NPORT-EX 2 PIPDBM1PRU033122.htm
AST EMERGING MARKETS EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
      Shares   Value
Long-Term Investments — 95.9%
Common Stocks — 92.5%
Brazil — 2.9%
B3 SA - Brasil Bolsa Balcao
1,598,796   $5,268,819
Banco do Brasil SA
47,900   348,104
BB Seguridade Participacoes SA
87,184   468,968
Cia Siderurgica Nacional SA
103,500   564,342
Cosan SA
431,992   2,146,781
Odontoprev SA
302,700   794,730
Vale SA, ADR(a)
41,035   820,290
WEG SA
229,900   1,685,239
            12,097,273
Chile — 1.2%
Antofagasta PLC
83,883   1,829,376
Banco Santander Chile, ADR(a)
58,751   1,327,185
Cencosud SA
325,971   642,165
Empresas CMPC SA
28,096   52,028
Empresas CopEC SA
35,654   294,549
Falabella SA
230,780   737,657
            4,882,960
China — 24.9%
3SBio, Inc., 144A*
290,103   236,123
Agricultural Bank of China Ltd. (Class H Stock)
3,275,000   1,253,513
Alibaba Group Holding Ltd.*
438,248   5,941,216
Anhui Conch Cement Co. Ltd. (Class A Stock)
19,100   118,054
Baidu, Inc., ADR*
6,687   884,690
Bank of Beijing Co. Ltd. (Class A Stock)
136,600   98,248
Bank of Ningbo Co. Ltd. (Class A Stock)
38,060   222,772
Baoshan Iron & Steel Co. Ltd. (Class A Stock)
117,900   124,723
BeiGene Ltd., ADR*(a)
1,427   269,132
Beijing Enterprises Holdings Ltd.
99,152   313,230
Bilibili, Inc., ADR*(a)
3,995   102,192
BOE Technology Group Co. Ltd. (Class A Stock)
431,400   291,286
Brilliance China Automotive Holdings Ltd.*^
2,742,000   1,254,733
BYD Co. Ltd. (Class A Stock)
12,500   442,742
China Cinda Asset Management Co. Ltd. (Class H Stock)
3,287,000   560,414
China CITIC Bank Corp. Ltd. (Class H Stock)
2,648,698   1,338,616
China Coal Energy Co. Ltd. (Class H Stock)
1,004,000   752,466
China Construction Bank Corp. (Class H Stock)
7,279,669   5,443,893
China Everbright Bank Co. Ltd. (Class A Stock)
214,800   111,331
China Everbright Bank Co. Ltd. (Class H Stock)
2,484,000   937,658
China Hongqiao Group Ltd.
520,000   690,036
China Medical System Holdings Ltd.
180,959   283,341
China Merchants Bank Co. Ltd. (Class A Stock)
31,836   233,264
      Shares   Value
Common Stocks (continued)
China (cont’d.)
China Merchants Bank Co. Ltd. (Class H Stock)
706,000   $5,494,318
China Merchants Port Holdings Co. Ltd.
225,909   407,100
China Merchants Securities Co. Ltd. (Class A Stock)
120,400   273,178
China Minsheng Banking Corp. Ltd. (Class H Stock)
256,000   96,154
China National Building Material Co. Ltd. (Class H Stock)
542,554   669,163
China Oilfield Services Ltd. (Class H Stock)
350,000   359,218
China Overseas Land & Investment Ltd.
79,000   234,861
China Pacific Insurance Group Co. Ltd. (Class A Stock)
21,600   77,432
China Pacific Insurance Group Co. Ltd. (Class H Stock)
801,600   1,935,335
China Petroleum & Chemical Corp. (Class H Stock)
3,698,000   1,845,512
China Railway Group Ltd. (Class H Stock)
1,106,000   616,828
China Resources Cement Holdings Ltd.
365,447   303,498
China Resources Land Ltd.
514,144   2,379,953
China Taiping Insurance Holdings Co. Ltd.
348,200   423,408
China Tourism Group Duty Free Corp. Ltd. (Class A Stock)
12,393   317,618
China Vanke Co. Ltd. (Class A Stock)
26,100   78,351
China Yuhua Education Corp. Ltd., 144A
1,366,000   308,350
Chinasoft International Ltd.*
118,000   96,729
CITIC Ltd.
453,187   501,139
CITIC Securities Co. Ltd. (Class A Stock)
83,950   274,588
Contemporary Amperex Technology Co. Ltd. (Class A Stock)
27,800   2,220,627
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*
430,500   743,186
COSCO SHIPPING Ports Ltd.
188,000   145,931
Country Garden Holdings Co. Ltd.
313,042   243,131
Country Garden Services Holdings Co. Ltd.
27,000   114,400
CSPC Pharmaceutical Group Ltd.
308,480   354,567
Dongfeng Motor Group Co. Ltd. (Class H Stock)
864,000   645,529
Foshan Haitian Flavouring & Food Co. Ltd. (Class A Stock)
16,959   232,383
Fuyao Glass Industry Group Co. Ltd. (Class A Stock)
30,061   167,551
Fuyao Glass Industry Group Co. Ltd. (Class H Stock), 144A
56,000   228,112
Guangdong Investment Ltd.
692,000   945,007
Guotai Junan Securities Co. Ltd. (Class A Stock)
69,300   170,466
Haier Smart Home Co. Ltd. (Class A Stock)
75,900   274,321
A1
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
      Shares   Value
Common Stocks (continued)
China (cont’d.)
Haier Smart Home Co. Ltd. (Class H Stock)
885,800   $2,843,124
Haitian International Holdings Ltd.
284,000   733,846
Haitong Securities Co. Ltd. (Class A Stock)
167,900   271,253
Haitong Securities Co. Ltd. (Class H Stock)
258,400   196,529
Huatai Securities Co. Ltd. (Class A Stock)
98,900   230,258
Huayu Automotive Systems Co. Ltd. (Class A Stock)
440,419   1,375,655
Huazhu Group Ltd., ADR
648   21,378
Industrial Bank Co. Ltd. (Class A Stock)
24,900   80,718
Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock)
554,123   3,203,225
JD.com, Inc., ADR*(a)
24,039   1,391,137
JD.com, Inc. (Class A Stock)*
8,809   254,008
Jiangsu Hengrui Medicine Co. Ltd. (Class A Stock)
53,588   309,279
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. (Class A Stock)
18,341   388,231
Joyoung Co. Ltd. (Class A Stock)
397,909   1,017,423
KE Holdings, Inc., ADR*(a)
12,531   155,008
Kingboard Holdings Ltd.
89,000   430,997
Kingsoft Corp. Ltd.
16,000   51,068
Kunlun Energy Co. Ltd.
56,000   48,584
Kweichow Moutai Co. Ltd. (Class A Stock)
2,900   779,597
Lee & Man Paper Manufacturing Ltd.
97,000   50,495
Li Auto, Inc., ADR*(a)
12,723   328,381
Longfor Group Holdings Ltd., 144A
70,674   361,039
Luxshare Precision Industry Co. Ltd. (Class A Stock)
47,028   232,684
Luzhou Laojiao Co. Ltd. (Class A Stock)
9,035   262,610
Meituan (Class B Stock), 144A*
103,000   1,984,818
Midea Group Co. Ltd. (Class A Stock)
233,248   2,078,307
Minth Group Ltd.
286,000   695,385
MMG Ltd.*
1,380,000   551,585
NARI Technology Co. Ltd. (Class A Stock)
92,520   455,925
NetEase, Inc.
157,200   2,796,068
New China Life Insurance Co. Ltd. (Class A Stock)
27,900   154,412
New China Life Insurance Co. Ltd. (Class H Stock)
189,300   525,977
NIO, Inc., ADR*(a)
34,051   716,774
PetroChina Co. Ltd. (Class H Stock)
1,426,000   731,080
PICC Property & Casualty Co. Ltd. (Class H Stock)
166,743   169,518
Pinduoduo, Inc., ADR*(a)
12,153   487,457
Ping An Bank Co. Ltd. (Class A Stock)
442,500   1,065,423
Ping An Insurance Group Co. of China Ltd. (Class A Stock)
21,600   163,834
Ping An Insurance Group Co. of China Ltd. (Class H Stock)
638,500   4,489,014
Poly Developments & Holdings Group Co. Ltd. (Class A Stock)
70,200   195,409
      Shares   Value
Common Stocks (continued)
China (cont’d.)
Postal Savings Bank of China Co. Ltd. (Class H Stock), 144A
2,814,000   $2,268,138
Prosus NV*
24,868   1,329,462
SAIC Motor Corp. Ltd. (Class A Stock)
119,100   316,831
Sany Heavy Industry Co. Ltd. (Class A Stock)
91,000   249,381
Shanghai Fosun Pharmaceutical Group Co. Ltd. (Class H Stock)
272,000   1,326,629
Shenwan Hongyuan Group Co. Ltd. (Class A Stock)
412,900   283,318
Shenzhen International Holdings Ltd.
190,500   200,797
Sinotruk Hong Kong Ltd.
615,896   936,646
Sunac China Holdings Ltd.
110,318   63,657
Suning.com Co. Ltd. (Class A Stock)*
343,600   185,880
Tencent Holdings Ltd.
166,794   7,782,780
Tingyi Cayman Islands Holding Corp.
1,196,000   2,011,298
Topsports International Holdings Ltd., 144A
1,646,000   1,370,413
Trip.com Group Ltd., ADR*(a)
12,255   283,336
Uni-President China Holdings Ltd.
58,000   50,420
Wharf Holdings Ltd. (The)
53,000   161,294
Wuliangye Yibin Co. Ltd. (Class A Stock)
14,249   345,089
Wuxi Lead Intelligent Equipment Co. Ltd. (Class A Stock)
106,580   975,074
Xinyi Solar Holdings Ltd.
1,172,000   2,057,183
XPeng, Inc., ADR*
8,871   244,751
Yonghui Superstores Co. Ltd. (Class A Stock)
256,000   169,672
Yum China Holdings, Inc. (NYSE)
9,211   382,625
Yum China Holdings, Inc. (XHKG)
16,150   697,332
Zhejiang Supor Co. Ltd. (Class A Stock)
156,100   1,222,270
Zoomlion Heavy Industry Science & Technology Co. Ltd. (Class H Stock)
566,000   357,525
ZTO Express Cayman, Inc., ADR
8,334   208,350
            102,839,281
Hong Kong — 2.0%
AIA Group Ltd.
204,400   2,133,999
Hang Seng Bank Ltd.
54,500   1,048,881
HKT Trust & HKT Ltd.
494,000   678,164
Hong Kong Exchanges & Clearing Ltd.
56,100   2,632,718
WH Group Ltd., 144A
454,394   285,360
Xinyi Glass Holdings Ltd.
688,000   1,650,001
            8,429,123
Hungary — 0.3%
OTP Bank Nyrt*
29,527   1,077,643
India — 8.6%
Adani Transmission Ltd.*
2,544   78,735
Asian Paints Ltd.
41,973   1,702,948
Axis Bank Ltd.*
14,073   140,604
Bharat Petroleum Corp. Ltd.
199,264   944,431
Coal India Ltd.
745,840   1,802,123
GAIL India Ltd.
140,507   288,222
HCL Technologies Ltd.
40,801   623,373
 
