NPORT-EX 2 PIPDMI1PRU033125.htm
AST LARGE-CAP EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 98.8%
Common Stocks — 95.4%
Aerospace & Defense — 2.2%
General Electric Co.
18,010   $3,604,701
Howmet Aerospace, Inc.
65,559   8,504,969
Lockheed Martin Corp.
11,470   5,123,764
Northrop Grumman Corp.
32,476   16,628,037
RTX Corp.
30,555   4,047,315
V2X, Inc.*
10,510   515,516
            38,424,302
Air Freight & Logistics — 0.4%
FedEx Corp.
18,040   4,397,791
United Parcel Service, Inc. (Class B Stock)
23,800   2,617,762
            7,015,553
Automobiles — 0.9%
General Motors Co.
107,680   5,064,191
Tesla, Inc.*
45,071   11,680,600
            16,744,791
Banks — 2.9%
Bank of America Corp.
156,667   6,537,714
Citigroup, Inc.
14,700   1,043,553
Citizens Financial Group, Inc.
5,800   237,626
Dime Community Bancshares, Inc.
12,550   349,894
JPMorgan Chase & Co.
58,677   14,393,468
M&T Bank Corp.
1,300   232,375
Truist Financial Corp.
53,670   2,208,520
U.S. Bancorp
162,169   6,846,775
Wells Fargo & Co.
277,039   19,888,630
            51,738,555
Beverages — 1.0%
Coca-Cola Co. (The)
132,931   9,520,518
PepsiCo, Inc.
52,369   7,852,208
            17,372,726
Biotechnology — 3.4%
AbbVie, Inc.
127,101   26,630,200
Amgen, Inc.
26,121   8,137,998
Biogen, Inc.*
18,120   2,479,541
Gilead Sciences, Inc.
54,175   6,070,309
Natera, Inc.*
21,800   3,082,738
Regeneron Pharmaceuticals, Inc.
12,349   7,832,106
Vertex Pharmaceuticals, Inc.*
12,278   5,952,620
            60,185,512
Broadline Retail — 3.5%
Amazon.com, Inc.*
317,108   60,332,968
eBay, Inc.
25,385   1,719,326
            62,052,294
Building Products — 0.9%
Builders FirstSource, Inc.*
5,880   734,647
Carlisle Cos., Inc.
66   22,473
Carrier Global Corp.
84,456   5,354,511
Lennox International, Inc.
1,730   970,236
      Shares   Value
Common Stocks (continued)
Building Products (cont’d.)
Resideo Technologies, Inc.*
154,700   $2,738,190
Trane Technologies PLC
21,121   7,116,087
            16,936,144
Capital Markets — 2.4%
Ameriprise Financial, Inc.
28,573   13,832,475
Bank of New York Mellon Corp. (The)
18,497   1,551,343
CME Group, Inc.
6,593   1,749,057
Goldman Sachs Group, Inc. (The)
400   218,516
Intercontinental Exchange, Inc.
20,491   3,534,697
Janus Henderson Group PLC
38,490   1,391,414
LPL Financial Holdings, Inc.
4,420   1,445,959
Moody’s Corp.
4,468   2,080,703
Morgan Stanley
74,229   8,660,297
MSCI, Inc.
1,600   904,800
Raymond James Financial, Inc.
8,870   1,232,132
S&P Global, Inc.
7,290   3,704,049
State Street Corp.
22,650   2,027,855
            42,333,297
Chemicals — 0.7%
DuPont de Nemours, Inc.
21,860   1,632,505
Ecolab, Inc.
11,743   2,977,085
Linde PLC
7,094   3,303,250
Sherwin-Williams Co. (The)
13,410   4,682,638
            12,595,478
Commercial Services & Supplies — 0.7%
Cintas Corp.
8,500   1,747,005
Deluxe Corp.
16,360   258,652
Rollins, Inc.
21,140   1,142,194
Veralto Corp.
19,350   1,885,658
Waste Management, Inc.
32,873   7,610,428
            12,643,937
Communications Equipment — 0.8%
Arista Networks, Inc.*
61,433   4,759,829
Cisco Systems, Inc.
119,606   7,380,886
Motorola Solutions, Inc.
3,646   1,596,255
NetScout Systems, Inc.*
29,560   621,056
Viavi Solutions, Inc.*
15,300   171,207
            14,529,233
Construction & Engineering — 0.0%
Comfort Systems USA, Inc.
1,778   573,103
EMCOR Group, Inc.
115   42,507
Fluor Corp.*
6,600   236,412
            852,022
Construction Materials — 1.0%
CRH PLC
25,710   2,261,708
Vulcan Materials Co.
64,606   15,072,580
            17,334,288
Consumer Finance — 1.3%
American Express Co.
66,118   17,789,048
Green Dot Corp. (Class A Stock)*
53,130   448,417
A1
AST LARGE-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Consumer Finance (cont’d.)
