NPORT-EX 2 PIPDBB0ASTRPCorpBdPt.htm AST T. ROWE PRICE CORPORATE BOND PORTFOLIO
AST T. ROWE PRICE CORPORATE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 99.4%
Asset-Backed Securities — 6.4%
Automobiles — 0.5%
Santander Drive Auto Receivables Trust,
Series 2019-03, Class C
2.490%   10/15/25     25   $ 24,124
Other — 5.9%
Applebee’s Funding LLC/IHOP Funding LLC,
Series 2019-01A, Class A2I, 144A
4.194%   06/07/49     50   45,475
Domino’s Pizza Master Issuer LLC,
Series 2018-01A, Class A2I, 144A
4.116%   07/25/48     49   47,552
Series 2019-01A, Class A2, 144A
3.668%   10/25/49     50   44,480
Driven Brands Funding LLC,
Series 2019-02A, Class A2, 144A
3.981%   10/20/49     25   23,043
Planet Fitness Master Issuer LLC,
Series 2019-01A, Class A2, 144A
3.858%   12/05/49     50   39,101
Sonic Capital LLC,
Series 2020-01A, Class A2I, 144A
3.845%   01/20/50     25   23,913
Taco Bell Funding LLC,
Series 2018-01A, Class A2I, 144A
4.318%   11/25/48     34   33,699
Wendy’s Funding LLC,
Series 2018-01A, Class A2I, 144A
3.573%   03/15/48     49   44,605
              301,868
 
