NPORT-EX 2 PIPDBD1PRU033125.htm
AST CORE FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 103.5%
Affiliated Mutual Fund — 1.9%
Fixed Income
AST PGIM Fixed Income Central Portfolio*

(cost $77,000,000)(wa)
6,899,642   $78,241,936
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
Asset-Backed Securities — 11.2%
Automobiles — 2.3%
American Credit Acceptance Receivables Trust,
Series 2023-03, Class B, 144A
6.090%   11/12/27     487 487,405
Series 2024-04, Class C, 144A
4.910%   08/12/31     2,228 2,225,696
Series 2025-01, Class D, 144A
5.540%   08/12/31     2,500 2,513,579
AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class C
5.800%   12/18/28     1,800 1,837,537
ARI Fleet Lease Trust,
Series 2023-A, Class A2, 144A
5.410%   02/17/32     951 952,983
Series 2024-A, Class A2, 144A
5.300%   11/15/32     826 829,883
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-01A, Class A, 144A
3.830%   08/21/28     5,300 5,213,259
Series 2023-02A, Class A, 144A
5.200%   10/20/27     800 805,703
Series 2024-01A, Class A, 144A
5.360%   06/20/30     1,400 1,428,870
Series 2024-03A, Class A, 144A
5.230%   12/20/30     3,140 3,189,163
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A
6.291%   07/26/32     678 688,903
Series 2023-CAR03, Class B, 144A
6.632%   07/26/32     262 266,386
Bridgecrest Lending Auto Securitization Trust,
Series 2024-04, Class D
5.230%   08/15/30     2,250 2,246,942
Series 2025-01, Class D
5.640%   11/15/30     3,750 3,787,709
CarMax Select Receivables Trust,
Series 2025-A, Class C
5.460%   07/15/31     5,100 5,126,107
Chesapeake Funding II LLC,
Series 2023-01A, Class A1, 144A
5.650%   05/15/35     1,377 1,385,920
Series 2024-01A, Class A1, 144A
5.520%   05/15/36     747 755,482
Citizens Auto Receivables Trust,
Series 2024-01, Class A4, 144A
5.030%   10/15/30     1,255 1,268,590
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
CPS Auto Receivables Trust,
Series 2023-B, Class A, 144A
5.910%   08/16/27     390   $390,098
Credit Acceptance Auto Loan Trust,
Series 2024-01A, Class A, 144A
5.680%   03/15/34     1,550   1,568,924
DT Auto Owner Trust,
Series 2023-02A, Class B, 144A
5.410%   02/15/29     1,022   1,023,847
Series 2023-02A, Class D, 144A
6.620%   02/15/29     2,000   2,043,863
Enterprise Fleet Financing LLC,
Series 2023-01, Class A3, 144A
5.420%   10/22/29     1,650   1,670,295
Series 2023-02, Class A2, 144A
5.560%   04/22/30     1,377   1,385,845
Exeter Automobile Receivables Trust,
Series 2023-03A, Class B
6.110%   09/15/27     298   298,712
Series 2025-02A, Class D
5.890%   07/15/31     5,100   5,147,260
Flagship Credit Auto Trust,
Series 2022-03, Class B, 144A
4.690%   07/17/28     2,247   2,244,737
Series 2023-01, Class B, 144A
5.050%   01/18/28     596   596,661
Ford Credit Auto Owner Trust,
Series 2021-01, Class C, 144A
1.910%   10/17/33     398   385,624
Series 2021-02, Class C, 144A
2.110%   05/15/34     1,025   979,671
GLS Auto Receivables Issuer Trust,
Series 2024-04A, Class B, 144A
4.890%   04/16/29     1,045   1,047,827
Series 2024-04A, Class D, 144A
5.650%   07/15/30     3,025   3,053,693
Series 2025-01A, Class D, 144A
5.610%   11/15/30     3,400   3,445,760
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A
5.490%   06/25/27     3,200   3,219,945
Series 2023-03A, Class A, 144A
5.940%   02/25/28     4,470   4,545,853
Series 2025-02A, Class A, 144A
5.130%   09/25/31     935   939,656
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%   12/27/27     3,776   3,605,904
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A
2.330%   06/26/28     5,600   5,340,708
Honda Auto Receivables Owner Trust,
Series 2021-04, Class A3
0.880%   01/21/26     40   40,291
Hyundai Auto Lease Securitization Trust,
Series 2024-A, Class B, 144A
5.350%   05/15/28     1,485   1,499,937
A1
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
JPMorgan Chase Bank NA,
Series 2021-03, Class D, 144A
1.009%   02/26/29     9   $9,370
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%   09/14/27     639   636,180
Series 2021-01A, Class C, 144A
1.420%   07/14/28     765   745,880
Series 2021-01A, Class D, 144A
1.620%   11/14/30     225   219,386
Series 2023-01A, Class A, 144A
5.410%   11/14/29     4,100   4,144,362
Santander Bank Auto Credit-Linked Notes,
Series 2023-B, Class B, 144A
5.640%   12/15/33     243   244,234
Santander Drive Auto Receivables Trust,
Series 2021-02, Class D
1.350%   07/15/27     1,037   1,030,367
Series 2023-01, Class B
4.980%   02/15/28     781   781,756
Series 2023-03, Class C
5.770%   11/15/30     1,100   1,123,209
Series 2024-02, Class C
5.840%   06/17/30     500   510,767
Series 2024-05, Class D
5.140%   02/17/32     2,783   2,772,140
SBNA Auto Lease Trust,
Series 2024-A, Class A4, 144A
5.240%   01/22/29     750   755,577
Securitized Term Auto Receivables Trust (Canada),
Series 2025-A, Class B, 144A
5.038%   07/25/31     411   412,835
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class A4, 144A
5.470%   12/20/29     1,670   1,702,317
Series 2023-01A, Class B, 144A
5.710%   01/22/30     100   102,197
Series 2023-01A, Class C, 144A
5.970%   02/20/31     200   204,771
Series 2024-01A, Class B, 144A
5.380%   01/21/31     285   289,935
Tricolor Auto Securitization Trust,
Series 2024-01A, Class A, 144A
6.610%   10/15/27     496   498,722
Series 2024-03A, Class A, 144A
5.220%   06/15/28     589   590,436
Volkswagen Auto Loan Enhanced Trust,
Series 2021-01, Class A3
1.020%   06/22/26     21   20,891
Westlake Automobile Receivables Trust,
Series 2023-01A, Class D, 144A
6.790%   11/15/28     1,900   1,947,719
              98,228,279
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Debt Obligation — 0.0%
MF1 Ltd.,
Series 2021-FL06, Class A, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%)
5.531%(c)   07/16/36     438   $437,130
Collateralized Loan Obligations — 4.7%
AGL Core CLO Ltd. (Cayman Islands),
Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)
5.712%(c)   01/20/38     4,500   4,500,035
AIMCO CLO Ltd. (United Kingdom),
Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%)
5.653%(c)   07/20/37     6,000   6,002,302
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%)
5.860%(c)   04/28/37     5,000   5,008,610
Anchorage Capital Europe CLO DAC (Ireland),
Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%)
3.543%(c)   04/25/34   EUR 1,722   1,859,912
Apidos CLO (Cayman Islands),
Series 2013-15A, Class A1RR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)
5.565%(c)   04/20/31     139   138,636
Bain Capital Credit CLO Ltd. (United Kingdom),
Series 2023-04A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%)
6.793%(c)   10/21/36     3,375   3,375,669
Battalion CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)
5.625%(c)   07/18/30     282   281,876
Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)
5.593%(c)   03/09/34     8,250   8,251,082
BlueMountain CLO Ltd. (Cayman Islands),
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 0.000%)
5.732%(c)   10/22/30     80   80,342
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
3.385%(c)   04/15/31   EUR 2,080   2,238,745
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
3.775%(c)   10/15/35   EUR 3,810   4,113,558
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)
5.534%(c)   04/17/31     169   168,951
Carlyle US CLO Ltd. (Cayman Islands),
Series 2024-02A, Class A, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)
5.820%(c)   04/25/37     1,800   1,804,017
 