A2
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
      Shares   Value
Common Stocks (continued)
India (cont’d.)
HDFC Bank Ltd.
101,803   $1,965,854
Hindustan Petroleum Corp. Ltd.
83,165   294,612
ICICI Bank Ltd.
273,729   2,629,030
Indian Oil Corp. Ltd.
768,532   1,202,861
Infosys Ltd., ADR
252,658   6,288,658
Kotak Mahindra Bank Ltd.
59,171   1,363,105
Larsen & Toubro Ltd.
37,681   876,786
Maruti Suzuki India Ltd.
16,623   1,652,474
NTPC Ltd.
890,504   1,581,310
Oil & Natural Gas Corp. Ltd.
79,600   171,789
Petronet LNG Ltd.
42,127   107,540
Power Grid Corp. of India Ltd.
80,749   230,985
Reliance Industries Ltd.
72,662   2,518,611
Tata Consultancy Services Ltd.
58,171   2,862,519
Tata Steel Ltd.
37,244   638,691
Titan Co. Ltd.
84,258   2,811,061
UltraTech Cement Ltd.
15,077   1,311,311
Vedanta Ltd.
216,275   1,147,212
Yes Bank Ltd.*
825,466   133,721
            35,368,566
Indonesia — 2.8%
Adaro Energy Tbk PT
2,173,100   407,226
Astra International Tbk PT
1,070,500   484,721
Bank Central Asia Tbk PT
397,800   221,184
Bank Mandiri Persero Tbk PT
107,100   59,472
Bank Rakyat Indonesia Persero Tbk PT
16,597,106   5,366,022
Telkom Indonesia Persero Tbk PT
12,360,000   3,929,851
Unilever Indonesia Tbk PT
297,900   75,651
United Tractors Tbk PT
542,989   965,394
            11,509,521
Luxembourg — 0.0%
Reinet Investments SCA
7,972   178,994
Malaysia — 0.3%
Petronas Chemicals Group Bhd
119,400   272,524
RHB Bank Bhd
72,000   101,941
Sime Darby Bhd
1,123,100   640,273
Telekom Malaysia Bhd
43,900   50,973
            1,065,711
Mexico — 4.2%
Arca Continental SAB de CV
68,200   462,862
Bolsa Mexicana de Valores SAB de CV
137,326   291,636
Coca-Cola Femsa SAB de CV, ADR
1,712   94,074
Grupo Aeroportuario del Pacifico SAB de CV (Class B Stock)*
130,845   2,109,242
Grupo Aeroportuario del Sureste SAB de CV, ADR
746   165,314
Grupo Bimbo SAB de CV (Class A Stock)
327,100   986,727
Grupo Financiero Banorte SAB de CV (Class O Stock)
586,709   4,419,343
Industrias Penoles SAB de CV
10,900   137,552
Kimberly-Clark de Mexico SAB de CV (Class A Stock)
510,336   719,705
      Shares   Value
Common Stocks (continued)
Mexico (cont’d.)
Orbia Advance Corp. SAB de CV
759,700   $2,009,443
Promotora y Operadora de Infraestructura SAB de CV
53,150   422,020
Wal-Mart de Mexico SAB de CV
1,308,640   5,362,858
            17,180,776
Peru — 0.6%
Credicorp Ltd.
10,405   1,788,307
Southern Copper Corp.
7,102   539,042
            2,327,349
Philippines — 0.3%
Ayala Land, Inc.
423,088   285,933
BDO Unibank, Inc.
6,554   16,741
PLDT, Inc., ADR(a)
4,330   152,156
Robinsons Retail Holdings, Inc.
452,360   486,321
SM Prime Holdings, Inc.
518,804   378,289
            1,319,440
Poland — 1.4%
Bank Polska Kasa Opieki SA
7,098   189,237
Cyfrowy Polsat SA
41,687   275,687
KGHM Polska Miedz SA
8,100   330,746
LPP SA
81   220,536
PGE Polska Grupa Energetyczna SA*
255,015   549,711
Polski Koncern Naftowy ORLEN SA
87,291   1,567,336
Polskie Gornictwo Naftowe i Gazownictwo SA
389,568   574,378
Powszechna Kasa Oszczednosci Bank Polski SA*
23,936   225,351
Powszechny Zaklad Ubezpieczen SA
227,077   1,818,947
            5,751,929
Qatar — 0.3%
Industries Qatar QSC
35,045   182,775
Qatar Islamic Bank SAQ
26,827   175,891
Qatar National Bank QPSC
130,909   829,312
            1,187,978
Russia — 0.0%
Gazprom PJSC, ADR^
136,500   14
LUKOIL PJSC, ADR^
9,907   1
Magnit PJSC, GDR^
4,306   1
Moscow Exchange MICEX-RTS PJSC^
569,693   1
Novatek PJSC, GDR^
2,318   —
Novolipetsk Steel PJSC, GDR^
14,061   2
PhosAgro PJSC, GDR^
3,460   —
Rosneft Oil Co. PJSC, GDR^
32,677   3
Sberbank of Russia PJSC, ADR^
68,777   7
Severstal PAO, GDR^
51,348   5
Surgutneftegas PJSC, ADR^
32,498   3
Tatneft PJSC, ADR^
2,728   —
TCS Group Holding PLC, GDR^
12,202   1
            38
Saudi Arabia — 2.2%
Al Rajhi Bank
61,349   2,621,212
 
A3
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
      Shares   Value
Common Stocks (continued)
Saudi Arabia (cont’d.)
Arab National Bank
122,493   $906,676
Bank Al-Jazira
7,082   49,660
Banque Saudi Fransi
59,938   857,638
Delivery Hero SE, 144A*
8,961   393,189
Jarir Marketing Co.
3,638   191,013
Mobile Telecommunications Co. Saudi Arabia*
27,708   98,236
SABIC Agri-Nutrients Co.
1,037   50,338
Saudi Arabian Mining Co.*
16,802   598,602
Saudi Basic Industries Corp.
63,836   2,228,070
Saudi Industrial Investment Group
5,157   48,086
Saudi Telecom Co.
36,501   1,047,191
Yanbu National Petrochemical Co.
3,956   70,404
            9,160,315
South Africa — 4.4%
Absa Group Ltd.
30,363   393,598
African Rainbow Minerals Ltd.
20,152   395,527
Aspen Pharmacare Holdings Ltd.
21,616   293,003
AVI Ltd.
118,414   583,873
Bid Corp. Ltd.
32,396   705,131
Bidvest Group Ltd. (The)
9,012   137,539
Exxaro Resources Ltd.
91,035   1,379,623
FirstRand Ltd.
259,622   1,370,756
Impala Platinum Holdings Ltd.
21,326   328,734
Kumba Iron Ore Ltd.
14,288   636,004
Mr. Price Group Ltd.
56,468   837,352
MultiChoice Group
75,918   682,538
Naspers Ltd. (Class N Stock)
13,719   1,556,285
Northam Platinum Holdings Ltd.*
24,521   365,591
Pepkor Holdings Ltd., 144A
184,743   293,867
Sanlam Ltd.
185,516   914,878
Sasol Ltd.*
28,884   697,806
Shoprite Holdings Ltd.
27,953   451,277
Sibanye Stillwater Ltd., ADR(a)
57,486   932,998
SPAR Group Ltd. (The)
27,768   322,518
Standard Bank Group Ltd.
212,643   2,642,950
Tiger Brands Ltd.
23,681   262,952
Vodacom Group Ltd.
108,955   1,194,167
Woolworths Holdings Ltd.
206,076   812,825
            18,191,792
South Korea — 14.8%
Cheil Worldwide, Inc.
2,806   54,306
CJ Corp.
736   51,054
CJ ENM Co. Ltd.
9,819   1,058,195
CJ Logistics Corp.*
1,932   206,063
Doosan Bobcat, Inc.
7,006   223,547
E-MART, Inc.
894   103,290
GS Holdings Corp.
5,349   193,288
Hana Financial Group, Inc.
38,403   1,537,787
Hankook Tire & Technology Co. Ltd.
14,766   407,667
HMM Co. Ltd.
46,006   1,099,318
Hyundai Engineering & Construction Co. Ltd.
4,689   183,679
Hyundai Glovis Co. Ltd.
4,725   746,938
Hyundai Mobis Co. Ltd.
5,112   899,556
Hyundai Steel Co.
5,454   185,348
      Shares   Value
Common Stocks (continued)
South Korea (cont’d.)
Industrial Bank of Korea
78,791   $702,077
KB Financial Group, Inc.
4,923   247,106
Kia Corp.
25,790   1,561,115
Korea Investment Holdings Co. Ltd.
9,640   622,742
Korea Shipbuilding & Offshore Engineering Co. Ltd.*
5,949   433,357
Krafton, Inc.*
582   131,394
Kumho Petrochemical Co. Ltd.
3,512   447,028
LG Chem Ltd.
4,014   1,748,773
LG Corp.
11,906   748,242
LG Energy Solution*
761   275,619
LG Household & Health Care Ltd.
953   673,511
Lotte Chemical Corp.
2,792   479,993
Lotte Shopping Co. Ltd.
2,809   220,702
Mirae Asset Securities Co. Ltd.
55,850   392,489
NAVER Corp.
5,899   1,646,312
NCSoft Corp.
2,380   910,421
NH Investment & Securities Co. Ltd.
38,896   364,117
Pan Ocean Co. Ltd.
51,510   295,133
POSCO Holdings, Inc.
8,986   2,159,720
Samsung Electronics Co. Ltd.
471,389   26,961,033
Samsung Fire & Marine Insurance Co. Ltd.
1,045   187,899
Samsung Life Insurance Co. Ltd.
3,880   209,953
Samsung SDI Co. Ltd.
2,926   1,423,225
Samsung SDS Co. Ltd.
3,192   362,071
Samsung Securities Co. Ltd.
4,786   164,629
Seegene, Inc.
3,366   142,142
Shinhan Financial Group Co. Ltd.
32,239   1,097,492
SK Hynix, Inc.
53,669   5,173,239
SK Telecom Co. Ltd.
25,736   1,203,597
SK Telecom Co. Ltd., ADR
6,585   168,774
S-Oil Corp.
4,080   325,475
Woori Financial Group, Inc.
220,931   2,782,331
            61,211,747
Taiwan — 19.2%
Accton Technology Corp.
73,000   563,112
Advantech Co. Ltd.
134,595   1,723,593
ASE Technology Holding Co. Ltd.
440,000   1,567,207
Asustek Computer, Inc.
8,000   104,090
AU Optronics Corp.
1,669,000   1,136,411
Catcher Technology Co. Ltd.
174,000   876,177
Cathay Financial Holding Co. Ltd.
1,025,000   2,297,394
Chailease Holding Co. Ltd.
106,950   939,788
Cheng Shin Rubber Industry Co. Ltd.
257,000   316,739
Chicony Electronics Co. Ltd.
62,000   193,713
China Steel Corp.
1,554,000   2,107,336
Chunghwa Telecom Co. Ltd.
16,000   70,785
CTBC Financial Holding Co. Ltd.
2,374,000   2,421,143
Delta Electronics, Inc.
226,000   2,109,593
Eclat Textile Co. Ltd.
85,000   1,410,640
Evergreen Marine Corp. Taiwan Ltd.
200,000   936,262
Formosa Chemicals & Fibre Corp.
135,000   371,071
Formosa Plastics Corp.
501,000   1,851,007
Fubon Financial Holding Co. Ltd.
295,911   786,750
Globalwafers Co. Ltd.
100,000   2,328,129
Hon Hai Precision Industry Co. Ltd.
208,000   766,299
 
A4
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
      Shares   Value
Common Stocks (continued)
Taiwan (cont’d.)
Innolux Corp.
1,191,000   $694,904
Lite-On Technology Corp.
151,000   356,862
MediaTek, Inc.
84,000   2,641,542
Mega Financial Holding Co. Ltd.
359,000   535,115
Micro-Star International Co. Ltd.
43,000   193,495
Nan Ya Plastics Corp.
397,000   1,285,568
Nanya Technology Corp.
384,000   922,457
Novatek Microelectronics Corp.
147,000   2,169,914
Pegatron Corp.
208,000   524,267
Pou Chen Corp.
243,000   266,599
President Chain Store Corp.
138,000   1,264,047
Quanta Computer, Inc.
479,000   1,471,428
Realtek Semiconductor Corp.
117,000   1,745,640
Sea Ltd., ADR*
6,152   736,948
Taiwan Semiconductor Manufacturing Co. Ltd.
967,000   19,924,523
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
135,302   14,106,587
United Microelectronics Corp.
362,000   672,314
Vanguard International Semiconductor Corp.
481,000   2,072,106
Winbond Electronics Corp.
166,000   179,658
Wiwynn Corp.
45,000   1,593,756
Yang Ming Marine Transport Corp.*
152,000   658,307
Yuanta Financial Holding Co. Ltd.
474,000   435,649
            79,328,925
Thailand — 0.6%
Advanced Info Service PCL, NVDR
33,600   234,882
PTT Exploration & Production PCL, NVDR
195,800   846,662
PTT Global Chemical PCL, NVDR
195,700   297,229
PTT PCL, NVDR
333,500   385,314
Siam Cement PCL (The)
62,800   723,009
Sri Trang Gloves Thailand PCL, NVDR(a)
223,300   169,519
            2,656,615
Turkey — 0.5%
Akbank TAS
1,160,334   581,026
Aselsan Elektronik Sanayi Ve Ticaret A/S
43,244   71,074
BIM Birlesik Magazalar A/S
90,477   521,606
Turkiye Garanti Bankasi A/S
60,200   50,024
Turkiye Is Bankasi A/S (Class C Stock)
844,583   506,754
Turkiye Petrol Rafinerileri A/S*
21,180   308,957
            2,039,441
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC
42,088   120,132
Aldar Properties PJSC
245,327   329,014
Emirates NBD Bank PJSC
41,212   167,709
Emirates Telecommunications Group Co. PJSC
89,328   899,137
First Abu Dhabi Bank PJSC
122,521   786,925
            2,302,917
      Shares   Value
Common Stocks (continued)
United States — 0.5%
EPAM Systems, Inc.*
4,201   $1,246,059
JBS SA
87,400   688,215
            1,934,274
 
Total Common Stocks

(cost $388,838,230)
  382,042,608
Exchange-Traded Funds — 2.9%
United States
iShares Core MSCI Emerging Markets ETF
106,248   5,902,076
Vanguard FTSE Emerging Markets ETF
131,465   6,064,481
 
