NPORT-EX 2 PIPDBK1PRU033125.htm
AST LARGE-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 98.4%
Common Stocks — 93.4%
Aerospace & Defense — 1.6%
Axon Enterprise, Inc.*
6,541   $3,440,239
Boeing Co. (The)*
118,405   20,193,973
General Electric Co.
111,965   22,409,795
Howmet Aerospace, Inc.
176,531   22,901,366
RTX Corp.
100,217   13,274,744
TransDigm Group, Inc.(a)
23,338   32,283,222
            114,503,339
Automobiles — 2.0%
Tesla, Inc.*
529,744   137,288,455
Banks — 0.1%
Bank of America Corp.
220,517   9,202,174
Beverages — 0.6%
Coca-Cola Co. (The)
122,981   8,807,899
Monster Beverage Corp.*
253,027   14,807,140
PepsiCo, Inc.
131,461   19,711,263
            43,326,302
Biotechnology — 1.2%
AbbVie, Inc.
169,207   35,452,251
Argenx SE (Netherlands), ADR*
11,899   7,042,602
Legend Biotech Corp., ADR*(a)
61,289   2,079,536
Natera, Inc.*
39,788   5,626,421
Neurocrine Biosciences, Inc.*
45,332   5,013,719
Regeneron Pharmaceuticals, Inc.
19,581   12,418,857
Vertex Pharmaceuticals, Inc.*
30,445   14,760,345
            82,393,731
Broadline Retail — 7.2%
Amazon.com, Inc.*
2,527,694   480,919,060
Coupang, Inc. (South Korea)*
362,577   7,951,314
MercadoLibre, Inc. (Brazil)*
7,513   14,656,886
            503,527,260
Building Products — 0.6%
Trane Technologies PLC
125,111   42,152,398
Capital Markets — 1.7%
Charles Schwab Corp. (The)
254,385   19,913,258
Goldman Sachs Group, Inc. (The)
32,199   17,589,992
KKR & Co., Inc.
137,457   15,891,404
LPL Financial Holdings, Inc.
7,650   2,502,621
Moody’s Corp.
13,622   6,343,629
Nasdaq, Inc.
197,800   15,005,108
S&P Global, Inc.
68,365   34,736,256
Tradeweb Markets, Inc. (Class A Stock)
36,322   5,392,364
            117,374,632
Chemicals — 0.6%
Linde PLC
24,039   11,193,520
Sherwin-Williams Co. (The)
91,010   31,779,782
            42,973,302
Commercial Services & Supplies — 0.4%
Copart, Inc.*
285,700   16,167,763
      Shares   Value
Common Stocks (continued)
Commercial Services & Supplies (cont’d.)
Waste Connections, Inc.
74,200   $14,483,098
            30,650,861
Communications Equipment — 0.8%
Arista Networks, Inc.*
354,129   27,437,915
Motorola Solutions, Inc.
67,950   29,749,189
            57,187,104
Construction & Engineering — 0.1%
Quanta Services, Inc.
29,083   7,392,317
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
15,581   7,449,744
Consumer Finance — 0.2%
American Express Co.
59,831   16,097,531
Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.
53,383   50,488,574
Target Corp.
95,292   9,944,673
US Foods Holding Corp.*
189,326   12,393,280
Walmart, Inc.
176,411   15,487,121
            88,313,648
Electric Utilities — 0.2%
Constellation Energy Corp.
25,306   5,102,449
NextEra Energy, Inc.
111,909   7,933,229
            13,035,678
Electrical Equipment — 0.4%
Eaton Corp. PLC
98,987   26,907,636
Vertiv Holdings Co. (Class A Stock)
28,859   2,083,620
            28,991,256
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp. (Class A Stock)(a)
500,975   32,858,950
Energy Equipment & Services — 0.3%
Baker Hughes Co.
283,948   12,479,515
Schlumberger NV
124,724   5,213,463
            17,692,978
Entertainment — 3.1%
Live Nation Entertainment, Inc.*(a)
90,800   11,856,664
Netflix, Inc.*
143,847   134,141,643
Spotify Technology SA*
76,349   41,994,240
Walt Disney Co. (The)
310,248   30,621,478
            218,614,025
Financial Services — 6.1%
Affirm Holdings, Inc.*
42,600   1,925,094
Block, Inc.*
198,900   10,806,237
Fiserv, Inc.*(a)
111,295   24,577,275
Mastercard, Inc. (Class A Stock)
368,122   201,775,031
PayPal Holdings, Inc.*
255,364   16,662,501
Visa, Inc. (Class A Stock)
483,433   169,423,929
            425,170,067
Food Products — 0.1%
McCormick & Co., Inc.
103,700   8,535,547
A1
AST LARGE-CAP GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Ground Transportation — 1.3%
Canadian Pacific Kansas City Ltd. (Canada)
243,400   $17,089,114
CSX Corp.
164,569   4,843,266
Uber Technologies, Inc.*
738,161   53,782,410
Union Pacific Corp.
65,336   15,434,977
            91,149,767
Health Care Equipment & Supplies — 2.6%
Becton, Dickinson & Co.
15,470   3,543,558
Boston Scientific Corp.*
287,808   29,034,071
Dexcom, Inc.*
81,597   5,572,259
Edwards Lifesciences Corp.*
83,611   6,060,125
IDEXX Laboratories, Inc.*
17,300   7,265,135
Intuitive Surgical, Inc.*
163,973   81,210,908
Sonova Holding AG (Switzerland), ADR
104,410   6,086,581
Stryker Corp.
116,830   43,489,968
            182,262,605
Health Care Providers & Services — 1.3%
Cigna Group (The)
65,646   21,597,534
UnitedHealth Group, Inc.
131,819   69,040,201
            90,637,735
Health Care REITs — 0.2%
Ventas, Inc.
176,405   12,129,608
Hotels, Restaurants & Leisure — 3.1%
Airbnb, Inc. (Class A Stock)*
156,360   18,678,766
Booking Holdings, Inc.
3,147   14,497,946
Cava Group, Inc.*
33,519   2,896,377
Chipotle Mexican Grill, Inc.*
854,988   42,928,948
DoorDash, Inc. (Class A Stock)*
216,142   39,504,273
DraftKings, Inc. (Class A Stock)*
339,100   11,261,511
Hilton Worldwide Holdings, Inc.
182,057   41,427,070
McDonald’s Corp.
36,787   11,491,155
Starbucks Corp.
326,389   32,015,497
            214,701,543
Independent Power & Renewable Electricity Producers — 0.1%
Vistra Corp.
30,172   3,543,400
Insurance — 1.0%
Arthur J. Gallagher & Co.
41,497   14,326,424
Marsh & McLennan Cos., Inc.
66,101   16,130,627
Progressive Corp. (The)
151,500   42,876,015
            73,333,066
Interactive Media & Services — 9.8%
Alphabet, Inc. (Class A Stock)
1,498,795   231,773,659
Alphabet, Inc. (Class C Stock)
415,946   64,983,244
Meta Platforms, Inc. (Class A Stock)
658,179   379,348,048
Pinterest, Inc. (Class A Stock)*
286,907   8,894,117
            684,999,068
IT Services — 0.7%
Accenture PLC (Ireland) (Class A Stock)
78,531   24,504,813
Shopify, Inc. (Canada) (Class A Stock)*
189,782   18,120,385
      Shares   Value
Common Stocks (continued)
IT Services (cont’d.)
Snowflake, Inc. (Class A Stock)*
36,335   $5,310,724
            47,935,922
Life Sciences Tools & Services — 0.7%
Danaher Corp.
27,347   5,606,135
ICON PLC*
20,951   3,666,215
Lonza Group AG (Switzerland)
24,073   14,871,574
Thermo Fisher Scientific, Inc.
45,621   22,701,010
            46,844,934
Machinery — 0.1%
Ingersoll Rand, Inc.
87,570   7,008,227
Media — 0.1%
Trade Desk, Inc. (The) (Class A Stock)*
79,596   4,355,493
Oil, Gas & Consumable Fuels — 0.1%
ConocoPhillips
69,995   7,350,875
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
120,713   5,263,087
Pharmaceuticals — 3.0%
Eli Lilly & Co.
191,021   157,766,154
Johnson & Johnson
84,304   13,980,976
Merck & Co., Inc.
114,409   10,269,352
Novo Nordisk A/S (Denmark), ADR(a)
226,273   15,712,397
Zoetis, Inc.
80,368   13,232,591
            210,961,470
Professional Services — 0.3%
Booz Allen Hamilton Holding Corp.
95,942   10,033,614
Equifax, Inc.
32,857   8,002,651
            18,036,265
Real Estate Management & Development — 0.3%
CBRE Group, Inc. (Class A Stock)*
140,700   18,400,746
CoStar Group, Inc.*(a)
65,400   5,181,642
            23,582,388
Semiconductors & Semiconductor Equipment — 13.5%
Advanced Micro Devices, Inc.*
197,927   20,335,020
Analog Devices, Inc.
101,247   20,418,482
ASML Holding NV (Netherlands)
42,469   28,141,233
Broadcom, Inc.
1,069,511   179,068,227
Entegris, Inc.
103,874   9,086,898
Lam Research Corp.
288,646   20,984,564
Marvell Technology, Inc.
138,854   8,549,241
NVIDIA Corp.
5,495,239   595,574,003
NXP Semiconductors NV (China)
45,980   8,738,959
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR
225,768   37,477,488
Texas Instruments, Inc.
72,652   13,055,564
            941,429,679
Software — 16.1%
Adobe, Inc.*
47,806   18,335,035
AppLovin Corp. (Class A Stock)*
61,266   16,233,652
Aurora Innovation, Inc.*(a)
285,722   1,921,481
Cadence Design Systems, Inc.*
218,302   55,520,748
 