Synchrony Financial
80,900   $4,282,846
            22,520,311
Consumer Staples Distribution & Retail — 2.4%
Andersons, Inc. (The)
6,170   264,878
BJ’s Wholesale Club Holdings, Inc.*(a)
16,036   1,829,708
Costco Wholesale Corp.
11,378   10,761,085
Dollar Tree, Inc.*
11,800   885,826
Kroger Co. (The)
37,320   2,526,191
SpartanNash Co.
14,480   293,365
Sysco Corp.
26,950   2,022,328
Target Corp.(a)
42,090   4,392,512
Walmart, Inc.
220,333   19,343,034
            42,318,927
Containers & Packaging — 0.2%
Avery Dennison Corp.
4,180   743,914
Crown Holdings, Inc.
24,668   2,201,866
            2,945,780
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
48,077   1,359,618
Verizon Communications, Inc.
55,426   2,514,123
            3,873,741
Electric Utilities — 2.3%
Constellation Energy Corp.
5,300   1,068,639
Entergy Corp.
97,884   8,368,103
NextEra Energy, Inc.
109,035   7,729,491
NRG Energy, Inc.
57,680   5,506,133
PG&E Corp.
450,134   7,733,302
Portland General Electric Co.
24,370   1,086,902
Southern Co. (The)
95,290   8,761,916
            40,254,486
Electrical Equipment — 1.9%
Acuity, Inc.
12,840   3,381,414
Eaton Corp. PLC
70,046   19,040,604
Emerson Electric Co.
67,479   7,398,398
Rockwell Automation, Inc.
5,800   1,498,604
Sensata Technologies Holding PLC(a)
27,200   660,144
Vertiv Holdings Co. (Class A Stock)
18,880   1,363,136
            33,342,300
Electronic Equipment, Instruments & Components — 0.3%
Belden, Inc.
2,100   210,525
CDW Corp.
3,620   580,141
Jabil, Inc.
6,050   823,223
Zebra Technologies Corp. (Class A Stock)*
11,460   3,238,138
            4,852,027
Energy Equipment & Services — 1.0%
Baker Hughes Co.
396,440   17,423,538
Entertainment — 1.2%
Live Nation Entertainment, Inc.*(a)
6,710   876,192
Netflix, Inc.*
9,747   9,089,370
      Shares   Value
Common Stocks (continued)
Entertainment (cont’d.)
Walt Disney Co. (The)
105,788   $10,441,275
Warner Bros Discovery, Inc.*
57,490   616,868
Warner Music Group Corp. (Class A Stock)
6,820   213,807
            21,237,512
Financial Services — 5.0%
Berkshire Hathaway, Inc. (Class A Stock)*
13   10,379,741
Berkshire Hathaway, Inc. (Class B Stock)*
7,056   3,757,885
Corpay, Inc.*(a)
3,868   1,348,849
Equitable Holdings, Inc.
16,358   852,088
Fidelity National Information Services, Inc.
14,350   1,071,658
Global Payments, Inc.
36,000   3,525,120
Mastercard, Inc. (Class A Stock)
64,186   35,181,630
PayPal Holdings, Inc.*
39,360   2,568,240
Visa, Inc. (Class A Stock)
88,804   31,122,250
            89,807,461
Food Products — 0.8%
Conagra Brands, Inc.
46,400   1,237,488
Hain Celestial Group, Inc. (The)*
191,090   793,023
Hershey Co. (The)
8,094   1,384,317
Ingredion, Inc.
3,530   477,291
McCormick & Co., Inc.
37,328   3,072,468
Mondelez International, Inc. (Class A Stock)(a)
101,219   6,867,709
            13,832,296
Ground Transportation — 1.0%
Canadian Pacific Kansas City Ltd. (Canada)
20,618   1,447,590
CSX Corp.
276,814   8,146,636
Union Pacific Corp.
36,126   8,534,406
XPO, Inc.*
5,807   624,717
            18,753,349
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories
17,679   2,345,119
Avanos Medical, Inc.*
18,110   259,516
Dexcom, Inc.*
45,460   3,104,463
Edwards Lifesciences Corp.*
70,495   5,109,478
IDEXX Laboratories, Inc.*
2,161   907,512
Medtronic PLC
106,682   9,586,445
STERIS PLC
12,290   2,785,529
Stryker Corp.
41,240   15,351,590
            39,449,652
Health Care Providers & Services — 1.8%
Cencora, Inc.
7,510   2,088,456
Centene Corp.*
83,760   5,085,070
DaVita, Inc.*
2,621   400,934
Humana, Inc.
1,200   317,520
Labcorp Holdings, Inc.
5,600   1,303,344
Pediatrix Medical Group, Inc.*
21,620   313,274
 