Total Exchange-Traded Funds

(cost $13,362,448)
  11,966,557
Preferred Stocks — 0.5%
Brazil
Braskem SA (PRFC A)
30,400   282,543
Gerdau SA (PRFC)
25,500   164,535
Itau Unibanco Holding SA (PRFC)
178,616   1,029,817
Petroleo Brasileiro SA (PRFC)
75,900   532,139
 
Total Preferred Stocks

(cost $1,741,284)
  2,009,034
 
Total Long-Term Investments

(cost $403,941,962)
  396,018,199
Short-Term Investments — 3.9%
Affiliated Mutual Fund — 1.5%
PGIM Institutional Money Market Fund

(cost $6,348,413; includes $6,346,661 of cash collateral for securities on loan)(b)(we)
6,354,968   6,349,249
Unaffiliated Fund — 2.4%
Dreyfus Government Cash Management (Institutional Shares)
9,813,993   9,813,993
(cost $9,813,993)      
 
Total Short-Term Investments

(cost $16,162,406)
  16,163,242
 
TOTAL INVESTMENTS—99.8%
(cost $420,104,368) 		  412,181,441
 
Other assets in excess of liabilities(z) — 0.2%   705,523
 
Net Assets — 100.0%   $412,886,964
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
BRL Brazilian Real
CLP Chilean Peso
CNH Chinese Renminbi
COP Colombian Peso
CZK Czech Koruna
EUR Euro
HUF Hungarian Forint
IDR Indonesian Rupiah
 
A5
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
ILS Israeli Shekel
INR Indian Rupee
KRW South Korean Won
MXN Mexican Peso
PEN Peruvian Nuevo Sol
PHP Philippine Peso
PLN Polish Zloty
RUB Russian Ruble
SAR Saudi Arabian Riyal
SGD Singapore Dollar
THB Thai Baht
TWD New Taiwanese Dollar
ZAR South African Rand
    
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.
ADR American Depositary Receipt
ETF Exchange-Traded Fund
FTSE Financial Times Stock Exchange
GDR Global Depositary Receipt
MSCI Morgan Stanley Capital International
NVDR Non-voting Depositary Receipt
NYSE New York Stock Exchange
PJSC Public Joint-Stock Company
PRFC Preference Shares
RTS Russian Trading System
XHKG Hong Kong Stock Exchange
    
* Non-income producing security.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,254,771 and 0.3% 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 $6,005,375; cash collateral of $6,346,661 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(we) PGIM Investments LLC, the co-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:
 
