NPORT-EX 2 PIPD901PRU033125.htm
AST SMALL-CAP EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 97.7%
Common Stocks — 94.7%
Aerospace & Defense — 2.6%
AAR Corp.*
5,713   $319,871
AeroVironment, Inc.*
4,194   499,883
AerSale Corp.*
65,200   488,348
Archer Aviation, Inc. (Class A Stock)*
3,740   26,591
Astronics Corp.*
5,140   124,234
Axon Enterprise, Inc.*
7,774   4,088,735
BWX Technologies, Inc.
4,463   440,275
Byrna Technologies, Inc.*
2,050   34,522
Cadre Holdings, Inc.
5,170   153,084
Curtiss-Wright Corp.
12,587   3,993,477
Ducommun, Inc.*
2,381   138,169
Embraer SA (Brazil), ADR*(a)
167,471   7,737,160
Hexcel Corp.(a)
99,725   5,460,941
Huntington Ingalls Industries, Inc.
2,790   569,272
Innovative Solutions & Support, Inc.*
3,370   21,197
Karman Holdings, Inc.*(a)
132,712   4,435,235
Kratos Defense & Security Solutions, Inc.*(a)
258,353   7,670,501
Leonardo DRS, Inc.
58,239   1,914,898
Loar Holdings, Inc.*(a)
108,341   7,654,292
Mercury Systems, Inc.*
8,676   373,849
Moog, Inc. (Class A Stock)
4,370   757,539
National Presto Industries, Inc.
6,580   578,448
Park Aerospace Corp.
3,379   45,448
Triumph Group, Inc.*
8,407   213,033
V2X, Inc.*
4,270   209,444
Woodward, Inc.
1,328   242,347
            48,190,793
Air Freight & Logistics — 0.0%
GXO Logistics, Inc.*
13,457   525,900
Hub Group, Inc. (Class A Stock)
9,661   359,099
Radiant Logistics, Inc.*
7,056   43,394
            928,393
Automobile Components — 0.9%
Adient PLC*
98,946   1,272,445
American Axle & Manufacturing Holdings, Inc.*
20,514   83,492
Autoliv, Inc. (Sweden)
7,417   656,034
BorgWarner, Inc.
24,864   712,354
Cooper-Standard Holdings, Inc.*
3,530   54,080
Dana, Inc.
22,518   300,165
Dorman Products, Inc.*
4,807   579,436
Fox Factory Holding Corp.*
45,356   1,058,609
Garrett Motion, Inc. (Switzerland)
27,817   232,828
Gentex Corp.
80,976   1,886,741
Gentherm, Inc.*
4,298   114,928
Goodyear Tire & Rubber Co. (The)*
130,763   1,208,250
Holley, Inc.*
8,010   20,586
LCI Industries
20,296   1,774,479
Lear Corp.
21,251   1,874,763
Modine Manufacturing Co.*(a)
19,388   1,488,029
Motorcar Parts of America, Inc.*
3,660   34,770
Patrick Industries, Inc.
5,440   460,006
Phinia, Inc.
18,417   781,433
QuantumScape Corp.*(a)
51,767   215,351
      Shares   Value
Common Stocks (continued)
Automobile Components (cont’d.)
Standard Motor Products, Inc.
3,725   $92,864
Stoneridge, Inc.*
1,820   8,354
Strattec Security Corp.*
930   36,698
Visteon Corp.*
22,198   1,723,009
XPEL, Inc.*
3,470   101,949
            16,771,653
Automobiles — 0.2%
Harley-Davidson, Inc.(a)
67,970   1,716,243
Lucid Group, Inc.*(a)
53,000   128,260
Thor Industries, Inc.(a)
17,703   1,342,064
Winnebago Industries, Inc.
4,306   148,385
            3,334,952
Banks — 8.7%
1st Source Corp.
20,259   1,211,691
ACNB Corp.
1,060   43,630
Amalgamated Financial Corp.
5,046   145,072
Amerant Bancorp, Inc.
52,970   1,093,301
Ameris Bancorp
11,113   639,775
Ames National Corp.
1,750   30,660
Arrow Financial Corp.
12,160   319,686
Associated Banc-Corp.
66,701   1,502,774
Atlantic Union Bankshares Corp.
14,181   441,596
Axos Financial, Inc.*
42,845   2,764,359
Banc of California, Inc.
78,694   1,116,668
BancFirst Corp.
5,343   587,035
Bancorp, Inc. (The)*
33,949   1,793,865
Bank First Corp.
530   53,392
Bank of Hawaii Corp.
6,070   418,648
Bank of Marin Bancorp
13,216   291,677
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
6,570   255,704
Bank OZK(a)
17,948   779,841
Bank7 Corp.
550   21,307
BankFinancial Corp.
3,820   48,285
BankUnited, Inc.
98,318   3,386,072
Bankwell Financial Group, Inc.
1,410   42,554
Banner Corp.
5,322   339,384
Bar Harbor Bankshares
2,711   79,974
BayCom Corp.
14,500   364,965
BCB Bancorp, Inc.
3,500   34,510
Berkshire Hills Bancorp, Inc.
42,393   1,106,033
Blue Foundry Bancorp*
3,390   31,188
Blue Ridge Bankshares, Inc.*
4,050   13,203
BOK Financial Corp.
8,484   883,609
Bridgewater Bancshares, Inc.*
26,022   361,446
Brookline Bancorp, Inc.
118,074   1,287,007
Burke & Herbert Financial Services Corp.
11,000   617,210
Business First Bancshares, Inc.
4,480   109,088
Byline Bancorp, Inc.
79,915   2,090,576
C&F Financial Corp.
697   46,971
Cadence Bank
77,713   2,359,367
California BanCorp*
22,300   319,559
Camden National Corp.
18,357   742,908
Capital Bancorp, Inc.
13,810   391,237
Capital City Bank Group, Inc.
2,976   107,017
A1
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
Capitol Federal Financial, Inc.
235,517   $1,318,895
Carter Bankshares, Inc.*
18,068   292,340
Cathay General Bancorp
26,496   1,140,123
Central Pacific Financial Corp.
39,617   1,071,244
Chemung Financial Corp.
636   30,255
ChoiceOne Financial Services, Inc.
320   9,206
Citizens & Northern Corp.
2,649   53,298
Citizens Community Bancorp, Inc.
920   13,230
Citizens Financial Services, Inc.
220   12,771
City Holding Co.
2,297   269,829
Civista Bancshares, Inc.
19,728   385,485
CNB Financial Corp.
30,872   686,902
Coastal Financial Corp.*
2,220   200,710
Colony Bankcorp, Inc.
3,290   53,133
Columbia Banking System, Inc.
143,740   3,584,876
Columbia Financial, Inc.*
12,680   190,200
Comerica, Inc.
13,428   793,058
Commerce Bancshares, Inc.(a)
15,342   954,733
Community Financial System, Inc.
8,580   487,859
Community Trust Bancorp, Inc.
18,774   945,459
Community West Bancshares
3,170   58,582
ConnectOne Bancorp, Inc.
55,808   1,356,692
Cullen/Frost Bankers, Inc.
6,176   773,235
Customers Bancorp, Inc.*
5,178   259,936
CVB Financial Corp.
22,565   416,550
Dime Community Bancshares, Inc.
87,552   2,440,950
Eagle Bancorp Montana, Inc.
660   11,062
Eagle Bancorp, Inc.
63,880   1,341,480
Eastern Bankshares, Inc.
26,519   434,912
Enterprise Bancorp, Inc.
1,910   74,356
Enterprise Financial Services Corp.
23,402   1,257,623
Equity Bancshares, Inc. (Class A Stock)
3,026   119,224
Esquire Financial Holdings, Inc.
1,450   109,301
Evans Bancorp, Inc.
3,450   134,446
Farmers & Merchants Bancorp, Inc.
1,450   34,669
Farmers National Banc Corp.
22,377   292,020
FB Financial Corp.
6,570   304,585
Fidelity D&D Bancorp, Inc.
260   10,819
Financial Institutions, Inc.
41,180   1,027,853
First Bancorp
6,551   262,957
First Bancorp, Inc. (The)
2,790   68,969
First BanCorp. (Puerto Rico)
26,662   511,111
First Bancshares, Inc. (The)
5,260   177,841
First Bank
4,070   60,277
First Busey Corp.
114,104   2,464,646
First Business Financial Services, Inc.
1,255   59,173
First Commonwealth Financial Corp.
16,698   259,487
First Community Bankshares, Inc.
2,811   105,947
First Community Corp.
420   9,475
First Financial Bancorp
15,248   380,895
First Financial Bankshares, Inc.(a)
19,757   709,671
First Financial Corp.
15,646   766,341
First Foundation, Inc.
190,082   986,526
First Hawaiian, Inc.
67,650   1,653,366
First Horizon Corp.
21,969   426,638
First Internet Bancorp
17,725   474,675
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
First Interstate BancSystem, Inc. (Class A Stock)
46,851   $1,342,281
First Merchants Corp.
16,068   649,790
First Mid Bancshares, Inc.
11,230   391,927
First of Long Island Corp. (The)
21,374   263,969
First Savings Financial Group, Inc.
470   12,107
First United Corp.
1,840   55,237
First Western Financial, Inc.*
1,180   23,187
Firstsun Capital Bancorp*
1,000   36,150
Five Star Bancorp
7,210   200,438
Flagstar Financial, Inc.(a)
118,680   1,379,062
Flushing Financial Corp.
92,603   1,176,058
FNB Corp.(a)
51,555   693,415
FS Bancorp, Inc.
1,660   63,097
Fulton Financial Corp.
28,981   524,266
FVCBankcorp, Inc.*
1,550   16,384
German American Bancorp, Inc.
5,012   187,950
Glacier Bancorp, Inc.
16,434   726,711
Great Southern Bancorp, Inc.
13,722   759,787
Greene County Bancorp, Inc.
1,140   27,485
Guaranty Bancshares, Inc.
1,636   65,489
Hancock Whitney Corp.
69,819   3,662,007
Hanmi Financial Corp.
55,636   1,260,712
HarborOne Bancorp, Inc.
7,873   81,643
Hawthorn Bancshares, Inc.
1,170   33,029
HBT Financial, Inc.
4,210   94,346
Heritage Commerce Corp.
261,413   2,488,652
Heritage Financial Corp.
37,135   903,495
Hilltop Holdings, Inc.
43,900   1,336,755
Hingham Institution for Savings (The)(a)
4,476   1,064,393
Home Bancorp, Inc.
8,351   374,125
Home BancShares, Inc.(a)
95,070   2,687,629
HomeStreet, Inc.*
17,500   205,450
HomeTrust Bancshares, Inc.
2,650   90,842
Hope Bancorp, Inc.
148,079   1,550,387
Horizon Bancorp, Inc.
57,952   873,916
Independent Bank Corp. (XNGS)
21,893   1,371,596
Independent Bank Corp. (XLON)
3,633   111,860
International Bancshares Corp.
11,023   695,110
Investar Holding Corp.
1,380   24,302
Kearny Financial Corp.
159,120   996,091
Lakeland Financial Corp.
4,146   246,438
Landmark Bancorp, Inc.
810   22,064
LCNB Corp.
2,150   31,798
Live Oak Bancshares, Inc.
27,374   729,791
MainStreet Bancshares, Inc.
730   12,206
Mercantile Bank Corp.
16,973   737,307
Meridian Corp.
960   13,824
Metrocity Bankshares, Inc.
4,010   110,556
Metropolitan Bank Holding Corp.*
1,880   105,261
Mid Penn Bancorp, Inc.
11,030   285,787
Middlefield Banc Corp.
390   10,901
Midland States Bancorp, Inc.
37,990   650,389
MidWestOne Financial Group, Inc.
25,150   744,691
MVB Financial Corp.
179,060   3,101,319
National Bank Holdings Corp. (Class A Stock)
5,935   227,132
 