Total Asset-Backed Securities

(cost $361,879)
   325,992
Corporate Bonds — 87.3%
Aerospace & Defense — 0.7%
Lockheed Martin Corp.,
Sr. Unsec’d. Notes
4.500%   05/15/36     30   33,471
Agriculture — 4.0%
Altria Group, Inc.,
Gtd. Notes
2.625%   09/16/26     35   33,412
4.400%   02/14/26     15   15,471
5.950%   02/14/49     15   17,358
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.764%   08/15/22     50   49,307
3.557%   08/15/27     35   33,545
Bunge Ltd. Finance Corp.,
Gtd. Notes
3.500%   11/24/20     25   25,187
4.350%   03/15/24     26   26,949
              201,229
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Airlines — 2.2%
American Airlines 2017-2 Class A Pass-Through Trust,
Pass-Through Certificates
3.600%   04/15/31     69   $ 62,721
United Airlines 2019-1 Class AA Pass-Through Trust,
Pass-Through Certificates
4.150%   02/25/33     40   41,469
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.700%   11/01/33     10   8,545
              112,735
Auto Manufacturers — 3.1%
General Motors Financial Co., Inc.,
Gtd. Notes
3.700%   11/24/20     15   14,840
4.000%   10/06/26     25   21,180
4.200%   03/01/21     5   4,810
4.350%   04/09/25     10   8,659
Sr. Unsec’d. Notes
5.100%   01/17/24     25   22,894
Harley-Davidson Financial Services, Inc.,
Gtd. Notes, 144A
4.050%   02/04/22     60   58,012
Hyundai Capital America,
Gtd. Notes, 144A
2.375%   02/10/23     15   14,159
2.850%   11/01/22     14   13,530
              158,084
Banks — 3.0%
Bank of America Corp.,
Sr. Unsec’d. Notes, MTN
2.496%(ff)   02/13/31     40   38,672
4.271%(ff)   07/23/29     35   37,920
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes
3.960%(ff)   01/29/27     50   53,920
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN
2.699%(ff)   01/22/31     25   24,326
              154,838
Beverages — 1.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.750%   01/23/29     25   27,567
5.550%   01/23/49     30   35,261
PepsiCo, Inc.,
Sr. Unsec’d. Notes
2.625%   03/19/27     10   10,461
              73,289
Chemicals — 0.5%
Ecolab, Inc.,
Sr. Unsec’d. Notes
3.950%   12/01/47     25   25,705
A1
AST T. ROWE PRICE CORPORATE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Computers — 1.0%
Dell International LLC/EMC Corp.,
Sr. Sec’d. Notes, 144A
4.000%   07/15/24     50   $ 50,550
Diversified Financial Services — 5.4%
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A
3.250%   02/15/27     15   11,512
4.375%   05/01/26     50   40,052
Capital One Financial Corp.,
Sr. Unsec’d. Notes
3.750%   03/09/27     35   34,292
GTP Acquisition Partners I LLC,
Sec’d. Notes, 144A
3.482%   06/15/50     100   100,573
Mastercard, Inc.,
Sr. Unsec’d. Notes
3.850%   03/26/50     10   12,206
Synchrony Financial,
Sr. Unsec’d. Notes
2.850%   07/25/22     50   47,564
Western Union Co. (The),
Sr. Unsec’d. Notes
2.850%   01/10/25     30   29,851
              276,050
Electric — 5.6%
AES Corp.,
Sr. Unsec’d. Notes
5.125%   09/01/27     25   25,095
Ausgrid Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
3.850%   05/01/23     75   77,889
Edison International,
Sr. Unsec’d. Notes
3.125%   11/15/22     5   4,950
3.550%   11/15/24     30   29,828
4.950%   04/15/25     5   4,988
Sempra Energy,
Sr. Unsec’d. Notes
3.800%   02/01/38     10   9,493
Southern California Edison Co.,
First Mortgage
3.650%   02/01/50     25   24,635
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%   07/31/27     25   25,365
Sr. Sec’d. Notes, 144A
3.550%   07/15/24     55   51,742
3.700%   01/30/27     20   17,784
4.300%   07/15/29     15   13,329
              285,098
Electronics — 0.7%
Keysight Technologies, Inc.,
Sr. Unsec’d. Notes
4.600%   04/06/27     13   13,683
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electronics (cont’d.)
PerkinElmer, Inc.,
Sr. Unsec’d. Notes
3.300%   09/15/29     23   $ 21,599
              35,282
Engineering & Construction — 2.1%
Heathrow Funding Ltd. (United Kingdom),
Sr. Sec’d. Notes, 144A
4.875%   07/15/23     100   105,801
Environmental Control — 0.7%
Waste Connections, Inc.,
Sr. Unsec’d. Notes
3.500%   05/01/29     35   35,324
Foods — 0.5%
Mars, Inc.,
Gtd. Notes, 144A
3.950%   04/01/49     25   27,670
Healthcare-Products — 0.1%
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes
4.133%   03/25/25     5   5,351
Healthcare-Services — 3.1%
Centene Corp.,
Sr. Unsec’d. Notes, 144A
4.250%   12/15/27     15   15,099
4.625%   12/15/29     10   10,050
5.375%   06/01/26     30   30,890
CommonSpirit Health,
Sr. Sec’d. Notes
3.347%   10/01/29     24   23,314
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.875%   08/15/29     35   36,747
3.500%   08/15/39     25   26,856
4.450%   12/15/48     10   12,214
              155,170
Insurance — 0.9%
Aflac, Inc.,
Sr. Unsec’d. Notes
3.600%   04/01/30     10   10,155
CNO Financial Group, Inc.,
Sr. Unsec’d. Notes
5.250%   05/30/25     35   36,400
              46,555
Internet — 5.6%
Amazon.com, Inc.,
Sr. Unsec’d. Notes
3.875%   08/22/37     40   47,837
Booking Holdings, Inc.,
Sr. Unsec’d. Notes
3.550%   03/15/28     25   25,356
 