A2
AST LARGE-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Health Care Providers & Services (cont’d.)
UnitedHealth Group, Inc.
41,644   $21,811,045
            31,319,643
Hotels, Restaurants & Leisure — 2.5%
Bloomin’ Brands, Inc.
156,130   1,119,452
Booking Holdings, Inc.
880   4,054,081
Chipotle Mexican Grill, Inc.*
168,929   8,481,925
Darden Restaurants, Inc.
27,530   5,719,633
Expedia Group, Inc.
9,190   1,544,839
Las Vegas Sands Corp.
32,360   1,250,067
Marriott International, Inc. (Class A Stock)
27,174   6,472,847
Marriott Vacations Worldwide Corp.
3,300   211,992
McDonald’s Corp.
41,595   12,993,030
Royal Caribbean Cruises Ltd.(a)
6,660   1,368,230
Starbucks Corp.
15,400   1,510,586
Yum! Brands, Inc.
1,200   188,832
            44,915,514
Household Durables — 0.0%
NVR, Inc.*
120   869,327
Household Products — 0.6%
Clorox Co. (The)(a)
4,880   718,580
Colgate-Palmolive Co.
15,040   1,409,248
Energizer Holdings, Inc.
42,850   1,282,072
Kimberly-Clark Corp.
14,834   2,109,691
Procter & Gamble Co. (The)(a)
27,914   4,757,104
            10,276,695
Independent Power & Renewable Electricity Producers — 0.1%
Vistra Corp.
18,240   2,142,106
Industrial Conglomerates — 0.7%
3M Co.
52,966   7,778,587
Honeywell International, Inc.
26,046   5,515,240
            13,293,827
Industrial REITs — 0.5%
Prologis, Inc.
82,844   9,261,131
Insurance — 2.7%
Allstate Corp. (The)
12,170   2,520,042
Aon PLC (Class A Stock)
4,480   1,787,923
Arthur J. Gallagher & Co.
41,902   14,466,246
Fidelity National Financial, Inc.
17,800   1,158,424
Genworth Financial, Inc. (Class A Stock)*
291,920   2,069,713
Hippo Holdings, Inc.*
7,010   179,176
Kemper Corp.
6,310   421,823
Loews Corp.
3,720   341,905
MetLife, Inc.
10,600   851,074
Progressive Corp. (The)
31,621   8,949,059
Skyward Specialty Insurance Group, Inc.*
15,400   814,968
Travelers Cos., Inc. (The)
56,436   14,925,065
            48,485,418
      Shares   Value
Common Stocks (continued)
Interactive Media & Services — 5.9%
Alphabet, Inc. (Class A Stock)
197,193   $30,493,926
Alphabet, Inc. (Class C Stock)
83,303   13,014,428
Meta Platforms, Inc. (Class A Stock)
108,262   62,397,886
            105,906,240
IT Services — 0.9%
Cognizant Technology Solutions Corp. (Class A Stock)
60,600   4,635,900
Gartner, Inc.*
3,440   1,443,906
GoDaddy, Inc. (Class A Stock)*
5,520   994,373
International Business Machines Corp.(a)
22,860   5,684,367
Snowflake, Inc. (Class A Stock)*
17,080   2,496,413
            15,254,959
Life Sciences Tools & Services — 0.8%
Danaher Corp.
22,870   4,688,350
Mettler-Toledo International, Inc.*
310   366,082
Thermo Fisher Scientific, Inc.
15,884   7,903,878
Waters Corp.*(a)
2,640   973,025
            13,931,335
Machinery — 1.1%
Caterpillar, Inc.
13,856   4,569,709
Deere & Co.
26,140   12,268,809
Dover Corp.
900   158,112
Illinois Tool Works, Inc.
7,804   1,935,470
Lindsay Corp.
2,310   292,261
Tennant Co.
4,500   358,875
            19,583,236
Media — 0.1%
Charter Communications, Inc. (Class A Stock)*(a)
4,748   1,749,780
Metals & Mining — 0.0%
Southern Copper Corp. (Mexico)
2,306   215,519
Multi-Utilities — 0.6%
Black Hills Corp.
4,700   285,055
CMS Energy Corp.
46,560   3,497,122
DTE Energy Co.
31,210   4,315,407
NiSource, Inc.
65,200   2,613,868
WEC Energy Group, Inc.
6,734   733,871
            11,445,323
Oil, Gas & Consumable Fuels — 2.7%
Cheniere Energy, Inc.
12,452   2,881,393
Chevron Corp.(a)
30,898   5,168,927
ConocoPhillips
36,134   3,794,793
Devon Energy Corp.
29,900   1,118,260
EQT Corp.
30,752   1,643,079
Excelerate Energy, Inc. (Class A Stock)
9,150   262,422
Exxon Mobil Corp.
187,024   22,242,764
Hess Corp.
15,510   2,477,412
Kinder Morgan, Inc.
113,002   3,223,947
Kinetik Holdings, Inc.
22,190   1,152,549
Phillips 66
1,600   197,568
Targa Resources Corp.
11,460   2,297,386
 