A2
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
National Bankshares, Inc.
780   $20,771
NB Bancorp, Inc.*
55,300   999,271
NBT Bancorp, Inc.
7,607   326,340
Nicolet Bankshares, Inc.
16,478   1,795,443
Northeast Bank
25,605   2,343,882
Northeast Community Bancorp, Inc.
1,460   34,222
Northfield Bancorp, Inc.
109,510   1,194,754
Northrim BanCorp, Inc.
8,872   649,608
Northwest Bancshares, Inc.
20,979   252,168
Norwood Financial Corp.
1,130   27,312
Oak Valley Bancorp
770   19,219
OceanFirst Financial Corp.
96,600   1,643,166
OFG Bancorp (Puerto Rico)
7,362   294,627
Ohio Valley Banc Corp.
690   17,975
Old National Bancorp(a)
181,006   3,835,517
Old Second Bancorp, Inc.
7,780   129,459
OP Bancorp
1,500   18,030
Orange County Bancorp, Inc.
560   13,098
Origin Bancorp, Inc.
31,670   1,097,999
Orrstown Financial Services, Inc.
2,560   76,826
Pacific Premier Bancorp, Inc.
63,050   1,344,226
Park National Corp.
2,454   371,536
Parke Bancorp, Inc.
2,230   42,013
Pathward Financial, Inc.
3,910   285,234
PCB Bancorp
2,570   48,085
Peapack-Gladstone Financial Corp.
88,463   2,512,349
Penns Woods Bancorp, Inc.
1,240   34,608
Peoples Bancorp of North Carolina, Inc.
1,190   32,416
Peoples Bancorp, Inc.
5,885   174,549
Peoples Financial Services Corp.
7,670   341,085
Pinnacle Financial Partners, Inc.
9,648   1,023,074
Pioneer Bancorp, Inc.*
910   10,656
Plumas Bancorp
470   20,337
Ponce Financial Group, Inc.*
3,270   41,431
Popular, Inc. (Puerto Rico)(a)
9,638   890,262
Preferred Bank
55,922   4,678,435
Primis Financial Corp.
4,180   40,839
Princeton Bancorp, Inc.
520   15,886
Prosperity Bancshares, Inc.
10,360   739,393
Provident Bancorp, Inc.*
1,340   15,383
Provident Financial Holdings, Inc.
1,870   27,283
Provident Financial Services, Inc.
93,524   1,605,807
QCR Holdings, Inc.
2,726   194,418
RBB Bancorp
22,430   370,095
Red River Bancshares, Inc.
900   46,485
Renasant Corp.
9,792   332,243
Republic Bancorp, Inc. (Class A Stock)
2,712   173,080
Richmond Mutual BanCorp, Inc.
790   10,112
Riverview Bancorp, Inc.
5,290   29,888
S&T Bancorp, Inc.
6,137   227,376
Sandy Spring Bancorp, Inc.
6,936   193,861
SB Financial Group, Inc.
810   16,864
ServisFirst Bancshares, Inc.(a)
8,532   704,743
Shore Bancshares, Inc.
27,782   376,168
Sierra Bancorp
12,124   338,017
Simmons First National Corp. (Class A Stock)
81,105   1,665,086
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
SmartFinancial, Inc.
2,957   $91,904
South Plains Financial, Inc.
9,680   320,602
Southern First Bancshares, Inc.*
1,960   64,523
Southern Missouri Bancorp, Inc.
13,758   715,691
Southern States Bancshares, Inc.
710   25,383
Southside Bancshares, Inc.
5,160   149,434
SouthState Corp.
14,315   1,328,718
Stellar Bancorp, Inc.
6,936   191,850
Stock Yards Bancorp, Inc.
4,598   317,538
Synovus Financial Corp.
18,295   855,108
Territorial Bancorp, Inc.
2,490   20,866
Texas Capital Bancshares, Inc.*
7,118   531,715
Third Coast Bancshares, Inc.*
1,090   36,373
Timberland Bancorp, Inc.
2,040   61,506
Tompkins Financial Corp.
14,520   914,470
Towne Bank
20,131   688,279
TriCo Bancshares
29,037   1,160,609
Triumph Financial, Inc.*
3,800   219,640
TrustCo Bank Corp.
35,858   1,092,952
Trustmark Corp.
9,892   341,175
UMB Financial Corp.(a)
11,554   1,168,109
Union Bankshares, Inc.
560   17,623
United Bankshares, Inc.
21,864   758,025
United Community Banks, Inc.
18,247   513,288
United Security Bancshares
1,520   13,619
Unity Bancorp, Inc.
1,875   76,312
Univest Financial Corp.
38,642   1,095,887
USCB Financial Holdings, Inc.
910   16,890
Valley National Bancorp
180,516   1,604,787
Veritex Holdings, Inc.
64,600   1,613,062
Virginia National Bankshares Corp.
310   11,185
WaFd, Inc.
60,667   1,733,863
Washington Trust Bancorp, Inc.
45,730   1,411,228
Webster Financial Corp.
7,676   395,698
WesBanco, Inc.
53,353   1,651,809
West BanCorp, Inc.
3,940   78,564
Westamerica BanCorp
4,339   219,684
Western Alliance Bancorp
31,628   2,429,979
Western New England Bancorp, Inc.
5,700   53,010
Wintrust Financial Corp.
39,566   4,449,592
WSFS Financial Corp.
44,383   2,302,146
Zions Bancorp NA
64,311   3,206,546
            163,845,586
Beverages — 0.1%
Boston Beer Co., Inc. (The) (Class A Stock)*
1,328   317,180
Celsius Holdings, Inc.*(a)
17,208   612,949
Coca-Cola Consolidated, Inc.
434   585,900
MGP Ingredients, Inc.
15,069   442,727
National Beverage Corp.
9,571   397,579
Vita Coco Co., Inc. (The)*
7,551   231,438
            2,587,773
Biotechnology — 5.9%
2seventy bio, Inc.*
5,170   25,540
4D Molecular Therapeutics, Inc.*
3,640   11,757
89bio, Inc.*
2,423   17,615
 
A3
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Biotechnology (cont’d.)
Absci Corp.*(a)
11,370   $28,539
AC Immune SA (Switzerland)*
4,330   8,097
ACADIA Pharmaceuticals, Inc.*
13,197   219,202
ACELYRIN, Inc.*
4,380   10,819
ADMA Biologics, Inc.*
150,188   2,979,730
Adverum Biotechnologies, Inc.*
2,690   11,755
Agios Pharmaceuticals, Inc.*
7,282   213,363
Akero Therapeutics, Inc.*
3,226   130,588
Aldeyra Therapeutics, Inc.*
9,920   57,040
Alector, Inc.*
14,330   17,626
Alkermes PLC*
75,897   2,506,119
Allogene Therapeutics, Inc.*
33,990   49,625
Altimmune, Inc.*(a)
3,790   18,950
Anika Therapeutics, Inc.*
2,680   40,280
Annexon, Inc.*
9,110   17,582
Apogee Therapeutics, Inc.*(a)
66,285   2,476,408
Arcellx, Inc.*
5,281   346,434
Arcturus Therapeutics Holdings, Inc.*
3,614   38,272
Arcus Biosciences, Inc.*
14,180   111,313
ARS Pharmaceuticals, Inc.*
2,051   25,802
Astria Therapeutics, Inc.*
1,080   5,767
aTyr Pharma, Inc.*
4,540   13,711
Aura Biosciences, Inc.*
4,010   23,499
Avidity Biosciences, Inc.*(a)
59,114   1,745,045
Beam Therapeutics, Inc.*
11,014   215,103
Biomea Fusion, Inc.*(a)
2,530   5,389
Black Diamond Therapeutics, Inc.*
4,590   7,115
Blueprint Medicines Corp.*(a)
15,754   1,394,387
Bridgebio Pharma, Inc.*
81,916   2,831,836
C4 Therapeutics, Inc.*
6,970   11,152
CareDx, Inc.*
7,150   126,912
Caribou Biosciences, Inc.*
13,050   11,916
Catalyst Pharmaceuticals, Inc.*
102,775   2,492,294
CG oncology, Inc.*(a)
115,600   2,831,044
Cogent Biosciences, Inc.*
11,240   67,328
Crinetics Pharmaceuticals, Inc.*(a)
156,510   5,249,345
CRISPR Therapeutics AG (Switzerland)*(a)
11,418   388,555
Cullinan Therapeutics, Inc.*
7,850   59,425
Day One Biopharmaceuticals, Inc.*
7,690   60,982
Denali Therapeutics, Inc.*
17,324   235,520
Design Therapeutics, Inc.*
4,390   16,945
DiaMedica Therapeutics, Inc.*
2,380   9,020
Disc Medicine, Inc.*
710   35,244
Dynavax Technologies Corp.*
18,391   238,531
Emergent BioSolutions, Inc.*
7,370   35,818
Enanta Pharmaceuticals, Inc.*
4,820   26,606
Entrada Therapeutics, Inc.*
1,940   17,538
Erasca, Inc.*
18,000   24,660
Exact Sciences Corp.*
8,470   366,666
Exelixis, Inc.*
27,278   1,007,104
Fate Therapeutics, Inc.*
14,900   11,772
Halozyme Therapeutics, Inc.*
46,986   2,998,177
Ideaya Biosciences, Inc.*
527   8,632
Immunovant, Inc.*
3,993   68,240
Inozyme Pharma, Inc.*
5,230   4,759
Insmed, Inc.*
145,410   11,093,329
Intellia Therapeutics, Inc.*
12,917   91,840
      Shares   Value
Common Stocks (continued)
Biotechnology (cont’d.)
Iovance Biotherapeutics, Inc.*
24,950   $83,083
Ironwood Pharmaceuticals, Inc.*
6,290   9,246
iTeos Therapeutics, Inc.*
5,710   34,089
Janux Therapeutics, Inc.*
440   11,880
Jasper Therapeutics, Inc.*
780   3,354
KalVista Pharmaceuticals, Inc.*
6,490   74,895
Keros Therapeutics, Inc.*
1,308   13,329
Kiniksa Pharmaceuticals International PLC*
6,810   151,250
Kodiak Sciences, Inc.*
6,310   17,700
Krystal Biotech, Inc.*(a)
36,528   6,585,998
Kura Oncology, Inc.*
11,055   72,963
Kymera Therapeutics, Inc.*
45,214   1,237,507
MacroGenics, Inc.*
10,990   13,957
MannKind Corp.*
37,003   186,125
MediciNova, Inc.*
4,930   7,198
MeiraGTx Holdings PLC*
7,520   50,986
Merus NV (Netherlands)*(a)
121,885   5,130,140
MiMedx Group, Inc.*
21,280   161,728
Monte Rosa Therapeutics, Inc.*
3,360   15,590
MoonLake Immunotherapeutics*
1,410   55,089
Myriad Genetics, Inc.*
11,208   99,415
Natera, Inc.*
35,162   4,972,258
Newamsterdam Pharma Co. NV (Netherlands)*
200,000   4,094,000
Nkarta, Inc.*
7,360   13,542
Nurix Therapeutics, Inc.*
6,260   74,369
Nuvalent, Inc. (Class A Stock)*
21,898   1,553,006
Olema Pharmaceuticals, Inc.*
9,471   35,611
Organogenesis Holdings, Inc.*
16,810   72,619
ORIC Pharmaceuticals, Inc.*
7,130   39,785
Prothena Corp. PLC (Ireland)*
7,287   90,177
PTC Therapeutics, Inc.*
69,585   3,546,052
Puma Biotechnology, Inc.*
7,140   21,134
Recursion Pharmaceuticals, Inc. (Class A Stock)*(a)
19,460   102,943
REGENXBIO, Inc.*
7,187   51,387
Relay Therapeutics, Inc.*
20,080   52,610
Replimune Group, Inc.*
10,260   100,035
Revolution Medicines, Inc.*
589   20,827
Rezolute, Inc.*
4,000   11,600
Rhythm Pharmaceuticals, Inc.*
50,359   2,667,516
Rigel Pharmaceuticals, Inc.*
640   11,514
Rocket Pharmaceuticals, Inc.*
8,070   53,827
Roivant Sciences Ltd.*
11,212   113,129
Sana Biotechnology, Inc.*(a)
19,750   33,180
Sarepta Therapeutics, Inc.*
1,479   94,390
Savara, Inc.*
5,450   15,097
Sera Prognostics, Inc. (Class A Stock)*
2,450   9,016
Soleno Therapeutics, Inc.*(a)
61,511   4,394,961
Solid Biosciences, Inc.*
2,540   9,398
SpringWorks Therapeutics, Inc.*
4,396   193,995
Spyre Therapeutics, Inc.*(a)
61,058   985,171
Stoke Therapeutics, Inc.*
7,930   52,735
Sutro Biopharma, Inc.*
14,430   9,388
Syndax Pharmaceuticals, Inc.*
7,590   93,243
Tectonic Therapeutic, Inc.*
450   7,970
Tenaya Therapeutics, Inc.*
4,770   2,719
 
A4
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Biotechnology (cont’d.)
TG Therapeutics, Inc.*(a)
50,167   $1,978,085
Travere Therapeutics, Inc.*
123,161   2,207,045
Twist Bioscience Corp.*
5,348   209,962
Tyra Biosciences, Inc.*
1,770   16,461
Ultragenyx Pharmaceutical, Inc.*
55,287   2,001,942
Vanda Pharmaceuticals, Inc.*
8,257   37,900
Vaxcyte, Inc.*(a)
106,506   4,021,667
Veracyte, Inc.*(a)
69,741   2,067,821
Vericel Corp.*(a)
152,476   6,803,479
Verve Therapeutics, Inc.*
5,320   24,312
Vir Biotechnology, Inc.*
12,130   78,602
Voyager Therapeutics, Inc.*
6,620   22,376
XBiotech, Inc.*
2,660   8,618
Xencor, Inc.*
10,630   113,103
Xenon Pharmaceuticals, Inc. (Canada)*
279,914   9,391,115
Y-mAbs Therapeutics, Inc.*
5,180   22,947
Zymeworks, Inc.*
8,080   96,233
            109,910,056
Broadline Retail — 0.4%
1stdibs.com, Inc.*
3,650   11,096
Dillard’s, Inc. (Class A Stock)(a)
1,553   556,176
Etsy, Inc.*
11,273   531,860
Global-e Online Ltd. (Israel)*
125,000   4,456,250
Groupon, Inc.*(a)
2,560   48,051
Kohl’s Corp.(a)
14,285   116,851
Macy’s, Inc.
35,849   450,264
Ollie’s Bargain Outlet Holdings, Inc.*(a)
8,830   1,027,459
Savers Value Village, Inc.*(a)
6,850   47,265
            7,245,272
Building Products — 1.8%
A.O. Smith Corp.
7,311   477,847
AAON, Inc.(a)
7,330   572,693
Advanced Drainage Systems, Inc.
3,790   411,783
American Woodmark Corp.*
17,499   1,029,466
Apogee Enterprises, Inc.
25,006   1,158,528
Armstrong World Industries, Inc.
11,503   1,620,543
AZEK Co., Inc. (The)*
184,159   9,003,534
AZZ, Inc.
29,183   2,439,991
CSW Industrials, Inc.(a)
2,406   701,397
Fortune Brands Innovations, Inc.
9,052   551,086
Gibraltar Industries, Inc.*
4,402   258,221
Griffon Corp.
52,037   3,720,645
Hayward Holdings, Inc.*
23,142   322,137
Insteel Industries, Inc.
33,069   869,715
Janus International Group, Inc.*(a)
387,057   2,786,810
JELD-WEN Holding, Inc.*
122,187   729,456
Masterbrand, Inc.*
98,613   1,287,886
Quanex Building Products Corp.
7,370   137,008
Resideo Technologies, Inc.*
172,847   3,059,392
Simpson Manufacturing Co., Inc.
6,236   979,551
Tecnoglass, Inc.
6,070   434,308
Trex Co., Inc.*(a)
11,100   644,910
UFP Industries, Inc.
9,692   1,037,432
      Shares   Value
Common Stocks (continued)
Building Products (cont’d.)
Zurn Elkay Water Solutions Corp.
15,092   $497,734
            34,732,073
Capital Markets — 2.9%
Acadian Asset Management, Inc.
5,886   152,212
Affiliated Managers Group, Inc.
4,905   824,187
AlTi Global, Inc.*
3,280   9,971
Artisan Partners Asset Management, Inc. (Class A Stock)
10,715   418,957
BGC Group, Inc. (Class A Stock)
414,138   3,797,645
Blue Owl Capital Corp.(a)
152,429   2,234,609
Bridge Investment Group Holdings, Inc. (Class A Stock)
5,370   51,445
Cohen & Steers, Inc.(a)
7,304   586,146
Diamond Hill Investment Group, Inc.
6,109   872,610
DigitalBridge Group, Inc.
23,056   203,354
Donnelley Financial Solutions, Inc.*
4,887   213,611
Evercore, Inc. (Class A Stock)
15,927   3,180,940
Federated Hermes, Inc.
52,999   2,160,769
GCM Grosvenor, Inc. (Class A Stock)
3,500   46,305
Golub Capital BDC, Inc.
125,390   1,898,405
Hamilton Lane, Inc. (Class A Stock)(a)
74,454   11,069,076
Houlihan Lokey, Inc.
1,291   208,497
Invesco Ltd.
40,542   615,022
Janus Henderson Group PLC
20,565   743,425
Lazard, Inc.
11,139   482,319
MarketAxess Holdings, Inc.
3,512   759,821
Moelis & Co. (Class A Stock)
6,137   358,155
Open Lending Corp.*
19,630   54,179
Piper Sandler Cos.
2,636   652,832
PJT Partners, Inc. (Class A Stock)
31,157   4,295,927
SEI Investments Co.
5,714   443,578
Silvercrest Asset Management Group, Inc. (Class A Stock)
1,350   22,086
StepStone Group, Inc. (Class A Stock)
3,579   186,931
Stifel Financial Corp.
5,320   501,463
StoneX Group, Inc.*
48,493   3,703,895
Victory Capital Holdings, Inc. (Class A Stock)
185,371   10,727,420
Virtu Financial, Inc. (Class A Stock)
13,120   500,134
Virtus Investment Partners, Inc.
8,204   1,414,041
Westwood Holdings Group, Inc.
1,930   31,266
WisdomTree, Inc.
24,778   221,020
            53,642,253
Chemicals — 1.1%
AdvanSix, Inc.
34,089   772,116
Albemarle Corp.(a)
7,972   574,143
American Vanguard Corp.
65,185   286,814
Arq, Inc.*
3,590   14,970
Ashland, Inc.
6,874   407,560
Aspen Aerogels, Inc.*
12,850   82,112
Avient Corp.
14,611   542,945
Axalta Coating Systems Ltd.*
24,258   804,638
Balchem Corp.
5,160   856,560
Bioceres Crop Solutions Corp. (Argentina)*
4,390   20,040
Cabot Corp.
17,179   1,428,262
 
