01/24     678   $ 670,260
NextEra Energy Operating Partners LP,
Gtd. Notes, 144A
4.250%   07/15/24     143   141,638
4.500%   09/15/27(a)     275   269,808
NRG Energy, Inc.,
Gtd. Notes
5.750%   01/15/28     775   784,669
6.625%   01/15/27     273   282,957
Gtd. Notes, 144A
5.250%   06/15/29     47   48,391
Terraform Global Operating LLC,
Gtd. Notes, 144A
6.125%   03/01/26     145   142,468
Texas Competitive Electric Holdings Co. LLC, Escrow Shares,
Notes
5.000%   12/30/20^     3,975   397
Notes, 144A
5.000%   10/10/99^     6,875   3,437
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.500%   09/01/26     101   104,092
5.625%   02/15/27     4   4,124
              8,371,717
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc.,
Gtd. Notes, 144A
6.375%   07/15/26     130   131,285
7.750%   01/15/27     315   325,271
WESCO Distribution, Inc.,
Gtd. Notes
5.375%   06/15/24     205   173,759
              630,315
Electronics — 0.1%
Sensata Technologies BV,
Gtd. Notes, 144A
5.000%   10/01/25     227   216,224
Energy-Alternate Sources — 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A
6.500%   01/15/26     75   71,955
TerraForm Power Operating LLC,
Gtd. Notes, 144A
5.000%   01/31/28     205   214,979
              286,934
Engineering & Construction — 0.4%
MasTec, Inc.,
Gtd. Notes
4.875%   03/15/23     435   403,488
 
A6
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Engineering & Construction (cont’d.)
TopBuild Corp.,
Gtd. Notes, 144A
5.625%   05/01/26     1,250   $ 1,148,650
              1,552,138
Entertainment — 3.6%
AMC Entertainment Holdings, Inc.,
Gtd. Notes
5.750%   06/15/25(a)     1,165   494,867
5.875%   11/15/26(a)     2,894   1,204,839
6.125%   05/15/27(a)     275   114,603
Boyne USA, Inc.,
Sec’d. Notes, 144A
7.250%   05/01/25     143   135,524
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A
5.250%   10/15/25(a)     2,500   1,803,666
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.000%   03/15/22     294   242,503
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
Gtd. Notes
5.375%   04/15/27     18   15,390
Chukchansi Economic Development Authority,
Sec’d. Notes, 144A
9.750%   05/30/20     635   315,043
Cinemark USA, Inc.,
Gtd. Notes
4.875%   06/01/23     244   182,254
Downstream Development Authority of the Quapaw Tribe of Oklahoma,
Sr. Sec’d. Notes, 144A
10.500%   02/15/23     554   415,519
Eldorado Resorts, Inc.,
Gtd. Notes
7.000%   08/01/23     760   690,179
Enterprise Development Authority (The),
Sr. Sec’d. Notes, 144A
12.000%   07/15/24     273   237,327
Gateway Casinos & Entertainment Ltd. (Canada),
Sec’d. Notes, 144A
8.250%   03/01/24     340   297,434
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
7.625%   04/15/26     1,650   1,087,625
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
6.250%   01/15/27(a)     1,125   982,610
6.500%   02/15/25     600   529,255
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A
7.875%   02/01/24     1,050   853,930
Live Nation Entertainment, Inc.,
Gtd. Notes, 144A
4.750%   10/15/27     225   201,371
5.625%   03/15/26     268   240,499
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Entertainment (cont’d.)
Merlin Entertainments Ltd. (United Kingdom),
Gtd. Notes, 144A
5.750%   06/15/26     200   $ 168,561
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A
6.625%   11/15/27(a)     200   152,388
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%   01/15/27     1,325   987,457
Scientific Games International, Inc.,
Gtd. Notes, 144A
7.000%   05/15/28     100   61,958
7.250%   11/15/29     425   267,113
8.250%   03/15/26(a)     1,550   992,484
Six Flags Entertainment Corp.,
Gtd. Notes, 144A
5.500%   04/15/27(a)     389   328,207
Twin River Worldwide Holdings, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%   06/01/27(a)     900   682,906
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
5.125%   10/01/29     288   265,865
              13,951,377
Food Service — 0.1%
Aramark Services, Inc.,
Gtd. Notes, 144A
5.000%   02/01/28(a)     505   471,708
Foods — 1.6%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes
6.625%   06/15/24     65   66,001
Gtd. Notes, 144A
4.625%   01/15/27     765   760,878
7.500%   03/15/26     262   282,679
B&G Foods, Inc.,
Gtd. Notes
5.250%   04/01/25(a)     475   474,212
5.250%   09/15/27(a)     700   685,175
Dole Food Co., Inc.,
Sr. Sec’d. Notes, 144A
7.250%   06/15/25(a)     585   442,840
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A
5.750%   06/15/25     508   512,766
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A
6.500%   04/15/29     600   643,001
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.875%   11/01/26     359   365,521
New Albertsons LP,
Sr. Unsec’d. Notes
7.750%   06/15/26     65   60,966
8.000%   05/01/31     190   188,345
 