A2
AST T. ROWE PRICE CORPORATE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Internet (cont’d.)
Tencent Holdings Ltd. (China),
Sr. Unsec’d. Notes, EMTN
3.800%   02/11/25     200   $ 213,477
              286,670
Iron/Steel — 0.1%
ArcelorMittal SA (Luxembourg),
Sr. Unsec’d. Notes
6.125%   06/01/25     5   4,917
Lodging — 0.8%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
3.200%   08/08/24     45   40,488
Media — 5.5%
Charter Communications Operating LLC/Charter Communications
Operating Capital,
Sr. Sec’d. Notes
4.464%   07/23/22     22   22,726
4.908%   07/23/25     35   37,620
Comcast Corp.,
Gtd. Notes
3.100%   04/01/25     5   5,287
3.250%   11/01/39     35   36,654
3.900%   03/01/38     25   28,141
4.150%   10/15/28     50   56,509
4.700%   10/15/48     10   12,963
Fox Corp.,
Sr. Unsec’d. Notes, 144A
4.709%   01/25/29     25   27,407
Sirius XM Radio, Inc.,
Gtd. Notes, 144A
4.625%   07/15/24     25   25,361
Walt Disney Co. (The),
Gtd. Notes
3.350%   03/24/25     25   27,226
              279,894
Mining — 0.4%
Freeport-McMoRan, Inc.,
Gtd. Notes
4.125%   03/01/28     25   21,891
Miscellaneous Manufacturing — 2.3%
General Electric Co.,
Jr. Sub. Notes, Series D
5.000%(ff)   –(rr)     14   11,443
Sr. Unsec’d. Notes
2.700%   10/09/22     50   49,181
Sr. Unsec’d. Notes, GMTN
3.450%   05/15/24     25   24,740
Sr. Unsec’d. Notes, MTN
5.875%   01/14/38     25   29,589
              114,953
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas — 4.3%
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
2.950%   01/15/23     50   $ 43,270
Concho Resources, Inc.,
Gtd. Notes
3.750%   10/01/27     15   12,665
Diamondback Energy, Inc.,
Gtd. Notes
3.250%   12/01/26     20   14,186
3.500%   12/01/29     30   21,116
Exxon Mobil Corp.,
Sr. Unsec’d. Notes
3.294%   03/19/27     15   16,190
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
2.900%   08/15/24     15   8,246
Woodside Finance Ltd. (Australia),
Gtd. Notes, 144A
3.650%   03/05/25     100   101,462
              217,135
Oil & Gas Services — 1.0%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,
Sr. Unsec’d. Notes
2.773%   12/15/22     5   4,761
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A
4.300%   05/01/29     50   47,687
              52,448
Pharmaceuticals — 7.4%
AbbVie, Inc.,
Sr. Unsec’d. Notes
4.300%   05/14/36     10   10,768
4.875%   11/14/48     25   29,000
Sr. Unsec’d. Notes, 144A
2.950%   11/21/26     45   46,047
4.050%   11/21/39     20   20,868
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
2.894%   06/06/22     15   14,894
3.363%   06/06/24     6   5,994
3.700%   06/06/27     35   35,546
Cardinal Health, Inc.,
Sr. Unsec’d. Notes
3.410%   06/15/27     15   15,215
3.750%   09/15/25     20   20,562
4.500%   11/15/44     5   4,603
4.900%   09/15/45     20   20,643
Cigna Corp.,
Gtd. Notes
4.900%   12/15/48     8   9,514
Gtd. Notes, 144A
4.500%   02/25/26     70   75,343
Sr. Unsec’d. Notes
3.200%   03/15/40     20   18,513
 
A3
AST T. ROWE PRICE CORPORATE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pharmaceuticals (cont’d.)
CVS Health Corp.,
Sr. Unsec’d. Notes
4.250%   04/01/50     5   $ 5,179
5.050%   03/25/48     15   17,306
McKesson Corp.,
Sr. Unsec’d. Notes
4.750%   05/30/29     23   26,101
              376,096
Pipelines — 7.8%
APT Pipelines Ltd. (Australia),
Gtd. Notes, 144A
4.250%   07/15/27     50   54,826
Boardwalk Pipelines LP,
Gtd. Notes
4.450%   07/15/27     60   44,924
Cameron LNG LLC,
Sr. Sec’d. Notes, 144A
2.902%   07/15/31     10   8,588
3.302%   01/15/35     35   30,400
3.701%   01/15/39     10   8,642
Cheniere Corpus Christi Holdings LLC,
Sr. Sec’d. Notes
5.125%   06/30/27     15   13,426
Sr. Sec’d. Notes, 144A
3.700%   11/15/29     25   19,001
Energy Transfer Operating LP,
Gtd. Notes
2.900%   05/15/25     5   4,239
4.050%   03/15/25     50   44,377
5.500%   06/01/27     20   17,521
Energy Transfer Partners LP/Regency Energy Finance Corp.,
Gtd. Notes
4.500%   11/01/23     10   9,029
EnLink Midstream Partners LP,
Sr. Unsec’d. Notes
4.150%   06/01/25     30   14,535
Kinder Morgan Energy Partners LP,
Gtd. Notes
3.500%   03/01/21     5   4,941
Kinder Morgan, Inc.,
Gtd. Notes, 144A
5.625%   11/15/23     17   17,778
Sabine Pass Liquefaction LLC,
Sr. Sec’d. Notes
5.000%   03/15/27     50   43,268
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
3.600%   03/15/22     10   9,797
4.000%   09/15/25     60   52,987
              398,279
Real Estate Investment Trusts (REITs) — 7.0%
American Campus Communities Operating Partnership LP,
Gtd. Notes
3.300%   07/15/26     35   34,511
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
3.900%   03/15/27     35   $ 33,905
CC Holdings GS V LLC/Crown Castle GS III Corp.,
Sr. Sec’d. Notes
3.849%   04/15/23     50   50,225
Crown Castle International Corp.,
Sr. Unsec’d. Notes
3.300%   07/01/30     10   9,918
5.250%   01/15/23     4   4,212
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes
4.250%   11/15/23     2   1,956
SBA Tower Trust,
Asset-Backed, 144A
2.836%   01/15/50     100   101,809
Service Properties Trust,
Sr. Unsec’d. Notes
4.350%   10/01/24     20   14,684
VEREIT Operating Partnership LP,
Gtd. Notes
3.950%   08/15/27     75   70,726
4.600%   02/06/24     5   4,990
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
3.500%   02/15/25     30   27,976
              354,912
Retail — 2.7%
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN
3.625%   09/01/49     10   10,085
4.200%   04/01/50     5   5,564
QVC, Inc.,
Sr. Sec’d. Notes
4.375%   03/15/23     40   38,427
Starbucks Corp.,
Sr. Unsec’d. Notes
3.350%   03/12/50     30   28,065
TJX Cos., Inc. (The),
Sr. Unsec’d. Notes
3.500%   04/15/25     15   15,340
Walgreens Boots Alliance, Inc.,
Sr. Unsec’d. Notes
3.450%   06/01/26     40   39,653
              137,134
Semiconductors — 1.8%
Intel Corp.,
Sr. Unsec’d. Notes
3.400%   03/25/25     15   16,242
Micron Technology, Inc.,
Sr. Unsec’d. Notes
4.185%   02/15/27     35   35,417
4.663%   02/15/30     15   15,688
5.327%   02/06/29     3   3,287
 