Futures contracts outstanding at March 31, 2022:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Position:
131   Mini MSCI Emerging Markets Index   Jun. 2022   $7,372,025   $311,235
Forward foreign currency exchange contracts outstanding at March 31, 2022:
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 06/15/22   Citibank, N.A.   BRL 5,122   $960,239   $1,052,415   $92,176   $—
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   966,419   1,052,416   85,997   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   983,070   1,052,415   69,345   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   978,483   1,052,416   73,933   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   965,599   1,052,415   86,816   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   986,943   1,052,415   65,472   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   993,347   1,052,415   59,068   —
Expiring 06/15/22   Citibank, N.A.   BRL 5,122   965,471   1,052,415   86,944   —
Expiring 06/15/22   Citibank, N.A.   BRL 2,689   556,237   552,405   —   (3,832)
Expiring 06/15/22   Citibank, N.A.   BRL 1,550   306,452   318,477   12,025   —
Expiring 06/15/22   Citibank, N.A.   BRL 1,450   290,366   297,931   7,565   —
Expiring 06/15/22   Citibank, N.A.   BRL 1,450   275,057   297,930   22,873   —
Expiring 06/15/22   Citibank, N.A.   BRL 900   172,908   184,923   12,015   —
Expiring 06/15/22   Citibank, N.A.   BRL 356   73,079   73,044   —   (35)
Expiring 06/15/22   Citibank, N.A.   BRL 351   66,566   72,120   5,554   —
Expiring 06/15/22   Citibank, N.A.   BRL 325   62,203   66,675   4,472   —
Expiring 06/15/22   Citibank, N.A.   BRL 300   58,030   61,641   3,611   —
Expiring 06/15/22   Citibank, N.A.   BRL 250   47,408   51,367   3,959   —
Expiring 06/15/22   Citibank, N.A.   BRL 171   32,265   35,033   2,768   —
Expiring 06/15/22   Citibank, N.A.   BRL 11   2,161   2,158   —   (3)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   960,240   1,052,415   92,175   —
A6
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   $965,473   $1,052,416   $86,943   $—
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   978,484   1,052,415   73,931   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   986,944   1,052,415   65,471   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   993,348   1,052,415   59,067   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   966,420   1,052,415   85,995   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   983,072   1,052,416   69,344   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 5,122   965,600   1,052,415   86,815   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 2,689   556,238   552,405   —   (3,833)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 1,550   306,453   318,478   12,025   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 1,450   290,366   297,931   7,565   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 1,450   275,058   297,931   22,873   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 900   172,908   184,922   12,014   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 356   73,078   73,043   —   (35)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 351   66,566   72,120   5,554   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 325   62,203   66,675   4,472   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 300   58,030   61,641   3,611   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 250   47,409   51,368   3,959   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 170   32,265   35,033   2,768   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 11   2,161   2,158   —   (3)
Chilean Peso,
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   639,284   652,734   13,450   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   638,308   652,733   14,425   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   634,424   652,735   18,311   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   638,061   652,734   14,673   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   633,267   652,734   19,467   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   646,023   652,735   6,712   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   641,906   652,734   10,828   —
Expiring 06/15/22   Citibank, N.A.   CLP 520,321   642,929   652,733   9,804   —
Expiring 06/15/22   Citibank, N.A.   CLP 225,000   277,918   282,259   4,341   —
Expiring 06/15/22   Citibank, N.A.   CLP 60,000   73,719   75,270   1,551   —
Expiring 06/15/22   Citibank, N.A.   CLP 30,000   37,572   37,634   62   —
Expiring 06/15/22   Citibank, N.A.   CLP 15,000   18,390   18,817   427   —
Expiring 06/15/22   Citibank, N.A.   CLP 5,341   6,667   6,701   34   —
Expiring 06/15/22   Citibank, N.A.   CLP 5,050   6,149   6,335   186   —
Expiring 06/15/22   Citibank, N.A.   CLP 4,048   4,984   5,078   94   —
Expiring 06/15/22   Citibank, N.A.   CLP 4,010   4,895   5,031   136   —
Expiring 06/15/22   Citibank, N.A.   CLP 2,249   2,779   2,821   42   —
Expiring 06/15/22   Citibank, N.A.   CLP 695   875   872   —   (3)
Expiring 06/15/22   Citibank, N.A.   CLP 31   38   39   1   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   639,285   652,735   13,450   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   638,309   652,734   14,425   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   638,062   652,734   14,672   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   634,424   652,734   18,310   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   646,023   652,734   6,711   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   633,268   652,735   19,467   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   642,931   652,734   9,803   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 520,321   641,907   652,734   10,827   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 225,000   277,919   282,259   4,340   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 60,000   73,719   75,270   1,551   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 30,000   37,573   37,635   62   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 15,000   18,390   18,817   427   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 5,341   6,667   6,701   34   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 5,049   6,149   6,335   186   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 4,048   4,984   5,078   94   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 4,010   4,895   5,031   136   —
A7
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,249   $2,779   $2,821   $42   $—
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 695   875   872   —   (3)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 31   38   39   1   —
Chinese Renminbi,
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   985,108   985,225   117   —
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   988,493   985,225   —   (3,268)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   989,307   985,225   —   (4,082)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   985,659   985,226   —   (433)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   987,456   985,225   —   (2,231)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   987,062   985,225   —   (1,837)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   986,217   985,225   —   (992)
Expiring 06/15/22   Citibank, N.A.   CNH 6,289   988,823   985,226   —   (3,597)
Expiring 06/15/22   Citibank, N.A.   CNH 6,100   954,175   955,674   1,499   —
Expiring 06/15/22   Citibank, N.A.   CNH 4,650   731,136   728,505   —   (2,631)
Expiring 06/15/22   Citibank, N.A.   CNH 4,577   714,951   716,991   2,040   —
Expiring 06/15/22   Citibank, N.A.   CNH 3,048   478,894   477,445   —   (1,449)
Expiring 06/15/22   Citibank, N.A.   CNH 2,492   391,905   390,338   —   (1,567)
Expiring 06/15/22   Citibank, N.A.   CNH 2,315   362,649   362,686   37   —
Expiring 06/15/22   Citibank, N.A.   CNH 2,314   361,957   362,530   573   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,700   265,223   266,336   1,113   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,450   226,301   227,169   868   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,259   197,342   197,245   —   (97)
Expiring 06/15/22   Citibank, N.A.   CNH 1,200   187,535   188,002   467   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,150   179,518   180,168   650   —
Expiring 06/15/22   Citibank, N.A.   CNH 950   147,940   148,835   895   —
Expiring 06/15/22   Citibank, N.A.   CNH 780   121,451   122,201   750   —
Expiring 06/15/22   Citibank, N.A.   CNH 600   93,990   94,000   10   —
Expiring 06/15/22   Citibank, N.A.   CNH 450   70,339   70,501   162   —
Expiring 06/15/22   Citibank, N.A.   CNH 400   62,661   62,667   6   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   985,109   985,225   116   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   988,494   985,225   —   (3,269)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   989,308   985,225   —   (4,083)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   988,823   985,224   —   (3,599)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   987,063   985,225   —   (1,838)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   985,660   985,225   —   (435)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   987,457   985,225   —   (2,232)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,289   986,218   985,225   —   (993)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 6,100   954,176   955,674   1,498   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 4,650   731,137   728,505   —   (2,632)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 4,577   714,952   716,991   2,039   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 3,048   478,894   477,445   —   (1,449)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 2,492   391,905   390,338   —   (1,567)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 2,315   362,650   362,686   36   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 2,314   361,957   362,529   572   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,700   265,223   266,335   1,112   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,450   226,301   227,168   867   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,259   197,342   197,244   —   (98)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,200   187,535   188,001   466   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,150   179,518   180,168   650   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 950   147,940   148,835   895   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 780   121,451   122,201   750   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 600   93,990   94,000   10   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 450   70,339   70,501   162   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 400   62,661   62,667   6   —
A8
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso,
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   $516,965   $542,548   $25,583   $—
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   517,896   542,548   24,652   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   517,963   542,549   24,586   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   513,298   542,549   29,251   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   520,194   542,549   22,355   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   523,280   542,549   19,269   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   521,564   542,549   20,985   —
Expiring 06/15/22   Citibank, N.A.   COP 2,069,375   541,722   542,549   827   —
Expiring 06/15/22   Citibank, N.A.   COP 1,350,000   352,833   353,943   1,110   —
Expiring 06/15/22   Citibank, N.A.   COP 850,000   213,323   222,853   9,530   —
Expiring 06/15/22   Citibank, N.A.   COP 50,000   13,171   13,108   —   (63)
Expiring 06/15/22   Citibank, N.A.   COP 16,911   4,224   4,433   209   —
Expiring 06/15/22   Citibank, N.A.   COP 11,309   2,984   2,965   —   (19)
Expiring 06/15/22   Citibank, N.A.   COP 8,791   2,276   2,305   29   —
Expiring 06/15/22   Citibank, N.A.   COP 8,612   2,173   2,258   85   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   517,963   542,548   24,585   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   517,897   542,548   24,651   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   513,298   542,548   29,250   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   516,966   542,549   25,583   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   520,194   542,548   22,354   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   523,280   542,548   19,268   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   521,565   542,549   20,984   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 2,069,375   541,722   542,548   826   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 1,350,000   352,833   353,943   1,110   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 850,000   213,323   222,853   9,530   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 50,000   13,172   13,109   —   (63)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 16,911   4,224   4,433   209   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 11,309   2,984   2,965   —   (19)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 8,791   2,276   2,305   29   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 8,612   2,173   2,258   85   —
Czech Koruna,
Expiring 06/15/22   Citibank, N.A.   CZK 6,250   266,626   280,672   14,046   —
Expiring 06/15/22   Citibank, N.A.   CZK 6,200   274,376   278,427   4,051   —
Expiring 06/15/22   Citibank, N.A.   CZK 1,000   45,711   44,907   —   (804)
Expiring 06/15/22   Citibank, N.A.   CZK 800   34,847   35,926   1,079   —
Expiring 06/15/22   Citibank, N.A.   CZK 44   1,972   1,954   —   (18)
Expiring 06/15/22   Citibank, N.A.   CZK 44   1,960   1,976   16   —
Expiring 06/15/22   Citibank, N.A.   CZK 30   1,309   1,325   16   —
Expiring 06/15/22   Citibank, N.A.   CZK 27   1,195   1,213   18   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 6,250   266,627   280,673   14,046   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 6,200   274,376   278,427   4,051   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 1,000   45,712   44,908   —   (804)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 800   34,847   35,926   1,079   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 44   1,972   1,954   —   (18)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 44   1,960   1,976   16   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 30   1,309   1,325   16   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 27   1,195   1,213   18   —
Euro,
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,628   29,819   —   (809)
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,615   29,820   —   (795)
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,669   29,819   —   (850)
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,532   29,819   —   (713)
Expiring 06/15/22   Citibank, N.A.   EUR 27   29,881   29,820   —   (61)
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,259   29,820   —   (439)
Expiring 06/15/22   Citibank, N.A.   EUR 27   30,238   29,819   —   (419)
A9
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 06/15/22   Citibank, N.A.   EUR 27   $30,144   $29,820   $—   $(324)
Expiring 06/15/22   Citibank, N.A.   EUR 10   11,177   11,095   —   (82)
Expiring 06/15/22   Citibank, N.A.   EUR 5   5,545   5,548   3   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,613   29,818   —   (795)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,531   29,818   —   (713)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,668   29,818   —   (850)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,627   29,818   —   (809)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,142   29,818   —   (324)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,238   29,819   —   (419)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   29,881   29,820   —   (61)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 27   30,258   29,819   —   (439)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 10   11,177   11,095   —   (82)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 5   5,545   5,548   3   —