A7
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Foods (cont’d.)
Picard Bondco SA (Luxembourg),
Gtd. Notes
5.500%   11/30/24   EUR 100   $ 99,261
Picard Groupe SAS (France),
Sr. Sec’d. Notes, 3 Month EURIBOR + 3.000%
3.000%(c)   11/30/23   EUR 600   618,367
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
5.875%   09/30/27(a)     400   402,172
Post Holdings, Inc.,
Gtd. Notes, 144A
4.625%   04/15/30     144   137,794
5.000%   08/15/26     306   314,747
5.500%   12/15/29     15   15,577
5.625%   01/15/28     15   15,256
Sysco Corp.,
Gtd. Notes
5.650%   04/01/25     50   52,018
5.950%   04/01/30     35   36,927
              6,174,503
Gas — 0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.500%   05/20/25     1,478   1,358,011
5.750%   05/20/27     123   113,510
5.875%   08/20/26     1,028   986,098
              2,457,619
Healthcare-Products — 0.1%
Hologic, Inc.,
Gtd. Notes, 144A
4.375%   10/15/25     221   220,763
Healthcare-Services — 4.9%
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A
4.875%   01/15/26     274   244,386
5.000%   07/15/27     41   40,420
Centene Corp.,
Sr. Unsec’d. Notes, 144A
3.375%   02/15/30     300   279,238
4.625%   12/15/29     727   730,635
5.250%   04/01/25     270   274,293
CHS/Community Health Systems, Inc.,
Sr. Sec’d. Notes
6.250%   03/31/23     453   430,707
DaVita, Inc.,
Gtd. Notes
5.000%   05/01/25(a)     360   359,600
5.125%   07/15/24     102   101,306
Envision Healthcare Corp.,
Gtd. Notes, 144A
8.750%   10/15/26     205   49,712
Hadrian Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A
8.500%   05/01/26     271   202,176
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
HCA, Inc.,
Gtd. Notes
3.500%   09/01/30     15   $ 13,659
5.375%   02/01/25     2,255   2,310,496
5.625%   09/01/28     441   465,469
5.875%   02/15/26     1,655   1,735,380
IQVIA, Inc.,
Gtd. Notes, 144A
5.000%   05/15/27     200   204,377
MEDNAX, Inc.,
Gtd. Notes, 144A
6.250%   01/15/27(a)     615   493,974
Polaris Intermediate Corp.,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%
8.500%   12/01/22(a)     2,535   2,001,603
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A
9.750%   12/01/26     2,475   2,372,743
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A
6.750%   07/01/25     200   146,108
10.000%   04/15/27(a)     825   596,480
Tenet Healthcare Corp.,
Sec’d. Notes, 144A
6.250%   02/01/27     704   686,316
Sr. Sec’d. Notes
4.625%   07/15/24     636   605,799
Sr. Sec’d. Notes, 144A
4.625%   09/01/24(a)     119   114,172
4.875%   01/01/26     965   920,762
Sr. Unsec’d. Notes
6.875%   11/15/31     2,400   2,016,621
8.125%   04/01/22     1,780   1,681,410
              19,077,842
Home Builders — 3.5%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A
6.750%   08/01/25     1,200   944,806
9.875%   04/01/27     925   925,000
Beazer Homes USA, Inc.,
Gtd. Notes
5.875%   10/15/27(a)     825   622,344
6.750%   03/15/25     1,400   1,167,690
7.250%   10/15/29     375   292,503
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.
(Canada),
Gtd. Notes, 144A
4.875%   02/15/30     675   516,887
6.250%   09/15/27     1,100   955,078
6.375%   05/15/25     900   807,817
Century Communities, Inc.,
Gtd. Notes
6.750%   06/01/27     775   627,164
Forestar Group, Inc.,
Gtd. Notes, 144A
5.000%   03/01/28     425   352,790
 
A8
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Home Builders (cont’d.)
Forestar Group, Inc., (cont’d.)
8.000%   04/15/24     675   $ 678,273
KB Home,
Gtd. Notes
4.800%   11/15/29     225   191,542
M/I Homes, Inc.,
Gtd. Notes
5.625%   08/01/25     850   763,399
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%   03/01/30     800   695,376
Meritage Homes Corp.,
Gtd. Notes
5.125%   06/06/27(a)     925   878,357
New Home Co., Inc. (The),
Gtd. Notes
7.250%   04/01/22     475   412,597
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.750%   01/15/28     350   317,846
5.875%   01/31/25     1,300   1,201,227
6.625%   07/15/27     1,575   1,417,624
              13,768,320
Home Furnishings — 0.2%
Tempur Sealy International, Inc.,
Gtd. Notes
5.500%   06/15/26     848   751,402
Household Products/Wares — 0.3%
ACCO Brands Corp.,
Gtd. Notes, 144A
5.250%   12/15/24(a)     318   302,707
Prestige Brands, Inc.,
Gtd. Notes, 144A
5.125%   01/15/28     105   105,005
Spectrum Brands, Inc.,
Gtd. Notes
5.750%   07/15/25     237   223,280
6.125%   12/15/24     443   422,225
Gtd. Notes, 144A
5.000%   10/01/29     278   241,524
              1,294,741
Housewares — 0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.200%   04/01/26     185   180,739
5.375%   04/01/36     80   80,386
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.500%   10/15/29     76   72,381
              333,506
Internet — 0.3%
Netflix, Inc.,
Sr. Unsec’d. Notes
5.875%   11/15/28(a)     313   336,584
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Internet (cont’d.)
Netflix, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A
5.375%   11/15/29     540   $ 564,588
Photo Holdings Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.500%   10/01/26     575   466,571
              1,367,743
Iron/Steel — 0.5%
Allegheny Technologies, Inc.,
Sr. Unsec’d. Notes
5.875%   12/01/27     155   129,074
Cleveland-Cliffs, Inc.,
Gtd. Notes
5.750%   03/01/25(a)     437   338,456
Gtd. Notes, 144A
5.875%   06/01/27     1,795   1,089,484
Commercial Metals Co.,
Sr. Unsec’d. Notes
4.875%   05/15/23     67   63,135
5.375%   07/15/27     181   165,785
              1,785,934
Leisure Time — 0.2%
Constellation Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A
8.500%   09/15/25(a)     363   217,800
NCL Corp. Ltd.,
Sr. Unsec’d. Notes, 144A
3.625%   12/15/24     175   111,784
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes
2.650%   11/28/20     100   91,485
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%   09/15/27     625   373,923
              794,992
Lodging — 1.4%
Boyd Gaming Corp.,
Gtd. Notes
6.000%   08/15/26     180   154,784
Hilton Domestic Operating Co., Inc.,
Gtd. Notes
4.875%   01/15/30     189   163,554
5.125%   05/01/26     156   149,113
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower,
Inc.,
Gtd. Notes
6.125%   12/01/24     219   198,379
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes
4.625%   04/01/25     123   114,793
4.875%   04/01/27     230   218,472
Marriott Ownership Resorts, Inc.,
Gtd. Notes, 144A
4.750%   01/15/28     50   38,018
 
