NPORT-EX 2 PIPDVZ0ASTPIMCODynamicBdPt.htm AST PIMCO DYNAMIC BOND PORTFOLIO
AST PIMCO DYNAMIC BOND PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 148.3%
Asset-Backed Securities — 36.8%
Collateralized Loan Obligations — 10.7%
ACIS CLO Ltd. (Cayman Islands),
Series 2014-04A, Class A, 144A, 3 Month LIBOR + 1.420% (Cap N/A, Floor 0.000%)
3.183%(c)   05/01/26     2,280   $ 2,262,993
Arbor Realty CLO Ltd. (Cayman Islands),
Series 2018-FL01, Class A, 144A, 1 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)
1.855%(c)   06/15/28     3,200   2,820,524
Cutwater Ltd. (Cayman Islands),
Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
3.081%(c)   07/15/26     685   677,755
Magnetite Ltd. (Cayman Islands),
Series 2015-16A, Class AR, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)
2.619%(c)   01/18/28     3,450   3,369,244
OCP CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 0.850% (Cap N/A, Floor 0.000%)
2.686%(c)   04/17/27     859   849,056
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)
2.631%(c)   07/15/27     977   952,840
Series 2015-10A, Class A1R, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)
2.614%(c)   10/26/27     1,274   1,234,465
OFSI Fund Ltd. (Cayman Islands),
Series 2014-07A, Class AR, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.000%)
2.719%(c)   10/18/26     936   932,542
Trinitas CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)
3.011%(c)   07/15/26     2,254   2,241,490
Tryon Park CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1SR, 144A, 3 Month LIBOR + 0.890% (Cap N/A, Floor 0.000%)
2.721%(c)   04/15/29     1,550   1,474,897
WhiteHorse Ltd. (Cayman Islands),
Series 2014-09A, Class AR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 0.000%)
2.996%(c)   07/17/26     651   647,145
              17,462,951
Home Equity Loans — 3.7%
Accredited Mortgage Loan Trust,
Series 2006-02, Class A4, 1 Month LIBOR + 0.260% (Cap N/A, Floor 0.260%)
1.207%(c)   09/25/36     693   637,521
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-ASP02, Class A2B, 1 Month LIBOR + 0.170% (Cap N/A, Floor 0.170%)
1.117%(c)   06/25/37     245   221,363
Bear Stearns Asset-Backed Securities Trust,
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.855% (Cap N/A, Floor 0.570%)
1.802%(c)   07/25/34     500   448,204
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Home Equity Loans (cont’d.)
Series 2006-EC02, Class M2, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.420%)
1.577%(c)   02/25/36     907   $ 876,927
Series 2007-HE02, Class 2A4, 1 Month LIBOR + 0.230% (Cap N/A, Floor 0.230%)
1.177%(c)   02/25/37     1,378   1,058,280
Countrywide Asset-Backed Certificates,
Series 2007-BC01, Class 2A4, 1 Month LIBOR + 0.230% (Cap N/A, Floor 0.230%)
1.177%(c)   05/25/37     800   657,253
Soundview Home Loan Trust,
Series 2007-OPT01, Class 1A1, 1 Month LIBOR + 0.200% (Cap N/A, Floor 0.200%)
1.147%(c)   06/25/37     1,254   919,751
WaMu Asset-Backed Certificates Trust,
Series 2007-HE03, Class 1A, 1 Month LIBOR + 0.225% (Cap N/A, Floor 0.225%)
1.172%(c)   05/25/37     1,321   1,130,743
              5,950,042
Other — 0.0%
Ready Capital Mortgage Financing LLC,
Series 2018-FL02, Class A, 144A, 1 Month LIBOR + 0.850% (Cap N/A, Floor 0.000%)
1.797%(c)   06/25/35     56   51,680
Residential Mortgage-Backed Securities — 11.2%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2004-R02, Class M2, 1 Month LIBOR + 0.720% (Cap N/A, Floor 0.480%)
1.667%(c)   04/25/34     278   245,196
Series 2004-R08, Class M2, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)
1.967%(c)   09/25/34     800   743,030
Series 2005-R09, Class M1, 1 Month LIBOR + 0.470% (Cap N/A, Floor 0.470%)
1.417%(c)   11/25/35     971   904,848
Bayview Opportunity Master Fund Trust,
Series 2019-RN02, Class A1, 144A
3.967%   03/28/34     60   59,588
Series 2019-SBR01, Class A1, 144A
3.475%   06/28/34     479   475,250
CIT Mortgage Loan Trust,
Series 2007-01, Class 1M1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)
2.447%(c)   10/25/37     700   580,495
Countrywide Asset-Backed Certificates,
Series 2007-09, Class 1A, 1 Month LIBOR + 0.200% (Cap N/A, Floor 0.200%)
1.147%(c)   06/25/47     821   642,058
Credit-Based Asset Servicing & Securitization LLC,
Series 2005-CB08, Class AF3
3.525%   12/25/35     519   501,437
CWABS Asset-Backed Certificates Trust,
Series 2007-12, Class 1A1, 1 Month LIBOR + 0.740% (Cap N/A, Floor 0.740%)
1.687%(c)   08/25/47     679   597,173
A1
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Residential Mortgage-Backed Securities (cont’d.)
Fremont Home Loan Trust,
Series 2004-B, Class M1, 1 Month LIBOR + 0.870% (Cap N/A, Floor 0.580%)
1.817%(c)   05/25/34     494   $ 429,944
Series 2006-E, Class 1A1, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)
1.087%(c)   01/25/37     1,151   630,119
GE-WMC Mortgage Securities Trust,
Series 2006-01, Class A2B, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)
1.097%(c)   08/25/36     864   418,905
HSI Asset Securitization Corp. Trust,
Series 2006-OPT02, Class M4, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%)
1.467%(c)   01/25/36     800   556,513
JPMorgan Mortgage Acquisition Trust,
Series 2006-CH02, Class AV5, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
1.157%(c)   10/25/36     770   700,686
Legacy Mortgage Asset Trust,
Series 2019-GS03, Class A1, 144A
3.750%   04/25/59     718   700,848
Series 2019-GS04, Class A1, 144A
3.438%   05/25/59     728   734,046
Lehman XS Trust,
Series 2007-03, Class 1BA2, 6 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)
2.033%(c)   03/25/37     928   766,252
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620% (Cap N/A, Floor 0.310%)
1.567%(c)   08/25/33     654   582,935
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2007-HE01, Class A2D, 1 Month LIBOR + 0.230% (Cap N/A, Floor 0.230%)
1.177%(c)   11/25/36     1,256   709,201
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2005-WCW03, Class M2, 1 Month LIBOR + 0.490% (Cap N/A, Floor 0.490%)
1.437%(c)   08/25/35     700   596,941
Saxon Asset Securities Trust,
Series 2007-03, Class 1A, 1 Month LIBOR + 0.310% (Cap N/A, Floor 0.310%)
1.257%(c)   09/25/37     668   591,411
SG Mortgage Securities Trust,
Series 2006-OPT02, Class A3D, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
1.157%(c)   10/25/36     1,000   610,470
Structured Asset Investment Loan Trust,
Series 2004-08, Class A4, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)
1.947%(c)   09/25/34     1,152   1,005,326
Towd Point Mortgage Trust,
Series 2019-04, Class A1, 144A
2.900%(cc)   10/25/59     2,154   2,107,483
Series 2019-HY02, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
1.947%(c)   05/25/58     569   556,776
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Residential Mortgage-Backed Securities (cont’d.)
Series 2019-HY03, Class A1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
1.947%(c)   10/25/59     532   $ 520,389
Series 2019-SJ03, Class A1, 144A
3.000%(cc)   11/25/59     619   613,667
WaMu Asset-Backed Certificates Trust,
Series 2007-HE01, Class 1A, 1 Month LIBOR + 0.150% (Cap N/A, Floor 0.150%)
1.097%(c)   01/25/37     724   539,069
              18,120,056
Student Loans — 11.2%
Academic Loan Funding Trust,
Series 2012-01A, Class A2, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
2.047%(c)   12/27/44     1,194   1,149,535
Access Group, Inc.,
Series 2015-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
1.647%(c)   07/25/56     671   630,901
ECMC Group Student Loan Trust,
Series 2016-01A, Class A, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)
2.297%(c)   07/26/66     1,003   939,852
Series 2018-01A, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)
1.697%(c)   02/27/68     2,202   2,085,707
EFS Volunteer LLC,
Series 2012-01, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)
2.297%(c)   03/25/36     1,421   1,390,954
Series 2012-01, Class A3, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
1.947%(c)   04/25/33     775   748,158
Montana Higher Education Student Assistance Corp.,
Series 2012-01, Class A3, 1 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)
1.823%(c)   07/20/43     850   804,341
Navient Student Loan Trust,
Series 2017-02A, Class A, 144A, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)
1.997%(c)   12/27/66     1,654   1,621,028
Series 2017-05A, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)
1.747%(c)   07/26/66     2,065   1,983,518
Northstar Education Finance, Inc.,
Series 2007-01, Class A1, 3 Month LIBOR + 0.100% (Cap N/A, Floor 0.100%)
1.894%(c)   04/28/30     58   57,257
PHEAA Student Loan Trust,
Series 2016-01A, Class A, 144A, 1 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
2.097%(c)   09/25/65     938   922,243
Scholar Funding Trust,
Series 2010-A, Class A, 144A, 3 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)
2.545%(c)   10/28/41     520   501,707
 