Hungarian Forint,
Expiring 06/15/22   Citibank, N.A.   HUF 185,000   536,281   551,112   14,831   —
Expiring 06/15/22   Citibank, N.A.   HUF 176,202   554,375   524,904   —   (29,471)
Expiring 06/15/22   Citibank, N.A.   HUF 174,312   523,425   519,272   —   (4,153)
Expiring 06/15/22   Citibank, N.A.   HUF 174,312   522,576   519,272   —   (3,304)
Expiring 06/15/22   Citibank, N.A.   HUF 172,160   539,176   512,861   —   (26,315)
Expiring 06/15/22   Citibank, N.A.   HUF 125,000   362,604   372,373   9,769   —
Expiring 06/15/22   Citibank, N.A.   HUF 60,000   171,467   178,739   7,272   —
Expiring 06/15/22   Citibank, N.A.   HUF 2,152   6,733   6,410   —   (323)
Expiring 06/15/22   Citibank, N.A.   HUF 1,891   5,919   5,632   —   (287)
Expiring 06/15/22   Citibank, N.A.   HUF 1,891   5,696   5,632   —   (64)
Expiring 06/15/22   Citibank, N.A.   HUF 1,891   5,671   5,632   —   (39)
Expiring 06/15/22   Citibank, N.A.   HUF 1,215   3,701   3,618   —   (83)
Expiring 06/15/22   Citibank, N.A.   HUF 686   2,056   2,042   —   (14)
Expiring 06/15/22   Citibank, N.A.   HUF 595   1,756   1,771   15   —
Expiring 06/15/22   Citibank, N.A.   HUF 450   1,345   1,341   —   (4)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 185,000   536,282   551,113   14,831   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 176,202   554,376   524,904   —   (29,472)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 174,312   522,577   519,272   —   (3,305)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 174,312   523,426   519,272   —   (4,154)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 172,160   539,176   512,861   —   (26,315)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 125,000   362,604   372,373   9,769   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 60,000   171,467   178,739   7,272   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 2,152   6,733   6,410   —   (323)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 1,891   5,919   5,632   —   (287)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 1,891   5,696   5,632   —   (64)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 1,891   5,670   5,631   —   (39)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 1,215   3,701   3,618   —   (83)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 686   2,056   2,042   —   (14)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 595   1,756   1,771   15   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 450   1,345   1,341   —   (4)
Indian Rupee,
Expiring 06/15/22   Citibank, N.A.   INR 112,357   1,465,116   1,465,179   63   —
Expiring 06/15/22   Citibank, N.A.   INR 112,357   1,464,965   1,465,179   214   —
Expiring 06/15/22   Citibank, N.A.   INR 112,356   1,475,081   1,465,179   —   (9,902)
Expiring 06/15/22   Citibank, N.A.   INR 101,454   1,330,771   1,323,000   —   (7,771)
Expiring 06/15/22   Citibank, N.A.   INR 34,000   441,669   443,376   1,707   —
Expiring 06/15/22   Citibank, N.A.   INR 12,652   165,806   164,982   —   (824)
Expiring 06/15/22   Citibank, N.A.   INR 12,592   165,449   164,199   —   (1,250)
Expiring 06/15/22   Citibank, N.A.   INR 11,189   145,822   145,910   88   —
Expiring 06/15/22   Citibank, N.A.   INR 9,808   128,590   127,894   —   (696)
Expiring 06/15/22   Citibank, N.A.   INR 7,008   92,391   91,387   —   (1,004)
A10
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/15/22   Citibank, N.A.   INR 5,451   $71,522   $71,090   $—   $(432)
Expiring 06/15/22   Citibank, N.A.   INR 5,451   71,522   71,089   —   (433)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 112,357   1,475,083   1,465,179   —   (9,904)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 112,357   1,465,118   1,465,179   61   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 112,357   1,464,966   1,465,178   212   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 101,454   1,330,772   1,323,000   —   (7,772)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 34,000   441,669   443,375   1,706   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 12,652   165,806   164,980   —   (826)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 12,591   165,449   164,199   —   (1,250)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,189   145,822   145,910   88   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 9,808   128,590   127,894   —   (696)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 7,008   92,391   91,387   —   (1,004)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 5,451   71,522   71,090   —   (432)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 5,451   71,522   71,089   —   (433)
Indonesian Rupiah,
Expiring 06/15/22   Citibank, N.A.   IDR 4,542,751   315,184   315,902   718   —
Expiring 06/15/22   Citibank, N.A.   IDR 2,650,000   183,385   184,280   895   —
Expiring 06/15/22   Citibank, N.A.   IDR 2,271,375   157,165   157,951   786   —
Expiring 06/15/22   Citibank, N.A.   IDR 2,271,375   157,157   157,951   794   —
Expiring 06/15/22   Citibank, N.A.   IDR 339,621   23,654   23,617   —   (37)
Expiring 06/15/22   Citibank, N.A.   IDR 296,926   20,505   20,649   144   —
Expiring 06/15/22   Citibank, N.A.   IDR 278,278   19,442   19,351   —   (91)
Expiring 06/15/22   Citibank, N.A.   IDR 274,128   18,961   19,063   102   —
Expiring 06/15/22   Citibank, N.A.   IDR 181,393   12,611   12,613   2   —
Expiring 06/15/22   Citibank, N.A.   IDR 146,090   10,108   10,159   51   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 4,542,750   315,185   315,902   717   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 2,650,000   183,386   184,281   895   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 2,271,375   157,165   157,951   786   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 2,271,375   157,196   157,951   755   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 339,621   23,654   23,617   —   (37)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 296,926   20,505   20,649   144   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 278,278   19,442   19,351   —   (91)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 274,128   18,961   19,063   102   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 181,393   12,612   12,614   2   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 146,090   10,108   10,159   51   —
Israeli Shekel,
Expiring 06/15/22   Citibank, N.A.   ILS 5,200   1,593,046   1,633,397   40,351   —
Expiring 06/15/22   Citibank, N.A.   ILS 3,400   1,051,366   1,067,990   16,624   —
Expiring 06/15/22   Citibank, N.A.   ILS 2,950   900,381   926,638   26,257   —
Expiring 06/15/22   Citibank, N.A.   ILS 2,350   716,297   738,170   21,873   —
Expiring 06/15/22   Citibank, N.A.   ILS 2,000   625,344   628,230   2,886   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 5,200   1,593,048   1,633,397   40,349   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 3,400   1,051,367   1,067,990   16,623   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 2,950   900,382   926,638   26,256   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 2,350   716,298   738,170   21,872   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 2,000   625,345   628,230   2,885   —
Mexican Peso,
Expiring 06/15/22   Citibank, N.A.   MXN 46,766   2,243,765   2,319,082   75,317   —
Expiring 06/15/22   Citibank, N.A.   MXN 18,300   891,300   907,489   16,189   —
Expiring 06/15/22   Citibank, N.A.   MXN 17,050   818,577   845,502   26,925   —
Expiring 06/15/22   Citibank, N.A.   MXN 15,950   789,328   790,954   1,626   —
Expiring 06/15/22   Citibank, N.A.   MXN 11,400   559,838   565,321   5,483   —
Expiring 06/15/22   Citibank, N.A.   MXN 7,700   373,104   381,840   8,736   —
Expiring 06/15/22   Citibank, N.A.   MXN 6,700   325,461   332,250   6,789   —
Expiring 06/15/22   Citibank, N.A.   MXN 1,900   93,669   94,220   551   —
A11
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/15/22   Citibank, N.A.   MXN 850   $40,710   $42,151   $1,441   $—
Expiring 06/15/22   Citibank, N.A.   MXN 616   30,495   30,522   27   —
Expiring 06/15/22   Citibank, N.A.   MXN 581   27,560   28,786   1,226   —
Expiring 06/15/22   Citibank, N.A.   MXN 487   23,260   24,125   865   —
Expiring 06/15/22   Citibank, N.A.   MXN 455   21,749   22,539   790   —
Expiring 06/15/22   Citibank, N.A.   MXN 238   11,493   11,802   309   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 46,765   2,243,768   2,319,082   75,314   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 18,300   891,301   907,489   16,188   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 17,050   818,578   845,502   26,924   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 15,950   789,329   790,954   1,625   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 11,400   559,839   565,322   5,483   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 7,700   373,104   381,840   8,736   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 6,700   325,461   332,250   6,789   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 1,900   93,669   94,220   551   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 850   40,710   42,151   1,441   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 616   30,496   30,523   27   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 581   27,562   28,787   1,225   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 487   23,260   24,125   865   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 455   21,749   22,539   790   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 238   11,493   11,802   309   —
New Taiwanese Dollar,
Expiring 06/15/22   Citibank, N.A.   TWD 6,626   233,221   232,189   —   (1,032)
Expiring 06/15/22   Citibank, N.A.   TWD 6,174   221,609   216,366   —   (5,243)
Expiring 06/15/22   Citibank, N.A.   TWD 5,629   201,665   197,267   —   (4,398)
Expiring 06/15/22   Citibank, N.A.   TWD 5,499   194,367   192,711   —   (1,656)
Expiring 06/15/22   Citibank, N.A.   TWD 3,230   116,580   113,177   —   (3,403)
Expiring 06/15/22   Citibank, N.A.   TWD 110   3,874   3,855   —   (19)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 6,626   233,221   232,188   —   (1,033)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 6,174   221,609   216,366   —   (5,243)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 5,629   201,665   197,267   —   (4,398)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 5,499   194,367   192,711   —   (1,656)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 3,230   116,580   113,176   —   (3,404)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 110   3,874   3,855   —   (19)
Peruvian Nuevo Sol,
Expiring 06/15/22   Citibank, N.A.   PEN 100   26,781   26,999   218   —
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,347   13,500   153   —
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,272   13,499   227   —
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,229   13,499   270   —
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,212   13,500   288   —
Expiring 06/15/22   Citibank, N.A.   PEN 15   3,898   3,915   17   —
Expiring 06/15/22   Citibank, N.A.   PEN 13   3,259   3,375   116   —
Expiring 06/15/22   Citibank, N.A.   PEN 11   2,790   2,834   44   —
Expiring 06/15/22   Citibank, N.A.   PEN 10   2,611   2,700   89   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 100   26,781   26,999   218   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,212   13,500   288   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,347   13,500   153   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,272   13,499   227   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,229   13,499   270   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 15   3,898   3,915   17   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 13   3,259   3,375   116   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 11   2,790   2,834   44   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 10   2,611   2,700   89   —
Philippine Peso,
Expiring 06/15/22   Citibank, N.A.   PHP 25,500   491,473   489,570   —   (1,903)
Expiring 06/15/22   Citibank, N.A.   PHP 22,500   426,275   431,974   5,699   —
A12
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/15/22   Citibank, N.A.   PHP 17,000   $319,274   $326,380   $7,106   $—
Expiring 06/15/22   Citibank, N.A.   PHP 15,500   292,747   297,582   4,835   —
Expiring 06/15/22   Citibank, N.A.   PHP 12,000   232,397   230,386   —   (2,011)
Expiring 06/15/22   Citibank, N.A.   PHP 10,000   188,804   191,988   3,184   —
Expiring 06/15/22   Citibank, N.A.   PHP 9,000   170,204   172,790   2,586   —
Expiring 06/15/22   Citibank, N.A.   PHP 8,000   154,628   153,591   —   (1,037)
Expiring 06/15/22   Citibank, N.A.   PHP 6,000   114,832   115,193   361   —
Expiring 06/15/22   Citibank, N.A.   PHP 3,500   66,509   67,196   687   —
Expiring 06/15/22   Citibank, N.A.   PHP 527   10,065   10,108   43   —
Expiring 06/15/22   Citibank, N.A.   PHP 519   10,021   9,955   —   (66)
Expiring 06/15/22   Citibank, N.A.   PHP 494   9,562   9,475   —   (87)
Expiring 06/15/22   Citibank, N.A.   PHP 402   7,685   7,709   24   —
Expiring 06/15/22   Citibank, N.A.   PHP 363   6,889   6,960   71   —
Expiring 06/15/22   Citibank, N.A.   PHP 236   4,549   4,521   —   (28)
Expiring 06/15/22   Citibank, N.A.   PHP 55   1,033   1,047   14   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 25,500   491,474   489,570   —   (1,904)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 22,500   426,276   431,974   5,698   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 17,000   319,274   326,380   7,106   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 15,500   292,747   297,582   4,835   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 12,000   232,397   230,386   —   (2,011)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 10,000   188,804   191,988   3,184   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 9,000   170,204   172,790   2,586   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 8,000   154,628   153,591   —   (1,037)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 6,000   114,832   115,193   361   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 3,500   66,509   67,196   687   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 527   10,065   10,108   43   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 518   10,021   9,955   —   (66)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 494   9,562   9,475   —   (87)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 402   7,685   7,709   24   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 363   6,889   6,960   71   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 236   4,549   4,521   —   (28)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 55   1,033   1,047   14   —
Polish Zloty,
Expiring 06/15/22   Citibank, N.A.   PLN 1,950   443,304   460,572   17,268   —
Expiring 06/15/22   Citibank, N.A.   PLN 1,900   444,939   448,763   3,824   —
Expiring 06/15/22   Citibank, N.A.   PLN 1,750   380,689   413,334   32,645   —
Expiring 06/15/22   Citibank, N.A.   PLN 800   184,693   188,953   4,260   —
Expiring 06/15/22   Citibank, N.A.   PLN 547   124,784   129,182   4,398   —
Expiring 06/15/22   Citibank, N.A.   PLN 547   123,611   129,182   5,571   —
Expiring 06/15/22   Citibank, N.A.   PLN 507   125,411   119,732   —   (5,679)
Expiring 06/15/22   Citibank, N.A.   PLN 507   121,493   119,732   —   (1,761)
Expiring 06/15/22   Citibank, N.A.   PLN 507   126,280   119,732   —   (6,548)
Expiring 06/15/22   Citibank, N.A.   PLN 507   120,068   119,732   —   (336)
Expiring 06/15/22   Citibank, N.A.   PLN 507   126,646   119,731   —   (6,915)
Expiring 06/15/22   Citibank, N.A.   PLN 507   116,380   119,731   3,351   —
Expiring 06/15/22   Citibank, N.A.   PLN 45   10,840   10,628   —   (212)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,671   9,450   —   (221)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,411   9,450   39   —
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,876   9,450   —   (426)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,973   9,450   —   (523)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,967   9,450   —   (517)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,224   9,450   226   —