A9
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Lodging (cont’d.)
Marriott Ownership Resorts, Inc./ILG LLC,
Gtd. Notes, 144A
6.500%   09/15/26     277   $ 235,450
MGM Resorts International,
Gtd. Notes
4.625%   09/01/26(a)     723   613,761
5.500%   04/15/27(a)     553   502,335
5.750%   06/15/25(a)     243   217,483
Station Casinos LLC,
Gtd. Notes, 144A
4.500%   02/15/28     1,225   988,552
5.000%   10/01/25     331   275,396
Wyndham Destinations, Inc.,
Sr. Sec’d. Notes
5.400%   04/01/24     149   126,521
5.750%   04/01/27     197   166,127
6.350%   10/01/25     164   141,444
Sr. Sec’d. Notes, 144A
4.625%   03/01/30(a)     350   269,551
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A
5.500%   03/01/25     335   311,830
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.125%   12/15/29(a)     600   510,462
              5,396,025
Machinery-Construction & Mining — 0.1%
BWX Technologies, Inc.,
Gtd. Notes, 144A
5.375%   07/15/26     230   222,164
Terex Corp.,
Gtd. Notes, 144A
5.625%   02/01/25     230   216,168
              438,332
Machinery-Diversified — 0.4%
ATS Automation Tooling Systems, Inc. (Canada),
Gtd. Notes, 144A
6.500%   06/15/23     205   201,864
Cloud Crane LLC,
Sec’d. Notes, 144A
10.125%   08/01/24     1,825   1,447,220
              1,649,084
Media — 8.1%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A
7.500%   05/15/26     320   311,665
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
4.750%   03/01/30     1,056   1,051,986
5.000%   02/01/28     685   687,598
5.125%   05/01/27     988   993,587
5.500%   05/01/26     617   625,440
5.750%   02/15/26(a)     1,606   1,636,495
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Media (cont’d.)
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, 144A
9.250%   02/15/24(a)     5,190   $ 4,461,797
Sr. Sec’d. Notes, 144A
5.125%   08/15/27     327   308,579
CSC Holdings LLC,
Gtd. Notes, 144A
5.375%   07/15/23     325   328,265
6.500%   02/01/29     805   867,915
Sr. Unsec’d. Notes, 144A
7.500%   04/01/28(a)     425   453,290
7.750%   07/15/25     500   519,256
Cumulus Media New Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.750%   07/01/26(a)     700   623,498
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A
6.625%   08/15/27(a)     3,750   2,504,231
Sr. Sec’d. Notes, 144A
5.375%   08/15/26     1,095   889,646
DISH DBS Corp.,
Gtd. Notes
5.875%   11/15/24     1,414   1,374,550
7.750%   07/01/26(a)     2,311   2,375,405
Entercom Media Corp.,
Gtd. Notes, 144A
7.250%   11/01/24(a)     355   296,868
Sec’d. Notes, 144A
6.500%   05/01/27(a)     730   642,206
GCI LLC,
Sr. Unsec’d. Notes
6.875%   04/15/25     260   256,208
Gray Television, Inc.,
Gtd. Notes, 144A
5.875%   07/15/26(a)     1,028   916,659
7.000%   05/15/27     400   397,769
iHeartCommunications, Inc.,
Gtd. Notes
8.375%   05/01/27     1,453   1,245,498
Sr. Sec’d. Notes, 144A
5.250%   08/15/27     173   152,277
iHeartCommunications, Inc., Escrow Shares,
Sr. Sec’d. Notes
9.000%   12/31/99^     188   —
Meredith Corp.,
Gtd. Notes
6.875%   02/01/26     170   146,170
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A
5.375%   08/15/27     350   343,900
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A
5.625%   08/01/24     240   228,891
5.625%   07/15/27(a)     380   371,392
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A
6.625%   02/15/25(a)     475   397,285
 