A2
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
CBAM Ltd. (Cayman Islands),
Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)
5.735%(c)   01/20/35     3,040   $3,036,042
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.643%(c)   10/20/37     8,750   8,758,823
Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.673%(c)   07/18/37     6,750   6,753,657
Series 2022-06A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%)
6.703%(c)   10/17/36     3,170   3,190,881
Flatiron CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%)
5.514%(c)   04/17/31     160   159,534
Galaxy CLO Ltd. (Cayman Islands),
Series 2013-15A, Class ARR, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)
5.534%(c)   10/15/30     175   174,644
Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)
5.700%(c)   10/22/37     8,500   8,515,176
Goldentree Loan Management US CLO Ltd. (Cayman Islands),
Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.793%(c)   04/20/37     4,500   4,508,699
Goldentree Loan Management US CLO Ltd. (United Kingdom),
Series 2022-15A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%)
6.693%(c)   10/20/36     4,570   4,594,266
Greywolf CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%)
5.702%(c)   04/15/34     2,083   2,079,341
Henley CLO DAC (Ireland),
Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%)
3.573%(c)   04/25/34   EUR 1,042   1,128,009
Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%)
3.556%(c)   04/25/39   EUR 5,000   5,395,974
ICG Euro CLO DAC (Ireland),
Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)
3.684%(c)   10/19/38   EUR 5,000   5,419,399
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%)
5.520%(c)   10/20/31     862   861,173
Madison Park Funding Ltd. (Cayman Islands),
Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.890%(c)   01/22/37     495   496,063
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%)
5.644%(c)   10/15/32     4,507   $4,509,373
Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.832%(c)   04/15/37     5,000   5,010,489
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands),
Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%)
5.650%(c)   10/19/38     4,750   4,751,656
NGC Ltd. (United Kingdom),
Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.893%(c)   07/20/37     8,250   8,267,704
OCP CLO Ltd. (Cayman Islands),
Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)
5.642%(c)   04/26/31     56   55,725
Octagon 61 Ltd.,
Series 2023-02A, Class B, 144A, 3 Month SOFR + 2.350% (Cap N/A, Floor 2.350%)
6.643%(c)   04/20/36     3,085   3,103,094
OFSI BSL Ltd. (Cayman Islands),
Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%)
6.343%(c)   10/18/35     5,000   5,004,124
OHA Credit Funding Ltd. (Cayman Islands),
Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
5.613%(c)   01/20/38     4,500   4,503,836
OHA Credit Partners Ltd. (Cayman Islands),
Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
5.722%(c)   01/18/38     8,750   8,750,059
Palmer Square CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.838%(c)   04/16/37     1,300   1,301,969
Polen Capital CLO Ltd. (Cayman Islands),
Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
5.581%(c)   04/20/38     8,750   8,730,804
PPM CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)
5.714%(c)   07/15/31     671   670,705
Rad CLO Ltd. (Cayman Islands),
Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)
5.678%(c)   07/24/32     312   312,521
Rockford Tower CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)
5.715%(c)   10/20/31     1,640   1,640,180
 
A3
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
RR Ltd. (Bermuda),
Series 2022-23A, Class A2R, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)
6.952%(c)   10/15/35     4,575   $4,602,204
Silver Rock CLO Ltd. (Cayman Islands),
Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)
6.143%(c)   10/20/37     9,000   8,956,403
Sixth Street CLO Ltd. (Cayman Islands),
Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)
5.655%(c)   07/20/34     7,000   6,991,723
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)
5.632%(c)   01/26/31     298   298,231
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)
5.734%(c)   07/15/34     3,130   3,130,000
Southwick Park CLO LLC (Cayman Islands),
Series 2019-04A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.322%)
5.615%(c)   07/20/32     242   241,963
St. Paul’s CLO DAC (Ireland),
Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%)
3.503%(c)   04/25/30   EUR 1,588   1,716,791
Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%)
3.226%(c)   02/20/30   EUR 4,077   4,393,825
Symphony CLO Ltd. (Cayman Islands),
Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)
5.635%(c)   04/20/33     230   229,983
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)
5.742%(c)   07/25/34     2,083   2,083,566
Tikehau US CLO Ltd. (Bermuda),
Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)
6.163%(c)   01/20/36     8,250   8,240,226
Voya CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)
5.584%(c)   04/17/30     145   144,940
Wellfleet CLO Ltd. (Cayman Islands),
Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)
6.143%(c)   10/18/37     8,000   7,960,445
              198,497,955
Consumer Loans — 1.0%
Affirm Asset Securitization Trust,
Series 2024-A, Class 1A, 144A
5.610%   02/15/29     2,500   2,514,773
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Consumer Loans (cont’d.)
Series 2024-A, Class A, 144A
5.610%   02/15/29     1,320   $1,328,829
Series 2024-B, Class A, 144A
4.620%   09/15/29     3,595   3,587,911
Aqua Finance Trust,
Series 2021-A, Class B, 144A
2.400%   07/17/46     4,810   4,214,504
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A
2.509%   10/20/39   CAD 13   9,320
Goldman Home Improvement Trust Issuer Trust,
Series 2021-GRN02, Class B, 144A
1.970%   06/25/51     151   146,119
Island Finance Trust,
Series 2025-01A, Class A, 144A
6.540%   03/19/35     1,000   1,019,620
Lendmark Funding Trust,
Series 2021-01A, Class A, 144A
1.900%   11/20/31     1,816   1,729,878
Mariner Finance Issuance Trust,
Series 2021-AA, Class A, 144A
1.860%   03/20/36     180   172,570
OneMain Financial Issuance Trust,
Series 2019-02A, Class A, 144A
3.140%   10/14/36     2,382   2,307,473
Series 2020-02A, Class A, 144A
1.750%   09/14/35     2,934   2,839,196
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
5.110%(c)   06/16/36     1,756   1,754,796
Series 2022-02A, Class A, 144A
4.890%   10/14/34     1,381   1,381,001
Series 2023-02A, Class A1, 144A
5.840%   09/15/36     4,000   4,081,837
Oportun Funding Trust,
Series 2024-03, Class B, 144A
5.480%   08/15/29     1,948   1,950,443
Series 2024-03, Class C, 144A
6.250%   08/15/29     1,207   1,212,651
Oportun Issuance Trust,
Series 2021-C, Class C, 144A
3.610%   10/08/31     1,450   1,426,857
Reach ABS Trust,
Series 2025-01A, Class C, 144A
5.990%   08/16/32     1,335   1,349,743
Regional Management Issuance Trust,
Series 2022-01, Class C, 144A
4.460%   03/15/32     3,200   3,116,478
Republic Finance Issuance Trust,
Series 2024-B, Class A, 144A
5.420%   11/20/37     1,850   1,871,104
Stream Innovations Issuer Trust,
Series 2024-02A, Class A, 144A
5.210%   02/15/45     2,525   2,553,500
 
A4
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Consumer Loans (cont’d.)
Series 2024-02A, Class B, 144A
6.340%   02/15/45     2,230   $2,255,332
              42,823,935
Credit Cards — 0.2%
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7
3.960%   10/13/30     737   728,228
Continental Finance Credit Card ABS Master Trust,
Series 2024-A, Class A, 144A
5.780%   12/15/32     2,450   2,470,876
Series 2024-A, Class B, 144A
6.220%   12/15/32     1,990   2,005,039
Mercury Financial Credit Card Master Trust,
Series 2024-02A, Class B, 144A
7.430%   07/20/29     2,500   2,532,266
NewDay Funding Master Issuer PLC (United Kingdom),
Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%)
5.363%(c)   07/15/32   GBP 1,700   2,198,527
              9,934,936
Equipment — 0.3%
Auxilior Term Funding LLC,
Series 2024-01A, Class A3, 144A
5.490%   07/15/31     1,440   1,468,096
CNH Equipment Trust,
Series 2023-A, Class A4
4.770%   10/15/30     715   720,009
Commercial Equipment Finance LLC,
Series 2024-01A, Class A, 144A
5.970%   07/16/29     1,246   1,258,797
DLLMT LLC,
Series 2024-01A, Class A4, 144A
4.980%   04/20/32     410   415,132
MMAF Equipment Finance LLC,
Series 2019-B, Class A5, 144A
2.290%   11/12/41     1,440   1,410,624
SCF Equipment Leasing LLC,
Series 2024-01A, Class A3, 144A
5.520%   01/20/32     945   962,367
SCF Equipment Trust LLC,
Series 2025-01A, Class A3, 144A
5.110%   11/21/33     1,950   1,971,474
Series 2025-01A, Class D, 144A
5.880%   11/20/35     628   641,466
Series 2025-01A, Class E, 144A
6.750%   11/20/35     1,450   1,475,825
              10,323,790
Home Equity Loans — 0.2%
ACE Securities Corp. Home Equity Loan Trust,
Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%)
5.075%(c)   05/25/34     120   112,918
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Home Equity Loans (cont’d.)
Bear Stearns Asset-Backed Securities Trust,
Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%)
5.935%(c)   03/25/43     57   $56,860
BRAVO Residential Funding Trust,
Series 2024-CES01, Class A1A, 144A
6.377%(cc)   04/25/54     823   831,570
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%)
4.915%(c)   01/25/34     294   286,846
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%)
5.335%(c)   04/25/34     152   148,871
Option One Mortgage Accept Corp., Asset-Backed Certificates,
Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%)
5.075%(c)   08/25/33     95   98,062
RCKT Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
6.025%(cc)   02/25/44     759   762,949
Series 2024-CES03, Class A1A, 144A
6.591%(cc)   05/25/44     825   836,208
Towd Point Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
5.848%(cc)   01/25/64     227   227,578
Series 2024-CES02, Class A1A, 144A
6.125%(cc)   02/25/64     75   75,842
Series 2024-CES04, Class A1, 144A
5.122%(cc)   09/25/64     1,698   1,688,435
Series 2024-CES05, Class A1, 144A
5.167%(cc)   09/25/64     1,816   1,807,385
              6,933,524
Manufactured Housing — 0.1%
Cascade MH Asset Trust,
Series 2024-MH01, Class A1, 144A
5.695%(cc)   11/25/56     2,837   2,878,016
Other — 2.2%
Aligned Data Centers Issuer LLC,
Series 2023-01A, Class A2, 144A
6.000%   08/17/48     2,270   2,291,418
AMSR Trust,
Series 2024-SFR02, Class D, 144A
4.150%   11/17/41     1,930   1,797,135
Series 2024-SFR02, Class E1, 144A
4.150%   11/17/41     3,439   3,189,183
Bridge Trust,
Series 2022-SFR01, Class E1, 144A
6.300%   11/17/37     4,500   4,492,339
CF Hippolyta Issuer LLC,
Series 2020-01, Class A1, 144A
1.690%   07/15/60     906   893,550
Series 2021-01A, Class A1, 144A
1.530%   03/15/61     391   373,833
 