Expiring 06/15/22   Citibank, N.A.   PLN 38   8,948   8,857   —   (91)
Expiring 06/15/22   Citibank, N.A.   PLN 29   6,818   6,849   31   —
Expiring 06/15/22   Citibank, N.A.   PLN 27   6,606   6,259   —   (347)
A13
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 06/15/22   Citibank, N.A.   PLN 18   $4,268   $4,251   $—   $(17)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,950   443,305   460,572   17,267   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,900   444,939   448,762   3,823   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,750   380,690   413,335   32,645   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 800   184,693   188,953   4,260   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 547   124,784   129,182   4,398   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 547   123,611   129,182   5,571   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   126,280   119,731   —   (6,549)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   120,068   119,731   —   (337)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   121,493   119,732   —   (1,761)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   126,647   119,732   —   (6,915)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   125,411   119,732   —   (5,679)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 507   116,381   119,732   3,351   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 45   10,840   10,628   —   (212)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,411   9,450   39   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,973   9,450   —   (523)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,967   9,450   —   (517)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,671   9,450   —   (221)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,876   9,450   —   (426)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,224   9,450   226   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 38   8,948   8,857   —   (91)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 29   6,818   6,849   31   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 27   6,606   6,259   —   (347)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 18   4,268   4,251   —   (17)
Russian Ruble,
Expiring 06/15/22   Citibank, N.A.   RUB 95,686   1,222,127   1,069,651   —   (152,476)
Expiring 06/15/22   Citibank, N.A.   RUB 14,000   178,769   156,503   —   (22,266)
Expiring 06/15/22   Citibank, N.A.   RUB 3,000   37,942   33,536   —   (4,406)
Expiring 06/15/22   Citibank, N.A.   RUB 1,685   21,543   18,840   —   (2,703)
Expiring 06/15/22   Citibank, N.A.   RUB 1,361   17,400   15,209   —   (2,191)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 95,686   1,222,128   1,069,650   —   (152,478)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 14,000   178,769   156,502   —   (22,267)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 3,000   37,942   33,536   —   (4,406)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 1,685   21,543   18,840   —   (2,703)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 1,361   17,400   15,209   —   (2,191)
Saudi Arabian Riyal,
Expiring 06/15/22   Citibank, N.A.   SAR 1,178   313,846   313,824   —   (22)
Expiring 06/15/22   Citibank, N.A.   SAR 1,178   313,835   313,824   —   (11)
Expiring 06/15/22   Citibank, N.A.   SAR 1,178   313,798   313,824   26   —
Expiring 06/15/22   Citibank, N.A.   SAR 1,178   313,846   313,824   —   (22)
Expiring 06/15/22   Citibank, N.A.   SAR 550   146,537   146,522   —   (15)
Expiring 06/15/22   Citibank, N.A.   SAR 400   106,564   106,562   —   (2)
Expiring 06/15/22   Citibank, N.A.   SAR 250   66,607   66,600   —   (7)
Expiring 06/15/22   Citibank, N.A.   SAR 200   53,283   53,281   —   (2)
Expiring 06/15/22   Citibank, N.A.   SAR 150   39,961   39,961   —   —
Expiring 06/15/22   Citibank, N.A.   SAR 150   39,960   39,960   —   —
Expiring 06/15/22   Citibank, N.A.   SAR 50   13,321   13,320   —   (1)
Expiring 06/15/22   Citibank, N.A.   SAR 50   13,319   13,320   1   —
Expiring 06/15/22   Citibank, N.A.   SAR 7   1,865   1,865   —   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 1,178   313,835   313,823   —   (12)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 1,178   313,846   313,824   —   (22)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 1,178   313,798   313,824   26   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 1,178   313,846   313,824   —   (22)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 550   146,537   146,522   —   (15)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 400   106,564   106,562   —   (2)
A14
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Saudi Arabian Riyal (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 250   $66,608   $66,601   $—   $(7)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 200   53,283   53,281   —   (2)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 150   39,961   39,960   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 150   39,960   39,960   —   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 50   13,321   13,320   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 50   13,319   13,320   1   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 7   1,865   1,865   —   —
Singapore Dollar,
Expiring 06/15/22   Citibank, N.A.   SGD 2,120   1,570,402   1,564,175   —   (6,227)
Expiring 06/15/22   Citibank, N.A.   SGD 1,235   910,452   911,205   753   —
Expiring 06/15/22   Citibank, N.A.   SGD 240   176,607   177,076   469   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SGD 2,120   1,570,404   1,564,175   —   (6,229)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SGD 1,235   910,453   911,205   752   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SGD 240   176,607   177,076   469   —
South African Rand,
Expiring 06/15/22   Citibank, N.A.   ZAR 8,700   580,235   589,582   9,347   —
Expiring 06/15/22   Citibank, N.A.   ZAR 7,950   536,011   538,755   2,744   —
Expiring 06/15/22   Citibank, N.A.   ZAR 5,650   384,440   382,889   —   (1,551)
Expiring 06/15/22   Citibank, N.A.   ZAR 5,420   368,707   367,302   —   (1,405)
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   290,824   308,696   17,872   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   299,764   308,696   8,932   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   292,730   308,696   15,966   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   295,413   308,696   13,283   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   294,020   308,695   14,675   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   292,408   308,696   16,288   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   293,896   308,695   14,799   —
Expiring 06/15/22   Citibank, N.A.   ZAR 4,555   299,093   308,695   9,602   —
Expiring 06/15/22   Citibank, N.A.   ZAR 3,702   252,064   250,877   —   (1,187)
Expiring 06/15/22   Citibank, N.A.   ZAR 3,650   250,289   247,353   —   (2,936)
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   70,383   74,693   4,310   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   71,105   74,694   3,589   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   70,987   74,694   3,707   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   71,045   74,693   3,648   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   72,658   74,693   2,035   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   72,296   74,693   2,397   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   71,427   74,693   3,266   —
Expiring 06/15/22   Citibank, N.A.   ZAR 1,102   71,172   74,693   3,521   —
Expiring 06/15/22   Citibank, N.A.   ZAR 950   65,047   64,380   —   (667)
Expiring 06/15/22   Citibank, N.A.   ZAR 789   54,163   53,435   —   (728)
Expiring 06/15/22   Citibank, N.A.   ZAR 720   46,448   48,760   2,312   —
Expiring 06/15/22   Citibank, N.A.   ZAR 690   45,683   46,726   1,043   —
Expiring 06/15/22   Citibank, N.A.   ZAR 619   39,970   41,914   1,944   —
Expiring 06/15/22   Citibank, N.A.   ZAR 351   22,551   23,787   1,236   —
Expiring 06/15/22   Citibank, N.A.   ZAR 333   21,934   22,533   599   —
Expiring 06/15/22   Citibank, N.A.   ZAR 236   15,153   15,993   840   —
Expiring 06/15/22   Citibank, N.A.   ZAR 34   2,329   2,304   —   (25)
Expiring 06/15/22   Citibank, N.A.   ZAR 15   993   982   —   (11)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 8,700   580,236   589,582   9,346   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 7,950   536,012   538,755   2,743   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 5,650   384,440   382,889   —   (1,551)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 5,420   368,708   367,303   —   (1,405)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   290,824   308,695   17,871   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   293,897   308,696   14,799   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   299,094   308,696   9,602   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   294,021   308,696   14,675   —
A15
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   $299,764   $308,695   $8,931   $—
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   292,408   308,696   16,288   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   292,730   308,695   15,965   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,555   295,413   308,695   13,282   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 3,702   252,064   250,877   —   (1,187)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 3,650   250,289   247,353   —   (2,936)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   70,383   74,693   4,310   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   71,105   74,694   3,589   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   71,172   74,693   3,521   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   72,658   74,693   2,035   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   72,296   74,693   2,397   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   71,046   74,694   3,648   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   71,427   74,693   3,266   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,102   70,987   74,694   3,707   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 950   65,047   64,380   —   (667)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 789   54,163   53,435   —   (728)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 719   46,447   48,758   2,311   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 690   45,683   46,726   1,043   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 619   39,971   41,915   1,944   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 351   22,551   23,787   1,236   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 333   21,934   22,533   599   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 236   15,153   15,993   840   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 34   2,329   2,304   —   (25)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 15   993   982   —   (11)
South Korean Won,
Expiring 06/15/22   Citibank, N.A.   KRW 4,260,000   3,528,554   3,504,385   —   (24,169)
Expiring 06/15/22   Citibank, N.A.   KRW 1,480,000   1,195,169   1,217,486   22,317   —
Expiring 06/15/22   Citibank, N.A.   KRW 1,325,000   1,093,650   1,089,979   —   (3,671)
Expiring 06/15/22   Citibank, N.A.   KRW 630,000   506,922   518,254   11,332   —
Expiring 06/15/22   Citibank, N.A.   KRW 275,000   221,202   226,223   5,021   —
Expiring 06/15/22   Citibank, N.A.   KRW 250,000   203,460   205,657   2,197   —
Expiring 06/15/22   Citibank, N.A.   KRW 206,631   170,767   169,980   —   (787)
Expiring 06/15/22   Citibank, N.A.   KRW 195,906   163,151   161,158   —   (1,993)
Expiring 06/15/22   Citibank, N.A.   KRW 178,652   145,845   146,964   1,119   —
Expiring 06/15/22   Citibank, N.A.   KRW 173,956   144,626   143,099   —   (1,527)
Expiring 06/15/22   Citibank, N.A.   KRW 80,393   67,151   66,133   —   (1,018)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 4,260,000   3,528,558   3,504,384   —   (24,174)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 1,480,000   1,195,170   1,217,486   22,316   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 1,325,000   1,093,651   1,089,979   —   (3,672)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 630,000   506,922   518,254   11,332   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 275,000   221,202   226,222   5,020   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 250,000   203,460   205,656   2,196   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 206,631   170,767   169,979   —   (788)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 195,906   163,151   161,158   —   (1,993)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 178,652   145,845   146,964   1,119   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 173,956   144,627   143,100   —   (1,527)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 80,393   67,151   66,133   —   (1,018)
Thai Baht,
Expiring 06/15/22   Citibank, N.A.   THB 7,045   219,294   212,106   —   (7,188)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   217,258   212,106   —   (5,152)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   218,915   212,105   —   (6,810)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   218,268   212,106   —   (6,162)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   215,536   212,105   —   (3,431)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   215,523   212,106   —   (3,417)
Expiring 06/15/22   Citibank, N.A.   THB 7,045   216,181   212,106   —   (4,075)
A16
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 06/15/22   Citibank, N.A.   THB 7,045   $215,777   $212,105   $—   $(3,672)
Expiring 06/15/22   Citibank, N.A.   THB 2,000   61,108   60,218   —   (890)
Expiring 06/15/22   Citibank, N.A.   THB 1,000   29,865   30,110   245   —
Expiring 06/15/22   Citibank, N.A.   THB 841   25,320   25,307   —   (13)
Expiring 06/15/22   Citibank, N.A.   THB 773   23,860   23,260   —   (600)
Expiring 06/15/22   Citibank, N.A.   THB 724   21,781   21,784   3   —
Expiring 06/15/22   Citibank, N.A.   THB 706   21,623   21,242   —   (381)
Expiring 06/15/22   Citibank, N.A.   THB 500   15,435   15,055   —   (380)
Expiring 06/15/22   Citibank, N.A.   THB 500   14,825   15,054   229   —
Expiring 06/15/22   Citibank, N.A.   THB 500   14,940   15,055   115   —
Expiring 06/15/22   Citibank, N.A.   THB 500   14,928   15,055   127   —
Expiring 06/15/22   Citibank, N.A.   THB 394   12,245   11,847   —   (398)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   217,258   212,106   —   (5,152)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   218,916   212,106   —   (6,810)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   219,294   212,106   —   (7,188)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   218,268   212,106   —   (6,162)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   215,537   212,106   —   (3,431)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   215,778   212,106   —   (3,672)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   216,181   212,105   —   (4,076)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 7,045   215,523   212,105   —   (3,418)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 2,000   61,108   60,218   —   (890)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 1,000   29,865   30,110   245   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 841   25,320   25,307   —   (13)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 773   23,860   23,260   —   (600)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 724   21,781   21,784   3   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 706   21,623   21,242   —   (381)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   15,435   15,055   —   (380)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   14,928   15,055   127   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   14,940   15,055   115   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   14,825   15,054   229   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 394   12,246   11,848   —   (398)
              $167,459,119   $169,799,520   3,214,484   (874,083)
    
