NPORT-EX 2 PIPDX01PRU033125.htm
AST LARGE-CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 98.4%
Common Stocks — 95.3%
Aerospace & Defense — 2.8%
Curtiss-Wright Corp.
1,965   $623,436
General Dynamics Corp.
17,506   4,771,785
Huntington Ingalls Industries, Inc.
14,794   3,018,568
L3Harris Technologies, Inc.
6,900   1,444,239
Northrop Grumman Corp.
75,917   38,870,263
RTX Corp.
406,852   53,891,616
Textron, Inc.
51,966   3,754,543
            106,374,450
Air Freight & Logistics — 0.8%
FedEx Corp.
118,601   28,912,552
Automobile Components — 0.3%
Aptiv PLC (United Kingdom)*
50,772   3,020,934
Gentex Corp.
142,509   3,320,460
Magna International, Inc. (Canada)(a)
161,960   5,505,020
Mobileye Global, Inc. (Israel) (Class A Stock)*(a)
3,700   53,262
            11,899,676
Automobiles — 1.1%
Ford Motor Co.
406,790   4,080,104
General Motors Co.
759,790   35,732,923
            39,813,027
Banks — 8.7%
Bank of America Corp.
1,859,906   77,613,877
Citigroup, Inc.
700,445   49,724,591
Citizens Financial Group, Inc.
118,959   4,873,750
Comerica, Inc.
44,425   2,623,741
East West Bancorp, Inc.
4,219   378,698
Fifth Third Bancorp
60,532   2,372,854
First Citizens BancShares, Inc. (Class A Stock)(a)
5,749   10,659,336
First Horizon Corp.
154,593   3,002,196
Huntington Bancshares, Inc.
50,300   755,003
JPMorgan Chase & Co.
385,847   94,648,269
KeyCorp
34,600   553,254
M&T Bank Corp.
5,800   1,036,750
PNC Financial Services Group, Inc. (The)
108,744   19,113,933
Regions Financial Corp.
31,400   682,322
Truist Financial Corp.
176,420   7,259,683
U.S. Bancorp
470,722   19,873,883
Wells Fargo & Co.
466,622   33,498,793
            328,670,933
Beverages — 1.9%
Coca-Cola Co. (The)
459,200   32,887,904
Constellation Brands, Inc. (Class A Stock)(a)
27,020   4,958,710
Keurig Dr. Pepper, Inc.
91,764   3,140,164
PepsiCo, Inc.
197,501   29,613,300
            70,600,078
Biotechnology — 2.3%
AbbVie, Inc.
232,397   48,691,820
      Shares   Value
Common Stocks (continued)
Biotechnology (cont’d.)
Biogen, Inc.*
5,400   $738,936
BioMarin Pharmaceutical, Inc.*
35,449   2,505,890
Incyte Corp.*
4,495   272,172
Moderna, Inc.*
7,400   209,790
Neurocrine Biosciences, Inc.*
13,267   1,467,330
Regeneron Pharmaceuticals, Inc.
52,218   33,118,222
United Therapeutics Corp.*
3,022   931,592
            87,935,752
Broadline Retail — 0.1%
Amazon.com, Inc.*
5,335   1,015,037
eBay, Inc.
39,778   2,694,164
            3,709,201
Building Products — 0.8%
Builders FirstSource, Inc.*
12,173   1,520,895
Carrier Global Corp.
139,628   8,852,415
Johnson Controls International PLC
232,451   18,621,649
Owens Corning