A2
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Student Loans (cont’d.)
SLM Student Loan Trust,
Series 2003-07A, Class A5A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.941%(c)   12/15/33     872   $ 843,646
Series 2005-05, Class A4, 3 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)
1.934%(c)   10/25/28     1,424   1,390,867
Series 2006-10, Class A5A, 3 Month LIBOR + 0.100% (Cap N/A, Floor 0.000%)
1.894%(c)   04/25/27     165   165,123
Series 2008-02, Class A3, 3 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)
2.544%(c)   04/25/23     357   337,659
Series 2008-03, Class A3, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
2.794%(c)   10/25/21     458   445,297
Series 2008-04, Class A4, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
3.444%(c)   07/25/22     957   884,372
Series 2008-05, Class A4, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)
3.494%(c)   07/25/23     478   449,950
Series 2008-06, Class A4, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
2.894%(c)   07/25/23     614   594,934
Series 2008-08, Class A4, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)
3.294%(c)   04/25/23     239   237,392
              18,184,441
 
Total Asset-Backed Securities

(cost $63,468,218)
   59,769,170
Commercial Mortgage-Backed Securities — 0.4%
Bancorp Commercial Mortgage Trust (The),
Series 2018-CR03, Class A, 144A, 1 Month LIBOR + 0.850% (Cap N/A, Floor 0.850%)
1.555%(c)   01/15/33     340   319,448
CSMC LLC,
Series 2014-USA, Class E, 144A
4.373%   09/15/37     400   292,409
Exantas Capital Corp. Ltd. (Cayman Islands),
Series 2018-RSO06, Class A, 144A, 1 Month LIBOR + 0.830% (Cap N/A, Floor 0.830%)
1.630%(c)   06/15/35     67   61,859
 
Total Commercial Mortgage-Backed Securities

(cost $796,284)
   673,716
Corporate Bonds — 37.1%
Aerospace & Defense — 0.5%
Spirit AeroSystems, Inc.,
Gtd. Notes
4.600%   06/15/28(a)     900   773,230
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Agriculture — 0.6%
JT International Financial Services BV (Japan),
Gtd. Notes, EMTN
3.500%   09/28/23     1,000   $ 1,039,557
Auto Manufacturers — 3.5%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A
3.400%   08/13/21(v)     1,000   1,002,858
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes, EMTN, 3 Month EURIBOR + 0.370% (Cap N/A, Floor 0.000%)
0.000%(c)   12/01/21   EUR 500   484,007
Sr. Unsec’d. Notes, EMTN, 3 Month EURIBOR + 0.430% (Cap N/A, Floor 0.000%)
0.017%(c)   05/14/21   EUR 300   311,410
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.930%
2.134%(c)   09/24/20     600   574,589
General Motors Financial Co., Inc.,
Gtd. Notes, EMTN, 3 Month EURIBOR + 0.550% (Cap N/A, Floor 0.000%)
0.177%(c)   03/26/22   EUR 600   624,829
Toyota Motor Corp. (Japan),
Sr. Unsec’d. Notes
2.157%   07/02/22(v)     700   694,486
Toyota Motor Finance Netherlands BV (Japan),
Sr. Unsec’d. Notes, EMTN
2.764%   04/26/21(v)     600   600,924
Volkswagen Bank GmbH (Germany),
Sr. Unsec’d. Notes, EMTN
0.625%   09/08/21   EUR 900   978,108
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
4.000%   11/12/21     400   394,910
              5,666,121
Auto Parts & Equipment — 1.0%
Toyota Industries Corp. (Japan),
Sr. Unsec’d. Notes, 144A
3.110%   03/12/22(v)     900   911,768
ZF North America Capital, Inc. (Germany),
Gtd. Notes, 144A
4.500%   04/29/22     800   750,120
              1,661,888
Banks — 9.6%
Banco Bilbao Vizcaya Argentaria SA (Spain),
Jr. Sub. Notes
8.875%(ff)   –(rr)   EUR 200   214,514
Bank of Ireland (Ireland),
Jr. Sub. Notes
7.375%(ff)   –(rr)   EUR 400   423,419
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.380%
3.072%(c)   05/16/24     200   173,534
Sr. Unsec’d. Notes, MTN
4.972%(ff)   05/16/29     800   859,284
 