A2
AST LARGE-CAP GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Software (cont’d.)
Crowdstrike Holdings, Inc. (Class A Stock)*
35,359   $12,466,876
Datadog, Inc. (Class A Stock)*
37,661   3,736,348
Dynatrace, Inc.*
76,300   3,597,545
Fair Isaac Corp.*
14,531   26,797,489
HubSpot, Inc.*
33,059   18,886,276
Intuit, Inc.
123,688   75,943,195
Microsoft Corp.
1,577,375   592,130,801
Nutanix, Inc. (Class A Stock)*
150,241   10,488,324
Oracle Corp.
375,037   52,433,923
Palo Alto Networks, Inc.*(a)
121,199   20,681,398
Salesforce, Inc.
383,737   102,979,661
Samsara, Inc. (Class A Stock)*
55,400   2,123,482
ServiceNow, Inc.*
100,565   80,063,819
Synopsys, Inc.*(a)
32,912   14,114,311
Workday, Inc. (Class A Stock)*
68,357   15,963,410
            1,124,417,774
Specialized REITs — 0.5%
American Tower Corp.
82,600   17,973,760
Equinix, Inc.
22,541   18,378,804
            36,352,564
Specialty Retail — 0.9%
Industria de Diseno Textil SA (Spain)
74,973   3,733,047
Lowe’s Cos., Inc.
147,825   34,477,225
O’Reilly Automotive, Inc.*
7,132   10,217,160
TJX Cos., Inc. (The)
140,198   17,076,116
            65,503,548
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.
2,370,704   526,604,479
Seagate Technology Holdings PLC
135,463   11,507,582
            538,112,061
Textiles, Apparel & Luxury Goods — 0.2%
adidas AG (Germany)
28,546   6,732,874
Lululemon Athletica, Inc.*
13,056   3,695,632
NIKE, Inc. (Class B Stock)
68,986   4,379,231
            14,807,737
Tobacco — 0.2%
Altria Group, Inc.(a)
260,097   15,611,022
Trading Companies & Distributors — 0.3%
W.W. Grainger, Inc.
18,067   17,847,125
 