A3
AST LARGE-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Texas Pacific Land Corp.(a)
910   $1,205,741
Valero Energy Corp.
9,890   1,306,172
            48,972,413
Passenger Airlines — 0.4%
Delta Air Lines, Inc.
32,298   1,408,193
United Airlines Holdings, Inc.*
77,270   5,335,493
            6,743,686
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.
64,132   3,911,410
Elanco Animal Health, Inc.*
126,780   1,331,190
Eli Lilly & Co.
42,969   35,488,527
Johnson & Johnson
48,465   8,037,435
Merck & Co., Inc.(a)
91,109   8,177,944
Pfizer, Inc.
104,320   2,643,469
Zoetis, Inc.
6,912   1,138,061
            60,728,036
Professional Services — 0.9%
Automatic Data Processing, Inc.
34,188   10,445,460
Booz Allen Hamilton Holding Corp.
6,640   694,411
Broadridge Financial Solutions, Inc.
5,520   1,338,379
Paychex, Inc.(a)
16,650   2,568,762
Verisk Analytics, Inc.
5,540   1,648,815
            16,695,827
Real Estate Management & Development — 0.1%
Compass, Inc. (Class A Stock)*
146,300   1,277,199
Jones Lang LaSalle, Inc.*
750   185,932
            1,463,131
Retail REITs — 0.0%
SITE Centers Corp.
36,030   462,625
Semiconductors & Semiconductor Equipment — 8.9%
Analog Devices, Inc.
24,800   5,001,416
ASML Holding NV (Netherlands)
8,155   5,403,747
Broadcom, Inc.
193,076   32,326,715
KLA Corp.
3,210   2,182,158
Lam Research Corp.
33,330   2,423,091
Micron Technology, Inc.
36,554   3,176,177
NVIDIA Corp.
815,732   88,409,034
NXP Semiconductors NV (China)
72,863   13,848,342
QUALCOMM, Inc.
33,100   5,084,491
            157,855,171
Software — 8.6%
A10 Networks, Inc.
28,810   470,755
Adobe, Inc.*
9,860   3,781,606
AppLovin Corp. (Class A Stock)*
4,210   1,115,524
Autodesk, Inc.*
12,640   3,309,152
Fortinet, Inc.*(a)
12,870   1,238,866
Gen Digital, Inc.
55,730   1,479,074
Intapp, Inc.*
34,250   1,999,515
Intuit, Inc.
13,561   8,326,318
Manhattan Associates, Inc.*
2,780   481,051
Microsoft Corp.
270,027   101,365,436
      Shares   Value
Common Stocks (continued)
Software (cont’d.)
Oracle Corp.
114,466   $16,003,491
Salesforce, Inc.
13,160   3,531,618
Synopsys, Inc.*(a)
8,815   3,780,313
Teradata Corp.*
7,620   171,298
Verint Systems, Inc.*
59,440   1,061,004
Workday, Inc. (Class A Stock)*
5,945   1,388,336
Zoom Communications, Inc. (Class A Stock)*
44,490   3,282,027
            152,785,384
Specialized REITs — 0.4%
American Tower Corp.
16,540   3,599,104
Equinix, Inc.
1,500   1,223,025
Iron Mountain, Inc.
17,400   1,497,096
Public Storage
1,910   571,644
            6,890,869
Specialty Retail — 2.6%
Best Buy Co., Inc.(a)
12,360   909,820
Burlington Stores, Inc.*
3,440   819,855
Carvana Co.*
5,020   1,049,582
Chewy, Inc. (Class A Stock)*
6,940   225,619
Dick’s Sporting Goods, Inc.
3,150   634,914
Home Depot, Inc. (The)
27,774   10,178,893
Lowe’s Cos., Inc.
69,253   16,151,877
Ross Stores, Inc.
16,473   2,105,085
TJX Cos., Inc. (The)
86,253   10,505,615
Tractor Supply Co.
28,780   1,585,778
Ulta Beauty, Inc.*(a)
2,286   837,911
Williams-Sonoma, Inc.
6,630   1,048,203
            46,053,152
Technology Hardware, Storage & Peripherals — 7.1%
Apple, Inc.
542,299   120,460,877
Hewlett Packard Enterprise Co.
126,300   1,948,809
HP, Inc.
89,840   2,487,670
NetApp, Inc.(a)
10,080   885,427
            125,782,783
Textiles, Apparel & Luxury Goods — 0.2%
Deckers Outdoor Corp.*(a)
7,130   797,205
G-III Apparel Group Ltd.*
17,400   475,890
Lululemon Athletica, Inc.*
3,107   879,467
NIKE, Inc. (Class B Stock)
15,210   965,531
Tapestry, Inc.
456   32,107
            3,150,200
Tobacco — 0.3%
Altria Group, Inc.
93,280   5,598,666
Trading Companies & Distributors — 0.5%
Ferguson Enterprises, Inc.
10,510   1,684,017
FTAI Aviation Ltd.
4,060   450,782
United Rentals, Inc.
3,488   2,185,930
W.W. Grainger, Inc.
2,620   2,588,114
WESCO International, Inc.
13,600   2,112,080
            9,020,923
 