A3
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
BNP Paribas SA (France),
Jr. Sub. Notes, 144A
7.000%(ff)   –(rr)     300   $ 295,103
Sr. Unsec’d. Notes, 144A
4.400%   08/14/28     700   751,725
CIT Group, Inc.,
Sr. Unsec’d. Notes
4.125%   03/09/21     400   393,750
Citigroup, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.960%
2.754%(c)   04/25/22     400   390,030
Cooperatieve Rabobank UA (Netherlands),
Jr. Sub. Notes
6.625%(ff)   –(rr)   EUR 600   630,869
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.860%
2.092%(c)   09/26/23(v)     800   788,042
Credit Suisse AG (Switzerland),
Sr. Unsec’d. Notes
2.100%   11/12/21(v)     400   398,170
Credit Suisse Group AG (Switzerland),
Jr. Sub. Notes, 144A
7.500%(ff)   –(rr)     300   281,640
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes
4.250%   02/04/21     1,000   962,195
Sr. Unsec’d. Notes, Series D
5.000%   02/14/22     400   394,300
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
3.850%   01/26/27(v)     500   511,389
4.223%(ff)   05/01/29     500   527,873
HSBC Holdings PLC (United Kingdom),
Jr. Sub. Notes
5.875%(ff)   –(rr)   GBP 600   661,971
ING Groep NV (Netherlands),
Jr. Sub. Notes
5.750%(ff)   –(rr)     100   85,959
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.000%
2.909%(c)   10/02/23(v)     900   848,291
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.900%
2.694%   04/25/23(c)(v)     500   489,928
Sr. Unsec’d. Notes
4.005%(ff)   04/23/29     250   270,086
Lloyds Bank PLC (United Kingdom),
Gtd. Notes
2.700%   08/17/20     200   199,510
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.050%   08/16/23     300   309,967
Morgan Stanley,
Sr. Unsec’d. Notes
3.737%(ff)   04/24/24     700   726,265
Royal Bank of Scotland Group PLC (United Kingdom),
Jr. Sub. Notes
7.500%(ff)   –(a)(rr)     700   647,716
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Royal Bank of Scotland Group PLC (United Kingdom), (cont’d.)
Sr. Unsec’d. Notes, EMTN
2.000%(ff)   03/04/25   EUR 200   $ 213,230
Santander UK Group Holdings PLC (United Kingdom),
Jr. Sub. Notes
7.375%(ff)   –(rr)   GBP 400   407,409
Sr. Unsec’d. Notes
4.796%(ff)   11/15/24(a)     500   511,125
Societe Generale SA (France),
Jr. Sub. Notes, 144A
6.750%(ff)   –(a)(rr)     600   501,023
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
4.125%   04/15/26(v)     500   523,058
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A, MTN
7.830%   12/04/23(a)     800   863,899
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN
3.584%(ff)   05/22/28     400   418,687
              15,673,961
Beverages — 0.4%
Constellation Brands, Inc.,
Gtd. Notes, 3 Month LIBOR + 0.700%
2.392%(c)   11/15/21     400   382,654
Gtd. Notes
2.650%   11/07/22     200   195,068
              577,722
Building Materials — 0.2%
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.875%   12/15/27(a)     400   351,808
Chemicals — 0.8%
Sasol Financing International Ltd. (South Africa),
Gtd. Notes
4.500%   11/14/22     200   97,619
Syngenta Finance NV (Switzerland),
Gtd. Notes, 144A
3.698%   04/24/20     900   901,285
Unigel Luxembourg SA (Brazil),
Gtd. Notes, 144A
8.750%   10/01/26     400   251,944
              1,250,848
Computers — 0.8%
Dell International LLC/EMC Corp.,
Sr. Sec’d. Notes, 144A
5.450%   06/15/23     900   923,108
Western Digital Corp.,
Gtd. Notes
4.750%   02/15/26(a)     370   376,141
              1,299,249
 
A4
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services — 2.3%
Aircastle Ltd.,
Sr. Unsec’d. Notes
7.625%   04/15/20     300   $ 300,631
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A
5.500%   01/15/23     300   268,723
Banco BTG Pactual SA (Brazil),
Sr. Unsec’d. Notes, 144A
4.500%   01/10/25     700   608,600
International Lease Finance Corp.,
Sr. Unsec’d. Notes
5.875%   08/15/22(a)     300   280,230
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
8.125%   07/15/23     100   97,910
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A
5.250%   08/15/22     700   618,327
Quicken Loans, Inc.,
Gtd. Notes, 144A
5.250%   01/15/28(a)     800   777,923
Shriram Transport Finance Co. Ltd. (India),
Sr. Sec’d. Notes, 144A, MTN
5.100%   07/16/23     600   419,728
Springleaf Finance Corp.,
Gtd. Notes
6.125%   03/15/24     400   394,769
              3,766,841
Electric — 2.6%
Duke Energy Corp.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650%
1.418%(c)   03/11/22(a)     600   594,101
Entergy Corp.,
Sr. Unsec’d. Notes
5.125%   09/15/20     200   200,004
LG&E & KU Energy LLC,
Sr. Unsec’d. Notes
4.375%   10/01/21     1,000   1,007,540
National Rural Utilities Cooperative Finance Corp.,
Sr. Unsec’d. Notes, MTN
2.300%   09/15/22(v)     1,000   1,009,146
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
1.950%   09/01/22(a)     300   300,679
Gtd. Notes, 3 Month LIBOR + 0.720%
2.399%(c)   02/25/22     300   291,722
Southern Power Co.,
Sr. Unsec’d. Notes
1.850%   06/20/26   EUR 800   904,150
              4,307,342
Foods — 0.5%
Conagra Brands, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.750%
2.552%(c)   10/22/20     472   466,323
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Foods (cont’d.)
Danone SA (France),
Sr. Unsec’d. Notes, 144A
2.077%   11/02/21     400   $ 397,794
              864,117
Gas — 0.1%
Southern Co. Gas Capital Corp.,
Gtd. Notes
3.500%   09/15/21     100   97,105
Healthcare-Products — 0.5%
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.750%
1.802%(c)   03/19/21     800   749,726
Healthcare-Services — 0.3%
Anthem, Inc.,
Sr. Unsec’d. Notes
4.101%   03/01/28(a)(v)     500   538,023
Home Builders — 0.1%
D.R. Horton, Inc.,
Gtd. Notes
4.375%   09/15/22     200   204,099
Home Furnishings — 0.8%
Panasonic Corp. (Japan),
Sr. Unsec’d. Notes, 144A
2.536%   07/19/22     1,300   1,275,858
Iron/Steel — 0.5%
ABJA Investment Co. Pte Ltd. (India),
Gtd. Notes
5.950%   07/31/24     200   165,365
Vale Overseas Ltd. (Brazil),
Gtd. Notes
6.250%   08/10/26     300   326,856
6.875%   11/21/36     200   222,237
6.875%   11/10/39     100   110,583
              825,041
Media — 1.2%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A
5.000%   01/15/28     400   358,875
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
4.500%   08/15/30     500   490,395
Charter Communications Operating LLC/Charter Communications
Operating Capital,
Sr. Sec’d. Notes
4.464%   07/23/22     100   103,298
4.908%   07/23/25(a)     200   214,971
RCS & RDS SA (Romania),
Sr. Sec’d. Notes, 144A
2.500%   02/05/25   EUR 500   497,061
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
4.250%   01/15/30   GBP 200   224,820
              1,889,420
 