A5
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Other (cont’d.)
Series 2022-01A, Class A1, 144A
5.970%   08/15/62     592   $594,529
Compass Datacenters Issuer II LLC,
Series 2024-02A, Class A1, 144A
5.022%   08/25/49     1,855   1,843,489
CoreVest American Finance Trust,
Series 2019-03, Class A, 144A
2.705%   10/15/52     129   127,512
Series 2020-03, Class A, 144A
1.358%   08/15/53     609   593,112
DB Master Finance LLC,
Series 2021-01A, Class A23, 144A
2.791%   11/20/51     2,022   1,742,980
Series 2021-01A, Class A2II, 144A
2.493%   11/20/51     1,988   1,824,493
Domino’s Pizza Master Issuer LLC,
Series 2017-01A, Class A23, 144A
4.118%   07/25/47     1,626   1,596,678
Series 2019-01A, Class A2, 144A
3.668%   10/25/49     3,350   3,147,171
Series 2021-01A, Class A2II, 144A
3.151%   04/25/51     2,076   1,850,448
FirstKey Homes Trust,
Series 2021-SFR01, Class E2, 144A
2.489%   08/17/38     3,600   3,454,423
Series 2021-SFR02, Class A, 144A
1.376%   09/17/38     3,168   3,029,049
Series 2022-SFR01, Class A, 144A
4.145%   05/19/39     1,146   1,130,721
Series 2022-SFR02, Class D, 144A
4.500%   07/17/39     2,500   2,448,349
FRTKL,
Series 2021-SFR01, Class E2, 144A
2.522%   09/17/38     3,000   2,842,817
GoodLeap Home Improvement Solutions Trust,
Series 2024-01A, Class A, 144A
5.350%   10/20/46     600   607,375
Hilton Grand Vacations Trust,
Series 2024-03A, Class C, 144A
5.710%   08/27/40     2,471   2,505,506
Home Partners of America Trust,
Series 2021-02, Class A, 144A
1.901%   12/17/26     3,956   3,786,298
Series 2021-02, Class D, 144A
2.652%   12/17/26     3,456   3,282,219
KKR Asset-Based Income Fund,
6.793%   03/20/65^     3,400   3,400,000
MVW LLC,
Series 2024-01A, Class C, 144A
6.200%   02/20/43     472   483,375
New Economy Assets Phase Sponsor LLC,
Series 2021-01, Class A1, 144A
1.910%   10/20/61     1,420   1,325,128
Progress Residential Trust,
Series 2021-SFR03, Class A, 144A
1.637%   05/17/26     3,785   3,699,913
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Other (cont’d.)
Series 2021-SFR08, Class A, 144A
1.510%   10/17/38     3,651   $3,502,859
Series 2021-SFR10, Class A, 144A
2.393%   12/17/40     607   565,741
Series 2021-SFR11, Class E1, 144A
3.378%   01/17/39     2,500   2,335,038
Series 2022-SFR01, Class E1, 144A
3.930%   02/17/41     2,250   2,104,163
Series 2022-SFR03, Class A, 144A
3.200%   04/17/39     1,061   1,032,267
Series 2025-SFR01, Class D, 144A
3.650%(cc)   02/17/42     3,450   3,125,381
Retained Vantage Data Centers Issuer LLC,
Series 2023-01A, Class A2A, 144A
5.000%   09/15/48     3,400   3,373,796
Sierra Timeshare Receivables Funding LLC,
Series 2024-03A, Class C, 144A
5.320%   08/20/41     2,759   2,765,121
Stack Infrastructure Issuer LLC,
Series 2023-02A, Class A2, 144A
5.900%   07/25/48     1,925   1,947,176
Taco Bell Funding LLC,
Series 2021-01A, Class A2II, 144A
2.294%   08/25/51     3,439   3,084,440
Tricon Residential Trust,
Series 2022-SFR01, Class A, 144A
3.856%   04/17/39     5,076   4,969,289
VB-S1 Issuer LLC,
Series 2024-01A, Class C2, 144A
5.590%   05/15/54     2,165   2,178,238
Wendy’s Funding LLC,
Series 2021-01A, Class A2II, 144A
2.775%   06/15/51     3,080   2,689,980
Zayo Issuer LLC,
Series 2025-01A, Class A2, 144A
5.648%   03/20/55     1,675   1,681,948
              93,708,480
Residential Mortgage-Backed Securities — 0.1%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates,
Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%)
5.035%(c)   02/25/34     26   25,654
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%)
4.006%(c)   10/25/34     65   62,186
Countrywide Asset-Backed Certificates Trust,
Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%)
5.485%(c)   11/25/34     2   1,786
Credit-Based Asset Servicing & Securitization LLC,
Series 2004-CB04, Class A6
5.872%(cc)   05/25/35     3   2,770
 
A6
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Residential Mortgage-Backed Securities (cont’d.)
Merrill Lynch Mortgage Investors Trust,
Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%)
6.910%(c)   06/25/34     45   $45,101
Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%)
6.280%(c)   01/25/35     63   61,340
Structured Asset Investment Loan Trust,
Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%)
4.417%(c)   09/25/34     231   239,116
TFS (Spain),
Series 2018-03, Class A1
0.000%(s)   04/16/40^   EUR —(r)   1
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
5.854%(c)   03/15/26^   EUR 2,508   2,020,386
              2,458,340
Student Loans — 0.1%
College Avenue Student Loans LLC,
Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%)
5.535%(c)   07/25/51     40   39,824
Series 2021-C, Class B, 144A
2.720%   07/26/55     93   84,040
Laurel Road Prime Student Loan Trust,
Series 2018-C, Class A, 144A
0.000%(cc)   08/25/43     1,097   1,052,825
Series 2019-A, Class A2FX, 144A
2.730%   10/25/48     19   18,773
Navient Private Education Refi Loan Trust,
Series 2020-FA, Class A, 144A
1.220%   07/15/69     267   248,684
Series 2021-FA, Class A, 144A
1.110%   02/18/70     1,533   1,346,650
Nelnet Student Loan Trust,
Series 2021-CA, Class B, 144A
2.530%   04/20/62     1,400   1,203,087
Series 2021-CA, Class C, 144A
3.360%   04/20/62     100   85,741
SoFi Professional Loan Program LLC,
Series 2019-C, Class A2FX, 144A
2.370%   11/16/48     304   291,970
SoFi Professional Loan Program Trust,
Series 2020-A, Class A2FX, 144A
2.540%   05/15/46     1,154   1,107,685
              5,479,279
 