9,300   1,328,226
            30,323,185
Capital Markets — 3.3%
Ameriprise Financial, Inc.
6,380   3,088,622
Bank of New York Mellon Corp. (The)
85,631   7,181,872
Blackrock, Inc.
2,472   2,339,698
Charles Schwab Corp. (The)
581,360   45,508,861
CME Group, Inc.
84,330   22,371,906
Goldman Sachs Group, Inc. (The)
35,007   19,123,974
Intercontinental Exchange, Inc.
9,549   1,647,202
Jefferies Financial Group, Inc.
38,666   2,071,338
Morgan Stanley
41,700   4,865,139
Northern Trust Corp.
19,643   1,937,782
Raymond James Financial, Inc.
20,404   2,834,320
State Street Corp.(a)
147,891   13,240,681
            126,211,395
Chemicals — 3.7%
Air Products & Chemicals, Inc.(a)
125,290   36,950,527
Axalta Coating Systems Ltd.*
106,720   3,539,902
CF Industries Holdings, Inc.
15,804   1,235,083
Chemours Co. (The)
298,621   4,040,342
Corteva, Inc.
333,921   21,013,649
Dow, Inc.
39,400   1,375,848
DuPont de Nemours, Inc.
153,808   11,486,381
Eastman Chemical Co.(a)
76,200   6,713,982
FMC Corp.(a)
51,685   2,180,590
International Flavors & Fragrances, Inc.
8,741   678,389
Linde PLC
28,723   13,374,578
LyondellBasell Industries NV (Class A Stock)(a)
18,600   1,309,440
Olin Corp.
164,787   3,994,437
PPG Industries, Inc.
97,300   10,639,755
Sherwin-Williams Co. (The)
55,326   19,319,286
Westlake Corp.
3,200   320,096
            138,172,285
A1
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Commercial Services & Supplies — 0.3%
Clean Harbors, Inc.*
4,522   $891,286
Veralto Corp.
123,005   11,986,837
            12,878,123
Communications Equipment — 1.7%
Cisco Systems, Inc.
341,650   21,083,222
F5, Inc.*(a)
58,660   15,619,398
Motorola Solutions, Inc.
44,882   19,649,788
Telefonaktiebolaget LM Ericsson (Sweden), ADR(a)
1,188,342   9,221,534
            65,573,942
Construction & Engineering — 0.0%
Quanta Services, Inc.
801   203,598
Construction Materials — 1.1%
CRH PLC
217,100   19,098,287
Martin Marietta Materials, Inc.
41,882   20,025,041
Vulcan Materials Co.
11,700   2,729,610
            41,852,938
Consumer Finance — 2.1%
American Express Co.
78,881   21,222,933
Capital One Financial Corp.
279,190   50,058,767
Discover Financial Services
40,272   6,874,430
SoFi Technologies, Inc.*
36,300   422,169
Synchrony Financial
38,769   2,052,431
            80,630,730
Consumer Staples Distribution & Retail — 2.3%
BJ’s Wholesale Club Holdings, Inc.*(a)
123,893   14,136,191
Casey’s General Stores, Inc.(a)
3,794   1,646,748
Dollar General Corp.
11,700   1,028,781
Dollar Tree, Inc.*
11,500   863,305
Kroger Co. (The)
77,106   5,219,305
Performance Food Group Co.*(a)
121,861   9,581,930