A5
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining — 0.2%
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
7.250%   04/01/23(a)     300   $ 252,977
Oil & Gas — 2.5%
BG Energy Capital PLC (United Kingdom),
Gtd. Notes, 144A
4.000%   12/09/20(v)     800   802,673
EQT Corp.,
Sr. Unsec’d. Notes
6.125%(cc)   02/01/25(a)     300   225,951
7.000%(cc)   02/01/30     400   297,652
Gazprom PJSC via Gaz Finance PLC (Russia),
Sr. Unsec’d. Notes, 144A
3.250%   02/25/30     400   374,173
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.125%   01/17/22     300   299,360
8.750%   05/23/26     900   971,277
Petroleos de Venezuela SA (Venezuela),
Sr. Unsec’d. Notes
6.000%   10/28/22(d)     5,000   250,000
Petroleos Mexicanos (Mexico),
Gtd. Notes, 144A
6.840%   01/23/30     400   289,044
Reliance Holding USA, Inc. (India),
Gtd. Notes
5.400%   02/14/22     250   254,455
Transocean, Inc.,
Gtd. Notes, 144A
7.250%   11/01/25(a)     600   301,087
              4,065,672
Pharmaceuticals — 1.7%
Bausch Health Cos., Inc.,
Sr. Sec’d. Notes, 144A
6.500%   03/15/22     200   202,653
7.000%   03/15/24(a)     225   230,708
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A
3.250%   08/15/22(v)     500   516,231
3.875%   08/15/25(v)     900   976,676
CVS Health Corp.,
Sr. Unsec’d. Notes
2.125%   06/01/21     800   798,027
              2,724,295
Pipelines — 1.1%
ONEOK, Inc.,
Gtd. Notes
4.550%   07/15/28     900   756,399
Sabine Pass Liquefaction LLC,
Sr. Sec’d. Notes
5.625%   02/01/21     1,000   983,712
              1,740,111
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.,
Sr. Unsec’d. Notes
4.400%   02/15/26(a)     700   $ 749,414
Savings & Loans — 0.6%
Nationwide Building Society (United Kingdom),
Sr. Unsec’d. Notes, 144A
4.302%(ff)   03/08/29     1,000   1,049,306
Semiconductors — 1.1%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes
2.650%   01/15/23     400   389,672
3.000%   01/15/22     300   297,095
Microchip Technology, Inc.,
Sr. Sec’d. Notes
3.922%   06/01/21     900   877,482
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A
4.125%   06/01/21     200   201,802
              1,766,051
Software — 0.7%
Fiserv, Inc.,
Sr. Unsec’d. Notes
2.750%   07/01/24     400   400,849
VMware, Inc.,
Sr. Unsec’d. Notes
2.950%   08/21/22     700   696,743
              1,097,592
Telecommunications — 0.8%
Nokia OYJ (Finland),
Sr. Unsec’d. Notes
3.375%   06/12/22     100   100,740
Sprint Communications, Inc.,
Sr. Unsec’d. Notes
7.000%   08/15/20     450   452,273
Sprint Corp.,
Gtd. Notes
7.125%   06/15/24     300   328,847
Gtd. Notes, 144A
7.250%   02/01/28     100   100,000
Telecom Italia Capital SA (Italy),
Gtd. Notes
6.375%   11/15/33     200   203,324
7.200%   07/18/36     150   155,252
              1,340,436
Trucking & Leasing — 1.6%
Aviation Capital Group LLC,
Sr. Unsec’d. Notes, 144A
3.875%   05/01/23     500   462,659
GATX Corp.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.720%
2.461%(c)   11/05/21     900   884,950
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
2.700%   03/14/23     1,000   989,773
 
A6
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Trucking & Leasing (cont’d.)
SMBC Aviation Capital Finance DAC (Ireland),
Gtd. Notes, 144A
2.650%   07/15/21     200   $ 198,451
              2,535,833
 