A5
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Chemicals (cont’d.)
Celanese Corp.
6,252   $354,926
Chemours Co. (The)
19,468   263,402
Ecovyst, Inc.*
197,180   1,222,516
Element Solutions, Inc.
38,053   860,378
Flotek Industries, Inc.*
1,340   11,162
FMC Corp.
12,380   522,312
Ginkgo Bioworks Holdings, Inc.*(a)
1,800   10,260
Hawkins, Inc.
3,464   366,907
HB Fuller Co.
8,763   491,780
Huntsman Corp.
107,875   1,703,346
Ingevity Corp.*
21,681   858,351
Innospec, Inc.
11,747   1,113,028
Intrepid Potash, Inc.*
2,074   60,955
Koppers Holdings, Inc.
2,809   78,652
Kronos Worldwide, Inc.
10,650   79,662
Mativ Holdings, Inc.
7,175   44,700
Methanex Corp. (Canada)
65,801   2,308,957
Minerals Technologies, Inc.
4,895   311,175
Mosaic Co. (The)
27,577   744,855
NewMarket Corp.
1,145   648,585
Northern Technologies International Corp.
1,940   20,195
Olin Corp.
63,158   1,530,950
Orion SA (Germany)
8,970   115,982
Quaker Chemical Corp.
2,117   261,682
Rayonier Advanced Materials, Inc.*
12,124   69,713
Scotts Miracle-Gro Co. (The)
3,232   177,405
Sensient Technologies Corp.
6,541   486,847
Stepan Co.
3,273   180,146
Trinseo PLC
2,300   8,464
Tronox Holdings PLC
22,615   159,210
            20,856,663
Commercial Services & Supplies — 2.7%
ABM Industries, Inc.
73,488   3,480,392
ACCO Brands Corp.
16,093   67,430
Acme United Corp.
640   25,350
ACV Auctions, Inc. (Class A Stock)*
653,781   9,211,774
Brady Corp. (Class A Stock)
38,208   2,699,013
BrightView Holdings, Inc.*
13,630   175,009
Brink’s Co. (The)
44,577   3,840,754
Casella Waste Systems, Inc. (Class A Stock)*(a)
100,099   11,162,039
CECO Environmental Corp.*
5,476   124,853
Cimpress PLC (Ireland)*
3,539   160,069
Civeo Corp.
2,440   56,120
CompX International, Inc.
700   14,504
Deluxe Corp.
7,580   119,840
Driven Brands Holdings, Inc.*
14,217   243,679
Ennis, Inc.
21,990   441,779
Enviri Corp.*
14,490   96,359
Healthcare Services Group, Inc.*
143,210   1,443,557
HNI Corp.
7,417   328,944
Interface, Inc.
34,956   693,527
Liquidity Services, Inc.*
4,650   144,196
Matthews International Corp. (Class A Stock)
4,990   110,978
MillerKnoll, Inc.
74,780   1,431,289
      Shares   Value
Common Stocks (continued)
Commercial Services & Supplies (cont’d.)
Montrose Environmental Group, Inc.*
3,700   $52,762
MSA Safety, Inc.
5,656   829,679
NL Industries, Inc.
5,070   40,053
OPENLANE, Inc.*
16,737   322,689
Perma-Fix Environmental Services, Inc.*
1,710   12,432
Pursuit Attractions & Hospitality, Inc.*
103,350   3,657,556
Quad/Graphics, Inc.
8,250   44,963
Quest Resource Holding Corp.*
1,690   4,394
Steelcase, Inc. (Class A Stock)
119,256   1,307,046
Tetra Tech, Inc.
253,056   7,401,888
UniFirst Corp.
5,596   973,704
Vestis Corp.
14,727   145,797
Virco Mfg. Corp.(a)
2,160   20,434
VSE Corp.(a)
3,088   370,529
            51,255,381
Communications Equipment — 0.2%
ADTRAN Holdings, Inc.*
2,291   19,978
Applied Optoelectronics, Inc.*
3,650   56,028
Aviat Networks, Inc.*
29,169   559,170
BK Technologies Corp.*
500   19,610
Calix, Inc.*
10,244   363,047
Ciena Corp.*
9,003   544,051
Clearfield, Inc.*
1,460   43,391
Digi International, Inc.*
5,818   161,915
Extreme Networks, Inc.*
7,012   92,769
Genasys, Inc.*
5,830   13,234
Harmonic, Inc.*
19,000   182,210
KVH Industries, Inc.*
4,460   23,593
Lumentum Holdings, Inc.*
7,137   444,921
NETGEAR, Inc.*
4,531   110,828
NetScout Systems, Inc.*
11,580   243,296
Ribbon Communications, Inc.*
30,420   119,246
Viavi Solutions, Inc.*
32,299   361,426
            3,358,713
Construction & Engineering — 2.1%
Ameresco, Inc. (Class A Stock)*
5,888   71,127
API Group Corp.*
15,024   537,258
Arcosa, Inc.
6,993   539,300
Argan, Inc.
2,463   323,072
Bowman Consulting Group Ltd.*
1,320   28,816
Comfort Systems USA, Inc.
17,600   5,673,008
Concrete Pumping Holdings, Inc.
6,220   33,961
Construction Partners, Inc. (Class A Stock)*(a)
98,001   7,043,332
Dycom Industries, Inc.*
4,473   681,417
Everus Construction Group, Inc.*
6,640   246,278
Fluor Corp.*
56,341   2,018,135
Granite Construction, Inc.
51,389   3,874,731
Great Lakes Dredge & Dock Corp.*
12,276   106,801
IES Holdings, Inc.*
3,906   644,920
Limbach Holdings, Inc.*
2,150   160,110
MasTec, Inc.*
4,262   497,418
Matrix Service Co.*
4,116   51,162
MYR Group, Inc.*
40,219   4,548,367
Northwest Pipe Co.*
1,615   66,699
 
A6
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Construction & Engineering (cont’d.)
Orion Group Holdings, Inc.*
5,915   $30,935
Primoris Services Corp.
59,202   3,398,787
Sterling Infrastructure, Inc.*
23,006   2,604,509
Tutor Perini Corp.*
43,642   1,011,621
Valmont Industries, Inc.
2,800   799,036
WillScot Holdings Corp.(a)
188,794   5,248,473
            40,239,273
Construction Materials — 0.5%
Eagle Materials, Inc.
3,309   734,366
Knife River Corp.*(a)
82,150   7,410,752
Smith-Midland Corp.*
720   22,370
United States Lime & Minerals, Inc.
4,396   388,519
            8,556,007
Consumer Finance — 1.5%
Atlanticus Holdings Corp.*
2,707   138,463
Bread Financial Holdings, Inc.
30,826   1,543,766
Consumer Portfolio Services, Inc.*
3,610   31,299
Credit Acceptance Corp.*(a)
1,338   690,876
Dave, Inc.*
890   73,567
Encore Capital Group, Inc.*
4,030   138,148
Enova International, Inc.*
4,305   415,691
EZCORP, Inc. (Class A Stock)*
145,380   2,139,994
FirstCash Holdings, Inc.
52,575   6,325,824
Green Dot Corp. (Class A Stock)*
8,550   72,162
LendingClub Corp.*
160,711   1,658,538
LendingTree, Inc.*
2,470   124,167
Navient Corp.
127,692   1,612,750
Nelnet, Inc. (Class A Stock)
4,493   498,408
NerdWallet, Inc. (Class A Stock)*
7,150   64,708
Old Market Capital Corp.*
1,790   10,776
OneMain Holdings, Inc.
15,679   766,390
Oportun Financial Corp.*
4,870   26,736
PRA Group, Inc.*
6,457   133,143
PROG Holdings, Inc.
6,751   179,577
Regional Management Corp.
1,870   56,306
SLM Corp.
298,055   8,753,875
Upstart Holdings, Inc.*(a)
64,202   2,955,218
World Acceptance Corp.*
857   108,453
            28,518,835
Consumer Staples Distribution & Retail — 1.4%
Andersons, Inc. (The)
34,174   1,467,090
BJ’s Wholesale Club Holdings, Inc.*(a)
83,000   9,470,300
Chefs’ Warehouse, Inc. (The)*(a)
79,509   4,330,060
Grocery Outlet Holding Corp.*
12,543   175,351
Ingles Markets, Inc. (Class A Stock)
2,311   150,515
Natural Grocers by Vitamin Cottage, Inc.
4,810   193,362
PriceSmart, Inc.
34,376   3,019,932
SpartanNash Co.
5,341   108,209
Sprouts Farmers Market, Inc.*
45,161   6,893,375
United Natural Foods, Inc.*
9,994   273,736
Village Super Market, Inc. (Class A Stock)
1,957   74,385
      Shares   Value
Common Stocks (continued)
Consumer Staples Distribution & Retail (cont’d.)
Weis Markets, Inc.
4,132   $318,371
            26,474,686
Containers & Packaging — 0.5%
AptarGroup, Inc.
1,202   178,353
Ardagh Metal Packaging SA
30,320   91,566
Berry Global Group, Inc.
13,043   910,532
Crown Holdings, Inc.
1,900   169,594
Graphic Packaging Holding Co.(a)
28,433   738,121
Greif, Inc. (Class A Stock)
4,329   238,052
Greif, Inc. (Class B Stock)
2,030   120,338
Myers Industries, Inc.
93,407   1,114,345
O-I Glass, Inc.*
22,431   257,284
Ranpak Holdings Corp.*
8,940   48,455
Sealed Air Corp.
17,478   505,114
Silgan Holdings, Inc.
35,396   1,809,444
Sonoco Products Co.
41,830   1,976,049
TriMas Corp.
50,840   1,191,181
            9,348,428
Distributors — 0.0%
A-Mark Precious Metals, Inc.
3,850   97,674
LKQ Corp.
12,207   519,286
Weyco Group, Inc.
2,090   63,703
            680,663
Diversified Consumer Services — 1.9%
ADT, Inc.
90,125   733,618
Adtalem Global Education, Inc.*
39,555   3,980,815
American Public Education, Inc.*
3,297   73,589
Bright Horizons Family Solutions, Inc.*
43,945   5,582,773
Carriage Services, Inc.
2,679   103,811
European Wax Center, Inc. (Class A Stock)*
6,870   27,137
Frontdoor, Inc.*
109,032   4,189,009
Graham Holdings Co. (Class B Stock)
604   580,359
Grand Canyon Education, Inc.*
37,544   6,495,863
H&R Block, Inc.
18,997   1,043,125
Laureate Education, Inc. (Class A Stock)*
233,532   4,775,729
Lincoln Educational Services Corp.*
5,650   89,666
Mister Car Wash, Inc.*
31,174   245,963
OneSpaWorld Holdings Ltd. (Bahamas)
15,467   259,691
Perdoceo Education Corp.
131,071   3,300,368
Strategic Education, Inc.
3,839   322,322
Stride, Inc.*
32,532   4,115,298
Udemy, Inc.*
3,800   29,488
Universal Technical Institute, Inc.*
8,138   208,984
            36,157,608
Diversified REITs — 0.1%
American Assets Trust, Inc.
31,600   636,424
Empire State Realty Trust, Inc. (Class A Stock)
153,400   1,199,588
            1,836,012
 