A10
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Media (cont’d.)
Radiate Holdco LLC/Radiate Finance, Inc., (cont’d.)
6.875%   02/15/23     1,440   $ 1,299,133
Scripps Escrow, Inc.,
Gtd. Notes, 144A
5.875%   07/15/27     385   343,669
Sinclair Television Group, Inc.,
Gtd. Notes, 144A
5.625%   08/01/24(a)     326   300,297
5.875%   03/15/26     500   445,000
Sirius XM Radio, Inc.,
Gtd. Notes, 144A
4.625%   05/15/23     115   115,126
4.625%   07/15/24     226   229,260
5.000%   08/01/27     133   135,116
5.375%   04/15/25     367   373,230
5.375%   07/15/26     161   162,967
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
5.125%   02/15/25(a)     1,370   1,167,468
UPC Holding BV (Netherlands),
Sr. Sec’d. Notes, 144A
5.500%   01/15/28     230   218,076
ViacomCBS, Inc.,
Jr. Sub. Notes
5.875%(ff)   02/28/57     425   362,383
6.250%(ff)   02/28/57     444   389,742
Videotron Ltd. (Canada),
Gtd. Notes, 144A
5.125%   04/15/27     340   345,362
5.375%   06/15/24     55   55,796
Virgin Media Finance PLC (United Kingdom),
Gtd. Notes, 144A
5.750%   01/15/25     198   193,129
              31,544,080
Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc.,
Gtd. Notes, 144A
5.000%   09/30/27     80   71,328
Hillman Group, Inc. (The),
Gtd. Notes, 144A
6.375%   07/15/22     185   143,386
              214,714
Mining — 2.3%
Alcoa Nederland Holding BV,
Gtd. Notes, 144A
6.750%   09/30/24     252   244,075
7.000%   09/30/26     200   185,839
Arconic Corp.,
Sec’d. Notes, 144A
6.125%   02/15/28     170   174,449
Constellium SE,
Gtd. Notes, 144A
5.875%   02/15/26(a)     950   832,139
6.625%   03/01/25(a)     565   508,512
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
Eldorado Gold Corp. (Canada),
Sec’d. Notes, 144A
9.500%   06/01/24     1,175   $ 1,149,328
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.500%   03/01/24     400   334,023
6.875%   03/01/26     200   160,220
7.500%   04/01/25     1,125   945,673
Freeport-McMoRan, Inc.,
Gtd. Notes
3.875%   03/15/23     545   518,708
4.550%   11/14/24     565   532,537
Hecla Mining Co.,
Gtd. Notes
7.250%   02/15/28     525   462,047
IAMGOLD Corp. (Canada),
Gtd. Notes, 144A
7.000%   04/15/25     1,205   1,148,128
New Gold, Inc. (Canada),
Gtd. Notes, 144A
6.250%   11/15/22     200   194,340
6.375%   05/15/25(a)     885   823,705
Novelis Corp.,
Gtd. Notes, 144A
5.875%   09/30/26     915   905,416
              9,119,139
Miscellaneous Manufacturing — 0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%   07/01/27     375   370,195
Sr. Unsec’d. Notes, 144A
4.625%   05/15/30     545   489,838
              860,033
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
4.250%   04/01/28(a)     385   377,747
Oil & Gas — 4.8%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes
7.875%   12/15/24(d)     5,175   26,378
Antero Resources Corp.,
Gtd. Notes
5.000%   03/01/25     1,475   563,531
5.125%   12/01/22     640   344,925
5.375%   11/01/21     968   703,980
5.625%   06/01/23     2,023   848,578
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A
7.000%   11/01/26     1,925   552,097
10.000%   04/01/22     1,311   701,331
Baytex Energy Corp. (Canada),
Sr. Unsec’d. Notes, 144A
8.750%   04/01/27(a)     275   104,789
 
A11
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Callon Petroleum Co.,
Gtd. Notes
6.125%   10/01/24     17   $ 3,035
6.250%   04/15/23     240   57,354
6.375%   07/01/26     78   12,486
Centennial Resource Production LLC,
Gtd. Notes, 144A
5.375%   01/15/26(a)     425   102,468
Chesapeake Energy Corp.,
Sec’d. Notes, 144A
11.500%   01/01/25     111   17,768
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A
9.250%   08/01/24     1,600   1,319,934
CNX Resources Corp.,
Gtd. Notes
5.875%   04/15/22     796   728,220
Gtd. Notes, 144A
7.250%   03/14/27     975   686,959
Comstock Resources, Inc.,
Gtd. Notes, 144A
7.500%   05/15/25     314   219,767
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%   10/15/25     306   154,493
Denbury Resources, Inc.,
Sec’d. Notes, 144A
9.000%   05/15/21     365   106,789
Diamond Offshore Drilling, Inc.,
Sr. Unsec’d. Notes
7.875%   08/15/25     850   218,943
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%   01/30/28     780   527,129
EP Energy LLC/Everest Acquisition Finance, Inc.,
Sec’d. Notes, 144A
9.375%   05/01/24(d)     674   10,534
Sr. Sec’d. Notes, 144A
7.750%   05/15/26(d)     856   134,762
8.000%   11/29/24(d)     248   6,585
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A
5.625%   02/01/26     2,075   337,952
7.375%   05/15/24     800   142,669
Gulfport Energy Corp.,
Gtd. Notes
6.000%   10/15/24     155   37,684
6.375%   05/15/25     59   14,299
6.375%   01/15/26     542   113,663
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.000%   12/01/24     218   101,754
5.750%   10/01/25(a)     1,526   716,391
6.250%   11/01/28     475   213,575
Ithaca Energy North Sea PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
9.375%   07/15/24     252   128,463
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Matador Resources Co.,
Gtd. Notes
5.875%   09/15/26     117   $ 34,291
MEG Energy Corp. (Canada),
Sec’d. Notes, 144A
6.500%   01/15/25     87   55,102
Sr. Unsec’d. Notes, 144A
7.125%   02/01/27     1,536   763,952
Nabors Industries Ltd.,
Gtd. Notes, 144A
7.250%   01/15/26     320   108,298
7.500%   01/15/28     700   191,327
Nabors Industries, Inc.,
Gtd. Notes
5.750%   02/01/25     2,050   451,803
Noble Holding International Ltd.,
Gtd. Notes
6.200%   08/01/40     232   13,302
Oasis Petroleum, Inc.,
Gtd. Notes
6.875%   03/15/22     54   10,731
6.875%   01/15/23     8   1,640
Gtd. Notes, 144A
6.250%   05/01/26     740   116,965
Parsley Energy LLC/Parsley Finance Corp.,
Gtd. Notes, 144A
5.625%   10/15/27     102   71,911
PBF Holding Co. LLC/PBF Finance Corp.,
Gtd. Notes, 144A
6.000%   02/15/28     190   127,723
Precision Drilling Corp. (Canada),
Gtd. Notes
5.250%   11/15/24     39   15,847
Gtd. Notes, 144A
7.125%   01/15/26     1,936   703,963
QEP Resources, Inc.,
Sr. Unsec’d. Notes
5.250%   05/01/23     97   37,802
5.625%   03/01/26     192   70,175
Range Resources Corp.,
Gtd. Notes
5.000%   03/15/23     610   445,312
5.875%   07/01/22     504   361,712
Gtd. Notes, 144A
9.250%   02/01/26(a)     995   611,224
Shelf Drilling Holdings Ltd. (United Arab Emirates),
Gtd. Notes, 144A
8.250%   02/15/25     406   173,612
SM Energy Co.,
Sr. Unsec’d. Notes
6.625%   01/15/27     137   41,228
6.750%   09/15/26     65   19,577
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes
5.500%   02/15/26(a)     675   583,905
5.875%   03/15/28     25   20,882
 