Target Corp.(a)
122,787   12,814,051
US Foods Holding Corp.*
23,845   1,560,894
Walmart, Inc.
438,711   38,514,439
            85,365,644
Containers & Packaging — 0.6%
Amcor PLC(a)
158,600   1,538,420
Ball Corp.
254,734   13,263,999
International Paper Co.
25,500   1,360,425
Packaging Corp. of America
9,135   1,808,913
Silgan Holdings, Inc.
72,783   3,720,667
Smurfit WestRock PLC
38,100   1,716,786
            23,409,210
Distributors — 0.0%
Genuine Parts Co.
7,700   917,378
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
547,676   15,488,277
Verizon Communications, Inc.
458,311   20,788,987
            36,277,264
      Shares   Value
Common Stocks (continued)
Electric Utilities — 2.3%
Edison International
377,407   $22,236,821
NextEra Energy, Inc.
252,900   17,928,081
NRG Energy, Inc.
200,200   19,111,092
PPL Corp.
561,438   20,273,526
Southern Co. (The)
29,794   2,739,558
Xcel Energy, Inc.
57,919   4,100,086
            86,389,164
Electrical Equipment — 0.6%
AMETEK, Inc.
15,653   2,694,508
Eaton Corp. PLC
17,707   4,813,294
Emerson Electric Co.
70,489   7,728,414
nVent Electric PLC
71,367   3,741,058
Regal Rexnord Corp.
42,304   4,816,310
            23,793,584
Electronic Equipment, Instruments & Components — 0.6%
Coherent Corp.*
5,200   337,688
Corning, Inc.
117,523   5,380,203
Flex Ltd.*
33,675   1,113,969
Keysight Technologies, Inc.*
11,729   1,756,652
TD SYNNEX Corp.
29,861   3,104,350
TE Connectivity PLC (Switzerland)
56,451   7,977,655
Teledyne Technologies, Inc.*
1,601   796,834
Trimble, Inc.*
8,216   539,380
            21,006,731
Energy Equipment & Services — 0.6%
Baker Hughes Co.
164,209   7,216,986
Halliburton Co.
49,200   1,248,204
NOV, Inc.
445,384   6,778,744
Schlumberger NV(a)
111,800   4,673,240
TechnipFMC PLC (United Kingdom)
44,607   1,413,596
            21,330,770
Entertainment — 0.5%
Electronic Arts, Inc.
1,656   239,325
Liberty Media Corp.-Liberty Formula One (Class A Stock)*
800   65,176
Liberty Media Corp.-Liberty Formula One (Class C Stock)*
7,433   669,044
Take-Two Interactive Software, Inc.*
6,157   1,276,038
Walt Disney Co. (The)
140,904   13,907,225
Warner Bros Discovery, Inc.*
323,271   3,468,698
            19,625,506
Financial Services — 3.5%
Apollo Global Management, Inc.
117,000   16,021,980
Berkshire Hathaway, Inc. (Class B Stock)*
100,052   53,285,694
Block, Inc.*
29,438   1,599,366
Corebridge Financial, Inc.
149,594   4,722,683
Corpay, Inc.*(a)
29,580   10,315,138
Euronet Worldwide, Inc.*
35,689   3,813,370
Fidelity National Information Services, Inc.
178,119   13,301,927
Fiserv, Inc.*(a)
12,148   2,682,643
 