A7
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Diversified Telecommunication Services — 0.1%
Anterix, Inc.*
3,430   $125,538
ATN International, Inc.
1,716   34,852
Bandwidth, Inc. (Class A Stock)*
4,570   59,867
Cogent Communications Holdings, Inc.
3,848   235,921
Globalstar, Inc.*
5,286   110,266
IDT Corp. (Class B Stock)
3,966   203,495
Iridium Communications, Inc.
14,755   403,107
Liberty Global Ltd. (Belgium) (Class A Stock)*
19,440   223,754
Liberty Global Ltd. (Belgium) (Class C Stock)*
19,113   228,783
Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)*
5,367   33,973
Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)*
25,780   160,094
Lumen Technologies, Inc.*
110,651   433,752
            2,253,402
Electric Utilities — 0.6%
Genie Energy Ltd. (Class B Stock)
4,329   65,151
Hawaiian Electric Industries, Inc.*
18,570   203,342
IDACORP, Inc.
6,705   779,255
MGE Energy, Inc.
5,868   545,489
OGE Energy Corp.
57,622   2,648,307
Otter Tail Corp.(a)
20,199   1,623,394
Pinnacle West Capital Corp.
9,302   886,015
Portland General Electric Co.
51,996   2,319,022
TXNM Energy, Inc.(a)
42,265   2,260,332
            11,330,307
Electrical Equipment — 1.5%
Acuity, Inc.(a)
3,702   974,922
Allient, Inc.
3,060   67,259
American Superconductor Corp.*
6,623   120,141
Atkore, Inc.
19,372   1,162,126
Bloom Energy Corp. (Class A Stock)*(a)
73,526   1,445,521
EnerSys
34,894   3,195,593
Enovix Corp.*(a)
109,088   800,706
Espey Mfg. & Electronics Corp.
510   13,836
Fluence Energy, Inc.*
14,150   68,627
Generac Holdings, Inc.*
2,492   315,612
Hyliion Holdings Corp.*
8,830   12,362
LSI Industries, Inc.
5,140   87,380
Net Power, Inc.*
4,530   11,914
NEXTracker, Inc. (Class A Stock)*
96,340   4,059,768
nVent Electric PLC
4,791   251,144
Plug Power, Inc.*(a)
8,075   10,901
Powell Industries, Inc.
2,018   343,726
Preformed Line Products Co.
853   119,497
Regal Rexnord Corp.
84,437   9,613,152
Sensata Technologies Holding PLC(a)
152,702   3,706,078
Sunrun, Inc.*
28,173   165,094
Thermon Group Holdings, Inc.*
58,917   1,640,838
Ultralife Corp.*
4,900   26,362
Vicor Corp.*
4,386   205,177
            28,417,736
      Shares   Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components — 2.5%
Advanced Energy Industries, Inc.
6,070   $578,532
Airgain, Inc.*
2,760   9,301
Arrow Electronics, Inc.*
36,691   3,809,627
Avnet, Inc.
85,718   4,122,179
Badger Meter, Inc.
4,600   875,150
Bel Fuse, Inc. (Class A Stock)
190   13,691
Bel Fuse, Inc. (Class B Stock)
1,866   139,689
Belden, Inc.
33,693   3,377,723
Benchmark Electronics, Inc.
42,656   1,622,208
Climb Global Solutions, Inc.
880   97,469
Coda Octopus Group, Inc.*
2,180   13,603
Cognex Corp.
16,525   492,941
Coherent Corp.*
26,878   1,745,457
Crane NXT Co.(a)
29,557   1,519,230
CTS Corp.
4,777   198,484
Daktronics, Inc.*
9,320   113,518
ePlus, Inc.*
19,496   1,189,841
Evolv Technologies Holdings, Inc.*
6,490   20,249
Fabrinet (Thailand)*
5,310   1,048,778
FARO Technologies, Inc.*
2,695   73,573
Frequency Electronics, Inc.
1,778   27,826
Identiv, Inc.*
3,640   11,612
Insight Enterprises, Inc.*
4,995   749,200
IPG Photonics Corp.*
26,332   1,662,602
Itron, Inc.*
13,902   1,456,373
Kimball Electronics, Inc.*
51,140   841,253
Knowles Corp.*
13,657   207,586
Littelfuse, Inc.
2,838   558,348
Methode Electronics, Inc.
136,020   867,808
Mirion Technologies, Inc.*
26,201   379,914
M-Tron Industries, Inc.*
200   8,908
Napco Security Technologies, Inc.
5,282   121,592
nLight, Inc.*
8,320   64,646
Novanta, Inc.*
5,608   717,095
OSI Systems, Inc.*
16,225   3,153,166
Ouster, Inc.*
4,000   35,920
PAR Technology Corp.*
107,552   6,597,240
PC Connection, Inc.
7,804   487,126
Plexus Corp.*
14,612   1,872,236
Powerfleet, Inc.*
14,180   77,848
Richardson Electronics Ltd.
1,900   21,204
Rogers Corp.*
2,838   191,650
Sanmina Corp.*
16,972   1,292,927
ScanSource, Inc.*
40,852   1,389,377
TD SYNNEX Corp.
468   48,653
TTM Technologies, Inc.*
16,362   335,585
Vishay Intertechnology, Inc.(a)
100,714   1,601,353
Vishay Precision Group, Inc.*
2,061   49,649
Vontier Corp.
37,891   1,244,719
            47,134,659
Energy Equipment & Services — 1.8%
Archrock, Inc.
178,604   4,686,569
Aris Water Solutions, Inc. (Class A Stock)
41,659   1,334,754
Atlas Energy Solutions, Inc.(a)
5,560   99,190
Bristow Group, Inc.*
4,605   145,426
Cactus, Inc. (Class A Stock)
108,456   4,970,538
 
A8
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Energy Equipment & Services (cont’d.)
ChampionX Corp.
102,649   $3,058,940
Core Laboratories, Inc.(a)
50,480   756,695
DMC Global, Inc.*
3,810   32,080
Energy Services of America Corp.
1,160   10,962
Expro Group Holdings NV*
118,500   1,177,890
Forum Energy Technologies, Inc.*
1,680   33,785
Geospace Technologies Corp.*
3,390   24,442
Gulf Island Fabrication, Inc.*
4,650   30,039
Helix Energy Solutions Group, Inc.*
24,234   201,385
Helmerich & Payne, Inc.
13,649   356,512
Innovex International, Inc.*
76,490   1,373,760
Kodiak Gas Services, Inc.
5,743   214,214
Liberty Energy, Inc.
90,741   1,436,430
Mammoth Energy Services, Inc.*
5,570   11,363
Nabors Industries Ltd.*
1,710   71,324
National Energy Services Reunited Corp.*
74,100   545,376
Natural Gas Services Group, Inc.*
2,477   54,420
Noble Corp. PLC
18,285   433,354
NOV, Inc.
135,048   2,055,431
NPK International, Inc.*
14,760   85,756
Oceaneering International, Inc.*
15,471   337,422
Oil States International, Inc.*
145,565   749,660
Patterson-UTI Energy, Inc.
14,260   117,217
ProFrac Holding Corp. (Class A Stock)*(a)
115,460   876,341
ProPetro Holding Corp.*
141,160   1,037,526
Ranger Energy Services, Inc. (Class A Stock)
2,720   38,597
RPC, Inc.(a)
240,994   1,325,467
SEACOR Marine Holdings, Inc.*
4,611   23,332
Seadrill Ltd. (Norway)*
8,840   221,000
Select Water Solutions, Inc. (Class A Stock)
101,287   1,063,513
Solaris Energy Infrastructure, Inc. (Class A Stock)
85,102   1,851,820
TechnipFMC PLC (United Kingdom)
71,488   2,265,455
TETRA Technologies, Inc.*
22,252   74,767
Tidewater, Inc.*
7,978   337,230
Transocean Ltd.*(a)
107,544   340,914
Valaris Ltd.*
9,138   358,758
Weatherford International PLC
8,552   457,960
            34,677,614
Entertainment — 0.2%
Atlanta Braves Holdings, Inc. (Class A Stock)*
1,747   76,641
Atlanta Braves Holdings, Inc. (Class C Stock)*
6,252   250,143
Cinemark Holdings, Inc.
17,141   426,639
Eventbrite, Inc. (Class A Stock)*
12,310   25,974
Gaia, Inc.*
2,680   10,318
IMAX Corp.*
8,770   231,089
Madison Square Garden Entertainment Corp.*
5,983   195,883
Madison Square Garden Sports Corp.*
2,338   455,255
Marcus Corp. (The)
4,292   71,633
Playstudios, Inc.*
6,110   7,760
      Shares   Value
Common Stocks (continued)
Entertainment (cont’d.)
Reservoir Media, Inc.*
3,490   $26,629
Roku, Inc.*
17,799   1,253,762
Sphere Entertainment Co.*
4,800   157,056
Vivid Seats, Inc. (Class A Stock)*
17,660   52,274
            3,241,056
Financial Services — 2.9%
Acacia Research Corp.*
10,610   33,952
Alerus Financial Corp.
3,800   70,148
AvidXchange Holdings, Inc.*
29,135   247,065
Cantaloupe, Inc.*
12,143   95,565
Cass Information Systems, Inc.
12,982   561,472
Enact Holdings, Inc.
118,483   4,117,284
Essent Group Ltd.
116,656   6,733,384
Euronet Worldwide, Inc.*
22,355   2,388,632
EVERTEC, Inc. (Puerto Rico)
9,619   353,691
Federal Agricultural Mortgage Corp. (Class C Stock)
35,790   6,710,983
Flywire Corp.*
15,929   151,326
International Money Express, Inc.*
63,509   801,484
Jackson Financial, Inc. (Class A Stock)
9,407   788,118
loanDepot, Inc. (Class A Stock)*
6,480   7,711
Marqeta, Inc. (Class A Stock)*
58,392   240,575
Merchants Bancorp
39,360   1,456,320
MGIC Investment Corp.
78,143   1,936,384
NMI Holdings, Inc.*
41,731   1,504,403
Onity Group, Inc.*
1,388   44,860
Paymentus Holdings, Inc. (Class A Stock)*
240,716   6,282,688
Payoneer Global, Inc.*
48,314   353,175
Paysafe Ltd.*
6,830   107,163
Paysign, Inc.*
6,810   14,437
PennyMac Financial Services, Inc.
41,916   4,196,211
Priority Technology Holdings, Inc.*
1,760   11,994
Radian Group, Inc.
50,400   1,666,728
Remitly Global, Inc.*
126,700   2,635,360
Repay Holdings Corp.*
14,190   79,038
Security National Financial Corp. (Class A Stock)*
2,220   26,862
Shift4 Payments, Inc. (Class A Stock)*(a)
19,687   1,608,625
TFS Financial Corp.
19,160   237,392
Velocity Financial, Inc.*
1,290   24,136
Voya Financial, Inc.
54,994   3,726,393
Walker & Dunlop, Inc.
5,521   471,273
Waterstone Financial, Inc.
4,632   62,300
Western Union Co. (The)
188,795   1,997,451
WEX, Inc.*(a)
13,866   2,177,239
            53,921,822
Food Products — 1.2%
Alico, Inc.
1,412   42,134
B&G Foods, Inc.
11,090   76,188
Bunge Global SA
1,009   77,108
Calavo Growers, Inc.
3,330   79,887
Cal-Maine Foods, Inc.
6,599   599,849
Darling Ingredients, Inc.*(a)
17,324   541,202
Dole PLC
7,170   103,606
 
A9
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Food Products (cont’d.)
Flowers Foods, Inc.
26,557   $504,849
Fresh Del Monte Produce, Inc.
7,811   240,813
Freshpet, Inc.*(a)
37,833   3,146,571
Hain Celestial Group, Inc. (The)*
174,150   722,722
Ingredion, Inc.
25,071   3,389,850
J & J Snack Foods Corp.
2,982   392,789
John B. Sanfilippo & Son, Inc.
15,311   1,084,937
Lamb Weston Holdings, Inc.
3,540   188,682
Lancaster Colony Corp.
3,954   691,950
Limoneira Co.
3,208   56,846
Mama’s Creations, Inc.*
5,420   35,284
Mission Produce, Inc.*
7,520   78,810
Nomad Foods Ltd. (United Kingdom)(a)
132,384   2,601,346
Pilgrim’s Pride Corp.*
6,727   366,689
Post Holdings, Inc.*
8,234   958,108
Seaboard Corp.
126   339,837
Simply Good Foods Co. (The)*
72,817   2,511,458
Tootsie Roll Industries, Inc.
6,612   208,146
TreeHouse Foods, Inc.*
8,188   221,813
Utz Brands, Inc.
141,660   1,994,573
Vital Farms, Inc.*
7,224   220,115
WK Kellogg Co.(a)
68,900   1,373,177
            22,849,339
Gas Utilities — 0.6%
Chesapeake Utilities Corp.
3,415   438,588
MDU Resources Group, Inc.
105,474   1,783,565
National Fuel Gas Co.(a)
10,523   833,316
New Jersey Resources Corp.
15,140   742,768
Northwest Natural Holding Co.
41,041   1,753,272
ONE Gas, Inc.
7,705   582,421
RGC Resources, Inc.
1,820   37,983
Southwest Gas Holdings, Inc.
28,317   2,033,161
Spire, Inc.
28,211   2,207,511
UGI Corp.(a)
21,623   715,073
            11,127,658
Ground Transportation — 0.3%
ArcBest Corp.
3,434   242,372
Avis Budget Group, Inc.*(a)
3,415   259,198
Covenant Logistics Group, Inc.
3,970   88,134
FTAI Infrastructure, Inc.
12,950   58,664
Heartland Express, Inc.
75,010   691,592
Knight-Swift Transportation Holdings, Inc.
15,736   684,359
Landstar System, Inc.
3,829   575,116
Lyft, Inc. (Class A Stock)*
41,216   489,234
Marten Transport Ltd.
35,946   493,179
PAMT Corp.*
4,660   56,572
RXO, Inc.*(a)
58,915   1,125,276
Ryder System, Inc.
4,156   597,674
Saia, Inc.*
290   101,335
Schneider National, Inc. (Class B Stock)
23,656   540,540
Universal Logistics Holdings, Inc.
4,012   105,275
      Shares   Value
Common Stocks (continued)
Ground Transportation (cont’d.)
Werner Enterprises, Inc.
9,929   $290,920
            6,399,440
Health Care Equipment & Supplies — 2.3%
Accuray, Inc.*
15,880   28,425
AngioDynamics, Inc.*
6,895   64,744
Artivion, Inc.*
6,809   167,365
AtriCure, Inc.*
7,272   234,595
Avanos Medical, Inc.*
7,990   114,497
Axogen, Inc.*
7,689   142,246
Bioventus, Inc. (Class A Stock)*
7,360   67,344
Ceribell, Inc.*
129,300   2,483,853
CONMED Corp.
4,447   268,554
CVRx, Inc.*
1,050   12,842
DENTSPLY SIRONA, Inc.
23,614   352,793
Electromed, Inc.*
1,330   31,734
Embecta Corp.
7,140   91,035
Enovis Corp.*
8,157   311,679
Envista Holdings Corp.*
53,372   921,201
FONAR Corp.*
1,660   23,257
Glaukos Corp.*(a)
48,485   4,771,894
Globus Medical, Inc. (Class A Stock)*(a)
38,300   2,803,560
Haemonetics Corp.*
46,935   2,982,719
ICU Medical, Inc.*
2,473   343,401
Inmode Ltd.*(a)
78,800   1,397,912
Inogen, Inc.*
4,940   35,222
Inspire Medical Systems, Inc.*
55,530   8,844,818
Integer Holdings Corp.*
17,562   2,072,492
Integra LifeSciences Holdings Corp.*
9,365   205,936
iRadimed Corp.
2,106   110,523
Kewaunee Scientific Corp.*
340   13,389
Lantheus Holdings, Inc.*(a)
38,461   3,753,794
LeMaitre Vascular, Inc.
3,474   291,469
LENSAR, Inc.*
2,390   33,747
LivaNova PLC*
38,272   1,503,324
Masimo Corp.*
5,512   918,299
Merit Medical Systems, Inc.*
15,584   1,647,385
Neogen Corp.*
19,160   166,117
Omnicell, Inc.*
7,186   251,223
OraSure Technologies, Inc.*
6,831   23,020
Orthofix Medical, Inc.*
5,030   82,039
OrthoPediatrics Corp.*
3,459   85,195
Penumbra, Inc.*
3,285   878,442
Pro-Dex, Inc.*
550   27,269
Pulmonx Corp.*
5,610   37,755
QuidelOrtho Corp.*
5,762   201,497
RxSight, Inc.*
4,820   121,705
Sanara Medtech, Inc.*
580   17,905
Semler Scientific, Inc.*
1,220   44,164
Sensus Healthcare, Inc.*
1,770   8,372
SI-BONE, Inc.*
4,970   69,729
Sight Sciences, Inc.*
4,080   9,792
STAAR Surgical Co.*
5,913   104,246
Surmodics, Inc.*
338   10,319
Tactile Systems Technology, Inc.*
4,340   57,375
Teleflex, Inc.
3,242   448,012
TransMedics Group, Inc.*(a)
27,048   1,819,789
 