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 06/15/22   Citibank, N.A.   BRL 3,400   $653,386   $698,597   $—   $(45,211)
Expiring 06/15/22   Citibank, N.A.   BRL 2,550   487,352   523,948   —   (36,596)
Expiring 06/15/22   Citibank, N.A.   BRL 657   126,247   134,993   —   (8,746)
Expiring 06/15/22   Citibank, N.A.   BRL 450   84,562   92,461   —   (7,899)
Expiring 06/15/22   Citibank, N.A.   BRL 395   81,375   81,160   215   —
Expiring 06/15/22   Citibank, N.A.   BRL 300   58,119   61,640   —   (3,521)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,135   31,848   —   (2,713)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,926   31,848   —   (1,922)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,629   31,848   —   (2,219)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,292   31,848   —   (2,556)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,211   31,848   —   (2,637)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,769   31,848   —   (2,079)
Expiring 06/15/22   Citibank, N.A.   BRL 155   30,029   31,847   —   (1,818)
Expiring 06/15/22   Citibank, N.A.   BRL 155   29,213   31,848   —   (2,635)
Expiring 06/15/22   Citibank, N.A.   BRL 14   2,560   2,773   —   (213)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 3,400   653,385   698,596   —   (45,211)
A17
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 2,550   $487,350   $523,947   $—   $(36,597)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 657   126,247   134,994   —   (8,747)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 450   84,562   92,461   —   (7,899)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 395   81,375   81,160   215   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 300   58,119   61,640   —   (3,521)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,135   31,848   —   (2,713)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,211   31,848   —   (2,637)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   30,029   31,847   —   (1,818)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,926   31,848   —   (1,922)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,769   31,848   —   (2,079)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,629   31,848   —   (2,219)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,292   31,848   —   (2,556)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 155   29,213   31,848   —   (2,635)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   BRL 14   2,560   2,773   —   (213)
Chilean Peso,
Expiring 06/15/22   Citibank, N.A.   CLP 495,000   602,477   620,970   —   (18,493)
Expiring 06/15/22   Citibank, N.A.   CLP 400,000   493,588   501,794   —   (8,206)
Expiring 06/15/22   Citibank, N.A.   CLP 325,000   414,087   407,707   6,380   —
Expiring 06/15/22   Citibank, N.A.   CLP 320,000   390,249   401,435   —   (11,186)
Expiring 06/15/22   Citibank, N.A.   CLP 250,000   305,009   313,622   —   (8,613)
Expiring 06/15/22   Citibank, N.A.   CLP 160,000   197,865   200,718   —   (2,853)
Expiring 06/15/22   Citibank, N.A.   CLP 21,353   27,166   26,787   379   —
Expiring 06/15/22   Citibank, N.A.   CLP 20,000   25,230   25,089   141   —
Expiring 06/15/22   Citibank, N.A.   CLP 7,927   9,809   9,944   —   (135)
Expiring 06/15/22   Citibank, N.A.   CLP 5,868   7,155   7,361   —   (206)
Expiring 06/15/22   Citibank, N.A.   CLP 5,660   7,178   7,100   78   —
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,647   2,703   —   (56)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,645   2,703   —   (58)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,652   2,702   —   (50)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,620   2,703   —   (83)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,654   2,703   —   (49)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,621   2,703   —   (82)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,676   2,703   —   (27)
Expiring 06/15/22   Citibank, N.A.   CLP 2,154   2,676   2,702   —   (26)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 495,000   602,477   620,970   —   (18,493)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 400,000   493,587   501,794   —   (8,207)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 325,000   414,087   407,708   6,379   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 320,000   390,249   401,435   —   (11,186)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 250,000   305,008   313,621   —   (8,613)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 160,000   197,865   200,718   —   (2,853)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 21,353   27,166   26,787   379   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 20,000   25,230   25,089   141   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 7,927   9,809   9,944   —   (135)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 5,868   7,155   7,361   —   (206)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 5,660   7,178   7,100   78   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,647   2,703   —   (56)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,645   2,703   —   (58)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,676   2,703   —   (27)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,654   2,703   —   (49)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,621   2,703   —   (82)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,676   2,702   —   (26)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,620   2,703   —   (83)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CLP 2,154   2,652   2,702   —   (50)
Chinese Renminbi,
Expiring 06/15/22   Citibank, N.A.   CNH 5,900   916,878   924,340   —   (7,462)
A18
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 06/15/22   Citibank, N.A.   CNH 4,541   $713,920   $711,429   $2,491   $—
Expiring 06/15/22   Citibank, N.A.   CNH 4,100   644,862   642,338   2,524   —
Expiring 06/15/22   Citibank, N.A.   CNH 3,315   516,470   519,276   —   (2,806)
Expiring 06/15/22   Citibank, N.A.   CNH 3,300   518,017   517,004   1,013   —
Expiring 06/15/22   Citibank, N.A.   CNH 3,300   517,774   517,004   770   —
Expiring 06/15/22   Citibank, N.A.   CNH 3,300   518,515   517,004   1,511   —
Expiring 06/15/22   Citibank, N.A.   CNH 2,450   381,615   383,836   —   (2,221)
Expiring 06/15/22   Citibank, N.A.   CNH 1,856   289,865   290,775   —   (910)
Expiring 06/15/22   Citibank, N.A.   CNH 1,850   290,045   289,836   209   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   199,233   198,498   735   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   198,483   198,498   —   (15)
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   198,662   198,498   164   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   198,912   198,498   414   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   199,207   198,498   709   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   199,522   198,498   1,024   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   198,650   198,498   152   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,267   198,914   198,499   415   —
Expiring 06/15/22   Citibank, N.A.   CNH 1,250   194,780   195,835   —   (1,055)
Expiring 06/15/22   Citibank, N.A.   CNH 1,000   155,661   156,668   —   (1,007)
Expiring 06/15/22   Citibank, N.A.   CNH 950   148,265   148,835   —   (570)
Expiring 06/15/22   Citibank, N.A.   CNH 600   94,251   94,001   250   —
Expiring 06/15/22   Citibank, N.A.   CNH 350   54,657   54,833   —   (176)
Expiring 06/15/22   Citibank, N.A.   CNH 150   23,512   23,500   12   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 5,900   916,877   924,340   —   (7,463)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 4,541   713,919   711,429   2,490   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 4,100   644,861   642,338   2,523   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 3,315   516,469   519,275   —   (2,806)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 3,300   518,514   517,004   1,510   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 3,300   518,016   517,004   1,012   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 3,300   517,773   517,004   769   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 2,450   381,614   383,836   —   (2,222)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,856   289,865   290,775   —   (910)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,850   290,044   289,835   209   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   199,233   198,498   735   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   198,483   198,498   —   (15)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   198,650   198,498   152   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   198,662   198,498   164   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   198,914   198,498   416   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   198,912   198,498   414   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   199,522   198,499   1,023   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,267   199,206   198,498   708   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,250   194,780   195,835   —   (1,055)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 1,000   155,660   156,667   —   (1,007)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 950   148,264   148,834   —   (570)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 600   94,251   94,001   250   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 350   54,657   54,833   —   (176)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CNH 150   23,512   23,500   12   —
Colombian Peso,
Expiring 06/15/22   Citibank, N.A.   COP 1,650,000   416,078   432,597   —   (16,519)
Expiring 06/15/22   Citibank, N.A.   COP 1,450,000   372,160   380,161   —   (8,001)
Expiring 06/15/22   Citibank, N.A.   COP 1,161,454   303,488   304,510   —   (1,022)
Expiring 06/15/22   Citibank, N.A.   COP 1,100,000   284,737   288,398   —   (3,661)
Expiring 06/15/22   Citibank, N.A.   COP 800,000   206,885   209,743   —   (2,858)
Expiring 06/15/22   Citibank, N.A.   COP 17,727   4,470   4,648   —   (178)
Expiring 06/15/22   Citibank, N.A.   COP 11,856   3,118   3,108   10   —
A19
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 06/15/22   Citibank, N.A.   COP 4,673   $1,170   $1,225   $—   $(55)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,169   1,225   —   (56)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,167   1,225   —   (58)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,161   1,225   —   (64)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,225   1,225   —   —
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,178   1,225   —   (47)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,171   1,225   —   (54)
Expiring 06/15/22   Citibank, N.A.   COP 4,673   1,176   1,225   —   (49)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 1,650,000   416,079   432,598   —   (16,519)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 1,450,000   372,159   380,160   —   (8,001)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 1,161,454   303,488   304,510   —   (1,022)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 1,100,000   284,738   288,399   —   (3,661)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 800,000   206,885   209,744   —   (2,859)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 17,727   4,470   4,648   —   (178)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 11,856   3,118   3,108   10   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,169   1,225   —   (56)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,167   1,225   —   (58)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,170   1,225   —   (55)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,161   1,225   —   (64)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,171   1,225   —   (54)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,225   1,225   —   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,176   1,225   —   (49)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   COP 4,673   1,178   1,225   —   (47)
Czech Koruna,
Expiring 06/15/22   Citibank, N.A.   CZK 15,950   703,742   716,276   —   (12,534)
Expiring 06/15/22   Citibank, N.A.   CZK 4,035   178,688   181,218   —   (2,530)
Expiring 06/15/22   Citibank, N.A.   CZK 3,550   157,419   159,422   —   (2,003)
Expiring 06/15/22   Citibank, N.A.   CZK 3,300   148,638   148,195   443   —
Expiring 06/15/22   Citibank, N.A.   CZK 2,450   108,579   110,023   —   (1,444)
Expiring 06/15/22   Citibank, N.A.   CZK 65   2,850   2,897   —   (47)
Expiring 06/15/22   Citibank, N.A.   CZK 42   1,865   1,886   —   (21)
Expiring 06/15/22   Citibank, N.A.   CZK 31   1,352   1,393   —   (41)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 15,950   703,741   716,276   —   (12,535)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 4,035   178,688   181,218   —   (2,530)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 3,550   157,419   159,422   —   (2,003)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 3,300   148,638   148,195   443   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 2,450   108,578   110,023   —   (1,445)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 65   2,850   2,897   —   (47)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 42   1,865   1,886   —   (21)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   CZK 31   1,352   1,393   —   (41)
Euro,
Expiring 06/15/22   Citibank, N.A.   EUR 10   11,048   11,095   —   (47)
Expiring 06/15/22   Citibank, N.A.   EUR 10   11,220   11,095   125   —
Expiring 06/15/22   Citibank, N.A.   EUR 10   11,263   11,095   168   —
Expiring 06/15/22   Citibank, N.A.   EUR 5   5,704   5,548   156   —
Expiring 06/15/22   Citibank, N.A.   EUR 5   5,597   5,548   49   —
Expiring 06/15/22   Citibank, N.A.   EUR 5   5,455   5,547   —   (92)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 10   11,048   11,095   —   (47)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 10   11,220   11,095   125   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 10   11,263   11,095   168   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 5   5,704   5,548   156   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 5   5,455   5,547   —   (92)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   EUR 5   5,597   5,548   49   —
Hungarian Forint,
Expiring 06/15/22   Citibank, N.A.   HUF 125,000   374,172   372,373   1,799   —
A20
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Hungarian Forint (cont’d.),
Expiring 06/15/22   Citibank, N.A.   HUF 75,000   $225,023   $223,423   $1,600   $—
Expiring 06/15/22   Citibank, N.A.   HUF 60,000   179,885   178,739   1,146   —
Expiring 06/15/22   Citibank, N.A.   HUF 40,000   116,070   119,160   —   (3,090)
Expiring 06/15/22   Citibank, N.A.   HUF 40,000   119,468   119,159   309   —
Expiring 06/15/22   Citibank, N.A.   HUF 1,133   3,362   3,373   —   (11)
Expiring 06/15/22   Citibank, N.A.   HUF 845   2,668   2,518   150   —
Expiring 06/15/22   Citibank, N.A.   HUF 845   2,647   2,517   130   —
Expiring 06/15/22   Citibank, N.A.   HUF 845   2,550   2,517   33   —
Expiring 06/15/22   Citibank, N.A.   HUF 845   2,542   2,518   24   —
Expiring 06/15/22   Citibank, N.A.   HUF 741   2,154   2,206   —   (52)
Expiring 06/15/22   Citibank, N.A.   HUF 494   1,422   1,472   —   (50)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 125,000   374,171   372,373   1,798   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 75,000   225,023   223,424   1,599   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 60,000   179,885   178,739   1,146   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 40,000   119,468   119,159   309   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 40,000   116,070   119,160   —   (3,090)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 1,133   3,362   3,373   —   (11)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 845   2,647   2,517   130   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 845   2,668   2,518   150   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 845   2,550   2,517   33   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 845   2,542   2,518   24   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 741   2,154   2,206   —   (52)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   HUF 494   1,422   1,472   —   (50)
Indian Rupee,
Expiring 06/15/22   Citibank, N.A.   INR 25,500   332,264   332,532   —   (268)
Expiring 06/15/22   Citibank, N.A.   INR 23,000   297,522   299,931   —   (2,409)
Expiring 06/15/22   Citibank, N.A.   INR 19,527   254,846   254,641   205   —
Expiring 06/15/22   Citibank, N.A.   INR 19,000   247,067   247,769   —   (702)
Expiring 06/15/22   Citibank, N.A.   INR 12,934   166,914   168,665   —   (1,751)
Expiring 06/15/22   Citibank, N.A.   INR 11,882   154,954   154,940   14   —
Expiring 06/15/22   Citibank, N.A.   INR 11,576   151,821   150,951   870   —
Expiring 06/15/22   Citibank, N.A.   INR 11,576   151,970   150,951   1,019   —
Expiring 06/15/22   Citibank, N.A.   INR 11,576   150,901   150,952   —   (51)
Expiring 06/15/22   Citibank, N.A.   INR 11,576   150,950   150,952   —   (2)
Expiring 06/15/22   Citibank, N.A.   INR 9,527   124,905   124,236   669   —
Expiring 06/15/22   Citibank, N.A.   INR 7,000   90,627   91,283   —   (656)
Expiring 06/15/22   Citibank, N.A.   INR 3,500   45,365   45,642   —   (277)
Expiring 06/15/22   Citibank, N.A.   INR 1,719   22,255   22,417   —   (162)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 25,500   332,263   332,531   —   (268)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 23,000   297,521   299,930   —   (2,409)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 19,527   254,846   254,641   205   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 19,000   247,066   247,768   —   (702)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 12,934   166,914   168,666   —   (1,752)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,882   154,953   154,940   13   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,576   150,900   150,951   —   (51)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,576   151,821   150,952   869   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,576   151,970   150,951   1,019   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 11,576   150,950   150,952   —   (2)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 9,527   124,905   124,236   669   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 7,000   90,627   91,283   —   (656)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 3,500   45,365   45,642   —   (277)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   INR 1,719   22,255   22,417   —   (162)
Indonesian Rupiah,
Expiring 06/15/22   Citibank, N.A.   IDR 545,461   37,871   37,931   —   (60)
Expiring 06/15/22   Citibank, N.A.   IDR 545,461   37,795   37,931   —   (136)
A21
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/15/22   Citibank, N.A.   IDR 538,988   $37,222   $37,482   $—   $(260)
Expiring 06/15/22   Citibank, N.A.   IDR 381,894   26,553   26,556   —   (3)
Expiring 06/15/22   Citibank, N.A.   IDR 275,048   19,104   19,126   —   (22)
Expiring 06/15/22   Citibank, N.A.   IDR 42,525   2,962   2,957   5   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 545,461   37,795   37,931   —   (136)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 545,461   37,871   37,931   —   (60)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 538,988   37,221   37,481   —   (260)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 381,894   26,553   26,556   —   (3)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 275,048   19,104   19,126   —   (22)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   IDR 42,525   2,962   2,957   5   —
Israeli Shekel,
Expiring 06/15/22   Citibank, N.A.   ILS 6,361   1,981,365   1,998,163   —   (16,798)
Expiring 06/15/22   Citibank, N.A.   ILS 6,361   1,973,647   1,998,163   —   (24,516)
Expiring 06/15/22   Citibank, N.A.   ILS 6,229   1,913,283   1,956,667   —   (43,384)
Expiring 06/15/22   Citibank, N.A.   ILS 5,606   1,742,227   1,761,000   —   (18,773)
Expiring 06/15/22   Citibank, N.A.   ILS 3,000   932,085   942,344   —   (10,259)
Expiring 06/15/22   Citibank, N.A.   ILS 1,800   559,720   565,406   —   (5,686)
Expiring 06/15/22   Citibank, N.A.   ILS 1,700   530,367   533,995   —   (3,628)
Expiring 06/15/22   Citibank, N.A.   ILS 1,200   373,715   376,938   —   (3,223)
Expiring 06/15/22   Citibank, N.A.   ILS 950   300,550   298,409   2,141   —
Expiring 06/15/22   Citibank, N.A.   ILS 755   236,026   237,163   —   (1,137)
Expiring 06/15/22   Citibank, N.A.   ILS 132   40,463   41,496   —   (1,033)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 6,361   1,981,362   1,998,162   —   (16,800)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 6,361   1,973,644   1,998,162   —   (24,518)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 6,229   1,913,281   1,956,667   —   (43,386)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 5,606   1,742,225   1,761,000   —   (18,775)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 3,000   932,084   942,344   —   (10,260)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 1,800   559,720   565,407   —   (5,687)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 1,700   530,366   533,995   —   (3,629)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 1,200   373,714   376,937   —   (3,223)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 950   300,549   298,409   2,140   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 755   236,025   237,162   —   (1,137)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ILS 132   40,463   41,496   —   (1,033)
Mexican Peso,
Expiring 06/15/22   Citibank, N.A.   MXN 35,432   1,703,883   1,757,036   —   (53,153)
Expiring 06/15/22   Citibank, N.A.   MXN 35,432   1,711,993   1,757,035   —   (45,042)
Expiring 06/15/22   Citibank, N.A.   MXN 13,550   638,974   671,939   —   (32,965)
Expiring 06/15/22   Citibank, N.A.   MXN 8,950   421,835   443,826   —   (21,991)
Expiring 06/15/22   Citibank, N.A.   MXN 930   44,703   46,119   —   (1,416)
Expiring 06/15/22   Citibank, N.A.   MXN 616   30,455   30,522   —   (67)
Expiring 06/15/22   Citibank, N.A.   MXN 587   27,597   29,084   —   (1,487)
Expiring 06/15/22   Citibank, N.A.   MXN 227   11,207   11,232   —   (25)
Expiring 06/15/22   Citibank, N.A.   MXN 32   1,493   1,562   —   (69)
Expiring 06/15/22   Citibank, N.A.   MXN 10   479   496   —   (17)
Expiring 06/15/22   Citibank, N.A.   MXN 6   298   297   1   —
Expiring 06/15/22   Citibank, N.A.   MXN 3   144   149   —   (5)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 35,432   1,711,991   1,757,035   —   (45,044)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 35,432   1,703,880   1,757,035   —   (53,155)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 13,550   638,973   671,938   —   (32,965)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 8,950   421,835   443,827   —   (21,992)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 930   44,703   46,119   —   (1,416)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 616   30,455   30,522   —   (67)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 587   27,597   29,084   —   (1,487)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 227   11,207   11,232   —   (25)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 32   1,493   1,562   —   (69)