Total Common Stocks

(cost $5,077,609,488)
  6,522,908,262
Unaffiliated Exchange-Traded Funds — 5.0%
Invesco QQQ Trust, Series 1(a)
186,200   87,312,904
SPDR Portfolio S&P 500 Growth ETF
1,201,662   96,577,575
Technology Select Sector SPDR Fund(a)
229,240   47,333,475
      Shares   Value
 
Unaffiliated Exchange-Traded Funds (continued)
Vanguard Russell 1000 Growth ETF
1,287,931   $119,507,117
 
Total Unaffiliated Exchange-Traded Funds

(cost $355,941,577)
  350,731,071
 
Total Long-Term Investments

(cost $5,433,551,065)
  6,873,639,333
Short-Term Investments — 4.8%
Affiliated Mutual Funds — 4.6%
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
66,096,445   66,096,445
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $252,526,453; includes $251,924,534 of cash collateral for securities on loan)(b)(wb)
252,682,637   252,531,027
 
Total Affiliated Mutual Funds

(cost $318,622,898)
  318,627,472
Unaffiliated Fund — 0.2%
Fidelity Investments Money Market Funds - Treasury Only Portfolio (7-day effective yield 4.150%) (Institutional Shares)
16,338,342   16,338,342
(cost $16,338,342)      
 
Total Short-Term Investments

(cost $334,961,240)
  334,965,814
 
TOTAL INVESTMENTS—103.2%

(cost $5,768,512,305)
  7,208,605,147
 
Liabilities in excess of other assets(z) — (3.2)%
  (220,480,810)
 
Net Assets — 100.0%
  $6,988,124,337
    
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
S&P Standard & Poor’s
SPDR Standard & Poor’s Depositary Receipts
    
* 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 $247,033,137; cash collateral of $251,924,534 (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. 
 
A3
AST LARGE-CAP GROWTH PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
(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:
47   S&P 500 E-Mini Index   Jun. 2025   $13,285,138   $(21,765)
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).
A4