A10
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Health Care Equipment & Supplies (cont’d.)
Treace Medical Concepts, Inc.*
3,630   $30,456
UFP Technologies, Inc.*
1,224   246,893
Utah Medical Products, Inc.
12,497   700,332
Varex Imaging Corp.*
7,040   81,664
Zimvie, Inc.*
4,450   48,060
Zynex, Inc.*(a)
1,660   3,652
            42,621,070
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.*
36,652   1,111,289
AdaptHealth Corp.*
15,040   163,034
Addus HomeCare Corp.*
96,576   9,550,401
Astrana Health, Inc.*
28,492   883,537
Brookdale Senior Living, Inc.*
35,070   219,538
Castle Biosciences, Inc.*
4,740   94,895
Chemed Corp.
1,366   840,527
Community Health Systems, Inc.*
26,700   72,090
Concentra Group Holdings Parent, Inc.
23,185   503,114
CorVel Corp.*
8,830   988,695
DocGo, Inc.*
3,530   9,319
Encompass Health Corp.
5,935   601,097
Enhabit, Inc.*
7,300   64,167
Ensign Group, Inc. (The)
8,700   1,125,780
Fulgent Genetics, Inc.*
5,110   86,359
GeneDx Holdings Corp.*
8,484   751,385
Guardant Health, Inc.*
83,551   3,559,273
HealthEquity, Inc.*
11,466   1,013,250
Henry Schein, Inc.*
14,477   991,530
Hims & Hers Health, Inc.*(a)
18,901   558,524
InfuSystem Holdings, Inc.*
4,840   26,039
Joint Corp. (The)*
3,110   38,844
LifeStance Health Group, Inc.*
33,203   221,132
National HealthCare Corp.
2,342   217,338
National Research Corp.
21,260   272,128
NeoGenomics, Inc.*
19,006   180,367
Option Care Health, Inc.*
72,872   2,546,876
Owens & Minor, Inc.*
8,688   78,453
Patterson Cos., Inc.
7,383   230,645
Pediatrix Medical Group, Inc.*
149,293   2,163,256
Pennant Group, Inc. (The)*
5,600   140,840
Performant Healthcare, Inc.*
8,490   25,130
Premier, Inc. (Class A Stock)(a)
14,640   282,259
Privia Health Group, Inc.*
14,774   331,676
Progyny, Inc.*
10,061   224,763
RadNet, Inc.*
12,100   601,612
Select Medical Holdings Corp.
56,680   946,556
Sonida Senior Living, Inc.*
680   15,837
Surgery Partners, Inc.*
17,833   423,534
Talkspace, Inc.*
22,130   56,653
U.S. Physical Therapy, Inc.
2,482   179,597
            32,391,339
Health Care Technology — 0.1%
Certara, Inc.*
23,306   230,730
Definitive Healthcare Corp.*
12,020   34,738
Doximity, Inc. (Class A Stock)*
1,097   63,659
Evolent Health, Inc. (Class A Stock)*
13,488   127,731
GoodRx Holdings, Inc. (Class A Stock)*
12,470   54,993
      Shares   Value
Common Stocks (continued)
Health Care Technology (cont’d.)
Health Catalyst, Inc.*
9,980   $45,209
HealthStream, Inc.
4,901   157,714
OptimizeRx Corp.*
3,400   29,444
Phreesia, Inc.*
1,120   28,627
Schrodinger, Inc.*
5,180   102,253
Simulations Plus, Inc.
2,748   67,381
Teladoc Health, Inc.*
21,402   170,360
TruBridge, Inc.*
2,330   64,122
            1,176,961
Hotel & Resort REITs — 0.2%
DiamondRock Hospitality Co.
122,900   948,788
Park Hotels & Resorts, Inc.(a)
110,200   1,176,936
Pebblebrook Hotel Trust
117,900   1,194,327
            3,320,051
Hotels, Restaurants & Leisure — 2.8%
Accel Entertainment, Inc.*
70,910   703,427
Aramark(a)
12,322   425,355
Biglari Holdings, Inc. (Class A Stock)*
20   22,000
Biglari Holdings, Inc. (Class B Stock)*
359   77,738
BJ’s Restaurants, Inc.*
3,419   117,135
Bloomin’ Brands, Inc.
145,443   1,042,826
Boyd Gaming Corp.(a)
41,450   2,728,654
Brinker International, Inc.*
7,051   1,050,952
Caesars Entertainment, Inc.*
17,882   447,050
Cava Group, Inc.*
12,249   1,058,436
Century Casinos, Inc.*
4,700   7,943
Cheesecake Factory, Inc. (The)
61,134   2,974,780
Choice Hotels International, Inc.(a)
5,521   733,078
Churchill Downs, Inc.
3,907   433,950
Cracker Barrel Old Country Store, Inc.
3,310   128,494
Dave & Buster’s Entertainment, Inc.*(a)
18,709   328,717
Denny’s Corp.*(a)
172,350   632,525
Dine Brands Global, Inc.
2,320   53,986
Dutch Bros, Inc. (Class A Stock)*
71,057   4,387,059
El Pollo Loco Holdings, Inc.*(a)
77,136   794,501
First Watch Restaurant Group, Inc.*
8,040   133,866
Full House Resorts, Inc.*
4,770   19,939
Global Business Travel Group, Inc.*
11,300   82,038
Golden Entertainment, Inc.
2,450   64,656
Hilton Grand Vacations, Inc.*
43,335   1,621,162
Inspired Entertainment, Inc.*
4,080   34,843
International Game Technology PLC
89,200   1,450,392
Jack in the Box, Inc.
2,596   70,585
Krispy Kreme, Inc.
22,200   109,224
Kura Sushi USA, Inc. (Class A Stock)*
1,820   93,184
Life Time Group Holdings, Inc.*
159,323   4,811,555
Light & Wonder, Inc.*
7,907   684,825
Lindblad Expeditions Holdings, Inc.*
7,400   68,598
Lucky Strike Entertainment Corp. (Class A Stock)(a)
4,210   41,090
Marriott Vacations Worldwide Corp.
23,516   1,510,668
Monarch Casino & Resort, Inc.
8,300   645,325
Nathan’s Famous, Inc.
683   65,824
Norwegian Cruise Line Holdings Ltd.*
21,123   400,492
Papa John’s International, Inc.
13,389   550,020
Penn Entertainment, Inc.*
12,812   208,964
 
A11
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Hotels, Restaurants & Leisure (cont’d.)
Planet Fitness, Inc. (Class A Stock)*
29,007   $2,802,366
Playa Hotels & Resorts NV*
11,902   158,654
Portillo’s, Inc. (Class A Stock)*(a)
8,870   105,464
Potbelly Corp.*
5,150   48,977
Red Robin Gourmet Burgers, Inc.*
2,730   9,719
Red Rock Resorts, Inc. (Class A Stock)
5,531   239,879
Sabre Corp.*
54,060   151,909
Shake Shack, Inc. (Class A Stock)*(a)
15,026   1,324,842
Soho House & Co., Inc. (United Kingdom)*
2,670   16,501
Sportradar Group AG (Switzerland) (Class A Stock)*(a)
118,018   2,551,549
Sweetgreen, Inc. (Class A Stock)*(a)
50,047   1,252,176
Target Hospitality Corp.*
3,640   23,951
Travel + Leisure Co.
36,006   1,666,718
United Parks & Resorts, Inc.*(a)
39,122   1,778,486
Vail Resorts, Inc.(a)
3,809   609,516
Wendy’s Co. (The)
28,433   415,975
Wingstop, Inc.
2,613   589,441
Wyndham Hotels & Resorts, Inc.
78,887   7,140,062
Wynn Resorts Ltd.
4,175   348,613
            52,050,654
Household Durables — 1.4%
Bassett Furniture Industries, Inc.
2,380   36,295
Beazer Homes USA, Inc.*
108,648   2,215,333
Cavco Industries, Inc.*
1,277   663,567
Century Communities, Inc.
15,253   1,023,476
Champion Homes, Inc.*
33,437   3,168,490
Cricut, Inc. (Class A Stock)
2,990   15,398
Dream Finders Homes, Inc. (Class A Stock)*
4,400   99,264
Ethan Allen Interiors, Inc.
4,284   118,667
Flexsteel Industries, Inc.
1,010   36,875
Green Brick Partners, Inc.*
12,914   753,015
Hamilton Beach Brands Holding Co. (Class A Stock)
2,460   47,798
Helen of Troy Ltd.*
27,410   1,466,161
Hooker Furnishings Corp.
2,690   27,008
Installed Building Products, Inc.(a)
12,978   2,225,208
KB Home
10,800   627,696
Landsea Homes Corp.*
5,010   32,164
La-Z-Boy, Inc.
6,668   260,652
Legacy Housing Corp.*
30,170   760,887
Leggett & Platt, Inc.
124,520   984,953
LGI Homes, Inc.*
12,389   823,497
Lifetime Brands, Inc.
4,000   19,720
Lovesac Co. (The)*
2,906   52,831
M/I Homes, Inc.*
6,000   685,080
Meritage Homes Corp.
32,995   2,338,686
Mohawk Industries, Inc.*
7,090   809,536
Newell Brands, Inc.
48,911   303,248
Somnigroup International, Inc.(a)
11,969   716,704
Sonos, Inc.*
17,775   189,659
Taylor Morrison Home Corp.*
57,370   3,444,495
TopBuild Corp.*
1,799   548,605
Traeger, Inc.*
5,360   9,005
Tri Pointe Homes, Inc.*
44,614   1,424,079
      Shares   Value
Common Stocks (continued)
Household Durables (cont’d.)
Universal Electronics, Inc.*
2,730   $16,708
VOXX International Corp.*
5,010   37,575
Whirlpool Corp.
5,935   534,922
            26,517,257
Household Products — 0.2%
Central Garden & Pet Co.*(a)
24,040   881,306
Central Garden & Pet Co. (Class A Stock)*
8,561   280,202
Energizer Holdings, Inc.
34,211   1,023,593
Oil-Dri Corp. of America
1,840   84,493
Reynolds Consumer Products, Inc.
19,747   471,163
WD-40 Co.
2,040   497,760
            3,238,517
Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)
56,759   704,947
Altus Power, Inc.*
18,570   91,921
Clearway Energy, Inc. (Class A Stock)
4,330   123,232
Clearway Energy, Inc. (Class C Stock)
11,091   335,725
Montauk Renewables, Inc.*
17,490   36,554
Ormat Technologies, Inc.(a)
9,246   654,339
            1,946,718
Industrial REITs — 0.1%
First Industrial Realty Trust, Inc.
27,696   1,494,476
Insurance — 4.3%
Ambac Financial Group, Inc.*
70,140   613,725
American Coastal Insurance Corp.
3,610   41,768
AMERISAFE, Inc.
3,261   171,366
Assurant, Inc.
360   75,510
Assured Guaranty Ltd.
77,261   6,806,694
Axis Capital Holdings Ltd.
71,960   7,213,270
Baldwin Insurance Group, Inc. (The) (Class A Stock)*(a)
67,055   2,996,688
Brighthouse Financial, Inc.*
9,350   542,206
Citizens, Inc.*(a)
2,590   11,784
CNO Financial Group, Inc.
36,684   1,527,889
Crawford & Co. (Class A Stock)
5,840   66,693
Donegal Group, Inc. (Class A Stock)
5,030   98,739
eHealth, Inc.*
5,050   33,734
Employers Holdings, Inc.
55,315   2,801,152
F&G Annuities & Life, Inc.
30,820   1,111,061
Fidelis Insurance Holdings Ltd. (United Kingdom)
5,450   88,290
First American Financial Corp.
52,300   3,432,449
Genworth Financial, Inc. (Class A Stock)*
64,031   453,980
Globe Life, Inc.
6,023   793,350
Goosehead Insurance, Inc. (Class A Stock)
15,099   1,782,588
Greenlight Capital Re Ltd. (Class A Stock)*
5,895   79,877
Hagerty, Inc. (Class A Stock)*
3,950   35,708
Hanover Insurance Group, Inc. (The)
11,579   2,014,167
HCI Group, Inc.(a)
18,835   2,810,747
Heritage Insurance Holdings, Inc.*
5,170   74,551
 