Total Corporate Bonds

(cost $64,223,232)
   60,133,643
Residential Mortgage-Backed Securities —
17.2%
Alternative Loan Trust,
Series 2005-50CB, Class 1A1
5.500%   11/25/35     323   292,303
Series 2005-65CB, Class 1A13
6.000%   01/25/36     766   646,309
Series 2006-HY11, Class A1, 1 Month LIBOR + 0.120% (Cap N/A, Floor 0.120%)
1.067%(c)   06/25/36     781   656,393
Series 2006-J02, Class A3
6.000%   04/25/36     832   589,785
Series 2007-OA03, Class 1A1, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)
1.087%(c)   04/25/47     666   539,466
American Home Mortgage Investment Trust,
Series 2005-04, Class 1A1, 1 Month LIBOR + 0.580% (Cap 11.000%, Floor 0.290%)
1.527%(c)   11/25/45     703   564,654
BCAP LLC Trust,
Series 2007-AA01, Class 2A1, 1 Month LIBOR + 0.180% (Cap N/A, Floor 0.180%)
1.127%(c)   03/25/37     1,177   947,577
Bear Stearns Alt-A Trust,
Series 2006-01, Class 11A1, 1 Month LIBOR + 0.480% (Cap 11.500%, Floor 0.240%)
1.427%(c)   02/25/36     757   681,656
Citigroup Mortgage Loan Trust,
Series 2019-B, Class A1, 144A
3.258%(cc)   04/25/66     752   740,829
Series 2019-C, Class A1, 144A
3.228%   09/25/59     477   470,565
Credit Suisse Mortgage Capital Certificates,
Series 2019-RPL04, Class A1, 144A
3.549%   08/26/58     935   971,485
Credit Suisse Mortgage Trust,
Series 2019-RPL08, Class A1, 144A
3.322%(cc)   10/25/58     477   495,041
Series 2019-RPL09, Class A1, 144A
3.319%(cc)   10/27/59     591   574,463
CSMC Mortgage-Backed Trust,
Series 2007-06, Class A1
6.421%(cc)   10/25/37     509   406,454
Deutsche Alt-A Securities Mortgage Loan Trust,
Series 2007-OA03, Class A1, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)
1.087%(c)   07/25/47     934   725,044
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Durham Mortgages A PLC (United Kingdom),
Series 2018-AX, Class A, 3 Month GBP LIBOR + 0.550% (Cap N/A, Floor 0.000%)
1.301%(c)   03/31/53   GBP 859   $ 1,052,693
Fannie Mae REMICS,
Series 2010-135, Class AS, IO, 1 Month LIBOR x (1.000) + 5.950% (Cap 5.950%, Floor 0.000%)
5.003%(c)   12/25/40     154   25,645
Series 2011-124, Class SC, IO, 1 Month LIBOR x (1.000) + 6.550% (Cap 6.550%, Floor 0.000%)
5.603%(c)   12/25/41     536   98,026
Series 2012-05, Class SA, IO, 1 Month LIBOR x (1.000) + 5.950% (Cap 5.950%, Floor 0.000%)
5.003%(c)   02/25/42     576   93,995
Series 2012-88, Class SB, IO, 1 Month LIBOR x (1.000) + 6.670% (Cap 6.670%, Floor 0.000%)
5.723%(c)   07/25/42     345   60,850
Series 2013-096, Class SY, IO, 1 Month LIBOR x (1.000) + 6.150% (Cap 6.150%, Floor 0.000%)
5.203%(c)   07/25/42     493   80,550
Series 2013-130, Class SN, IO, 1 Month LIBOR x (1.000) + 6.650% (Cap 6.650%, Floor 0.000%)
5.703%(c)   10/25/42     624   120,557
Series 2014-06, Class SA, IO, 1 Month LIBOR x (1.000) + 6.600% (Cap 6.600%, Floor 0.000%)
5.653%(c)   02/25/44     635   120,166
Series 2014-19, Class MS, IO, 1 Month LIBOR x (1.000) + 6.600% (Cap 6.600%, Floor 0.000%)
5.653%(c)   11/25/39     320   11,230
Series 2015-20, Class ES, IO, 1 Month LIBOR x (1.000) + 6.150% (Cap 6.150%, Floor 0.000%)
5.203%(c)   04/25/45     483   82,766
Series 2015-22, Class DS, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.253%(c)   04/25/45     460   71,592
Series 2015-34, Class LS, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.153%(c)   06/25/45     913   157,825
Series 2015-79, Class SE, IO, 1 Month LIBOR x (1.000) + 6.250% (Cap 6.250%, Floor 0.000%)
5.303%(c)   11/25/45     361   77,178
Series 2016-01, Class SJ, IO, 1 Month LIBOR x (1.000) + 6.150% (Cap 6.150%, Floor 0.000%)
5.203%(c)   02/25/46     961   146,479
Finsbury Square PLC (United Kingdom),
Series 2020-01A, Class A, 144A, 3 Month Sterling Overnight Index Average + 0.800% (Cap N/A, Floor 0.000%)
1.511%(c)   03/16/70   GBP 1,100   1,322,398
Freddie Mac REMICS,
Series 3753, Class SK, IO, 1 Month LIBOR x (1.000) + 6.050% (Cap 6.050%, Floor 0.000%)
5.345%(c)   11/15/38     136   5,618
Series 3852, Class SW, IO, 1 Month LIBOR x (1.000) + 6.000% (Cap 6.000%, Floor 0.000%)
5.295%(c)   05/15/41     541   86,077
 
A7
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 4314, Class SE, IO, 1 Month LIBOR x (1.000) + 6.050% (Cap 6.050%, Floor 0.000%)
5.345%(c)   03/15/44     1,178   $ 184,671
Series 4431, Class ST, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.395%(c)   01/15/45     1,054   173,007
Series 4468, Class SY, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.395%(c)   05/15/45     459   66,604
Series 4473, Class AS, IO, 1 Month LIBOR x (1.000) + 5.600% (Cap 5.600%, Floor 0.000%)
4.895%(c)   05/15/45     944   153,046
Series 4583, Class ST, IO, 1 Month LIBOR x (1.000) + 6.000% (Cap 6.000%, Floor 0.000%)
5.295%(c)   05/15/46     2,004   314,960
Freddie Mac Strips,
Series 304, Class C45, IO
3.000%   12/15/27     542   28,621
Government National Mortgage Assoc.,
Series 2010-009, Class XD, IO, 1 Month LIBOR x (1.000) + 6.600% (Cap 6.600%, Floor 0.000%)
5.895%(c)   01/16/40     1,154   239,071
Series 2010-009, Class YD, IO, 1 Month LIBOR x (1.000) + 6.800% (Cap 6.800%, Floor 0.000%)
6.095%(c)   01/16/40     452   95,792
Series 2010-020, Class SE, IO, 1 Month LIBOR x (1.000) + 6.250% (Cap 6.250%, Floor 0.000%)
5.477%(c)   02/20/40     826   163,048
Series 2010-037, Class SG, IO, 1 Month LIBOR x (1.000) + 5.700% (Cap 5.700%, Floor 0.000%)
4.927%(c)   03/20/40     493   93,709
Series 2010-101, Class S, IO, 1 Month LIBOR x (1.000) + 6.000% (Cap 6.000%, Floor 0.000%)
5.227%(c)   08/20/40     1,286   248,704
Series 2011-050, Class PS, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.327%(c)   02/20/41     828   146,091
Series 2013-113, Class SA, IO, 1 Month LIBOR x (1.000) + 6.700% (Cap 6.700%, Floor 0.000%)
5.927%(c)   08/20/43     637   139,540
Series 2013-167, Class SG, IO, 1 Month LIBOR x (1.000) + 6.150% (Cap 6.150%, Floor 0.000%)
5.377%(c)   11/20/43     334   61,135
Series 2014-056, Class ST, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.395%(c)   12/16/39     977   179,554
Series 2014-132, Class SL, IO, 1 Month LIBOR x (1.000) + 6.100% (Cap 6.100%, Floor 0.000%)
5.327%(c)   10/20/43     869   114,398
Series 2014-180, Class PI, IO
4.000%   08/20/44     347   40,563
Series 2014-188, Class IB, IO
4.000%   12/20/44     597   64,871
Series 2015-057, Class AS, IO, 1 Month LIBOR x (1.000) + 5.600% (Cap 5.600%, Floor 0.000%)
4.827%(c)   04/20/45     2,403   348,255
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2015-064, Class SG, IO, 1 Month LIBOR x (1.000) + 5.600% (Cap 5.600%, Floor 0.000%)
4.827%(c)   05/20/45     1,300   $ 207,023
Series 2015-095, Class GI, IO
4.500%   07/16/45     1,001   176,434
Series 2015-110, Class MS, IO, 1 Month LIBOR x (1.000) + 5.710% (Cap 5.710%, Floor 0.000%)
4.937%(c)   08/20/45     2,295   348,540
Series 2015-111, Class IM, IO
4.000%   08/20/45     1,180   136,535
Series 2015-111, Class IW, IO
4.000%   06/20/45     387   34,397
Series 2015-111, Class SM, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   08/20/45     336   48,564
Series 2015-112, Class SB, IO, 1 Month LIBOR x (1.000) + 5.740% (Cap 5.740%, Floor 0.000%)
4.967%(c)   08/20/45     625   98,999
Series 2015-126, Class HS, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   09/20/45     639   101,880
Series 2015-126, Class IM, IO
4.000%   09/20/45     866   84,615
Series 2015-126, Class IQ, IO
4.000%   09/20/45     815   79,601
Series 2015-129, Class IC, IO
4.500%   09/16/45     296   45,815
Series 2015-144, Class QS, IO, 1 Month LIBOR x (1.000) + 5.700% (Cap 5.700%, Floor 0.000%)
4.927%(c)   10/20/45     300   49,141
Series 2015-159, Class HS, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   11/20/45     533   74,273
Series 2015-167, Class AS, IO, 1 Month LIBOR x (1.000) + 6.250% (Cap 6.250%, Floor 0.000%)
5.477%(c)   11/20/45     513   81,984
Series 2015-168, Class SD, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   11/20/45     485   86,101
Series 2016-01, Class ST, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   01/20/46     331   45,739
Series 2016-27, Class IA, IO
4.000%   06/20/45     871   79,033
Series 2016-88, Class S, IO, 1 Month LIBOR x (1.000) + 6.200% (Cap 6.200%, Floor 0.000%)
5.427%(c)   01/20/46     791   110,150
GreenPoint MTA Trust,
Series 2005-AR01, Class A2, 1 Month LIBOR + 0.440% (Cap 10.500%, Floor 0.220%)
1.387%(c)   06/25/45     545   426,784
Impac Secured Assets Trust,
Series 2007-01, Class A2, 1 Month LIBOR + 0.160% (Cap 11.500%, Floor 0.160%)
1.107%(c)   03/25/37     634   575,865
 