A4
AST LARGE-CAP EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Water Utilities — 0.1%
American Water Works Co., Inc.
8,000   $1,180,160
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc.
22,146   5,906,560
 
Total Common Stocks

(cost $1,719,071,438)
  1,699,309,151
Unaffiliated Exchange-Traded Funds — 3.4%
iShares Core S&P 500 ETF
99,399   55,852,298
SPDR S&P 500 ETF Trust
8,391   4,693,842
 
Total Unaffiliated Exchange-Traded Funds

(cost $62,699,017)
  60,546,140
 
Total Long-Term Investments

(cost $1,781,770,455)
  1,759,855,291
Short-Term Investments — 3.4%
Affiliated Mutual Funds — 3.4%
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
18,631,422   18,631,422
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $41,850,620; includes $41,685,550 of cash collateral for securities on loan)(b)(wb)
41,876,647   41,851,521
 
Total Affiliated Mutual Funds

(cost $60,482,042)
  60,482,943
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Treasury Obligation(k)(n) — 0.0%
U.S. Treasury Bills
4.218%   06/17/25     770 763,133
(cost $763,127)      
 
Total Short-Term Investments

(cost $61,245,169)
  61,246,076
 
TOTAL INVESTMENTS—102.2%

(cost $1,843,015,624)
  1,821,101,367
 
Liabilities in excess of other assets(z) — (2.2)%
  (39,348,582)
 
Net Assets — 100.0%
  $1,781,752,785
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
ETF Exchange-Traded Fund
REITs Real Estate Investment Trust
S&P Standard & Poor’s
SPDR Standard & Poor’s Depositary Receipts
    
* Non-income producing security.
# Principal amount is shown in U.S. dollars unless otherwise stated.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $41,153,831; cash collateral of $41,685,550 (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.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown reflects yield to maturity at purchased date.
(wb) Represents an investment in a Fund affiliated with the Manager. 
(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, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Position:
38   S&P 500 E-Mini Index   Jun. 2025   $10,741,175   $(82,903)
A5
AST LARGE-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).
A6