A12
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Insurance (cont’d.)
Hippo Holdings, Inc.*
1,480   $37,829
Horace Mann Educators Corp.
37,826   1,616,305
Investors Title Co.
286   68,949
James River Group Holdings Ltd.
7,070   29,694
Kemper Corp.
117,003   7,821,650
Kingstone Cos., Inc.*
2,670   44,455
Kinsale Capital Group, Inc.
616   299,813
Lemonade, Inc.*
244   7,669
Lincoln National Corp.
37,097   1,332,153
Mercury General Corp.
15,320   856,388
NI Holdings, Inc.*
1,170   16,684
Old Republic International Corp.
23,537   923,121
Oscar Health, Inc. (Class A Stock)*
24,441   320,421
Palomar Holdings, Inc.*
26,574   3,642,764
Primerica, Inc.
3,386   963,419
ProAssurance Corp.*
62,665   1,463,228
RLI Corp.
13,466   1,081,724
Root, Inc. (Class A Stock)*
550   73,392
Safety Insurance Group, Inc.
125,556   9,903,857
Selective Insurance Group, Inc.
17,923   1,640,671
Selectquote, Inc.*
10,340   34,536
SiriusPoint Ltd. (Sweden)*
20,540   355,137
Skyward Specialty Insurance Group, Inc.*(a)
56,118   2,969,765
Stewart Information Services Corp.
21,877   1,560,924
Tiptree, Inc.
5,878   141,601
Trupanion, Inc.*
5,166   192,537
United Fire Group, Inc.
16,096   474,188
Universal Insurance Holdings, Inc.
4,937   117,007
White Mountains Insurance Group Ltd.
3,256   6,270,437
            79,938,304
Interactive Media & Services — 0.6%
Bumble, Inc. (Class A Stock)*
13,600   59,024
Cargurus, Inc.*
68,259   1,988,385
Cars.com, Inc.*
11,233   126,596
EverQuote, Inc. (Class A Stock)*
4,980   130,426
Getty Images Holdings, Inc.*(a)
12,550   21,712
Match Group, Inc.(a)
26,971   841,495
MediaAlpha, Inc. (Class A Stock)*
262,689   2,427,247
Nextdoor Holdings, Inc.*
25,550   39,092
Outbrain, Inc.*
2,710   10,108
QuinStreet, Inc.*
119,411   2,130,292
Shutterstock, Inc.(a)
51,510   959,631
Travelzoo*
1,790   24,398
TripAdvisor, Inc.*
17,718   251,064
TrueCar, Inc.*
21,390   33,796
Vimeo, Inc.*
26,250   138,075
Yelp, Inc.*
9,542   353,340
Ziff Davis, Inc.*
6,695   251,598
ZipRecruiter, Inc. (Class A Stock)*
3,927   23,130
ZoomInfo Technologies, Inc.*
123,513   1,235,130
            11,044,539
IT Services — 0.6%
Amdocs Ltd.
6,801   622,292
ASGN, Inc.*
71,438   4,502,023
CSP, Inc.
1,550   23,777
      Shares   Value
Common Stocks (continued)
IT Services (cont’d.)
DigitalOcean Holdings, Inc.*
10,965   $366,121
DXC Technology Co.*
25,846   440,674
Globant SA*
4,233   498,309
Grid Dynamics Holdings, Inc.*
12,245   191,634
Hackett Group, Inc. (The)
50,869   1,486,392
Information Services Group, Inc.
8,140   31,827
Kyndryl Holdings, Inc.*
30,991   973,118
Unisys Corp.*
12,490   57,329
Wix.com Ltd. (Israel)*
11,078   1,809,924
            11,003,420
Leisure Products — 0.4%
Acushnet Holdings Corp.(a)
9,687   665,109
American Outdoor Brands, Inc.*
2,348   28,552
Brunswick Corp.
31,060   1,672,581
Clarus Corp.
4,520   16,950
Escalade, Inc.
3,210   49,113
Funko, Inc. (Class A Stock)*
8,620   59,133
Hasbro, Inc.
15,131   930,405
JAKKS Pacific, Inc.
10,998   271,321
Johnson Outdoors, Inc. (Class A Stock)(a)
25,790   640,624
Latham Group, Inc.*
11,430   73,495
Malibu Boats, Inc. (Class A Stock)*
3,242   99,465
Marine Products Corp.
5,730   48,075
MasterCraft Boat Holdings, Inc.*
2,550   43,911
Mattel, Inc.*
37,599   730,549
Polaris, Inc.(a)
38,174   1,562,843
Smith & Wesson Brands, Inc.
6,428   59,909
Sturm Ruger & Co., Inc.
1,260   49,505
Topgolf Callaway Brands Corp.*
23,513   154,951
YETI Holdings, Inc.*
11,495   380,484
            7,536,975
Life Sciences Tools & Services — 0.5%
Adaptive Biotechnologies Corp.*
16,430   122,075
Azenta, Inc.*
6,840   236,938
BioLife Solutions, Inc.*
7,580   173,127
Bio-Rad Laboratories, Inc. (Class A Stock)*
1,723   419,654
Bio-Techne Corp.
2,701   158,360
Bruker Corp.
10,129   422,784
Charles River Laboratories International, Inc.*
4,300   647,236
Codexis, Inc.*
8,880   23,887
CryoPort, Inc.*
7,750   47,120
Cytek Biosciences, Inc.*
17,830   71,498
Maravai LifeSciences Holdings, Inc. (Class A Stock)*
12,390   27,382
MaxCyte, Inc.*
12,450   33,988
Medpace Holdings, Inc.*
496   151,126
Mesa Laboratories, Inc.
910   107,981
Niagen Bioscience, Inc.*
1,790   12,351
OmniAb, Inc.*
13,228   31,747
Personalis, Inc.*
5,380   18,884
Quanterix Corp.*
3,992   25,988
Repligen Corp.*(a)
4,493   571,689
Seer, Inc.*
5,000   8,450
 
A13
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Life Sciences Tools & Services (cont’d.)
Sotera Health Co.*
32,395   $377,726
Stevanato Group SpA (Italy)(a)
294,050   6,004,501
            9,694,492
Machinery — 4.6%
3D Systems Corp.*
12,210   25,885
AGCO Corp.(a)
7,176   664,282
Alamo Group, Inc.
2,011   358,380
Albany International Corp. (Class A Stock)
21,151   1,460,265
Allison Transmission Holdings, Inc.
19,895   1,903,355
Astec Industries, Inc.
3,376   116,303
Atmus Filtration Technologies, Inc.
93,378   3,429,774
Blue Bird Corp.*(a)
23,730   768,140
Chart Industries, Inc.*(a)
20,652   2,981,323
Columbus McKinnon Corp.
34,657   586,743
Crane Co.
28,426   4,354,295
Donaldson Co., Inc.
9,417   631,504
Douglas Dynamics, Inc.
45,884   1,065,885
Eastern Co. (The)
1,520   38,486
Energy Recovery, Inc.*
8,645   137,369
Enerpac Tool Group Corp.
8,735   391,852
Enpro, Inc.
3,396   549,439
Esab Corp.(a)
114,126   13,295,679
ESCO Technologies, Inc.
17,917   2,850,953
Federal Signal Corp.
31,586   2,323,150
Flowserve Corp.
91,250   4,456,650
Franklin Electric Co., Inc.
7,214   677,250
FreightCar America, Inc.*
1,140   6,304
Gates Industrial Corp. PLC*
172,371   3,173,350
Gencor Industries, Inc.*
3,440   41,830
Gorman-Rupp Co. (The)
4,409   154,756
Graham Corp.*
1,830   52,741
Greenbrier Cos., Inc. (The)
24,794   1,269,949
Helios Technologies, Inc.
5,368   172,259
Hillenbrand, Inc.
54,992   1,327,507
Hillman Solutions Corp.*
21,729   190,998
Hurco Cos., Inc.
1,450   22,490
Hyster-Yale, Inc.
2,380   98,865
ITT, Inc.
42,370   5,472,509
JBT Marel Corp.
60,678   7,414,852
Kadant, Inc.(a)
1,655   557,586
Kennametal, Inc.
46,085   981,611
L.B. Foster Co. (Class A Stock)*
14,021   275,933
Lindsay Corp.
9,932   1,256,597
Luxfer Holdings PLC (United Kingdom)
3,660   43,408
Manitowoc Co., Inc. (The)*
3,307   28,407
Mayville Engineering Co., Inc.*
2,270   30,486
Middleby Corp. (The)*(a)
5,647   858,231
Miller Industries, Inc.(a)
14,478   613,433
Mueller Industries, Inc.(a)
15,400   1,172,556
Mueller Water Products, Inc. (Class A Stock)
24,643   626,425
NN, Inc.*
8,590   19,413
Omega Flex, Inc.
1,850   64,343
Oshkosh Corp.
8,186   770,139
Park-Ohio Holdings Corp.
2,910   62,856
      Shares   Value
Common Stocks (continued)
Machinery (cont’d.)
Perma-Pipe International Holdings, Inc.*
2,080   $25,854
Proto Labs, Inc.*
20,296   711,172
RBC Bearings, Inc.*
18,926   6,089,819
REV Group, Inc.
18,986   599,958
Shyft Group, Inc. (The)
5,311   42,966
SPX Technologies, Inc.*
6,716   864,886
Standex International Corp.
1,860   300,185
Tennant Co.
15,678   1,250,321
Terex Corp.
10,533   397,937
Timken Co. (The)
27,989   2,011,569
Titan International, Inc.*
7,535   63,219
Toro Co. (The)
7,744   563,376
Trinity Industries, Inc.
13,216   370,841
Twin Disc, Inc.
2,870   21,726
Wabash National Corp.
107,340   1,186,107
Watts Water Technologies, Inc. (Class A Stock)
3,922   799,774
Worthington Enterprises, Inc.
32,919   1,648,913
            86,775,419
Marine Transportation — 0.2%
Costamare, Inc. (Monaco)
17,300   170,232
Genco Shipping & Trading Ltd.
7,373   98,503
Kirby Corp.*
7,571   764,747
Matson, Inc.
24,871   3,187,716
Pangaea Logistics Solutions Ltd.
6,150   29,274
            4,250,472
Media — 1.0%
Advantage Solutions, Inc.*
24,590   37,131
Altice USA, Inc. (Class A Stock)*
34,460   91,664
AMC Networks, Inc. (Class A Stock)*
4,850   33,368
Boston Omaha Corp. (Class A Stock)*
5,310   77,420
Cable One, Inc.
560   148,831
Cardlytics, Inc.*
7,160   13,031
Emerald Holding, Inc.
80,978   318,244
Entravision Communications Corp. (Class A Stock)
15,860   33,306
Gambling.com Group Ltd. (Malta)*
4,420   55,780
Gannett Co., Inc.*
27,760   80,226
Gray Media, Inc.
13,058   56,411
Integral Ad Science Holding Corp.*(a)
371,778   2,996,531
John Wiley & Sons, Inc. (Class A Stock)
6,859   305,637
Liberty Broadband Corp. (Class A Stock)*
910   77,350
Liberty Broadband Corp. (Class C Stock)*
2,330   198,166
Magnite, Inc.*(a)
490,953   5,601,774
National CineMedia, Inc.*
44,140   257,778
New York Times Co. (The) (Class A Stock)
18,959   940,366
Nexstar Media Group, Inc.
3,973   712,041
PubMatic, Inc. (Class A Stock)*
6,785   62,015
Saga Communications, Inc. (Class A Stock)
970   12,096
Scholastic Corp.
3,590   67,779
 
A14
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Media (cont’d.)
Sinclair, Inc.
6,580   $104,819
Stagwell, Inc.*
381,631   2,308,868
TEGNA, Inc.
265,833   4,843,477
Thryv Holdings, Inc.*
5,250   67,252
            19,501,361
Metals & Mining — 1.1%
Alcoa Corp.
15,082   460,001
Alpha Metallurgical Resources, Inc.*
1,566   196,142
Ascent Industries Co.*
2,140   27,092
ATI, Inc.*
19,430   1,010,943
Caledonia Mining Corp. PLC (South Africa)
1,900   23,731
Carpenter Technology Corp.(a)
31,796   5,760,799
Century Aluminum Co.*
17,121   317,766
Cleveland-Cliffs, Inc.*(a)
58,461   480,549
Coeur Mining, Inc.*
69,148   409,356
Commercial Metals Co.
18,208   837,750
Compass Minerals International, Inc.
4,616   42,883
Constellium SE*
36,600   369,294
Dakota Gold Corp.*
8,380   22,207
Friedman Industries, Inc.
1,970   29,333
Hecla Mining Co.
97,820   543,879
Idaho Strategic Resources, Inc.*
930   13,308
Kaiser Aluminum Corp.
2,470   149,731
Materion Corp.
3,379   275,726
McEwen Mining, Inc. (Canada)*
5,250   39,638
Metallus, Inc.*
6,764   90,367
MP Materials Corp.*
109,200   2,665,572
Nexa Resources SA (Brazil)*
7,220   44,764
Olympic Steel, Inc.
1,298   40,913
Pan American Silver Corp. (Canada)(a)
139,355   3,599,540
Radius Recycling, Inc.
5,450   157,396
Ramaco Resources, Inc. (Class A Stock)
6,170   50,779
Ramaco Resources, Inc. (Class B Stock)
95   676
Royal Gold, Inc.
5,506   900,286
Ryerson Holding Corp.
5,206   119,530
SunCoke Energy, Inc.
15,120   139,104
Tredegar Corp.*
7,040   54,208
United States Steel Corp.
25,239   1,066,600
            19,939,863
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Apollo Commercial Real Estate Finance, Inc.
97,500   933,075
Ares Commercial Real Estate Corp.(a)
125,600   581,528
BrightSpire Capital, Inc.
142,100   790,076
Claros Mortgage Trust, Inc.
107,000   399,110
Granite Point Mortgage Trust, Inc.
104,379   271,385
PennyMac Mortgage Investment Trust(a)
100,510   1,472,472
Redwood Trust, Inc.
265,971   1,614,444
Starwood Property Trust, Inc.
28,724   567,873
            6,629,963
      Shares   Value
Common Stocks (continued)
Multi-Utilities — 0.4%
Avista Corp.
51,195   $2,143,535
Black Hills Corp.
33,734   2,045,967
Northwestern Energy Group, Inc.
31,094   1,799,410
Unitil Corp.
18,758   1,082,149
            7,071,061
Office REITs — 0.1%
Cousins Properties, Inc.
79,293   2,339,143
Oil, Gas & Consumable Fuels — 3.7%
Amplify Energy Corp.*
8,000   29,920
Antero Midstream Corp.
65,627   1,181,286
Antero Resources Corp.*
17,929   725,049
APA Corp.(a)
31,655   665,388
Ardmore Shipping Corp. (Ireland)
7,650   74,894
Baytex Energy Corp. (Canada)
663,089   1,478,688
Berry Corp.
13,920   44,683
California Resources Corp.
23,484   1,032,591
Cameco Corp. (Canada)(a)
48,873   2,011,613
Centrus Energy Corp. (Class A Stock)*
2,399   149,242
Chord Energy Corp.
1,640   184,861
Civitas Resources, Inc.
8,225   286,970
Clean Energy Fuels Corp.*
39,650   61,458
CNX Resources Corp.*(a)
23,893   752,152
Comstock Resources, Inc.*(a)
37,445   761,631
Core Natural Resources, Inc.
8,060   621,426
Crescent Energy Co. (Class A Stock)
116,298   1,307,190
CVR Energy, Inc.(a)
86,454   1,677,208
Delek US Holdings, Inc.(a)
85,505   1,288,560
DHT Holdings, Inc.
26,951   282,985
Dorian LPG Ltd.
6,349   141,837
DT Midstream, Inc.
8,080   779,558
Encore Energy Corp. (Canada)*
6,920   9,480
Epsilon Energy Ltd.
3,100   21,886
Evolution Petroleum Corp.
7,920   41,026
Excelerate Energy, Inc. (Class A Stock)(a)
133,790   3,837,097
FutureFuel Corp.
8,200   31,980
Granite Ridge Resources, Inc.
10,500   63,840
Green Plains, Inc.*
7,680   37,248
Gulfport Energy Corp.*
18,238   3,358,345
Hallador Energy Co.*
5,750   70,610
HF Sinclair Corp.
18,074   594,273
HighPeak Energy, Inc.(a)
2,890   36,587
Infinity Natural Resources, Inc. (Class A Stock)*
204,000   3,825,000
International Seaways, Inc.(a)
32,480   1,078,336
Kinetik Holdings, Inc.
6,695   347,738
Kosmos Energy Ltd. (Ghana)*(a)
545,847   1,244,531
Magnolia Oil & Gas Corp. (Class A Stock)(a)
176,682   4,462,987
Matador Resources Co.
93,346   4,769,047
Murphy Oil Corp.(a)
60,037   1,705,051
NACCO Industries, Inc. (Class A Stock)
1,370   46,210
NextDecade Corp.*(a)
182,800   1,422,184
Nordic American Tankers Ltd.
35,530   87,404
Northern Oil & Gas, Inc.(a)
53,335   1,612,317
Ovintiv, Inc.
1,658   70,962
 