A2
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Financial Services (cont’d.)
Global Payments, Inc.
8,900   $871,488
MGIC Investment Corp.
25,917   642,223
PayPal Holdings, Inc.*
11,766   767,731
Visa, Inc. (Class A Stock)
66,050   23,147,883
            131,172,126
Food Products — 0.8%
Archer-Daniels-Midland Co.
9,100   436,891
Conagra Brands, Inc.
67,331   1,795,718
General Mills, Inc.(a)
80,875   4,835,516
Hormel Foods Corp.
37,256   1,152,701
Kraft Heinz Co. (The)
231,074   7,031,582
Lamb Weston Holdings, Inc.(a)
37,181   1,981,747
McCormick & Co., Inc. (XLON)
17,171   1,413,345
McCormick & Co., Inc. (NYSE)
1,200   98,460
Mondelez International, Inc. (Class A Stock)(a)
125,803   8,535,734
The Campbell’s Co.(a)
23,970   956,882
Tyson Foods, Inc. (Class A Stock)
10,400   663,624
            28,902,200
Ground Transportation — 0.7%
CSX Corp.
99,118   2,917,043
J.B. Hunt Transport Services, Inc.
5,600   828,520
Norfolk Southern Corp.(a)
27,069   6,411,293
XPO, Inc.*(a)
164,601   17,707,775
            27,864,631
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories
52,065   6,906,422
Align Technology, Inc.*
2,600   413,036
Baxter International, Inc.
17,415   596,116
Becton, Dickinson & Co.
136,937   31,366,789
Cooper Cos., Inc. (The)*
6,720   566,832
Edwards Lifesciences Corp.*
39,111   2,834,765
GE HealthCare Technologies, Inc.
114,166   9,214,338
Hologic, Inc.*
16,900   1,043,913
Medtronic PLC
158,077   14,204,799
STERIS PLC
6,682   1,514,475
Zimmer Biomet Holdings, Inc.
78,182   8,848,639
            77,510,124
Health Care Providers & Services — 6.8%
Cardinal Health, Inc.
59,086   8,140,278
Centene Corp.*
9,200   558,532
Cigna Group (The)
110,530   36,364,370
CVS Health Corp.
463,217   31,382,952
Elevance Health, Inc.
40,721   17,712,006
HCA Healthcare, Inc.
11,506   3,975,898
Humana, Inc.
53,894   14,260,352
Labcorp Holdings, Inc.
17,365   4,041,530
McKesson Corp.
81,823   55,066,061
Molina Healthcare, Inc.*(a)
3,000   988,170
Quest Diagnostics, Inc.
11,923   2,017,372
Tenet Healthcare Corp.*
4,839   650,846
UnitedHealth Group, Inc.
155,653   81,523,259
            256,681,626
      Shares   Value
Common Stocks (continued)
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc.
35,504   $3,284,475
Hotels, Restaurants & Leisure — 0.6%
Carnival Corp.*
83,042   1,621,810
DraftKings, Inc. (Class A Stock)*
33,601   1,115,889
Hilton Worldwide Holdings, Inc.
60,300   13,721,265
Hyatt Hotels Corp. (Class A Stock)
1,122   137,445
Starbucks Corp.
79,143   7,763,137
            24,359,546
Household Durables — 1.2%
D.R. Horton, Inc.
52,038   6,615,591
Garmin Ltd.(a)
6,800   1,476,484
Lennar Corp. (Class A Stock)
17,591   2,019,095
Lennar Corp. (Class B Stock)
1,000   109,070
Mohawk Industries, Inc.*
53,667   6,127,698
PulteGroup, Inc.
254,973   26,211,224
Toll Brothers, Inc.
17,025   1,797,670
            44,356,832
Household Products — 0.7%
Procter & Gamble Co. (The)
155,700   26,534,394
Industrial Conglomerates — 0.5%
3M Co.
17,670   2,595,016
Honeywell International, Inc.
78,100   16,537,675
            19,132,691
Industrial REITs — 0.1%
Americold Realty Trust, Inc.
195,625   4,198,113
Lineage, Inc.(a)
23,797   1,395,218
            5,593,331
Insurance — 4.6%
Aflac, Inc.
18,373   2,042,894
Allstate Corp. (The)
113,400   23,481,738
American International Group, Inc.
344,982   29,992,735
Arch Capital Group Ltd.(a)
74,031   7,120,301
Arthur J. Gallagher & Co.
17,052   5,887,032
Chubb Ltd.
30,493   9,208,581
Cincinnati Financial Corp.
5,205   768,883
Everest Group Ltd.
1,400   508,662
Fidelity National Financial, Inc.
18,297   1,190,769
Hartford Insurance Group, Inc. (The)
62,960   7,790,041
Loews Corp.
13,888   1,276,446
Markel Group, Inc.*(a)
890   1,663,953
Marsh & McLennan Cos., Inc.
82,061   20,025,346
MetLife, Inc.
53,993   4,335,098
Oscar Health, Inc. (Class A Stock)*(a)
330,145   4,328,201
Principal Financial Group, Inc.
7,900   666,523
Progressive Corp. (The)
66,950   18,947,519
Reinsurance Group of America, Inc.
1,463   288,065
RenaissanceRe Holdings Ltd. (Bermuda)
3,790   909,600
Travelers Cos., Inc. (The)
121,252   32,066,304
Unum Group
11,897   969,130
W.R. Berkley Corp.
26,100   1,857,276
            175,325,097
 