A22
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 10   $479   $496   $—   $(17)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 6   298   297   1   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   MXN 3   144   149   —   (5)
New Taiwanese Dollar,
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   999,334   969,955   29,379   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   999,551   969,955   29,596   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   1,000,436   969,955   30,481   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   991,068   969,955   21,113   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   992,027   969,955   22,072   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   991,139   969,955   21,184   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   992,383   969,955   22,428   —
Expiring 06/15/22   Citibank, N.A.   TWD 27,678   991,334   969,954   21,380   —
Expiring 06/15/22   Citibank, N.A.   TWD 18,650   666,857   653,583   13,274   —
Expiring 06/15/22   Citibank, N.A.   TWD 17,300   611,491   606,273   5,218   —
Expiring 06/15/22   Citibank, N.A.   TWD 13,074   457,563   458,174   —   (611)
Expiring 06/15/22   Citibank, N.A.   TWD 10,270   367,927   359,892   8,035   —
Expiring 06/15/22   Citibank, N.A.   TWD 10,000   359,042   350,447   8,595   —
Expiring 06/15/22   Citibank, N.A.   TWD 9,000   325,061   315,402   9,659   —
Expiring 06/15/22   Citibank, N.A.   TWD 9,000   317,336   315,402   1,934   —
Expiring 06/15/22   Citibank, N.A.   TWD 6,150   214,644   215,525   —   (881)
Expiring 06/15/22   Citibank, N.A.   TWD 5,970   210,262   209,216   1,046   —
Expiring 06/15/22   Citibank, N.A.   TWD 291   10,211   10,181   30   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   999,549   969,954   29,595   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   1,000,434   969,954   30,480   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   999,333   969,955   29,378   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   991,333   969,955   21,378   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   991,138   969,955   21,183   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   992,026   969,955   22,071   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   992,381   969,954   22,427   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 27,678   991,067   969,955   21,112   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 18,650   666,856   653,583   13,273   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 17,300   611,490   606,273   5,217   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 13,074   457,563   458,175   —   (612)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 10,270   367,926   359,891   8,035   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 10,000   359,041   350,446   8,595   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 9,000   325,061   315,402   9,659   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 9,000   317,336   315,403   1,933   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 6,150   214,644   215,525   —   (881)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 5,970   210,262   209,217   1,045   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   TWD 291   10,211   10,181   30   —
Peruvian Nuevo Sol,
Expiring 06/15/22   Citibank, N.A.   PEN 644   167,926   173,874   —   (5,948)
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,021   13,500   —   (479)
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,153   13,500   —   (347)
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,275   13,499   —   (224)
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,204   13,499   —   (295)
Expiring 06/15/22   Citibank, N.A.   PEN 50   13,101   13,499   —   (398)
Expiring 06/15/22   Citibank, N.A.   PEN 21   5,412   5,535   —   (123)
Expiring 06/15/22   Citibank, N.A.   PEN 16   4,280   4,320   —   (40)
Expiring 06/15/22   Citibank, N.A.   PEN 15   4,001   4,050   —   (49)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 644   167,926   173,874   —   (5,948)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,021   13,500   —   (479)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,204   13,499   —   (295)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,275   13,499   —   (224)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   13,153   13,500   —   (347)
A23
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 50   $13,100   $13,499   $—   $(399)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 21   5,412   5,535   —   (123)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 16   4,280   4,320   —   (40)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PEN 15   4,001   4,050   —   (49)
Philippine Peso,
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   314,564   312,593   1,971   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   313,745   312,593   1,152   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   311,227   312,594   —   (1,367)
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   315,148   312,593   2,555   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   313,751   312,593   1,158   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   314,564   312,593   1,971   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   313,281   312,593   688   —
Expiring 06/15/22   Citibank, N.A.   PHP 16,282   315,325   312,593   2,732   —
Expiring 06/15/22   Citibank, N.A.   PHP 890   17,153   17,077   76   —
Expiring 06/15/22   Citibank, N.A.   PHP 531   9,968   10,195   —   (227)
Expiring 06/15/22   Citibank, N.A.   PHP 440   8,377   8,438   —   (61)
Expiring 06/15/22   Citibank, N.A.   PHP 7   124   125   —   (1)
Expiring 06/15/22   Citibank, N.A.   PHP 4   68   68   —   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   315,148   312,593   2,555   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   315,325   312,593   2,732   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   314,563   312,593   1,970   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   313,280   312,593   687   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   313,745   312,593   1,152   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   314,563   312,593   1,970   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   311,226   312,593   —   (1,367)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 16,282   313,751   312,593   1,158   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 890   17,154   17,078   76   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 531   9,968   10,195   —   (227)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 440   8,377   8,438   —   (61)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 7   124   125   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PHP 4   68   68   —   —
Polish Zloty,
Expiring 06/15/22   Citibank, N.A.   PLN 6,058   1,433,802   1,430,772   3,030   —
Expiring 06/15/22   Citibank, N.A.   PLN 3,550   814,475   838,478   —   (24,003)
Expiring 06/15/22   Citibank, N.A.   PLN 2,050   478,150   484,191   —   (6,041)
Expiring 06/15/22   Citibank, N.A.   PLN 1,550   357,753   366,096   —   (8,343)
Expiring 06/15/22   Citibank, N.A.   PLN 1,550   359,995   366,096   —   (6,101)
Expiring 06/15/22   Citibank, N.A.   PLN 1,246   295,556   294,294   1,262   —
Expiring 06/15/22   Citibank, N.A.   PLN 1,000   236,430   236,191   239   —
Expiring 06/15/22   Citibank, N.A.   PLN 242   57,285   57,231   54   —
Expiring 06/15/22   Citibank, N.A.   PLN 45   10,483   10,511   —   (28)
Expiring 06/15/22   Citibank, N.A.   PLN 40   9,312   9,448   —   (136)
Expiring 06/15/22   Citibank, N.A.   PLN 37   8,374   8,621   —   (247)
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,924   4,665   259   —
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,877   4,664   213   —
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,920   4,665   255   —
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,689   4,665   24   —
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,775   4,665   110   —
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,464   4,665   —   (201)
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,512   4,665   —   (153)
Expiring 06/15/22   Citibank, N.A.   PLN 20   4,557   4,665   —   (108)
Expiring 06/15/22   Citibank, N.A.   PLN 17   3,921   3,897   24   —
Expiring 06/15/22   Citibank, N.A.   PLN 1   234   236   —   (2)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 6,058   1,433,800   1,430,772   3,028   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 3,550   814,474   838,478   —   (24,004)
A24
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 2,050   $478,150   $484,192   $—   $(6,042)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,550   359,994   366,096   —   (6,102)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,550   357,752   366,096   —   (8,344)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,246   295,555   294,294   1,261   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1,000   236,430   236,191   239   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 242   57,285   57,231   54   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 45   10,483   10,511   —   (28)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 40   9,312   9,448   —   (136)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 37   8,374   8,621   —   (247)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,877   4,664   213   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,689   4,665   24   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,924   4,665   259   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,775   4,665   110   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,920   4,665   255   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,556   4,664   —   (108)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,511   4,664   —   (153)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 20   4,464   4,665   —   (201)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 17   3,921   3,897   24   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   PLN 1   234   236   —   (2)
Russian Ruble,
Expiring 06/15/22   Citibank, N.A.   RUB 84,216   744,127   941,423   —   (197,296)
Expiring 06/15/22   Citibank, N.A.   RUB 14,164   112,432   158,330   —   (45,898)
Expiring 06/15/22   Citibank, N.A.   RUB 14,163   116,775   158,325   —   (41,550)
Expiring 06/15/22   Citibank, N.A.   RUB 3,190   40,744   35,661   5,083   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 84,215   744,126   941,423   —   (197,297)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 14,164   112,431   158,330   —   (45,899)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 14,163   116,775   158,325   —   (41,550)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   RUB 3,190   40,743   35,660   5,083   —
Saudi Arabian Riyal,
Expiring 06/15/22   Citibank, N.A.   SAR 1,400   372,958   372,965   —   (7)
Expiring 06/15/22   Citibank, N.A.   SAR 550   146,509   146,522   —   (13)
Expiring 06/15/22   Citibank, N.A.   SAR 500   133,198   133,202   —   (4)
Expiring 06/15/22   Citibank, N.A.   SAR 450   119,865   119,882   —   (17)
Expiring 06/15/22   Citibank, N.A.   SAR 301   80,161   80,188   —   (27)
Expiring 06/15/22   Citibank, N.A.   SAR 200   53,282   53,281   1   —
Expiring 06/15/22   Citibank, N.A.   SAR 100   26,641   26,640   1   —
Expiring 06/15/22   Citibank, N.A.   SAR 100   26,639   26,640   —   (1)
Expiring 06/15/22   Citibank, N.A.   SAR 100   26,638   26,640   —   (2)
Expiring 06/15/22   Citibank, N.A.   SAR 50   13,320   13,321   —   (1)
Expiring 06/15/22   Citibank, N.A.   SAR 50   13,317   13,320   —   (3)
Expiring 06/15/22   Citibank, N.A.   SAR 30   7,858   7,859   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 1,400   372,958   372,966   —   (8)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 550   146,509   146,522   —   (13)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 500   133,198   133,202   —   (4)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 450   119,865   119,882   —   (17)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 301   80,161   80,188   —   (27)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 200   53,282   53,281   1   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 100   26,641   26,640   1   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 100   26,638   26,640   —   (2)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 100   26,639   26,640   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 50   13,317   13,320   —   (3)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 50   13,320   13,321   —   (1)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   SAR 30   7,858   7,859   —   (1)
South African Rand,
Expiring 06/15/22   Citibank, N.A.   ZAR 21,982   1,403,808   1,489,698   —   (85,890)
A25
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/15/22   Citibank, N.A.   ZAR 8,800   $578,709   $596,359   $—   $(17,650)
Expiring 06/15/22   Citibank, N.A.   ZAR 6,100   398,408   413,385   —   (14,977)
Expiring 06/15/22   Citibank, N.A.   ZAR 5,400   353,708   365,947   —   (12,239)
Expiring 06/15/22   Citibank, N.A.   ZAR 4,700   302,842   318,509   —   (15,667)
Expiring 06/15/22   Citibank, N.A.   ZAR 4,000   261,427   271,072   —   (9,645)
Expiring 06/15/22   Citibank, N.A.   ZAR 3,700   238,239   250,741   —   (12,502)
Expiring 06/15/22   Citibank, N.A.   ZAR 3,500   229,496   237,188   —   (7,692)
Expiring 06/15/22   Citibank, N.A.   ZAR 3,368   214,848   228,222   —   (13,374)
Expiring 06/15/22   Citibank, N.A.   ZAR 1,244   79,698   84,303   —   (4,605)
Expiring 06/15/22   Citibank, N.A.   ZAR 799   52,393   54,113   —   (1,720)
Expiring 06/15/22   Citibank, N.A.   ZAR 755   50,878   51,131   —   (253)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,206   22,499   —   (1,293)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,422   22,499   —   (1,077)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,787   22,499   —   (712)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,406   22,499   —   (1,093)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,509   22,499   —   (990)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,889   22,499   —   (610)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,402   22,499   —   (1,097)
Expiring 06/15/22   Citibank, N.A.   ZAR 332   21,559   22,499   —   (940)
Expiring 06/15/22   Citibank, N.A.   ZAR 32   2,104   2,169   —   (65)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 21,982   1,403,806   1,489,697   —   (85,891)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 8,800   578,708   596,359   —   (17,651)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 6,100   398,407   413,385   —   (14,978)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 5,400   353,708   365,948   —   (12,240)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,700   302,842   318,510   —   (15,668)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 4,000   261,426   271,072   —   (9,646)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 3,700   238,239   250,742   —   (12,503)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 3,500   229,496   237,188   —   (7,692)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 3,368   214,848   228,222   —   (13,374)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 1,244   79,698   84,303   —   (4,605)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 799   52,392   54,112   —   (1,720)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 755   50,878   51,131   —   (253)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,206   22,499   —   (1,293)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,787   22,499   —   (712)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,889   22,499   —   (610)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,422   22,499   —   (1,077)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,406   22,499   —   (1,093)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,509   22,499   —   (990)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,559   22,499   —   (940)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 332   21,402   22,499   —   (1,097)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   ZAR 32   2,104   2,169   —   (65)
South Korean Won,
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,704,529   2,665,210   39,319   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,706,817   2,665,210   41,607   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,698,626   2,665,210   33,416   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,716,873   2,665,210   51,663   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,707,089   2,665,211   41,878   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,690,599   2,665,210   25,389   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,681,070   2,665,210   15,860   —
Expiring 06/15/22   Citibank, N.A.   KRW 3,239,883   2,690,800   2,665,211   25,589   —
Expiring 06/15/22   Citibank, N.A.   KRW 595,000   490,008   489,462   546   —
Expiring 06/15/22   Citibank, N.A.   KRW 510,000   420,693   419,539   1,154   —
Expiring 06/15/22   Citibank, N.A.   KRW 400,000   327,869   329,051   —   (1,182)
Expiring 06/15/22   Citibank, N.A.   KRW 345,000   285,113   283,805   1,308   —
Expiring 06/15/22   Citibank, N.A.   KRW 327,346   271,290   269,282   2,008   —
A26
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/15/22   Citibank, N.A.   KRW 275,231   $227,363   $226,412   $951   $—
Expiring 06/15/22   Citibank, N.A.   KRW 208,754   168,785   171,726   —   (2,941)
Expiring 06/15/22   Citibank, N.A.   KRW 193,113   158,036   158,860   —   (824)
Expiring 06/15/22   Citibank, N.A.   KRW 175,000   143,556   143,959   —   (403)
Expiring 06/15/22   Citibank, N.A.   KRW 35,000   28,532   28,792   —   (260)
Expiring 06/15/22   Citibank, N.A.   KRW 7,961   6,397   6,549   —   (152)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,706,814   2,665,210   41,604   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,698,623   2,665,210   33,413   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,704,526   2,665,211   39,315   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,716,869   2,665,210   51,659   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,707,085   2,665,210   41,875   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,690,596   2,665,211   25,385   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,681,066   2,665,210   15,856   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 3,239,883   2,690,796   2,665,210   25,586   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 595,000   490,008   489,463   545   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 510,000   420,693   419,539   1,154   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 400,000   327,869   329,050   —   (1,181)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 345,000   285,113   283,806   1,307   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 327,346   271,290   269,283   2,007   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 275,231   227,363   226,412   951   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 208,754   168,784   171,726   —   (2,942)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 193,113   158,037   158,861   —   (824)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 175,000   143,556   143,959   —   (403)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 35,000   28,532   28,792   —   (260)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   KRW 7,961   6,397   6,549   —   (152)
Thai Baht,
Expiring 06/15/22   Citibank, N.A.   THB 30,260   902,152   911,103   —   (8,951)
Expiring 06/15/22   Citibank, N.A.   THB 3,000   89,685   90,327   —   (642)
Expiring 06/15/22   Citibank, N.A.   THB 1,500   45,960   45,164   796   —
Expiring 06/15/22   Citibank, N.A.   THB 1,387   42,397   41,747   650   —
Expiring 06/15/22   Citibank, N.A.   THB 1,000   30,883   30,109   774   —
Expiring 06/15/22   Citibank, N.A.   THB 1,000   29,663   30,109   —   (446)
Expiring 06/15/22   Citibank, N.A.   THB 786   23,484   23,651   —   (167)
Expiring 06/15/22   Citibank, N.A.   THB 707   20,953   21,287   —   (334)
Expiring 06/15/22   Citibank, N.A.   THB 500   15,218   15,055   163   —
Expiring 06/15/22   Citibank, N.A.   THB 500   14,853   15,054   —   (201)
Expiring 06/15/22   Citibank, N.A.   THB 500   15,043   15,055   —   (12)
Expiring 06/15/22   Citibank, N.A.   THB 500   15,054   15,054   —   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,116   10,826   290   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,162   10,826   336   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,137   10,826   311   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,219   10,827   392   —
Expiring 06/15/22   Citibank, N.A.   THB 360   10,987   10,826   161   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,003   10,827   176   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,035   10,826   209   —
Expiring 06/15/22   Citibank, N.A.   THB 360   11,008   10,827   181   —
Expiring 06/15/22   Citibank, N.A.   THB 116   3,453   3,477   —   (24)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 30,260   902,151   911,103   —   (8,952)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 3,000   89,685   90,327   —   (642)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 1,500   45,960   45,164   796   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 1,387   42,397   41,747   650   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 1,000   30,883   30,109   774   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 1,000   29,663   30,109   —   (446)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 786   23,484   23,651   —   (167)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 707   20,953   21,287   —   (334)
A27
AST EMERGING MARKETS EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2022 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2022 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   $15,218   $15,055   $163   $—
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   14,853   15,054   —   (201)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   15,054   15,054   —   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 500   15,043   15,055   —   (12)
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,162   10,826   336   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,219   10,827   392   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,116   10,826   290   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,137   10,826   311   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,035   10,826   209   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,007   10,826   181   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   11,002   10,826   176   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 360   10,987   10,826   161   —
Expiring 06/15/22   JPMorgan Chase Bank, N.A.   THB 116   3,453   3,477   —   (24)
              $167,396,139   $168,418,103   1,168,060   (2,190,024)
                      $4,382,544   $(3,064,107)
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).
A28