A8
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
JPMorgan Alternative Loan Trust,
Series 2007-A02, Class 11A1, 1 Month LIBOR + 0.180% (Cap 11.500%, Floor 0.180%)
1.127%(c)   06/25/37     794   $ 478,776
Lehman XS Trust,
Series 2005-07N, Class 1A1A, 1 Month LIBOR + 0.540% (Cap N/A, Floor 0.270%)
1.487%(c)   12/25/35     1,073   930,176
Mill City Mortgage Loan Trust,
Series 2019-GS02, Class A1, 144A
2.750%(cc)   08/25/59     931   920,031
Morgan Stanley Mortgage Loan Trust,
Series 2007-15AR, Class 5A1
3.229%(cc)   12/25/37     826   576,283
New Residential Mortgage Loan Trust,
Series 2018-03A, Class A1, 144A
4.500%(cc)   05/25/58     597   619,490
Series 2019-RPL03, Class A1, 144A
2.750%(cc)   07/25/59     1,136   1,131,194
Series 2020-RPL01, Class A1, 144A
2.750%(cc)   11/25/59     1,278   1,280,675
RALI Trust,
Series 2007-QA05, Class 2A1
6.109%(cc)   09/25/37     880   680,745
Series 2007-QH08, Class A
2.910%(cc)   10/25/37     718   567,096
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-19XS, Class 1A1, 1 Month LIBOR + 0.320% (Cap N/A, Floor 0.320%)
1.267%(c)   10/25/35     586   504,446
WaMu Mortgage Pass-Through Certificates Trust,
Series 2006-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT+ 1.000% (Cap N/A, Floor 1.000%)
2.966%(c)   08/25/46     712   620,433
Warwick Finance Residential Mortgages No. One PLC (United Kingdom),
Series 01, Class A, 3 Month GBP LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.522%(c)   09/21/49   GBP 819   1,002,863
 
Total Residential Mortgage-Backed Securities

(cost $30,832,644)
   27,974,990
Sovereign Bonds — 2.9%
Chile Government International Bond (Chile),
Sr. Unsec’d. Notes
1.250%   01/29/40   EUR 200   190,180
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes, 144A
5.940%   02/12/29   PEN 1,600   497,833
6.350%   08/12/28   PEN 6,000   1,929,235
Republic of South Africa Government International Bond (South Africa),
Sr. Unsec’d. Notes
4.850%   09/30/29     600   494,040
Sri Lanka Government International Bond (Sri Lanka),
Sr. Unsec’d. Notes
6.850%   11/03/25     400   235,993
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes
5.750%   03/22/24     200   $ 186,776
6.350%   08/10/24     600   569,995
7.250%   12/23/23     600   588,393
 
Total Sovereign Bonds

(cost $5,027,570)
   4,692,445
U.S. Government Agency Obligations — 36.7%
Federal National Mortgage Assoc.
2.500%   TBA     1,300   1,347,125
2.500%   TBA     23,900   24,665,697
3.000%   TBA     10,500   10,972,062
3.000%   TBA     21,500   22,513,634
 
Total U.S. Government Agency Obligations

(cost $58,610,070)
   59,498,518
U.S. Treasury Obligations — 17.2%
U.S. Treasury Inflation Indexed Bonds, TIPS
0.125%   04/15/21(k)     6,531   6,403,433
0.125%   01/15/30     1,203   1,243,077
0.250%   07/15/29     1,714   1,783,721
0.625%   01/15/26     43   44,899
0.750%   07/15/28     4,111   4,406,060
2.500%   01/15/29     4,494   5,519,423
U.S. Treasury Notes
1.250%   08/31/24(h)     5,000   5,195,312
1.500%   02/15/30     2,200   2,371,875
2.375%   04/30/20(k)     1,001   1,002,408
 
Total U.S. Treasury Obligations

(cost $28,121,806)
   27,970,208
 
Total Long-Term Investments

(cost $251,079,824)
   240,712,690
    
      Shares  
Short-Term Investments — 5.3%
Affiliated Mutual Fund — 4.8%
PGIM Institutional Money Market Fund

(cost $7,728,989; includes $7,720,370 of cash collateral for securities on loan)(b)(w)
 7,733,669 7,721,295
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		 
Certificate of Deposit — 0.5%
Lloyds Bank Corporate Markets PLC (United Kingdom),
3 Month LIBOR + 0.500%
2.378%(c)   10/26/20     900 890,801
(cost $900,000)    
    
 
A9
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
        Value
Options Purchased*~ — 0.0%
(cost $4,149)
 $ 7,833
 
Total Short-Term Investments

(cost $8,633,138)
 8,619,929
 
TOTAL INVESTMENTS, BEFORE OPTION WRITTEN—153.6%

(cost $259,712,962)
 249,332,619
Option Written*~ — (0.0)%
(premiums received $18,212)
 (11,029 )
 