A3
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Interactive Media & Services — 0.7%
Alphabet, Inc. (Class A Stock)
91,441   $14,140,437
Meta Platforms, Inc. (Class A Stock)
21,934   12,641,880
            26,782,317
IT Services — 0.8%
Accenture PLC (Ireland) (Class A Stock)
63,800   19,908,152
Akamai Technologies, Inc.*
8,100   652,050
Amdocs Ltd.
33,336   3,050,244
Cognizant Technology Solutions Corp. (Class A Stock)
51,141   3,912,286
EPAM Systems, Inc.*
784   132,371
Okta, Inc.*
5,500   578,710
Twilio, Inc. (Class A Stock)*
5,300   518,923
            28,752,736
Life Sciences Tools & Services — 1.6%
Avantor, Inc.*
24,600   398,766
Bruker Corp.(a)
63,904   2,667,353
Danaher Corp.
11,727   2,404,035
ICON PLC*
1,400   244,986
IQVIA Holdings, Inc.*
9,800   1,727,740
Revvity, Inc.(a)
4,085   432,193
Thermo Fisher Scientific, Inc.
104,259   51,879,278
            59,754,351
Machinery — 3.6%
AGCO Corp.(a)
24,513   2,269,168
CNH Industrial NV(a)
382,263   4,694,190
Cummins, Inc.
27,940   8,757,514
Deere & Co.
53,252   24,993,826
Dover Corp.
9,871   1,734,137
Fortive Corp.
12,142   888,552
Gates Industrial Corp. PLC*
263,489   4,850,832
IDEX Corp.
5,170   935,615
Illinois Tool Works, Inc.(a)
41,388   10,264,638
Ingersoll Rand, Inc.
202,549   16,209,996
Nordson Corp.(a)
2,703   545,249
Otis Worldwide Corp.(a)
243,675   25,147,260
PACCAR, Inc.(a)
81,732   7,958,245
Parker-Hannifin Corp.
27,999   17,019,192
Pentair PLC
12,000   1,049,760
Snap-on, Inc.(a)
5,669   1,910,510
Stanley Black & Decker, Inc.
48,081   3,696,467
Westinghouse Air Brake Technologies Corp.
11,649   2,112,546
Xylem, Inc.
11,569   1,382,033
            136,419,730
Media — 1.8%
Charter Communications, Inc. (Class A Stock)*(a)
31,000   11,424,430
Comcast Corp. (Class A Stock)
1,310,099   48,342,653
Fox Corp. (Class A Stock)(a)
23,748   1,344,137
Fox Corp. (Class B Stock)
24,400   1,286,124
News Corp. (Class A Stock)
25,097   683,140
News Corp. (Class B Stock)
8,805   267,408
      Shares   Value
Common Stocks (continued)
Media (cont’d.)
Omnicom Group, Inc.(a)
20,044   $1,661,848
Paramount Global (Class B Stock)(a)
124,398   1,487,800
WPP PLC (United Kingdom), ADR
78,380   2,975,305
            69,472,845
Metals & Mining — 0.9%
Alcoa Corp.
96,777   2,951,698
Freeport-McMoRan, Inc.
487,100   18,441,606
Newmont Corp.
76,253   3,681,495
Nucor Corp.
13,400   1,612,556
Reliance, Inc.
4,525   1,306,594
Steel Dynamics, Inc.
42,250   5,284,630
            33,278,579
Multi-Utilities — 1.7%
Dominion Energy, Inc.(a)
177,953   9,977,825
Sempra
521,520   37,215,667
WEC Energy Group, Inc.
170,447   18,575,314
            65,768,806
Office REITs — 0.2%
Vornado Realty Trust(a)
253,000   9,358,470
Oil, Gas & Consumable Fuels — 7.4%
APA Corp.(a)
427,302   8,981,888
Chevron Corp.(a)
228,609   38,244,000
ConocoPhillips(a)
453,465   47,622,894
Coterra Energy, Inc.(a)
40,700   1,176,230
Diamondback Energy, Inc.
20,492   3,276,261
Enterprise Products Partners LP, MLP
905,523   30,914,555
EOG Resources, Inc.
28,900   3,706,136
Exxon Mobil Corp.
603,170   71,735,008
Hess Corp.
50,959   8,139,681
Kinder Morgan, Inc.
75,447   2,152,503
Marathon Petroleum Corp.
18,300   2,666,127
Murphy Oil Corp.(a)
58,374   1,657,822
Occidental Petroleum Corp.(a)
52,600   2,596,336
ONEOK, Inc.
32,200   3,194,884
Ovintiv, Inc.
97,411   4,169,191
Phillips 66(a)
15,600   1,926,288
Shell PLC
439,221   16,073,119
Shell PLC, ADR
90,573   6,637,189
Valero Energy Corp.(a)
124,211   16,404,547
Venture Global, Inc. (Class A Stock)(a)
718,152   7,396,965
Williams Cos., Inc. (The)
41,566   2,483,984
            281,155,608
Passenger Airlines — 0.9%
Copa Holdings SA (Panama) (Class A Stock)
10,996   1,016,690
Delta Air Lines, Inc.
69,200   3,017,120
Southwest Airlines Co.
788,185   26,467,253
United Airlines Holdings, Inc.*
35,100   2,423,655
            32,924,718
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The) (Class A Stock)
4,236   279,576
 