Total Asset-Backed Securities

(cost $473,161,455)
  471,703,664
Commercial Mortgage-Backed Securities — 6.5%
2023-MIC Trust (The),
Series 2023-MIC, Class A, 144A
8.437%(cc)   12/05/38     1,330   1,446,490
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
245 Park Avenue Trust,
Series 2017-245P, Class XA, IO, 144A
0.149%(cc)   06/05/37     3,000   $10,592
BAHA Trust,
Series 2024-MAR, Class A, 144A
5.574%(cc)   12/10/41     3,000   3,042,404
BAMLL Re-REMIC Trust,
Series 2025-FRR05, Class A736, 144A
2.230%(cc)   09/27/52     4,000   3,804,658
Series 2025-FRR05, Class AK86, 144A
1.747%(s)   11/27/51     4,787   3,793,685
BANK,
Series 2018-BN14, Class A4
4.231%(cc)   09/15/60     1,715   1,683,800
Series 2018-BNK11, Class A2
3.784%   03/15/61     4,162   4,050,863
Series 2019-BN16, Class A4
4.005%   02/15/52     1,800   1,740,791
Series 2019-BN18, Class A2
3.474%   05/15/62     975   972,844
Series 2019-BN20, Class A2
2.758%   09/15/62     3,540   3,271,093
Series 2019-BN20, Class A3
3.011%   09/15/62     2,691   2,467,434
Series 2019-BN22, Class A3
2.726%   11/15/62     3,800   3,478,740
Series 2019-BN23, Class ASB
2.846%   12/15/52     1,956   1,873,228
Series 2019-BN24, Class A3
2.960%   11/15/62     1,165   1,073,415
Series 2020-BN25, Class A4
2.399%   01/15/63     4,800   4,310,619
Series 2020-BN26, Class ASB
2.313%   03/15/63     6,235   5,916,398
Series 2020-BN30, Class ASB
1.673%   12/15/53     2,500   2,302,158
Series 2022-BNK39, Class XA, IO
0.418%(cc)   02/15/55     20,275   486,768
Series 2022-BNK40, Class A4
3.393%(cc)   03/15/64     460   416,143
Series 2023-BNK45, Class XA, IO
0.996%(cc)   02/15/56     5,809   330,642
Series 2023-BNK46, Class XA, IO
0.617%(cc)   08/15/56     9,305   342,479
Series 2024-BNK47, Class XA, IO
0.822%(cc)   06/15/57     11,261   663,886
Series 2024-BNK48, Class XA, IO
1.148%(cc)   10/15/57     8,968   760,161
BANK5,
Series 2023-05YR04, Class XA, IO
1.005%(cc)   12/15/56     3,277   103,394
Series 2024-05YR10, Class A3
5.302%   10/15/57     4,400   4,470,919
 
A7
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Barclays Commercial Mortgage Securities Trust,
Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%)
5.239%(c)   03/15/37     6,435   $6,097,758
Series 2019-C03, Class XA, IO
1.310%(cc)   05/15/52     1,483   62,624
Series 2019-C04, Class A4
2.661%   08/15/52     2,472   2,292,950
Series 2021-C10, Class XA, IO
1.212%(cc)   07/15/54     22,556   1,234,472
Series 2024-C24, Class XA, IO
1.625%(cc)   02/15/57     8,086   816,784
Series 2024-C26, Class XA, IO
1.014%(cc)   05/15/57     11,943   895,676
Series 2024-C28, Class XA, IO
1.111%(cc)   09/15/57     7,788   619,034
Series 2025-C32, Class XA, IO
1.130%(cc)   02/15/62     4,784   416,485
Benchmark Mortgage Trust,
Series 2019-B09, Class A4
3.751%   03/15/52     8,403   8,141,700
Series 2019-B09, Class AAB
3.933%   03/15/52     1,622   1,601,864
Series 2019-B10, Class A3
3.455%   03/15/62     693   660,494
Series 2020-B18, Class A4
1.672%   07/15/53     3,000   2,591,649
Series 2020-B19, Class A4
1.546%   09/15/53     1,500   1,309,584
Series 2020-B22, Class A4
1.685%   01/15/54     1,500   1,294,639
Series 2021-B27, Class A3
1.792%   07/15/54     5,000   4,535,328
Series 2021-B27, Class A4
2.103%   07/15/54     4,000   3,434,648
Series 2021-B28, Class XA, IO
1.258%(cc)   08/15/54     1,377   76,935
Series 2023-B39, Class XA, IO
0.573%(cc)   07/15/56     19,908   752,669
Series 2023-B40, Class XA, IO
1.172%(cc)   12/15/56     5,440   328,792
Series 2024-V10, Class A3
5.277%   09/15/57     3,400   3,453,711
BMO Mortgage Trust,
Series 2024-C09, Class XA, IO
0.861%(cc)   07/15/57     11,070   733,944
BOCA Commercial Mortgage Trust,
Series 2024-BOCA, Class A, 144A, 1 Month SOFR + 1.921% (Cap N/A, Floor 1.921%)
6.240%(c)   08/15/41     4,665   4,685,282
BPR Trust,
Series 2024-PMDW, Class A, 144A
5.358%(cc)   11/05/41     1,455   1,464,869
BX Commercial Mortgage Trust,
Series 2024-BIO02, Class D, 144A
7.713%(cc)   08/13/41     470   464,889
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
BX Trust,
Series 2022-CLS, Class B, 144A
6.300%   10/13/27     2,185   $2,187,853
Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)
6.409%(c)   03/15/41     3,100   3,096,127
CD Mortgage Trust,
Series 2017-CD03, Class A4
3.631%   02/10/50     590   562,776
Series 2017-CD05, Class A3
3.171%   08/15/50     1,917   1,840,999
Series 2019-CD08, Class A3
2.657%   08/15/57     4,924   4,537,031
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2
3.585%   12/10/54     2,517   2,456,464
Citigroup Commercial Mortgage Trust,
Series 2016-P04, Class A4
2.902%   07/10/49     1,015   986,697
Series 2017-C04, Class A3
3.209%   10/12/50     2,542   2,454,163
Series 2019-C07, Class A4
3.102%   12/15/72     2,721   2,520,010
Series 2019-GC41, Class A4
2.620%   08/10/56     2,063   1,881,261
Series 2019-GC41, Class XA, IO
1.032%(cc)   08/10/56     27,209   898,981
Series 2019-GC43, Class A3
2.782%   11/10/52     3,230   2,925,726
Series 2019-GC43, Class A4
3.038%   11/10/52     3,008   2,723,586
Commercial Mortgage Trust,
Series 2015-CR25, Class XA, IO
0.780%(cc)   08/10/48     516   68
Series 2015-LC23, Class A3
3.521%   10/10/48     2,760   2,745,464
Series 2016-COR01, Class A3
2.826%   10/10/49     2,430   2,352,337
Series 2019-GC44, Class A4
2.698%   08/15/57     11,660   10,627,817
Series 2024-277P, Class A, 144A
6.338%   08/10/44     2,200   2,294,116
Series 2024-CBM, Class A2, 144A
5.867%(cc)   12/10/41     3,115   3,178,763
Credit Suisse Mortgage Trust,
Series 2017-TIME, Class A, 144A
3.646%   11/13/39     160   142,756
CSAIL Commercial Mortgage Trust,
Series 2016-C06, Class XA, IO
1.853%(cc)   01/15/49     1,045   9,617
Series 2017-CX10, Class A4
3.191%   11/15/50     1,566   1,511,457
Series 2018-CX12, Class A3
3.959%   08/15/51     1,425   1,380,936
Series 2018-CX12, Class A4
4.224%(cc)   08/15/51     70   67,902
 