A12
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Transocean Pontus Ltd.,
Sr. Sec’d. Notes, 144A
6.125%   08/01/25(a)     363   $ 287,501
Transocean Poseidon Ltd.,
Sr. Sec’d. Notes, 144A
6.875%   02/01/27     154   123,377
Transocean, Inc.,
Gtd. Notes, 144A
7.250%   11/01/25(a)     1,750   878,172
7.500%   01/15/26     800   369,970
8.000%   02/01/27     1,255   595,524
Ultra Resources, Inc.,
Sec’d. Notes, Cash coupon 9.000% and PIK 2.000%
11.000%   07/12/24     1,292   62,500
Valaris PLC (Saudi Arabia),
Sr. Unsec’d. Notes
5.750%   10/01/44     375   31,977
7.375%   06/15/25     75   15,164
7.750%   02/01/26     1,650   151,548
W&T Offshore, Inc.,
Sec’d. Notes, 144A
9.750%   11/01/23     501   115,738
Whiting Petroleum Corp.,
Gtd. Notes
5.750%   03/15/21     160   10,776
6.250%   04/01/23     200   17,041
WPX Energy, Inc.,
Sr. Unsec’d. Notes
5.250%   09/15/24     240   146,401
5.250%   10/15/27     875   481,326
5.750%   06/01/26(a)     300   172,728
8.250%   08/01/23     300   220,191
              18,671,503
Oil & Gas Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.,
Gtd. Notes
6.000%   10/01/22     565   565,000
Gtd. Notes, 144A
6.875%   04/01/27     53   37,582
Oceaneering International, Inc.,
Sr. Unsec’d. Notes
6.000%   02/01/28     190   74,672
Telford Offshore Ltd. (United Arab Emirates),
Sec’d. Notes, Cash coupon 12.000% or PIK N/A
12.000%   –(rr)     549   175,932
              853,186
Packaging & Containers — 0.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Gtd. Notes, 144A
6.000%   02/15/25     500   501,321
Berry Global, Inc.,
Sr. Sec’d. Notes, 144A
4.875%   07/15/26     240   242,494
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Packaging & Containers (cont’d.)
Greif, Inc.,
Gtd. Notes, 144A
6.500%   03/01/27     259   $ 248,164
LABL Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A
6.750%   07/15/26     305   285,764
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A
5.500%   04/15/24     210   193,126
Sr. Unsec’d. Notes, 144A
7.250%   04/15/25(a)     470   362,513
Trivium Packaging Finance BV (Netherlands),
Sr. Sec’d. Notes, 144A
5.500%   08/15/26     200   199,418
              2,032,800
Pharmaceuticals — 1.4%
Bausch Health Americas, Inc.,
Gtd. Notes, 144A
8.500%   01/31/27     805   841,580
9.250%   04/01/26     768   808,396
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%   01/30/28(a)     771   729,922
5.250%   01/30/30     326   308,571
5.875%   05/15/23     60   59,240
7.000%   01/15/28(a)     1,172   1,214,581
7.250%   05/30/29     161   167,280
9.000%   12/15/25     908   956,782
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A
6.000%   07/15/23     400   294,844
Mallinckrodt International Finance SA/Mallinckrodt CB LLC,
Gtd. Notes, 144A
5.500%   04/15/25     245   49,822
Par Pharmaceutical, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   04/01/27     156   155,149
              5,586,167
Pipelines — 2.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes
5.375%   09/15/24     765   536,302
Gtd. Notes, 144A
5.750%   01/15/28     1,736   1,114,246
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Gtd. Notes, 144A
6.125%   11/15/22     405   305,888
Buckeye Partners LP,
Sr. Unsec’d. Notes, 144A
4.125%   03/01/25     215   181,070
4.500%   03/01/28     215   176,650
Cheniere Energy Partners LP,
Gtd. Notes
5.625%   10/01/26     120   110,400
 