A4
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Personal Care Products (cont’d.)
Kenvue, Inc.
197,795   $4,743,124
Unilever PLC (United Kingdom), ADR(a)
64,333   3,831,030
            8,853,730
Pharmaceuticals — 3.7%
AstraZeneca PLC (United Kingdom), ADR
224,200   16,478,700
Bristol-Myers Squibb Co.
164,099   10,008,398
GSK PLC, ADR(a)
81,321   3,150,375
Haleon PLC, ADR(a)
1,613,524   16,603,162
Johnson & Johnson
218,015   36,155,607
Merck & Co., Inc.(a)
245,184   22,007,716
Novo Nordisk A/S (Denmark), ADR(a)
131,670   9,143,165
Pfizer, Inc.
205,321   5,202,834
Royalty Pharma PLC (Class A Stock)
14,882   463,277
Sanofi SA
179,037   19,823,316
Sanofi SA, ADR
25,169   1,395,873
Viatris, Inc.
31,225   271,970
            140,704,393
Professional Services — 0.3%
Genpact Ltd.
66,353   3,342,864
Jacobs Solutions, Inc.
4,500   544,005
Leidos Holdings, Inc.(a)
14,073   1,899,011
SS&C Technologies Holdings, Inc.
21,358   1,784,034
TransUnion
32,994   2,738,172
            10,308,086
Real Estate Management & Development — 0.2%
CBRE Group, Inc. (Class A Stock)*
24,253   3,171,807
CoStar Group, Inc.*(a)
7,400   586,302
Zillow Group, Inc. (Class A Stock)*
2,000   133,720
Zillow Group, Inc. (Class C Stock)*
34,330   2,353,665
            6,245,494
Residential REITs — 0.3%
American Homes 4 Rent (Class A Stock)
129,242   4,886,640
Equity LifeStyle Properties, Inc.
70,785   4,721,360
            9,608,000
Semiconductors & Semiconductor Equipment — 2.5%
Advanced Micro Devices, Inc.*
27,955   2,872,097
Analog Devices, Inc.
9,200   1,855,364
Broadcom, Inc.
86,266   14,443,516
Entegris, Inc.
10,181   890,634
First Solar, Inc.*(a)
11,002   1,390,983
GLOBALFOUNDRIES, Inc.*
6,100   225,151
Intel Corp.
1,162,110   26,391,518
Microchip Technology, Inc.
462,494   22,389,335
Micron Technology, Inc.
38,400   3,336,576
ON Semiconductor Corp.*(a)
26,000   1,057,940
QUALCOMM, Inc.
125,600   19,293,416
Skyworks Solutions, Inc.
5,900   381,317
            94,527,847
      Shares   Value
Common Stocks (continued)
Software — 1.4%
Microsoft Corp.
96,630   $36,273,936
Oracle Corp.
80,000   11,184,800
Roper Technologies, Inc.(a)
2,467   1,454,494
Salesforce, Inc.
15,600   4,186,416
Zoom Communications, Inc. (Class A Stock)*
8,889   655,741
            53,755,387
Specialized REITs — 1.2%
American Tower Corp.
130,150   28,320,640
Digital Realty Trust, Inc.(a)
53,501   7,666,158
Millrose Properties, Inc.*
2,794   74,069
SBA Communications Corp.
36,358   7,999,124
            44,059,991
Specialty Retail — 1.1%
Best Buy Co., Inc.(a)
25,360   1,866,750
Home Depot, Inc. (The)
47,201   17,298,694
Murphy USA, Inc.
10,432   4,901,058
O’Reilly Automotive, Inc.*
11,273   16,149,474
            40,215,976
Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.
89,810   1,385,768
Sandisk Corp.*
8,466   403,066
Seagate Technology Holdings PLC
170,659   14,497,482
Western Digital Corp.*
198,348   8,019,210
            24,305,526
Textiles, Apparel & Luxury Goods — 0.2%
Kontoor Brands, Inc.
30,295   1,942,818
Lululemon Athletica, Inc.*
17,400   4,925,244
Tapestry, Inc.
16,311   1,148,458
            8,016,520
Tobacco — 1.4%
Philip Morris International, Inc.
325,014   51,589,472
Trading Companies & Distributors — 0.6%
AerCap Holdings NV (Ireland)
73,555   7,515,114
United Rentals, Inc.
20,059   12,570,975
WESCO International, Inc.
9,608   1,492,123
            21,578,212
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.
118,850   31,698,484
 