A15
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Par Pacific Holdings, Inc.*
110,510   $1,575,873
PBF Energy, Inc. (Class A Stock)(a)
71,213   1,359,456
Peabody Energy Corp.
18,151   245,946
PHX Minerals, Inc.
6,150   24,293
PrimeEnergy Resources Corp.*
170   38,741
Range Resources Corp.(a)
25,442   1,015,899
REX American Resources Corp.*
36,999   1,390,052
Riley Exploration Permian, Inc.
1,210   35,296
Scorpio Tankers, Inc. (Monaco)
7,359   276,551
SFL Corp. Ltd. (Norway)
22,729   186,378
Sitio Royalties Corp. (Class A Stock)
8,370   166,312
SM Energy Co.
16,717   500,674
South Bow Corp. (Canada)
75,172   1,918,389
Talos Energy, Inc.*
193,566   1,881,462
Teekay Corp. Ltd. (Bermuda)
12,438   81,718
Teekay Tankers Ltd. (Canada) (Class A Stock)
4,789   183,275
Uranium Energy Corp.*(a)
394,192   1,884,238
VAALCO Energy, Inc.
333,590   1,254,298
Viper Energy, Inc.
122,224   5,518,414
Vital Energy, Inc.*(a)
50,000   1,061,000
Vitesse Energy, Inc.
3,530   86,803
World Kinect Corp.(a)
171,099   4,852,368
            69,850,765
Paper & Forest Products — 0.1%
Clearwater Paper Corp.*
3,230   81,945
Louisiana-Pacific Corp.
10,792   992,648
Magnera Corp.*
4,530   82,265
Mercer International, Inc. (Germany)
60,300   370,845
Sylvamo Corp.
15,845   1,062,724
            2,590,427
Passenger Airlines — 0.2%
Alaska Air Group, Inc.*
17,074   840,382
Allegiant Travel Co.
2,867   148,081
American Airlines Group, Inc.*
48,045   506,875
Blade Air Mobility, Inc.*
8,840   24,133
Copa Holdings SA (Panama) (Class A Stock)
4,146   383,339
Frontier Group Holdings, Inc.*
15,420   66,923
JetBlue Airways Corp.*
53,492   257,831
SkyWest, Inc.*
6,725   587,563
Sun Country Airlines Holdings, Inc.*
26,680   328,698
            3,143,825
Personal Care Products — 0.6%
BellRing Brands, Inc.*
104,607   7,789,037
Coty, Inc. (Class A Stock)*
83,383   456,105
Edgewell Personal Care Co.
29,219   911,925
elf Beauty, Inc.*(a)
17,743   1,114,083
Herbalife Ltd.*
12,140   104,768
Honest Co., Inc. (The)*
14,860   69,842
Interparfums, Inc.
6,831   777,846
Lifevantage Corp.
3,800   55,404
Nature’s Sunshine Products, Inc.*
3,830   48,066
Olaplex Holdings, Inc.*
18,070   22,949
      Shares   Value
Common Stocks (continued)
Personal Care Products (cont’d.)
USANA Health Sciences, Inc.*
3,081   $83,095
            11,433,120
Pharmaceuticals — 1.2%
Aclaris Therapeutics, Inc.*
6,720   10,282
Amneal Pharmaceuticals, Inc.*
44,890   376,178
Amphastar Pharmaceuticals, Inc.*
65,872   1,909,629
Amylyx Pharmaceuticals, Inc.*
2,560   9,062
ANI Pharmaceuticals, Inc.*
15,348   1,027,549
Arvinas, Inc.*
8,501   59,677
Atea Pharmaceuticals, Inc.*
6,270   18,747
Axsome Therapeutics, Inc.*
13,889   1,619,874
Biote Corp. (Class A Stock)*
4,170   13,886
Collegium Pharmaceutical, Inc.*
5,494   163,996
Corcept Therapeutics, Inc.*(a)
26,887   3,071,033
Edgewise Therapeutics, Inc.*
52,171   1,147,762
Elanco Animal Health, Inc.*
62,299   654,139
EyePoint Pharmaceuticals, Inc.*
1,530   8,293
Fulcrum Therapeutics, Inc.*
11,430   32,918
Harmony Biosciences Holdings, Inc.*
7,561   250,950
Innoviva, Inc.*
10,506   190,474
Jazz Pharmaceuticals PLC*
7,013   870,664
LENZ Therapeutics, Inc.*
530   13,626
Ligand Pharmaceuticals, Inc.*
2,819   296,390
Nuvation Bio, Inc.*
13,420   23,619
Organon & Co.
30,279   450,854
Pacira BioSciences, Inc.*
6,312   156,853
Perrigo Co. PLC
18,151   508,954
Phibro Animal Health Corp. (Class A Stock)
4,046   86,423
Pliant Therapeutics, Inc.*
7,400   9,990
Prestige Consumer Healthcare, Inc.*
8,022   689,651
Septerna, Inc.*
58,046   336,086
SIGA Technologies, Inc.*(a)
137,410   753,007
Structure Therapeutics, Inc., ADR*
35,639   616,911
Supernus Pharmaceuticals, Inc.*
9,033   295,831
Tarsus Pharmaceuticals, Inc.*(a)
21,765   1,118,068
Terns Pharmaceuticals, Inc.*
9,180   25,337
Theravance Biopharma, Inc.*
5,080   45,364
Third Harmonic Bio, Inc.*
2,350   8,155
Trevi Therapeutics, Inc.*
2,840   17,864
Verona Pharma PLC (United Kingdom), ADR*
73,500   4,666,515
WaVe Life Sciences Ltd.*
199,921   1,615,362
            23,169,973
Professional Services — 2.7%
Alight, Inc. (Class A Stock)
61,857   366,812
Barrett Business Services, Inc.
4,187   172,295
BGSF, Inc.
1,870   6,882
BlackSky Technology, Inc.*
1,150   8,889
CACI International, Inc. (Class A Stock)*
1,578   579,000
CBIZ, Inc.*(a)
7,378   559,695
Clarivate PLC*(a)
81,478   320,209
Concentrix Corp.(a)
46,056   2,562,556
Conduent, Inc.*
28,013   75,635
CRA International, Inc.
1,165   201,778
 
A16
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Professional Services (cont’d.)
CSG Systems International, Inc.
5,021   $303,620
Dayforce, Inc.*
6,753   393,902
Dun & Bradstreet Holdings, Inc.
48,641   434,851
ExlService Holdings, Inc.*
88,573   4,181,531
Exponent, Inc.
74,148   6,010,437
First Advantage Corp.*(a)
194,294   2,737,602
Forrester Research, Inc.*
16,480   152,275
Franklin Covey Co.*
11,606   320,558
FTI Consulting, Inc.*
19,869   3,260,106
Genpact Ltd.
18,189   916,362
Heidrick & Struggles International, Inc.
26,914   1,152,727
Huron Consulting Group, Inc.*
22,163   3,179,282
IBEX Holdings Ltd.*
2,160   52,596
ICF International, Inc.
2,877   244,459
Innodata, Inc.*
4,470   160,473
Insperity, Inc.
21,043   1,877,667
KBR, Inc.
46,115   2,296,988
Kelly Services, Inc. (Class A Stock)
145,810   1,920,318
Kforce, Inc.
31,990   1,563,991
Korn Ferry
29,545   2,004,037
Legalzoom.com, Inc.*
21,900   188,559
ManpowerGroup, Inc.
33,522   1,940,253
Mastech Digital, Inc.*
1,560   15,928
Maximus, Inc.
50,834   3,466,370
Mistras Group, Inc.*
5,322   56,307
NV5 Global, Inc.*
9,814   189,116
Parsons Corp.*
9,773   578,659
Paycor HCM, Inc.*
16,310   365,996
Paylocity Holding Corp.*
2,800   524,552
Planet Labs PBC*
23,680   80,038
RCM Technologies, Inc.*
1,540   24,024
Resources Connection, Inc.
154,130   1,008,010
Robert Half, Inc.
9,523   519,480
Science Applications International Corp.
9,932   1,115,066
TaskUS, Inc. (Philippines) (Class A Stock)*
2,900   39,527
TriNet Group, Inc.
6,156   487,801
TrueBlue, Inc.*
107,568   571,186
Upwork, Inc.*
17,371   226,692
Verra Mobility Corp.*
21,229   477,865
Willdan Group, Inc.*
2,510   102,207
            49,995,169
Real Estate Management & Development — 0.5%
AMREP Corp.*
520   10,426
Anywhere Real Estate, Inc.*
14,040   46,753
Compass, Inc. (Class A Stock)*
409,032   3,570,849
Cushman & Wakefield PLC*
141,535   1,446,488
Douglas Elliman, Inc.*
198,470   341,368
eXp World Holdings, Inc.(a)
11,020   107,776
Five Point Holdings LLC (Class A Stock)*
9,610   51,317
Forestar Group, Inc.*
8,650   182,861
FRP Holdings, Inc.*
3,327   95,052
Howard Hughes Holdings, Inc.*(a)
6,945   514,486
Kennedy-Wilson Holdings, Inc.
20,610   178,895
Marcus & Millichap, Inc.
25,041   862,662
      Shares   Value
Common Stocks (continued)
Real Estate Management & Development (cont’d.)
Maui Land & Pineapple Co., Inc.*
3,490   $61,319
Newmark Group, Inc. (Class A Stock)
20,622   250,970
Opendoor Technologies, Inc.*
68,448   69,817
RE/MAX Holdings, Inc. (Class A Stock)*
3,610   30,216
RMR Group, Inc. (The) (Class A Stock)
43,000   715,950
Seritage Growth Properties (Class A Stock)*(a)
148,600   479,978
St. Joe Co. (The)
9,110   427,715
Stratus Properties, Inc.*
1,810   32,128
Tejon Ranch Co.*
4,824   76,460
            9,553,486
Retail REITs — 0.0%
Alexander’s, Inc.
4,200   878,472
Semiconductors & Semiconductor Equipment — 2.4%
Aehr Test Systems*(a)
5,490   40,022
Allegro MicroSystems, Inc. (Japan)*
19,641   493,578
Alpha & Omega Semiconductor Ltd.*
4,958   123,256
Ambarella, Inc.*
4,262   214,506
Amkor Technology, Inc.
33,030   596,522
Amtech Systems, Inc.*
2,960   14,297
Astera Labs, Inc.*
8,789   524,440
Axcelis Technologies, Inc.*(a)
28,619   1,421,506
CEVA, Inc.*
3,921   100,417
Cirrus Logic, Inc.*
11,672   1,163,173
Cohu, Inc.*
7,379   108,545
Credo Technology Group Holding Ltd.*
94,700   3,803,152
Diodes, Inc.*
32,591   1,406,953
Enphase Energy, Inc.*
7,744   480,515
Everspin Technologies, Inc.*
2,880   14,688
FormFactor, Inc.*
12,100   342,309
GSI Technology, Inc.*
5,130   10,414
Ichor Holdings Ltd.*
5,191   117,369
indie Semiconductor, Inc. (China) (Class A Stock)*(a)
19,190   39,052
inTEST Corp.*
2,310   16,147
Kulicke & Soffa Industries, Inc. (Singapore)
100,776   3,323,592
Lattice Semiconductor Corp.*
123,524   6,478,834
MACOM Technology Solutions Holdings, Inc.*
50,485   5,067,684
Magnachip Semiconductor Corp. (South Korea)*
8,820   30,253
MaxLinear, Inc.*
11,270   122,392
MKS Instruments, Inc.
5,685   455,653
NVE Corp.
940   59,916
Onto Innovation, Inc.*
39,695   4,816,591
PDF Solutions, Inc.*
6,460   123,451
Penguin Solutions, Inc.*
8,770   152,335
Photronics, Inc.*(a)
149,840   3,110,678
Power Integrations, Inc.(a)
8,715   440,107
Qorvo, Inc.*
8,609   623,378
Rambus, Inc.*(a)
14,092   729,613
Silicon Laboratories, Inc.*
4,608   518,723
SiTime Corp.*
7,842   1,198,807
SkyWater Technology, Inc.*
3,170   22,475
 