A13
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
Cheniere Energy Partners LP, (cont’d.)
Sr. Sec’d. Notes
5.250%   10/01/25     185   $ 170,200
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
Gtd. Notes
5.750%   04/01/25     561   328,745
Gtd. Notes, 144A
5.625%   05/01/27     85   46,668
DCP Midstream Operating LP,
Gtd. Notes, 144A
6.450%   11/03/36     175   83,968
6.750%   09/15/37     210   104,334
Delek Logistics Partners LP/Delek Logistics Finance Corp.,
Gtd. Notes
6.750%   05/15/25(a)     447   438,998
Energy Transfer Operating LP,
Jr. Sub. Notes, Series G
7.125%(ff)   –(rr)     650   395,412
EnLink Midstream Partners LP,
Jr. Sub. Notes, Series C
6.000%(ff)   –(rr)     505   234,090
Sr. Unsec’d. Notes
4.150%   06/01/25     201   97,385
4.400%   04/01/24     149   74,925
Genesis Energy LP/Genesis Energy Finance Corp.,
Gtd. Notes
6.250%   05/15/26     54   38,657
Global Partners LP/GLP Finance Corp.,
Gtd. Notes
7.000%   06/15/23     385   314,999
7.000%   08/01/27     324   241,033
Holly Energy Partners LP/Holly Energy Finance Corp.,
Gtd. Notes, 144A
5.000%   02/01/28     180   151,168
Martin Midstream Partners LP/Martin Midstream Finance Corp.,
Gtd. Notes
7.250%   02/15/21     405   222,977
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
7.768%   12/15/37     543   544,094
NuStar Logistics LP,
Gtd. Notes
5.625%   04/28/27     260   201,417
6.000%   06/01/26     141   104,444
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.875%   04/15/40     2,000   1,214,758
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
Gtd. Notes
5.500%   08/15/22     133   29,134
5.750%   04/15/25     266   33,016
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
5.500%   01/15/28     2,325   1,209,919
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
4.250%   11/15/23     180   154,791
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
Targa Resources Partners LP/Targa Resources Partners Finance
Corp., (cont’d.) (cont’d.) (cont’d.) (cont’d.) (cont’d.) (cont’d.)
5.250%   05/01/23     214   $ 184,668
5.875%   04/15/26(a)     495   411,124
6.500%   07/15/27     15   12,802
              9,468,282
Real Estate — 0.9%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
7.875%   11/15/25     1,175   1,010,435
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
5.750%   12/01/25     1,600   1,452,749
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A
6.250%   02/15/26     1,550   1,157,984
              3,621,168
Real Estate Investment Trusts (REITs) — 1.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LL,
Sr. Sec’d. Notes, 144A
5.750%   05/15/26     466   377,963
ESH Hospitality, Inc.,
Gtd. Notes, 144A
4.625%   10/01/27     529   396,970
5.250%   05/01/25(a)     263   222,437
Iron Mountain, Inc.,
Gtd. Notes, 144A
4.875%   09/15/27     353   343,264
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
Gtd. Notes, 144A
5.250%   03/15/22     229   208,265
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer,
Inc.,
Gtd. Notes
4.500%   09/01/26     55   47,119
4.500%   01/15/28     970   814,779
5.750%   02/01/27     499   448,700
Ryman Hospitality Properties, Inc.,
Gtd. Notes, 144A
4.750%   10/15/27     267   199,272
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
3.750%   02/15/27     555   523,012
4.625%   12/01/29     590   536,695
              4,118,476
Retail — 4.2%
Beacon Roofing Supply, Inc.,
Gtd. Notes, 144A
4.875%   11/01/25     300   271,213
Brinker International, Inc.,
Gtd. Notes, 144A
5.000%   10/01/24     650   467,798
 
A14
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Retail (cont’d.)
CEC Entertainment, Inc.,
Gtd. Notes
8.000%   02/15/22     1,450   $ 580,647
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.500%   10/30/25     850   756,019
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes
6.750%   06/15/23     575   495,825
Sr. Unsec’d. Notes
6.500%   05/01/21     750   654,036
6.750%   01/15/22     1,000   854,830
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes
8.625%   06/15/20     1,925   463,362
8.625%   06/15/20     1,450   245,972
Golden Nugget, Inc.,
Gtd. Notes, 144A
8.750%   10/01/25     2,175   1,123,588
Sr. Unsec’d. Notes, 144A
6.750%   10/15/24     1,050   660,791
IRB Holding Corp.,
Gtd. Notes, 144A
6.750%   02/15/26     478   383,188
L Brands, Inc.,
Gtd. Notes
6.750%   07/01/36     85   63,580
6.875%   11/01/35     181   135,256
Michaels Stores, Inc.,
Gtd. Notes, 144A
8.000%   07/15/27(a)     1,725   1,277,587
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa
Borrower/NMG,
Sec’d. Notes, 144A
8.000%   10/25/24     637   63,615
Sec’d. Notes, 144A, Cash coupon 8.000% and PIK 6.000%
14.000%   04/25/24     446   133,855
PetSmart, Inc.,
Gtd. Notes, 144A
7.125%   03/15/23     375   353,500
Sr. Sec’d. Notes, 144A
5.875%   06/01/25     1,683   1,676,474
Rite Aid Corp.,
Gtd. Notes, 144A
6.125%   04/01/23     1,583   1,377,912
Sr. Sec’d. Notes, 144A
7.500%   07/01/25     288   278,729
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%   12/01/25(a)     2,050   1,671,877
Staples, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   04/15/26     385   339,956
Sr. Unsec’d. Notes, 144A
10.750%   04/15/27(a)     391   300,101
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Retail (cont’d.)
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.500%   06/01/24     800   $ 745,714
5.750%   03/01/25     250   231,076
5.875%   03/01/27     175   160,889
Superior Plus LP/Superior General Partner, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.000%   07/15/26     450   441,224
Yum! Brands, Inc.,
Sr. Unsec’d. Notes, 144A
7.750%   04/01/25     200   210,111
              16,418,725
Semiconductors — 0.2%
Sensata Technologies UK Financing Co. PLC,
Gtd. Notes, 144A
6.250%   02/15/26     605   592,039
Software — 1.4%
ACI Worldwide, Inc.,
Gtd. Notes, 144A
5.750%   08/15/26     80   78,404
CDK Global, Inc.,
Sr. Unsec’d. Notes, 144A
5.250%   05/15/29     454   463,018
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3
Sarl/Greeneden US Holdings LLC,
Gtd. Notes, 144A
10.000%   11/30/24     114   117,598
Infor US, Inc.,
Gtd. Notes
6.500%   05/15/22     4,423   4,339,585
Nuance Communications, Inc.,
Gtd. Notes
5.625%   12/15/26(a)     340   331,145
              5,329,750
Telecommunications — 9.4%
Altice France Holding SA (Luxembourg),
Gtd. Notes, 144A
6.000%   02/15/28     210   183,070
Sr. Sec’d. Notes, 144A
10.500%   05/15/27     307   324,496
Altice France SA (France),
Sr. Sec’d. Notes, 144A
7.375%   05/01/26     200   201,769
8.125%   02/01/27     352   366,804
C&W Senior Financing DAC (Ireland),
Sr. Unsec’d. Notes, 144A
6.875%   09/15/27     425   365,500
CenturyLink, Inc.,
Sr. Sec’d. Notes, 144A
4.000%   02/15/27     155   148,072
Sr. Unsec’d. Notes, 144A
5.125%   12/15/26     180   179,107
Sr. Unsec’d. Notes, Series T
5.800%   03/15/22(a)     645   654,180
 