A8
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
DBGS Mortgage Trust,
Series 2018-C01, Class A4
4.466%   10/15/51     2,215   $2,164,540
DC Trust,
Series 2024-HLTN, Class A, 144A
5.727%(cc)   04/13/40     995   1,008,101
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A4
3.276%   05/10/49     170   166,681
Series 2016-C03, Class A4
2.632%   08/10/49     1,684   1,645,487
DTP Commercial Mortgage Trust,
Series 2023-STE02, Class A, 144A
5.454%(cc)   01/15/41     770   786,111
FHLMC Multifamily Structured Pass-Through Certificates,
Series K052, Class X1, IO
0.615%(cc)   11/25/25     10,840   30,708
Series K055, Class X1, IO
1.326%(cc)   03/25/26     5,100   51,418
Series K097, Class X1, IO
1.087%(cc)   07/25/29     10,175   400,356
Series K118, Class X1, IO
0.952%(cc)   09/25/30     8,011   338,196
Series K162, Class X1, IO
0.370%(cc)   12/25/33     5,858   171,757
Series K164, Class X1, IO
0.282%(cc)   05/25/34     10,049   252,673
Series K517, Class A2
5.355%(cc)   01/25/29     2,246   2,320,284
Series K753, Class X1, IO
0.229%(cc)   10/25/30     7,363   102,604
Series Q001, Class XA, IO
2.086%(cc)   02/25/32     4,788   305,215
FREMF Mortgage Trust,
Series 2017-K64, Class B, 144A
4.000%(cc)   05/25/50     3,500   3,448,618
Series 2017-K68, Class B, 144A
3.841%(cc)   10/25/49     3,550   3,472,521
Series 2019-K087, Class B, 144A
4.322%(cc)   01/25/51     3,550   3,477,791
Series 2019-K088, Class B, 144A
4.385%(cc)   02/25/52     2,000   1,971,406
Series 2019-K097, Class C, 144A
3.769%(cc)   09/25/51     2,095   1,979,585
Series 2019-K099, Class B, 144A
3.647%(cc)   10/25/52     3,300   3,115,865
Series 2019-K102, Class C, 144A
3.530%(cc)   12/25/51     3,868   3,576,937
Government National Mortgage Assoc.,
Series 2022-113, Class Z
2.000%   09/16/61     3,592   1,882,808
GS Mortgage Securities Corp. II,
Series 2024-70P, Class A, 144A
4.956%(cc)   03/10/41     4,560   4,602,728
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
GS Mortgage Securities Trust,
Series 2015-GS01, Class A3
3.734%   11/10/48     110   $108,845
Series 2017-GS05, Class A3
3.409%   03/10/50     4,479   4,393,429
Series 2019-GC38, Class AAB
3.835%   02/10/52     2,545   2,512,319
Series 2019-GC42, Class A3
2.749%   09/10/52     4,520   4,151,617
HTL Commercial Mortgage Trust,
Series 2024-T53, Class A, 144A
5.876%(cc)   05/10/39     1,065   1,072,266
IRV Trust,
Series 2025-200P, Class A, 144A
5.295%(cc)   03/14/47     2,800   2,789,657
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP07, Class A5
3.454%   09/15/50     3,000   2,895,041
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class AFX, 144A
4.248%   07/05/33     430   404,200
Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%)
7.367%(c)   07/15/36     500   462,680
Ladder Capital Commercial Mortgage Securities Trust,
Series 2017-LC26, Class A4, 144A
3.551%   07/12/50     2,000   1,936,924
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class XA, IO
0.641%(cc)   12/15/49     4,296   36,686
Series 2017-C34, Class A4
3.536%   11/15/52     4,400   4,266,945
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4
3.259%   06/15/50     750   725,786
Series 2017-H01, Class XD, IO, 144A
2.141%(cc)   06/15/50     700   28,730
Series 2019-H07, Class A3
3.005%   07/15/52     1,081   1,009,386
Series 2019-L02, Class A4
4.071%   03/15/52     252   243,585
Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%)
5.603%(c)   12/15/38     3,660   3,551,520
MSWF Commercial Mortgage Trust,
Series 2023-02, Class XA, IO
0.907%(cc)   12/15/56     7,052   426,045
Natixis Commercial Mortgage Securities Trust,
Series 2018-SOX, Class A, 144A
4.404%   06/17/38     310   302,582
NJ,
Series 2025-WBRK, Class A, 144A
5.867%   03/05/35     3,660   3,755,801
NY Commercial Mortgage Trust,
Series 2025-299P, Class A, 144A
5.286%(cc)   02/10/47     475   487,083
 
A9
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
NYC Commercial Mortgage Trust,
Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%)
5.532%(c)   02/15/42     1,435   $1,417,144
One Market Plaza Trust,
Series 2017-01MKT, Class XCP, IO, 144A
0.000%(cc)   02/10/32     10,119   10
ONNI Commerical Mortgage Trust,
Series 2024-APT, Class A, 144A
5.196%(cc)   07/15/39     1,220   1,234,788
RFM Reremic Trust,
Series 2024-FRR02, Class A123, 144A
2.009%(cc)   02/27/54     2,000   1,642,786
RFR Trust,
Series 2025-SGRM, Class A, 144A
5.562%(cc)   03/11/41     5,565   5,604,873
ROCK Trust,
Series 2024-CNTR, Class A, 144A
5.388%   11/13/41     3,550   3,577,086
Series 2024-CNTR, Class C, 144A
6.471%   11/13/41     4,425   4,565,021
Series 2024-CNTR, Class D, 144A
7.109%   11/13/41     1,390   1,439,296
Series 2024-CNTR, Class E, 144A
8.819%   11/13/41     275   289,830
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%   07/05/36     1,078   1,049,702
SLG Office Trust,
Series 2021-OVA, Class A, 144A
2.585%   07/15/41     500   429,488
TEXAS Commercial Mortgage Trust,
Series 2025-TWR, Class A, 144A, 1 Month SOFR + 1.293% (Cap N/A, Floor 1.293%)
5.603%(c)   04/15/42     2,780   2,774,797
UBS Commercial Mortgage Trust,
Series 2017-C05, Class A4
3.212%   11/15/50     2,687   2,596,088
Series 2017-C06, Class A4
3.320%   12/15/50     1,882   1,823,887
Series 2018-C12, Class A4
4.030%   08/15/51     2,382   2,338,037
Series 2019-C16, Class A3
3.344%   04/15/52     2,063   1,950,106
WCORE Commercial Mortgage Trust,
Series 2024-CORE, Class D, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%)
7.259%(c)   11/15/41     2,215   2,209,462
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC24, Class A3
2.684%   10/15/49     2,333   2,284,838
Series 2017-C38, Class A4
3.190%   07/15/50     410   398,894
Series 2017-C41, Class A3
3.210%   11/15/50     3,196   3,100,528
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2018-1745, Class A, 144A
3.749%(cc)   06/15/36     150   $137,400
Series 2019-C49, Class A3
3.749%   03/15/52     2,273   2,249,178
Series 2019-C52, Class A4
2.643%   08/15/52     1,296   1,202,131
Series 2024-C63, Class XA, IO
1.004%(cc)   08/15/57     14,249   1,065,098
 
Total Commercial Mortgage-Backed Securities

(cost $279,232,407)
  272,377,276
Convertible Bonds — 0.0%
Retail
Liberty Interactive LLC,
Sr. Unsec’d. Notes
3.750%   02/15/30     363   95,876
4.000%   11/15/29     496   138,014
 
Total Convertible Bonds

(cost $699,279)
  233,890
Corporate Bonds — 26.7%
Aerospace & Defense — 0.6%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.125%   03/26/29     1,425   1,444,024
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%   02/04/26     7,900   7,729,461
2.950%   02/01/30     399   363,120
3.100%   05/01/26     38   37,345
3.200%   03/01/29     2,432   2,282,246
3.250%   02/01/35     234   192,290
3.550%   03/01/38     151   118,181
3.900%   05/01/49     66   47,374
5.150%   05/01/30     575   578,434
5.705%   05/01/40     2,855   2,775,083
5.930%   05/01/60     1,444   1,357,358
6.388%   05/01/31     340   362,294
6.528%   05/01/34     130   139,216
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%   02/15/28     800   789,512
7.000%   06/01/32     150   149,063
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes
5.050%   06/01/29     835   844,649
5.054%   04/27/45     106   97,909
5.350%   06/01/34     1,000   1,009,474
5.500%   08/15/54     466   449,737
Northrop Grumman Corp.,
Sr. Unsec’d. Notes
5.150%   05/01/40     390   378,778
5.250%   05/01/50     508   479,691
 