TOTAL INVESTMENTS, NET OF OPTION WRITTEN—153.6%

(cost $259,694,750)
 249,321,590
 
Liabilities in excess of other assets(z) — (53.6)%
 (86,958,318 )
 
Net Assets — 100.0%
 $ 162,363,272
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
BRL Brazilian Real
CAD Canadian Dollar
COP Colombian Peso
EUR Euro
GBP British Pound
MXN Mexican Peso
PEN Peruvian Nuevo Sol
RUB Russian Ruble
    
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.
ABS Asset-Backed Security
BTP Buoni del Tesoro Poliennali
CDOR Canadian Dollar Offered Rate
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
EMTN Euro Medium Term Note
EURIBOR Euro Interbank Offered Rate
IO Interest Only (Principal amount represents notional)
LIBOR London Interbank Offered Rate
M Monthly payment frequency for swaps
MTN Medium Term Note
OTC Over-the-counter
PJSC Public Joint-Stock Company
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
REMICS Real Estate Mortgage Investment Conduit Security
S Semiannual payment frequency for swaps
Strips Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
TBA To Be Announced
TIPS Treasury Inflation-Protected Securities
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $7,611,402; cash collateral of $7,720,370 (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.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(rr) Perpetual security with no stated maturity date.
(v) Represents security, or a portion thereof, segregated as collateral for reverse repurchase agreements.
(w) PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the 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:
Options Purchased:
Exchange Traded  
Description   Call/
Put 		  Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
5 Year U.S. Treasury Notes Futures   Put   05/22/20     108.00   173     173   $5,406    
10 Year Euro-Bund Futures   Put   05/22/20     151.00   11   EUR 11   364    
10 Year U.S. Treasury Notes Futures   Put   05/22/20     103.00   81     81   1,266    
10 Year U.S. Treasury Notes Futures   Put   05/22/20     119.50   16     16   750    
10 Year U.S. Treasury Notes Futures   Put   05/22/20     120.00   1     1   47    
Total Options Purchased (cost $4,149)   $7,833    
A10
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Options Written:
Exchange Traded  
Description   Call/
Put 		  Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
10 Year Euro-Bund Futures   Call   05/22/20     177.00   20   EUR 20   $(11,029)    
(premiums received $18,212)
Futures contracts outstanding at March 31, 2020:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
153   5 Year U.S. Treasury Notes   Jun. 2020   $19,179,985   $ 759,466
11   10 Year Euro-Bund   Jun. 2020   2,092,874   (4,743 )
                754,723
Short Positions:
25   10 Year U.S. Treasury Notes   Jun. 2020   3,467,187   (129,710 )
54   20 Year U.S. Treasury Bonds   Jun. 2020   9,669,375   75,133
17   Euro-BTP Italian Government Bond   Jun. 2020   2,651,339   117,165
                62,588
                $ 817,311
Forward foreign currency exchange contracts 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:
Brazilian Real,
Expiring 04/02/20   Citibank, N.A.   BRL 9,455   $ 2,155,194   $ 1,819,477   $ —   $(335,717 )
Expiring 04/02/20   Citibank, N.A.   BRL 2,764   597,000   531,885   —   (65,115 )
Expiring 05/05/20   Deutsche Bank AG   BRL 12,220   2,378,968   2,346,053   —   (32,915 )
British Pound,
Expiring 05/15/20   HSBC Bank USA, N.A.   GBP 196   233,028   243,675   10,647   —
Expiring 05/15/20   JPMorgan Chase Bank, N.A.   GBP 181   235,179   225,026   —   (10,153 )
Colombian Peso,
Expiring 04/24/20   Citibank, N.A.   COP 3,585,780   1,049,548   881,225   —   (168,323 )
Euro,
Expiring 05/15/20   Bank of America, N.A.   EUR 1,789   1,951,309   1,976,594   25,285   —
Expiring 05/15/20   Bank of America, N.A.   EUR 1,607   1,719,801   1,775,509   55,708   —
Expiring 05/15/20   Bank of America, N.A.   EUR 397   444,863   438,629   —   (6,234 )
Expiring 05/15/20   Bank of America, N.A.   EUR 289   329,033   319,304   —   (9,729 )
Expiring 05/15/20   Bank of America, N.A.   EUR 289   320,248   319,304   —   (944 )
Expiring 05/15/20   Barclays Capital, Inc.   EUR 136   150,725   150,261   —   (464 )
Expiring 05/15/20   Citibank, N.A.   EUR 104   114,141   114,905   764   —
Expiring 05/15/20   HSBC Bank USA, N.A.   EUR 525   569,548   580,051   10,503   —
Expiring 05/15/20   HSBC Bank USA, N.A.   EUR 109   121,685   120,430   —   (1,255 )
Peruvian Nuevo Sol,
Expiring 04/23/20   Citibank, N.A.   PEN 1,851   549,581   538,640   —   (10,941 )
Russian Ruble,
Expiring 04/15/20   Barclays Capital, Inc.   RUB 37,485   586,235   477,296   —   (108,939 )
Expiring 04/30/20   JPMorgan Chase Bank, N.A.   RUB 25,338   318,592   323,295   4,703   —
Expiring 06/09/20   Citibank, N.A.   RUB 49,383   618,993   625,603   6,610   —
              $14,443,671   $13,807,162   114,220   (750,729 )
    
A11
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Forward foreign currency exchange contracts 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 Contracts:
Brazilian Real,
Expiring 04/02/20   Deutsche Bank AG   BRL 12,220   $ 2,381,987   $ 2,351,362   $ 30,625   $ —
British Pound,
Expiring 05/15/20   Barclays Capital, Inc.   GBP 1,071   1,379,882   1,331,511   48,371   —
Expiring 05/15/20   Citibank, N.A.   GBP 945   1,232,702   1,174,862   57,840   —
Expiring 05/15/20   Citibank, N.A.   GBP 875   1,139,241   1,087,835   51,406   —
Expiring 05/15/20   Citibank, N.A.   GBP 157   201,057   195,189   5,868   —
Canadian Dollar,
Expiring 05/15/20   Morgan Stanley & Co. LLC   CAD 1,091   822,792   775,605   47,187   —
Colombian Peso,
Expiring 05/29/20   Citibank, N.A.   COP 3,603,293   862,857   883,288   —   (20,431 )
Euro,
Expiring 05/15/20   Bank of America, N.A.   EUR 217   233,594   239,754   —   (6,160 )
Expiring 05/15/20   HSBC Bank USA, N.A.   EUR 187   205,699   206,609   —   (910 )
Expiring 05/15/20   HSBC Bank USA, N.A.   EUR 131   147,531   144,736   2,795   —
Expiring 05/15/20   Morgan Stanley & Co. LLC   EUR 13,185   14,473,043   14,567,575   —   (94,532 )
Mexican Peso,
Expiring 04/13/20   Barclays Capital, Inc.   MXN 942   42,917   39,615   3,302   —
Expiring 04/13/20   Citibank, N.A.   MXN 1,191   51,257   50,087   1,170   —
Expiring 04/22/20   HSBC Bank USA, N.A.   MXN 672   26,976   28,227   —   (1,251 )
              $23,201,535   $23,076,255   248,564   (123,284 )
                      $362,784   $(874,013 )
Credit default swap agreements outstanding at March 31, 2020:
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2020(4) 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
AT&T Inc. 06/20/24   1.000%(Q)     1,100   1.950%   $ (522)   $(41,227)   $(40,705)
British Telecommunications PLC 12/20/24   1.000%(Q)   EUR 500   1.161%   1,522   (3,958)   (5,480)
                      $1,000   $(45,185)   $(46,185)
    