A4
AST T. ROWE PRICE CORPORATE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2020 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Semiconductors (cont’d.)
Texas Instruments, Inc.,
Sr. Unsec’d. Notes
4.150%   05/15/48     15   $ 18,550
              89,184
Software — 1.5%
Microsoft Corp.,
Sr. Unsec’d. Notes
4.100%   02/06/37     50   60,975
Oracle Corp.,
Sr. Unsec’d. Notes
3.600%   04/01/50     15   14,986
              75,961
Telecommunications — 3.3%
AT&T, Inc.,
Sr. Unsec’d. Notes
4.500%   03/09/48     5   5,420
6.375%   03/01/41     20   25,442
Rogers Communications, Inc. (Canada),
Gtd. Notes
4.350%   05/01/49     25   28,574
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
4.329%   09/21/28     25   28,595
4.672%   03/15/55     25   31,850
5.012%   04/15/49     10   13,492
5.250%   03/16/37     25   31,939
              165,312
Toys/Games/Hobbies — 0.6%
Hasbro, Inc.,
Sr. Unsec’d. Notes
3.550%   11/19/26     30   28,792
Transportation — 0.2%
United Parcel Service, Inc.,
Sr. Unsec’d. Notes
3.900%   04/01/25     10   10,825
 
Total Corporate Bonds

(cost $4,664,275)
   4,437,093
Municipal Bonds — 1.1%
Texas
Central Texas Turnpike System,
Revenue Bonds, Series C
3.029%   08/15/41     35   32,013
Grand Parkway Transportation Corp.,
Taxable, Revenue Bonds
3.236%   10/01/52     25   24,700
 
Total Municipal Bonds

(cost $60,000)
   56,713
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations — 4.6%
U.S. Treasury Bonds
2.375%   11/15/49     60   $ 74,794
4.375%   11/15/39     75   117,820
4.625%   02/15/40     25   40,516
 
Total U.S. Treasury Obligations

(cost $219,170)
   233,130
    
      Shares  
Preferred Stock — 0.0%
Pharmaceuticals
Elanco Animal Health, Inc., CVT, 5.000%
 10 411
(cost $500)    
 
Total Long-Term Investments

(cost $5,305,824)
 5,053,339
Short-Term Investment — 3.2%
Affiliated Mutual Fund
PGIM Core Ultra Short Bond Fund

(cost $164,835)(w)
 164,835 164,835
 
TOTAL INVESTMENTS—102.6%

(cost $5,470,659)
 5,218,174
 
Liabilities in excess of other assets — (2.6)%
 (132,629 )
 
Net Assets — 100.0%
 $ 5,085,545
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
CVT Convertible Security
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
MTN Medium Term Note
REITs Real Estate Investment Trust
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
(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.
(rr) Perpetual security with no stated maturity date.
(w) PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund.
 
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).
A5