A17
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Synaptics, Inc.*(a)
65,609   $4,180,605
Ultra Clean Holdings, Inc.*
86,789   1,858,152
Universal Display Corp.
4,463   622,499
Veeco Instruments, Inc.*
8,660   173,893
            45,140,492
Software — 7.0%
8x8, Inc.*
18,460   36,920
A10 Networks, Inc.
12,034   196,636
ACI Worldwide, Inc.*
17,184   940,137
Adeia, Inc.
304,456   4,024,908
Agilysys, Inc.*
2,607   189,112
Alarm.com Holdings, Inc.*
7,784   433,180
Alkami Technology, Inc.*
79,743   2,093,254
Amplitude, Inc. (Class A Stock)*
2,510   25,577
Appfolio, Inc. (Class A Stock)*
1,886   414,731
AvePoint, Inc.*
18,853   272,237
BILL Holdings, Inc.*
11,985   549,992
Blackbaud, Inc.*
8,015   497,331
BlackLine, Inc.*
7,380   357,340
Box, Inc. (Class A Stock)*
21,392   660,157
C3.ai, Inc. (Class A Stock)*(a)
1,370   28,839
CCC Intelligent Solutions Holdings, Inc.*
64,011   578,019
Cerence, Inc.*
3,157   24,940
Cipher Mining, Inc.*
3,630   8,349
Clear Secure, Inc. (Class A Stock)
10,792   279,621
Clearwater Analytics Holdings, Inc. (Class A Stock)*
368,808   9,884,054
Commvault Systems, Inc.*
31,322   4,941,359
Confluent, Inc. (Class A Stock)*
70,037   1,641,667
Consensus Cloud Solutions, Inc.*
3,520   81,242
CoreCard Corp.*
790   14,781
CS Disco, Inc.*
8,880   36,319
CyberArk Software Ltd.*
56,225   19,004,050
Daily Journal Corp.*
190   75,563
Dolby Laboratories, Inc. (Class A Stock)
5,916   475,114
DoubleVerify Holdings, Inc.*
18,930   253,094
Dropbox, Inc. (Class A Stock)*(a)
25,769   688,290
E2open Parent Holdings, Inc.*
39,710   79,420
eGain Corp.*
6,990   33,902
Elastic NV*(a)
37,124   3,307,748
Enfusion, Inc. (Class A Stock)*
11,590   129,228
Expensify, Inc. (Class A Stock)*
2,700   8,208
Five9, Inc.*
6,339   172,104
Freshworks, Inc. (Class A Stock)*
184,022   2,596,550
Gitlab, Inc. (Class A Stock)*(a)
36,045   1,694,115
I3 Verticals, Inc. (Class A Stock)*
3,805   93,869
Informatica, Inc. (Class A Stock)*
16,977   296,249
Intapp, Inc.*
99,449   5,805,833
InterDigital, Inc.(a)
31,783   6,571,135
Jamf Holding Corp.*
16,910   205,456
JFrog Ltd. (Israel)*
339,630   10,868,160
LiveRamp Holdings, Inc.*
88,533   2,314,253
Logility Supply Chain Solutions, Inc. (Class A Stock)
3,873   55,229
Meridianlink, Inc.*
7,580   140,457
      Shares   Value
Common Stocks (continued)
Software (cont’d.)
Mitek Systems, Inc.*
6,532   $53,889
Monday.com Ltd.*
9,936   2,416,038
N-able, Inc.*
23,710   168,104
nCino, Inc.*
12,245   336,370
NCR Voyix Corp.*
20,690   201,727
Nutanix, Inc. (Class A Stock)*
38,128   2,661,716
Olo, Inc. (Class A Stock)*
16,060   97,002
ON24, Inc.*
6,710   34,892
OneSpan, Inc.
6,714   102,388
Onestream, Inc.*(a)
205,000   4,374,700
Ooma, Inc.*
4,400   57,596
Pegasystems, Inc.(a)
8,599   597,802
Procore Technologies, Inc.*
5,185   342,314
Progress Software Corp.
6,936   357,273
Q2 Holdings, Inc.*
85,056   6,805,331
Qualys, Inc.*
5,245   660,503
Rapid7, Inc.*
2,720   72,107
Red Violet, Inc.
1,630   61,272
ReposiTrak, Inc.(a)
1,260   25,540
RingCentral, Inc. (Class A Stock)*
8,648   214,124
Riot Platforms, Inc.*
8,450   60,164
Sapiens International Corp. NV (Israel)
7,130   193,152
SEMrush Holdings, Inc. (Class A Stock)*
13,562   126,533
SentinelOne, Inc. (Class A Stock)*
28,406   516,421
ServiceTitan, Inc. (Class A Stock)*(a)
75,500   7,180,805
SolarWinds Corp.
18,458   340,181
SoundThinking, Inc.*
1,288   21,832
Sprinklr, Inc. (Class A Stock)*
17,870   149,214
SPS Commerce, Inc.*
5,127   680,507
Telos Corp.*
9,790   23,300
Tenable Holdings, Inc.*
5,474   191,481
Teradata Corp.*
12,570   282,574
Terawulf, Inc.*(a)
47,179   128,799
UiPath, Inc. (Class A Stock)*
45,880   472,564
Unity Software, Inc.*(a)
29,864   585,036
Varonis Systems, Inc.*
2,637   106,667
Verint Systems, Inc.*
80,873   1,443,583
Vertex, Inc. (Class A Stock)*
244,532   8,561,065
Viant Technology, Inc. (Class A Stock)*
1,990   24,696
Workiva, Inc.*(a)
99,000   7,515,090
Xperi, Inc.*
6,610   51,029
Yext, Inc.*
20,220   124,555
Zeta Global Holdings Corp. (Class A Stock)*
10,844   147,045
            131,645,710
Specialized REITs — 0.4%
National Storage Affiliates Trust(a)
168,000   6,619,200
Specialty Retail — 2.7%
1-800-Flowers.com, Inc. (Class A Stock)*
5,370   31,683
Abercrombie & Fitch Co. (Class A Stock)*
28,808   2,200,067
Academy Sports & Outdoors, Inc.(a)
50,140   2,286,885
Advance Auto Parts, Inc.(a)
21,020   824,194
American Eagle Outfitters, Inc.
31,146   361,917
 
A18
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Specialty Retail (cont’d.)
America’s Car-Mart, Inc.*
1,500   $68,085
Arhaus, Inc.*
7,370   64,119
Arko Corp.
17,560   69,362
Asbury Automotive Group, Inc.*
5,541   1,223,674
AutoNation, Inc.*
5,551   898,818
Bath & Body Works, Inc.
56,157   1,702,680
Boot Barn Holdings, Inc.*
79,673   8,559,270
Buckle, Inc. (The)
7,898   302,651
Build-A-Bear Workshop, Inc.
2,673   99,355
Caleres, Inc.
4,109   70,798
Camping World Holdings, Inc. (Class A Stock)
8,956   144,729
Carvana Co.*
11,577   2,420,519
Cato Corp. (The) (Class A Stock)
4,750   15,818
Citi Trends, Inc.*
1,280   28,333
Designer Brands, Inc. (Class A Stock)
6,990   25,514
Duluth Holdings, Inc. (Class B Stock)*
4,710   8,195
Envela Corp.*
1,390   8,660
Floor & Decor Holdings, Inc. (Class A Stock)*
3,347   269,333
Foot Locker, Inc.*
12,880   181,608
Gap, Inc. (The)(a)
48,497   999,523
Genesco, Inc.*
1,869   39,679
Group 1 Automotive, Inc.
12,068   4,609,373
Guess?, Inc.
7,413   82,062
Haverty Furniture Cos., Inc.
57,989   1,143,543
J Jill, Inc.
2,190   42,771
Lands’ End, Inc.*
5,246   53,404
Leslie’s, Inc.*
21,130   15,541
Lithia Motors, Inc.
4,618   1,355,568
MarineMax, Inc.*
33,018   709,887
Monro, Inc.
4,340   62,800
Murphy USA, Inc.
866   406,856
National Vision Holdings, Inc.*
8,986   114,841
ODP Corp. (The)*
3,631   52,032
OneWater Marine, Inc. (Class A Stock)*(a)
49,400   799,292
Penske Automotive Group, Inc.
220   31,676
Petco Health & Wellness Co., Inc.*
20,700   63,135
PetMed Express, Inc.*
42,110   176,441
Revolve Group, Inc.*
6,170   132,593
RH*
1,953   457,803
RumbleON, Inc. (Class B Stock)*
2,030   5,725
Sally Beauty Holdings, Inc.*
16,690   150,711
Shoe Carnival, Inc.
4,495   98,845
Signet Jewelers Ltd.(a)
25,232   1,464,970
Sleep Number Corp.*
4,430   28,086
Sonic Automotive, Inc. (Class A Stock)
22,805   1,298,973
Sportsman’s Warehouse Holdings, Inc.*
8,080   8,032
Stitch Fix, Inc. (Class A Stock)*
14,569   47,349
Tile Shop Holdings, Inc.*
5,470   35,446
Tilly’s, Inc. (Class A Stock)*
3,670   8,074
Upbound Group, Inc.
8,330   199,587
Urban Outfitters, Inc.*
37,611   1,970,816
Valvoline, Inc.*
166,882   5,809,162
Victoria’s Secret & Co.*
9,687   179,985
Warby Parker, Inc. (Class A Stock)*
285,218   5,199,524
      Shares   Value
Common Stocks (continued)
Specialty Retail (cont’d.)
Winmark Corp.
585   $185,954
Zumiez, Inc.*
3,206   47,737
            49,954,063
Technology Hardware, Storage & Peripherals — 0.0%
AstroNova, Inc.*
2,310   21,229
Corsair Gaming, Inc.*
11,890   105,346
CPI Card Group, Inc.*
1,370   39,963
Diebold Nixdorf, Inc.*
2,760   120,667
Eastman Kodak Co.*
7,420   46,894
Intevac, Inc.
4,990   19,960
Turtle Beach Corp.*
2,400   34,248
Xerox Holdings Corp.
16,142   77,966
            466,273
Textiles, Apparel & Luxury Goods — 0.6%
Birkenstock Holding PLC (Germany)*
244   11,187
Carter’s, Inc.
19,504   797,714
Columbia Sportswear Co.(a)
7,975   603,628
Crocs, Inc.*(a)
7,320   777,384
Culp, Inc.*
3,200   16,000
Figs, Inc. (Class A Stock)*
23,190   106,442
G-III Apparel Group Ltd.*
30,807   842,572
Hanesbrands, Inc.*
46,718   269,563
Kontoor Brands, Inc.
7,955   510,154
Lakeland Industries, Inc.
1,620   32,902
Levi Strauss & Co. (Class A Stock)
11,110   173,205
Movado Group, Inc.
2,670   44,642
Oxford Industries, Inc.(a)
21,981   1,289,625
PVH Corp.
16,998   1,098,751
Rocky Brands, Inc.
1,790   31,092
Skechers USA, Inc. (Class A Stock)*
6,513   369,808
Steven Madden Ltd.
40,941   1,090,668
Superior Group of Cos., Inc.
3,400   37,196
Under Armour, Inc. (Class A Stock)*(a)
219,411   1,371,319
Under Armour, Inc. (Class C Stock)*
30,577   181,933
Unifi, Inc.*
4,140   19,913
Vera Bradley, Inc.*
6,450   14,513
VF Corp.
39,823   618,053
Wolverine World Wide, Inc.
7,440   103,491
            10,411,755
Tobacco — 0.1%
Turning Point Brands, Inc.
3,290   195,558
Universal Corp.
43,122   2,416,988
            2,612,546
Trading Companies & Distributors — 2.0%
Air Lease Corp.
16,082   776,921
Alta Equipment Group, Inc.
5,890   27,624
Applied Industrial Technologies, Inc.
31,423   7,080,859
Beacon Roofing Supply, Inc.*
64,101   7,929,294
BlueLinx Holdings, Inc.*
1,441   108,046
Boise Cascade Co.
6,096   597,957
Core & Main, Inc. (Class A Stock)*
9,443   456,191
Custom Truck One Source, Inc.*
13,280   56,042
Distribution Solutions Group, Inc.*
4,397   123,116
 
A19
AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Trading Companies & Distributors (cont’d.)
DNOW, Inc.*
17,081   $291,744
DXP Enterprises, Inc.*
3,117   256,404
EVI Industries, Inc.
1,480   24,834
FTAI Aviation Ltd.
71,986   7,992,606
GATX Corp.
5,647   876,810
Global Industrial Co.
39,156   877,094
GMS, Inc.*
5,455   399,142
H&E Equipment Services, Inc.
5,906   559,830
Herc Holdings, Inc.(a)
4,089   549,030
Hudson Technologies, Inc.*
4,419   27,265
Karat Packaging, Inc.
1,920   51,034
McGrath RentCorp
7,555   841,627
MRC Global, Inc.*
13,503   155,014
MSC Industrial Direct Co., Inc. (Class A Stock)(a)
23,822   1,850,255
Rush Enterprises, Inc. (Class A Stock)
33,715   1,800,718
Rush Enterprises, Inc. (Class B Stock)
3,150   178,038
SiteOne Landscape Supply, Inc.*(a)
4,589   557,288
Titan Machinery, Inc.*(a)
89,278   1,521,297
Transcat, Inc.*
1,560   116,142
WESCO International, Inc.
4,252   660,336
Willis Lease Finance Corp.
960   151,651
Xometry, Inc. (Class A Stock)*
5,830   145,284
            37,039,493
Water Utilities — 0.2%
American States Water Co.
5,752   452,567
Artesian Resources Corp. (Class A Stock)
1,789   58,411
California Water Service Group
8,849   428,822
Consolidated Water Co., Ltd.
2,625   64,286
Essential Utilities, Inc.
15,291   604,453
Global Water Resources, Inc.
1,480   15,259
Middlesex Water Co.
2,851   182,749
Pure Cycle Corp.*
4,910   51,408
SJW Group
28,185   1,541,438
York Water Co. (The)
2,403   83,336
            3,482,729
Wireless Telecommunication Services — 0.0%
Gogo, Inc.*
13,660   117,749
Shenandoah Telecommunications Co.
7,601   95,544
Telephone & Data Systems, Inc.
16,467   637,932
            851,225
 
Total Common Stocks

(cost $1,914,612,364)
  1,779,144,884
Unaffiliated Exchange-Traded Funds — 3.0%
iShares Russell 2000 ETF
147,555   29,435,747
iShares Russell 2000 Growth ETF
24,976   6,382,117
iShares Russell 2000 Value ETF
42,657   6,440,354
Vanguard Small-Cap Growth ETF
24,147   6,079,490
Vanguard Small-Cap Value ETF
38,003   7,079,579
 
Total Unaffiliated Exchange-Traded Funds

(cost $58,004,334)
  55,417,287
    
      Units   Value
Warrants* — 0.0%
Electronic Equipment, Instruments & Components — 0.0%
M-Tron Industries, Inc., expiring 03/11/28
200   $—
Pharmaceuticals — 0.0%
Optinose, Inc., expiring 11/23/27
66,494   1
 
Total Warrants

(cost $1,467)
  1
 
Total Long-Term Investments

(cost $1,972,618,165)
  1,834,562,172
    
      Shares  
Short-Term Investments — 16.5%
Affiliated Mutual Funds
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
35,766,680 35,766,680
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $274,234,974; includes $273,135,618 of cash collateral for securities on loan)(b)(wb)
274,402,184 274,237,543
 
Total Short-Term Investments

(cost $310,001,654)
310,004,223
 
TOTAL INVESTMENTS—114.2%

(cost $2,282,619,819)
2,144,566,395
 
Liabilities in excess of other assets — (14.2)%
(266,342,770)
 
Net Assets — 100.0%
$1,878,223,625
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
ADR American Depositary Receipt
ETF Exchange-Traded Fund
REITs Real Estate Investment Trust
XLON London Stock Exchange
XNGS NASDAQ Global Select Exchange
    
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $266,490,295; cash collateral of $273,135,618 (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.
(wb) Represents an investment in a Fund affiliated with the Manager. 
 
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AST SMALL-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
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