Total Common Stocks

(cost $3,567,402,502)
  3,601,729,467
Unaffiliated Exchange-Traded Funds — 3.1%
iShares Russell 1000 Value ETF
433,731   81,610,825
SPDR Portfolio S&P 500 Value ETF
683,426   34,902,566
 
Total Unaffiliated Exchange-Traded Funds

(cost $107,672,496)
  116,513,391
 
Total Long-Term Investments

(cost $3,675,074,998)
  3,718,242,858
 
A5
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
 
Short-Term Investments — 8.1%
Affiliated Mutual Funds — 8.1%
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
55,192,112   $55,192,112
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $249,500,252; includes $248,562,950 of cash collateral for securities on loan)(b)(wb)
249,652,916   249,503,124
 
Total Affiliated Mutual Funds

(cost $304,692,364)
  304,695,236
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Treasury Obligations(h)(n) — 0.0%
U.S. Treasury Bills
4.232%   05/15/25     825 820,731
4.249%   05/20/25     150 149,138
 
Total U.S. Treasury Obligations

(cost $969,904)
  969,869
 
Total Short-Term Investments

(cost $305,662,268)
  305,665,105
 
TOTAL INVESTMENTS—106.5%

(cost $3,980,737,266)
  4,023,907,963
 
Liabilities in excess of other assets(z) — (6.5)%
  (245,462,941)
 
Net Assets — 100.0%
  $3,778,445,022
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
EUR Euro
GBP British Pound
    
ADR American Depositary Receipt
CITI Citibank, N.A.
ETF Exchange-Traded Fund
GSI Goldman Sachs International
LP Limited Partnership
MLP Master Limited Partnership
MSI Morgan Stanley & Co International PLC
NYSE New York Stock Exchange
OTC Over-the-counter
REITs Real Estate Investment Trust
S&P Standard & Poor’s
SPDR Standard & Poor’s Depositary Receipts
WBC Westpac Banking Corp.
XLON London Stock Exchange
    
* 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 $245,252,466; cash collateral of $248,562,950 (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.
(h) Represents security, or a portion thereof, segregated as collateral for OTC 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:
 
Forward foreign currency exchange contracts outstanding at March 31, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 06/18/25   MSI   EUR 868   $919,614   $942,951   $23,337   $—
Expiring 06/18/25   WBC   EUR 1,901   2,004,412   2,064,132   59,720   —
Expiring 06/18/25   WBC   EUR 1,819   1,983,987   1,975,397   —   (8,590)
Expiring 06/18/25   WBC   EUR 1,782   1,930,773   1,935,211   4,438   —
              $6,838,786   $6,917,691   87,495   (8,590)
    
A6
AST LARGE-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2025 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/18/25   CITI   GBP 21,807   $27,987,427   $28,167,143   $—   $(179,716)
Euro,
Expiring 06/18/25   GSI   EUR 17,970   19,352,846   19,517,525   —   (164,679)
Expiring 06/18/25   WBC   EUR 2,911   3,133,962   3,161,417   —   (27,455)
              $50,474,235   $50,846,085   —   (371,850)
                      $87,495   $(380,440)
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).
A7