A15
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
CenturyLink, Inc., (cont’d.)
Sr. Unsec’d. Notes, Series Y
7.500%   04/01/24     94   $ 102,841
Cincinnati Bell, Inc.,
Gtd. Notes, 144A
7.000%   07/15/24(a)     332   334,075
8.000%   10/15/25     87   89,167
CommScope Technologies LLC,
Gtd. Notes, 144A
5.000%   03/15/27     337   291,830
6.000%   06/15/25     1,603   1,467,774
CommScope, Inc.,
Gtd. Notes, 144A
5.500%   06/15/24     392   362,032
8.250%   03/01/27(a)     502   488,206
Sr. Sec’d. Notes, 144A
6.000%   03/01/26     286   286,126
Connect Finco SARL/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A
6.750%   10/01/26     200   165,968
Digicel Group One Ltd. (Jamaica),
Sr. Sec’d. Notes, 144A
8.250%   12/30/22     1,372   603,572
Digicel Group Two Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A
8.250%   09/30/22     838   137,573
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd. (Saint
Lucia),
Sr. Sec’d. Notes, 144A
8.750%   05/25/24(a)     700   615,667
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A
6.750%   03/01/23     3,620   1,447,470
Sr. Unsec’d. Notes, 144A
6.000%   04/15/21     1,130   615,878
Embarq Corp.,
Sr. Unsec’d. Notes
7.995%   06/01/36     4,255   4,210,891
Front Range BidCo, Inc.,
Sr. Unsec’d. Notes, 144A
6.125%   03/01/28     425   403,946
Frontier Communications Corp.,
Sec’d. Notes, 144A
8.500%   04/01/26     398   367,170
Sr. Unsec’d. Notes
6.875%   01/15/25     278   81,635
7.625%   04/15/24     122   29,992
11.000%   09/15/25     269   70,035
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes
5.500%   08/01/23(a)     2,085   1,284,028
Gtd. Notes, 144A
8.500%   10/15/24(a)     1,183   745,017
9.750%   07/15/25(a)     3,551   2,220,587
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes
8.125%   06/01/23     1,150   247,671
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
Intrado Corp.,
Gtd. Notes, 144A
8.500%   10/15/25(a)     2,175   $ 1,590,939
Level 3 Financing, Inc.,
Gtd. Notes
5.250%   03/15/26     658   664,003
5.375%   01/15/24     104   104,492
ORBCOMM, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   04/01/24(a)     1,350   1,294,710
Plantronics, Inc.,
Gtd. Notes, 144A
5.500%   05/31/23     480   344,532
Sprint Capital Corp.,
Gtd. Notes
6.875%   11/15/28     15   17,122
8.750%   03/15/32(a)     2,119   2,804,084
Sprint Corp.,
Gtd. Notes
7.625%   02/15/25     2,715   3,029,330
7.875%   09/15/23     1,925   2,117,585
Telecom Italia Capital SA (Italy),
Gtd. Notes
6.375%   11/15/33     192   195,191
Telecom Italia SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.303%   05/30/24     255   259,286
T-Mobile USA, Inc.,
Gtd. Notes
5.375%   04/15/27     207   212,909
6.500%   01/15/26(a)     1,068   1,121,701
T-Mobile USA. Inc., Escrow Shares,
Sr. Unsec’d. Notes
0.000%   07/09/99^(a)     459   —
0.000%   07/09/99^     207   —
6.000%   04/15/24^     208   —
Sr. Unsec’d. Notes
4.500%   02/01/26^     251   —
4.750%   02/01/28^     251   —
6.500%   01/15/24^     590   —
6.500%   01/15/26^     627   —
Windstream Services LLC/Windstream Finance Corp.,
Sec’d. Notes, 144A
9.000%   06/30/25(d)     305   5,529
Sr. Sec’d. Notes, 144A
8.625%   10/31/25(d)     333   217,796
Xplornet Communications, Inc. (Canada),
Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625%
9.625%   06/01/22     3,934   3,737,291
              36,808,649
Toys/Games/Hobbies — 0.3%
Mattel, Inc.,
Gtd. Notes, 144A
5.875%   12/15/27     185   190,331
6.750%   12/31/25     840   856,217
              1,046,548
 
A16
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Transportation — 0.7%
XPO Logistics, Inc.,
Gtd. Notes, 144A
6.750%   08/15/24(a)     2,923   $ 2,862,991
Trucking & Leasing — 0.1%
DAE Funding LLC (United Arab Emirates),
Gtd. Notes, 144A
5.000%   08/01/24     335   304,184
 