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2020(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Federal Republic of Brazil   06/20/24   1.000%(Q)     1,000   2.376%   $ (54,779)   $(29,487 )   $(25,292)   Citibank, N.A.
Republic of Colombia   06/20/24   1.000%(Q)     200   1.954%   (7,661)   (2,036 )   (5,625)   Citibank, N.A.
Republic of Colombia   12/20/24   1.000%(Q)     700   2.125%   (35,093)   2,745   (37,838)   Citibank, N.A.
Republic of Turkey   06/20/24   1.000%(Q)     100   5.263%   (15,725)   (14,293 )   (1,432)   Deutsche Bank AG
                      $(113,258)   $(43,071 )   $(70,187)    
    
A12
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Credit default swap agreements outstanding at March 31, 2020 (continued):
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2020(4) 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.32 06/20/24   5.000%(Q)     970   6.456%   $ 42,923   $ (47,795)   $ (90,718)
CDX.NA.HY.33 12/20/24   5.000%(Q)     1,470   6.640%   85,252   (89,222)   (174,474 )
CDX.NA.IG.33 12/20/24   1.000%(Q)     4,100   1.080%   85,561   (13,526)   (99,087 )
CDX.NA.IG.34 06/20/25   1.000%(Q)     2,500   1.137%   (41,924 )   (16,149)   25,775
                      $171,812   $(166,692)   $(338,504 )
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.
    
Inflation swap agreements outstanding at March 31, 2020:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Inflation Swap Agreement:
GBP 2,000   10/15/33   3.579%(T)   U.K. Retail Price Index(2)(T)   $772   $254,030   $253,258
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
Interest rate swap agreements outstanding at March 31, 2020:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
CAD 1,600   03/03/22   1.270%(S)   3 Month CDOR(2)(S)   $ —   $ 10,967   $ 10,967
CAD 400   03/03/22   1.273%(S)   3 Month CDOR(2)(S)   —   2,847   2,847
CAD 700   06/17/22   1.500%(S)   3 Month CDOR(2)(S)   3,084   8,225   5,141
CAD 600   03/03/25   1.220%(S)   3 Month CDOR(2)(S)   —   5,157   5,157
CAD 500   03/03/25   1.275%(S)   3 Month CDOR(2)(S)   5   5,380   5,375
CAD 300   03/03/25   1.276%(S)   3 Month CDOR(2)(S)   —   3,239   3,239
CAD 200   03/03/25   1.290%(S)   3 Month CDOR(2)(S)   —   2,140   2,140
A13
AST PIMCO DYNAMIC BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest rate swap agreements outstanding at March 31, 2020 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD 800   03/04/25   1.235%(S)   3 Month CDOR(2)(S)   $ 1,127   $ 7,565   $ 6,438
GBP 1,600   03/18/25   0.750%(S)   6 Month GBP LIBOR(1)(S)   1,750   (22,987 )   (24,737 )
GBP 13,900   06/17/25   1.000%(S)   6 Month GBP LIBOR(1)(S)   (114,492 )   (410,860 )   (296,368 )
MXN 30,800   09/30/27   7.350%(M)   28 Day Mexican Interbank Rate(2)(M)   (101,215 )   45,262   146,477
  2,300   03/17/25   0.611%(S)   3 Month LIBOR(2)(Q)   —   14,139   14,139
  3,400   03/17/25   0.613%(S)   3 Month LIBOR(2)(Q)   —   21,155   21,155
  8,400   03/20/25   0.622%(S)   3 Month LIBOR(2)(Q)   —   51,025   51,025
  23,700   12/10/29   2.000%(S)   3 Month LIBOR(1)(Q)   (361,284 )   (3,096,572 )   (2,735,288 )
  1,500   01/15/30   1.750%(S)   3 Month LIBOR(1)(Q)   (17,814 )   (150,587 )   (132,773 )
  900   02/12/30   2.000%(S)   3 Month LIBOR(1)(Q)   (16,128 )   (113,044 )   (96,916 )
  400   03/10/30   2.000%(S)   3 Month LIBOR(1)(Q)   (379 )   (51,252 )   (50,873 )
  1,800   02/15/36   0.616%(S)   3 Month LIBOR(2)(Q)   —   (50,783 )   (50,783 )
  1,800   02/15/36   0.727%(S)   3 Month LIBOR(2)(Q)   —   (20,563 )   (20,563 )
  1,800   02/15/36   0.742%(S)   3 Month LIBOR(2)(Q)   —   (16,413 )   (16,413 )
  700   02/15/36   0.779%(S)   3 Month LIBOR(2)(Q)   —   (2,488 )   (2,488 )
  1,000   02/15/36   0.788%(S)   3 Month LIBOR(2)(Q)   —   (2,263 )   (2,263 )
  1,800   02/15/36   0.808%(S)   3 Month LIBOR(2)(Q)   —   1,319   1,319
  1,800   02/15/36   0.846%(S)   3 Month LIBOR(2)(Q)   —   11,726   11,726
  1,300   02/15/36   0.910%(S)   3 Month LIBOR(2)(Q)   —   20,870   20,870
  9,600   03/12/50   2.250%(S)   3 Month LIBOR(1)(Q)   (24,765 )   (3,594,803 )   (3,570,038 )
  400   03/17/50   0.710%(S)   3 Month LIBOR(1)(Q)   —   19,741   19,741
  600   03/17/50   0.713%(S)   3 Month LIBOR(1)(Q)   —   29,198   29,198
  1,500   03/20/50   0.772%(S)   3 Month LIBOR(1)(Q)   —   49,608   49,608
                    $(630,111 )   $(7,223,052 )   $(6,592,941 )
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
    
Reverse repurchase agreements outstanding at March 31, 2020:
Broker   Interest
Rate 		  Trade
Date 		  Cost   Maturity
Date 		  Value at
March 31,
2020
BNP Paribas S.A.
   1.500%   03/30/2020   $10,899,954   04/07/2020   $10,899,954
The value of the Reverse Repurchase Agreement is $10,899,854. Securities with a market value of $12,007,434 have been segregated to cover the requirement for the reverse repurchase agreement outstanding as of March 31,2020.
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).
A14