A10
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Aerospace & Defense (cont’d.)
RTX Corp.,
Sr. Unsec’d. Notes
2.250%   07/01/30     369   $327,643
3.030%   03/15/52     450   285,516
4.125%   11/16/28     1,573   1,551,694
4.500%   06/01/42     475   418,074
5.750%   11/08/26     600   610,920
6.000%   03/15/31     340   360,595
              25,179,681
Agriculture — 0.4%
Altria Group, Inc.,
Gtd. Notes
6.875%   11/01/33(a)     940   1,035,342
BAT Capital Corp. (United Kingdom),
Gtd. Notes
4.390%   08/15/37     1,440   1,259,972
4.540%   08/15/47     796   633,367
5.625%   08/15/35     1,150   1,151,818
5.834%   02/20/31     715   742,366
6.000%   02/20/34     225   232,944
Bunge Ltd. Finance Corp.,
Gtd. Notes
2.750%   05/14/31     2,000   1,772,262
Cargill, Inc.,
Sr. Unsec’d. Notes, 144A
2.125%   11/10/31     1,050   895,285
JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group,
Gtd. Notes, 144A
5.950%   04/20/35     945   971,679
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
4.375%   11/01/27     1,815   1,813,606
4.500%   03/20/42     117   102,615
4.750%   11/01/31     550   548,437
4.875%   02/15/28     526   532,668
5.125%   02/15/30     1,765   1,800,180
5.250%   02/13/34     170   171,534
5.375%   02/15/33     310   316,032
5.625%   09/07/33     1,405   1,455,840
Reynolds American, Inc. (United Kingdom),
Gtd. Notes
5.700%   08/15/35     1,345   1,351,855
7.000%   08/04/41     264   280,791
              17,068,593
Airlines — 0.2%
American Airlines 2015-2 Class A Pass Through Trust,
Pass-Through Certificates
4.000%   03/22/29(a)     1,721   1,664,993
American Airlines 2015-2 Class AA Pass-Through Trust,
Pass-Through Certificates
3.600%   03/22/29     104   101,122
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.575%   07/15/29     101   97,900
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Airlines (cont’d.)
American Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates
3.200%   12/15/29     184   $175,050
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%   04/20/26     265   263,728
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A
4.500%   10/20/25     318   316,806
4.750%   10/20/28     3,973   3,954,128
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
Sr. Sec’d. Notes, 144A
6.500%   06/20/27(a)     349   350,196
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates
4.000%   10/11/27     114   112,820
United Airlines 2015-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.450%   06/01/29     86   82,697
United Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.100%   01/07/30     70   66,558
United Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.875%   04/07/30     624   586,086
United Airlines 2018-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.500%   09/01/31     108   102,740
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.700%   11/01/33     282   249,499
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%   04/15/26     495   486,693
4.625%   04/15/29     109   103,177
              8,714,193
Apparel — 0.0%
Tapestry, Inc.,
Sr. Unsec’d. Notes
5.100%   03/11/30     465   464,977
5.500%   03/11/35     1,145   1,131,377
              1,596,354
Auto Manufacturers — 0.4%
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A
3.500%   04/07/25     1,995   1,994,629
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%   02/16/28     675   624,629
4.125%   08/17/27     2,240   2,163,840
4.271%   01/09/27     200   195,728
5.800%   03/05/27     565   567,687
 
A11
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Auto Manufacturers (cont’d.)
General Motors Co.,
Sr. Unsec’d. Notes
5.000%   04/01/35     1,611   $1,488,814
General Motors Financial Co., Inc.,
Gtd. Notes
4.000%   10/06/26     149   147,113
4.350%   04/09/25     512   511,914
Sr. Unsec’d. Notes
5.000%   04/09/27     500   500,652
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A
5.250%   01/08/27(a)     2,290   2,308,711
5.300%   06/24/29     2,950   2,979,903
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
4.950%   08/15/29     1,460   1,441,037
              14,924,657
Auto Parts & Equipment — 0.1%
Aptiv Swiss Holdings Ltd.,
Gtd. Notes
5.150%   09/13/34     1,285   1,211,829
Clarios Global LP/Clarios US Finance Co.,
Sr. Sec’d. Notes, 144A
6.750%   02/15/30     75   75,539
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%   04/15/25     51   50,873
Dana, Inc.,
Sr. Unsec’d. Notes
4.250%   09/01/30     367   340,573
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   11/17/28     3,600   3,434,312
              5,113,126
Banks — 8.3%
ABN AMRO Bank NV (Netherlands),
Sr. Non-Preferred Notes, 144A
5.515%(ff)   12/03/35(a)     1,300   1,300,035
Sub. Notes, 144A, MTN
4.750%   07/28/25     1,000   999,020
AIB Group PLC (Ireland),
Sr. Unsec’d. Notes, 144A
6.608%(ff)   09/13/29     2,500   2,634,313
Sr. Unsec’d. Notes, 144A, MTN
5.871%(ff)   03/28/35     2,500   2,536,582
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
4.175%(ff)   03/24/28     200   197,810
5.538%(ff)   03/14/30     800   816,874
5.565%   01/17/30     600   614,995
6.033%   01/17/35     600   620,769
Sr. Preferred Notes
5.439%   07/15/31     600   613,853
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Bank of America Corp.,
Sr. Unsec’d. Notes
2.299%(ff)   07/21/32     1,837   $1,569,196
2.572%(ff)   10/20/32     1,317   1,135,881
2.592%(ff)   04/29/31     8,081   7,254,670
2.687%(ff)   04/22/32     3,970   3,494,431
4.571%(ff)   04/27/33     1,300   1,255,496
4.979%(ff)   01/24/29     1,740   1,756,891
5.162%(ff)   01/24/31(a)     1,310   1,327,861
5.468%(ff)   01/23/35     5,814   5,896,986
5.933%(ff)   09/15/27     850   866,507
Sr. Unsec’d. Notes, GMTN
3.593%(ff)   07/21/28     282   275,936
Sr. Unsec’d. Notes, MTN
1.319%(ff)   06/19/26     380   377,282
1.898%(ff)   07/23/31     11,123   9,558,630
1.922%(ff)   10/24/31     430   367,838
2.496%(ff)   02/13/31     1,402   1,258,659
2.972%(ff)   02/04/33     1,080   946,943
3.194%(ff)   07/23/30     1,496   1,402,919
3.824%(ff)   01/20/28     912   900,459
3.970%(ff)   03/05/29     1,584   1,556,016
3.974%(ff)   02/07/30     424   412,375
4.083%(ff)   03/20/51     335   263,098
4.271%(ff)   07/23/29     211   208,500
4.330%(ff)   03/15/50     517   424,738
4.376%(ff)   04/27/28     470   467,928
5.000%   01/21/44     1,003   939,840
Sub. Notes
2.482%(ff)   09/21/36     780   649,457
5.518%(ff)   10/25/35     905   885,619
5.744%(ff)   02/12/36     150   149,631
Sub. Notes, MTN
4.250%   10/22/26     15   14,955
Bank of Ireland Group PLC (Ireland),
Sr. Unsec’d. Notes, 144A
5.601%(ff)   03/20/30(a)     2,500   2,554,797
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN
2.650%   03/08/27(a)     1,385   1,338,994
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN
4.975%(ff)   03/14/30     390   395,276
5.060%(ff)   07/22/32     1,210   1,223,299
5.188%(ff)   03/14/35     575   578,625
6.317%(ff)   10/25/29     375   396,705
Bank of New Zealand (New Zealand),
Sr. Unsec’d. Notes, 144A
2.285%   01/27/27     2,085   2,008,405
Bank of Nova Scotia (The) (Canada),
Sr. Unsec’d. Notes
2.951%   03/11/27     1,355   1,317,355
Banque Federative du Credit Mutuel SA (France),
Sr. Preferred Notes, 144A
5.538%   01/22/30     1,215   1,251,532
 