Total Corporate Bonds

(cost $392,741,082)
   306,651,923
    
      Shares  
Common Stocks — 1.8%
Aerospace & Defense — 0.0%
Remington Outdoor Co., Inc.*^
 2,148 1,504
Banks — 0.0%
Concordia Private Placement*
 45,609 175,595
Chemicals — 0.1%
Hexion Holdings Corp. (Class B Stock)*
 28,136 267,292
Electric Utilities — 1.1%
GenOn Energy Holdings, Inc. (Class A Stock)*^
 14,898 3,426,540
Keycon Power Holdings LLC*
 2,665 826,150
          4,252,690
Independent Power & Renewable Electricity Producers — 0.4%
Vistra Energy Corp.
 92,819 1,481,391
Media — 0.0%
Clear Channel Outdoor Holdings, Inc.*
 63,738 40,793
iHeartMedia, Inc. (Class A Stock)*
 3,184 23,275
Mood Media Corp.*^
 26,250 5
Mood Media Corp.*^
 21,428 4
          64,077
Multiline Retail — 0.1%
Claire’s Private Placement*^
 795 477,000
Oil, Gas & Consumable Fuels — 0.0%
Penn Virginia Corp.*
 1,552 4,796
Penn Virginia Corp., NPV*
 1,873 5,787
Telford Offshore Holdings Ltd.^
 25,654 9,620
Ultra Petroleum Corp.*
 38,499 2,695
          22,898
Pharmaceuticals — 0.0%
Advanz Pharma Corp. Ltd. (Canada)*
 3,579 13,779
Software — 0.1%
Avaya Holdings Corp.*(a)
 24,245 196,142
Wireless Telecommunication Services — 0.0%
Goodman Networks, Inc.*^
 27,103 —
 
Total Common Stocks

(cost $7,424,008)
 6,952,368
      Shares   Value
 
Preferred Stocks — 0.5%
Capital Markets — 0.2%
Goldman Sachs Group, Inc. (The) Series K, 6.375%
 26,000   $ 676,780
Interactive Media & Services — 0.1%
MYT Holding Co., 144A*
 343,655   252,586
Multiline Retail — 0.2%
Claire’s Stores, Inc., CVT*^
 538   941,500
Wireless Telecommunication Services — 0.0%
Goodman Networks, Inc.*^
 32,246   323
 
Total Preferred Stocks

(cost $1,320,871)
   1,871,189
    
      Units  
Rights* — 0.0%
Independent Power & Renewable Electricity Producers
Vistra Energy Corp., expiring 01/23/27^
 179,373 182,960
(cost $0)    
Warrants* — 0.0%
Media — 0.0%
iHeartMedia, Inc., expiring 05/01/39
 23,922 174,846
Oil, Gas & Consumable Fuels — 0.0%
Ultra Resources, Inc., expiring 07/14/25
 32,886 1,151
 
Total Warrants

(cost $450,110)
 175,997
 
Total Long-Term Investments

(cost $445,711,145)
 351,785,173
    
      Shares  
Short-Term Investments — 17.7%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(w)
 15,647,000 15,647,000
PGIM Institutional Money Market Fund

(cost $53,856,164; includes $53,741,721 of cash collateral for securities on loan)(b)(w)
 53,860,100 53,773,924
 
Total Short-Term Investments

(cost $69,503,164)
 69,420,924
 
TOTAL INVESTMENTS—107.6%

(cost $515,214,309)
 421,206,097
 
Liabilities in excess of other assets(z) — (7.6)%
 (29,903,306 )
 
Net Assets — 100.0%
 $ 391,302,791
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
EUR Euro
    
 
A17
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
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.
CLO Collateralized Loan Obligation
CVT Convertible Security
EURIBOR Euro Interbank Offered Rate
LIBOR London Interbank Offered Rate
PIK Payment-in-Kind
REITs Real Estate Investment Trust
Q Quarterly payment frequency for swaps
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,507,214 and 3.2% of net assets.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $53,102,757; cash collateral of $53,741,721 (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.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2020.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(p) Interest rate not available as of March 31, 2020.
(rr) Perpetual security with no stated maturity date.
(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 Positions:
46   2 Year U.S. Treasury Notes   Jun. 2020   $10,137,609   $166,678
96   5 Year U.S. Treasury Notes   Jun. 2020   12,034,500   461,084
22   20 Year U.S. Treasury Bonds   Jun. 2020   3,939,375   144,901
1   30 Year U.S. Ultra Treasury Bonds   Jun. 2020   221,875   (122 )
                772,541
Short Position:
3   10 Year U.S. Treasury Notes   Jun. 2020   416,063   (4,832 )
                $767,709
Forward foreign currency exchange contract outstanding at March 31, 2020:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 04/02/20   BNP Paribas S.A.   EUR 575   $618,700   $634,204   $15,504   $—
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contract:
Euro,
Expiring 04/02/20   Citibank, N.A.   EUR 575   $ 623,393   $ 634,204   $ —   $(10,811)
A18
AST HIGH YIELD PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Forward foreign currency exchange contract outstanding at March 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contract (cont’d.):
Euro (cont’d.),
Expiring 05/05/20   BNP Paribas S.A.   EUR 575   $ 619,735   $ 635,064   $ —   $(15,329)
              $1,243,128   $1,269,268   —   (26,140)
                      $15,504   $(26,140)
Credit default swap agreements outstanding at March 31, 2020:
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.34.V1 06/20/25   5.000%(Q)     53,230   $3,007,495   $3,307,081   $299,586
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
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).
A19