A12
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
4.942%(ff)   09/10/30     1,563   $1,555,389
5.367%(ff)   02/25/31     3,792   3,831,118
5.690%(ff)   03/12/30     1,530   1,567,104
5.785%(ff)   02/25/36     575   575,988
6.036%(ff)   03/12/55     1,500   1,513,018
7.385%(ff)   11/02/28     800   848,038
Sr. Unsec’d. Notes, MTN
4.972%(ff)   05/16/29     304   304,830
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
2.219%(ff)   06/09/26     397   395,033
2.871%(ff)   04/19/32     965   846,246
3.132%(ff)   01/20/33     2,200   1,916,987
4.400%   08/14/28     530   522,821
5.198%(ff)   01/10/30     728   733,561
5.283%(ff)   11/19/30     3,335   3,362,312
Sr. Non-Preferred Notes, 144A, MTN
5.786%(ff)   01/13/33(a)     1,715   1,749,978
Sr. Preferred Notes, 144A
5.125%(ff)   01/13/29     1,490   1,504,414
Sub. Notes, 144A
5.906%(ff)   11/19/35     900   887,608
BPCE SA (France),
Sr. Non-Preferred Notes, 144A
4.625%   09/12/28     495   489,992
5.876%(ff)   01/14/31     1,390   1,423,388
6.293%(ff)   01/14/36     1,890   1,944,392
6.714%(ff)   10/19/29     1,630   1,715,629
7.003%(ff)   10/19/34     585   635,957
Sub. Notes, 144A
6.508%(ff)   01/18/35     1,465   1,498,956
CaixaBank SA (Spain),
Sr. Non-Preferred Notes, 144A
6.037%(ff)   06/15/35(a)     1,460   1,504,702
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.875%   04/30/29     1,600   1,650,132
Citigroup, Inc.,
Sr. Unsec’d. Notes
2.561%(ff)   05/01/32     3,777   3,280,984
2.572%(ff)   06/03/31     4,598   4,094,646
2.666%(ff)   01/29/31     640   577,077
3.520%(ff)   10/27/28     1,240   1,205,147
3.668%(ff)   07/24/28     948   926,869
3.785%(ff)   03/17/33     1,500   1,371,870
3.887%(ff)   01/10/28     1,057   1,044,368
4.075%(ff)   04/23/29     460   452,404
4.650%   07/30/45     458   399,800
4.650%   07/23/48     130   110,712
4.658%(ff)   05/24/28     1,965   1,966,290
4.910%(ff)   05/24/33     530   519,172
5.174%(ff)   02/13/30     510   516,027
5.449%(ff)   06/11/35     1,510   1,519,305
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, Series VAR
3.070%(ff)   02/24/28     4,250   $4,128,916
Sub. Notes
4.450%   09/29/27     964   958,892
4.600%   03/09/26     225   224,826
4.750%   05/18/46     22   18,649
Citizens Financial Group, Inc.,
Sr. Unsec’d. Notes
5.718%(ff)   07/23/32(a)     700   712,645
6.645%(ff)   04/25/35     145   154,183
Cooperatieve Rabobank UA (Netherlands),
Sr. Non-Preferred Notes, 144A
3.649%(ff)   04/06/28(a)     640   627,082
3.758%(ff)   04/06/33     1,000   913,883
Credit Agricole SA (France),
Sr. Non-Preferred Notes, 144A
5.230%(ff)   01/09/29(a)     2,796   2,819,787
Sr. Non-Preferred Notes, 144A, MTN
4.631%(ff)   09/11/28     2,090   2,084,519
5.335%(ff)   01/10/30(a)     944   956,239
5.862%(ff)   01/09/36     2,110   2,156,651
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
5.705%(ff)   03/01/30     2,000   2,055,578
Sr. Non-Preferred Notes, 144A, MTN
5.019%(ff)   03/04/31     915   914,727
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.129%(ff)   11/24/26     1,825   1,790,210
2.311%(ff)   11/16/27     545   523,363
5.403%(ff)   09/11/35(a)     1,275   1,238,884
6.720%(ff)   01/18/29     155   161,978
6.819%(ff)   11/20/29     2,500   2,647,639
Sr. Non-Preferred Notes, SOFR + 1.219%
5.578%(c)   11/16/27     715   718,218
Sr. Preferred Notes
4.162%   05/13/25     1,095   1,094,457
Federation des Caisses Desjardins du Quebec (Canada),
Sr. Unsec’d. Notes, 144A
5.250%   04/26/29     1,305   1,328,726
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.431%(ff)   03/09/27     9,695   9,402,708
1.948%(ff)   10/21/27     190   182,280
2.383%(ff)   07/21/32     625   535,182
2.600%   02/07/30     310   280,730
2.615%(ff)   04/22/32     2,689   2,346,774
2.640%(ff)   02/24/28     4,335   4,180,570
2.908%(ff)   07/21/42     1,640   1,157,927
3.500%   04/01/25     45   45,000
3.615%(ff)   03/15/28     1,645   1,613,925
3.814%(ff)   04/23/29     910   888,469
4.223%(ff)   05/01/29     521   513,749
4.482%(ff)   08/23/28     2,077   2,071,413
4.692%(ff)   10/23/30     1,165   1,157,524
5.016%(ff)   10/23/35     555   539,747
 
A13
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
5.049%(ff)   07/23/30     1,240   $1,250,220
5.207%(ff)   01/28/31(a)     2,355   2,386,917
5.727%(ff)   04/25/30     560   578,068
6.250%   02/01/41     629   663,052
Sub. Notes
4.250%   10/21/25     872   869,447
6.750%   10/01/37     335   362,174
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
2.804%(ff)   05/24/32     989   863,495
2.848%(ff)   06/04/31     417   374,421
5.130%(ff)   03/03/31     1,920   1,922,072
5.286%(ff)   11/19/30     3,245   3,273,883
5.402%(ff)   08/11/33(a)     2,275   2,297,261
5.733%(ff)   05/17/32     355   364,723
5.887%(ff)   08/14/27     550   558,275
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
4.443%(ff)   08/04/28     3,360   3,337,654
5.272%(ff)   01/15/31     550   555,237
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes
1.578%(ff)   04/22/27     540   523,537
2.182%(ff)   06/01/28     462   439,395
2.545%(ff)   11/08/32     995   860,650
2.580%(ff)   04/22/32     655   575,423
2.739%(ff)   10/15/30     508   466,216
2.947%(ff)   02/24/28     2,070   2,009,775
2.963%(ff)   01/25/33     2,910   2,569,475
3.540%(ff)   05/01/28     1,184   1,160,258
3.702%(ff)   05/06/30     62   59,596
3.782%(ff)   02/01/28     1,057   1,042,562
4.005%(ff)   04/23/29     5,020   4,932,819
4.505%(ff)   10/22/28(a)     1,700   1,697,191
4.915%(ff)   01/24/29(a)     1,750   1,766,077
4.946%(ff)   10/22/35     315   308,329
4.995%(ff)   07/22/30     265   267,388
5.140%(ff)   01/24/31     1,535   1,559,561
5.299%(ff)   07/24/29     1,580   1,611,704
5.336%(ff)   01/23/35     3,445   3,475,031
5.581%(ff)   04/22/30     985   1,015,879
6.070%(ff)   10/22/27     865   885,360
KBC Group NV (Belgium),
Sr. Unsec’d. Notes, 144A
4.932%(ff)   10/16/30     1,490   1,486,282
KeyCorp,
Sr. Unsec’d. Notes, GMTN
5.121%(ff)   04/04/31     920   923,240
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.375%   03/22/28     1,624   1,607,389
Manufacturers & Traders Trust Co.,
Sr. Unsec’d. Notes
4.700%   01/27/28(a)     1,470   1,471,924
5.400%   11/21/25     2,550   2,556,826
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.475%(ff)   02/22/31     1,500   $1,540,646
Morgan Stanley,
Sr. Unsec’d. Notes
4.210%(ff)   04/20/28     1,325   1,315,228
5.230%(ff)   01/15/31     390   396,180
5.449%(ff)   07/20/29     585   598,095
5.466%(ff)   01/18/35(a)     1,500   1,518,120
Sr. Unsec’d. Notes, GMTN
2.239%(ff)   07/21/32     265   225,083
2.699%(ff)   01/22/31     5,336   4,837,718
3.875%   01/27/26     279   277,579
4.431%(ff)   01/23/30     4,426   4,368,924
Sr. Unsec’d. Notes, MTN
1.794%(ff)   02/13/32     9,940   8,314,402
1.928%(ff)   04/28/32     225   188,397
2.511%(ff)   10/20/32     220   188,776
3.591%(ff)(cc)   07/22/28     428   417,145
3.622%(ff)   04/01/31     1,080   1,018,801
5.656%(ff)   04/18/30     650   670,015
Morgan Stanley Bank NA,
Sr. Unsec’d. Notes
5.016%(ff)   01/12/29(a)     1,740   1,760,406
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.892%(ff)   05/18/29     614   614,622
5.516%(ff)   09/30/28(a)     3,800   3,865,903
Norinchukin Bank (The) (Japan),
Sr. Unsec’d. Notes, 144A
5.430%   03/09/28     1,830   1,862,345
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
4.812%(ff)   10/21/32     700   692,150
5.102%(ff)   07/23/27     1,740   1,749,614
5.582%(ff)   06/12/29     1,300   1,336,444
Royal Bank of Canada (Canada),
Sr. Unsec’d. Notes, GMTN
4.965%(ff)   01/24/29     1,750   1,759,024
5.150%   02/01/34(a)     350   352,557
5.153%(ff)   02/04/31     1,470   1,485,410
Sr. Unsec’d. Notes, MTN
3.875%   05/04/32     440   412,676
Sr. Unsec’d. Notes, Series I, MTN
2.050%   01/21/27     1,395   1,340,953
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
5.694%(ff)   04/15/31     3,865   3,940,800
Societe Generale SA (France),
Gtd. Notes, 144A
2.797%(ff)   01/19/28     980   943,054
Sr. Non-Preferred Notes, 144A
6.066%(ff)   01/19/35     1,090   1,104,097
Sr. Non-Preferred Notes, 144A, MTN
1.792%(ff)   06/09/27     3,650   3,520,790
5.250%   02/19/27     817   822,170
 
A14
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
6.100%(ff)   04/13/33     2,820   $2,886,593
Standard Chartered PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.005%(ff)   10/15/30(a)     3,140   3,128,225
7.767%(ff)   11/16/28     1,280   1,368,358
State Street Bank & Trust Co.,
Sr. Unsec’d. Notes
4.782%   11/23/29     1,740   1,756,501
State Street Corp.,
Sr. Unsec’d. Notes
2.203%(ff)   02/07/28(a)     4,320   4,146,762
Toronto-Dominion Bank (The) (Canada),
Sr. Unsec’d. Notes
4.783%   12/17/29     1,760   1,758,619
5.298%   01/30/32     780   792,631
Sr. Unsec’d. Notes, MTN
2.800%   03/10/27     4,540   4,399,785
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
5.122%(ff)   01/26/34     3,695   3,620,906
7.161%(ff)   10/30/29     840   904,148
U.S. Bancorp,
Sr. Unsec’d. Notes
5.775%(ff)   06/12/29     520   536,222
5.836%(ff)   06/12/34     170   175,535
Sr. Unsec’d. Notes, MTN
2.215%(ff)   01/27/28     4,295   4,118,318
UBS AG (Switzerland),
Sr. Unsec’d. Notes
5.000%   07/09/27     1,070   1,081,107
7.500%   02/15/28     1,090   1,172,631
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%   04/17/26     350   350,225
Sr. Unsec’d. Notes, 144A
2.746%(ff)   02/11/33     736   628,485
3.091%(ff)   05/14/32     2,077   1,851,126
4.194%(ff)   04/01/31     1,765   1,698,813
4.253%   03/23/28     607   598,757
6.442%(ff)   08/11/28     1,825   1,893,137
6.537%(ff)   08/12/33     2,825   3,022,750
Wells Fargo & Co.,
Sr. Unsec’d. Notes
5.244%(ff)   01/24/31     555   564,176
5.389%(ff)   04/24/34     545   548,602
5.499%(ff)   01/23/35(a)     2,175   2,203,344
6.491%(ff)   10/23/34     695   749,912
Sr. Unsec’d. Notes, MTN
2.393%(ff)   06/02/28     8,461   8,072,502
2.879%(ff)   10/30/30     2,827   2,605,380
3.350%(ff)   03/02/33     4,120   3,694,405
4.808%(ff)   07/25/28     1,660   1,665,311
4.897%(ff)   07/25/33     1,645   1,621,424
4.900%(ff)   01/24/28(a)     1,750   1,760,052
5.013%(ff)   04/04/51     1,553   1,397,267
5.574%(ff)   07/25/29     2,155   2,212,861
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Westpac Banking Corp. (Australia),
Sr. Unsec’d. Notes
5.457%   11/18/27     1,895   $1,950,259
              350,428,334
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%   02/01/46     1,452   1,325,012
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.750%   01/23/29     790   796,764
Bacardi Ltd./Bacardi-Martini BV (Bermuda),
Sr. Unsec’d. Notes, 144A
5.250%   01/15/29     190   191,472
5.400%   06/15/33     359   351,733
Bacardi-Martini BV (Bermuda),
Sr. Unsec’d. Notes, 144A
6.000%   02/01/35     1,060   1,068,326
Constellation Brands, Inc.,
Gtd. Notes
5.250%   11/15/48     300   273,539
PepsiCo, Inc.,
Sr. Unsec’d. Notes
1.625%   05/01/30     180   156,924
2.750%   03/19/30     29   26,807
              4,190,577
Biotechnology — 0.2%
Amgen, Inc.,
Sr. Unsec’d. Notes
3.150%   02/21/40     2,540   1,940,386
4.663%   06/15/51     146   124,712
5.150%   11/15/41     855   807,355
5.750%   03/02/63     300   292,283
CSL Finance PLC (Australia),
Gtd. Notes, 144A
4.250%   04/27/32     665   634,390
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes
2.600%   10/01/40     1,110   790,634
4.750%   03/01/46     213   191,282
4.800%   11/15/29(a)     1,160   1,171,066
5.250%   10/15/33(a)     1,305   1,333,207
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes
1.750%   09/15/30     1,300   1,108,712
              8,394,027
Building Materials — 0.0%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.750%   08/01/28     425   350,110
 
A15
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Building Materials (cont’d.)
Carrier Global Corp.,
Sr. Unsec’d. Notes
3.577%   04/05/50     500   $362,816
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.375%   03/01/32     320   321,703
Sr. Unsec’d. Notes, 144A
6.750%   03/01/33     145   144,505
Trane Technologies Financing Ltd.,
Gtd. Notes
3.800%   03/21/29     285   276,855
5.100%   06/13/34     75   75,098
5.250%   03/03/33     750   763,020
              2,294,107
Chemicals — 0.3%
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A
8.500%   01/12/31     1,320   1,321,980
Celanese US Holdings LLC,
Gtd. Notes
6.415%   07/15/27     525   533,588
6.600%   11/15/28     600   619,104
6.800%   11/15/30     400   414,666
CF Industries, Inc.,
Gtd. Notes
5.150%   03/15/34     750   727,706
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%
15.000%   12/06/28     323   307,764
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
5.319%   11/15/38     866   893,001
5.419%   11/15/48     200   201,238
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
5.950%   11/07/25     1,710   1,722,579
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
6.750%   05/02/34     609   624,986
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A
9.750%   11/15/28(a)     825   857,390
Sasol Financing USA LLC (South Africa),
Gtd. Notes
6.500%   09/27/28     950   910,319
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes
2.300%   05/15/30     1,514   1,343,559
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A
7.378%   11/14/32     1,250   1,374,888
              11,852,768
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Coal — 0.0%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
9.250%   10/01/29     505   $467,241
Commercial Services — 0.2%
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A
7.875%   02/15/31     322   326,355
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%   04/15/29     1,000   900,774
4.625%   10/01/27     925   888,944
DCLI Bidco LLC,
Second Mortgage, 144A
7.750%   11/15/29     505   519,515
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%   09/25/26   EUR 209   223,802
Element Fleet Management Corp. (Canada),
Sr. Unsec’d. Notes, 144A
5.037%   03/25/30     425   423,594
6.319%   12/04/28(a)     1,800   1,889,939
ERAC USA Finance LLC,
Gtd. Notes, 144A
7.000%   10/15/37     425   483,715
Georgetown University (The),
Unsec’d. Notes, Series A
5.215%   10/01/2118     715   648,817
Global Payments, Inc.,
Sr. Unsec’d. Notes
2.900%   05/15/30     600   543,930
4.950%   08/15/27     1,630   1,643,257
Hertz Corp. (The),
Sr. Unsec’d. Notes, 144A
6.000%   01/15/28     379   71,063
7.125%   08/01/26     255   52,913
RELX Capital, Inc. (United Kingdom),
Gtd. Notes
4.750%   03/27/30     1,040   1,044,043
S&P Global, Inc.,
Gtd. Notes
2.900%   03/01/32     600   534,957
              10,195,618
Computers — 0.3%
Accenture Capital, Inc.,
Gtd. Notes
4.250%   10/04/31     2,435   2,389,781
4.500%   10/04/34     460   444,027
CGI, Inc. (Canada),
Sr. Unsec’d. Notes
1.450%   09/14/26     1,000   956,232
Dell International LLC/EMC Corp.,
Gtd. Notes
5.300%   04/01/32     3,490   3,513,052
Sr. Unsec’d. Notes
5.300%   10/01/29     1,250   1,272,267
 
A16
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Computers (cont’d.)
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes
5.000%   10/15/34     1,300   $1,265,805
International Business Machines Corp.,
Sr. Unsec’d. Notes
2.200%   02/09/27     2,090   2,011,393
4.800%   02/10/30     1,500   1,510,260
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A
9.500%   04/01/29     400   433,650
              13,796,467
Cosmetics/Personal Care — 0.0%
Haleon US Capital LLC,
Gtd. Notes
3.375%   03/24/27     780   764,571
3.375%   03/24/29     510   487,247
3.625%   03/24/32     400   367,851
              1,619,669
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A
3.875%   12/15/28     1,300   1,296,723
Wesco Aircraft Holdings, Inc.,
Sr. Unsec’d. Notes, 144A
9.000%   11/15/26(a)(d)     390   165,383
              1,462,106
Diversified Financial Services — 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
Gtd. Notes
2.450%   10/29/26     1,156   1,116,523
3.000%   10/29/28     3,829   3,597,781
3.300%   01/30/32     910   802,775
Aircastle Ltd./Aircastle Ireland DAC,
Sr. Unsec’d. Notes, 144A
5.250%   03/15/30     865   860,020
American Express Co.,
Jr. Sub. Notes
3.550%(ff)   09/15/26(oo)     435   421,085
Sr. Unsec’d. Notes
5.043%(ff)   07/26/28     1,690   1,710,245
5.085%(ff)   01/30/31     1,390   1,407,717
5.442%(ff)   01/30/36     775   782,355
5.850%   11/05/27     1,870   1,935,475
Ameriprise Financial, Inc.,
Sr. Unsec’d. Notes
5.200%   04/15/35     1,785   1,779,365
Aviation Capital Group LLC,
Sr. Unsec’d. Notes, 144A
5.125%   04/10/30     695   690,947
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A
2.528%   11/18/27     3,500   3,276,805
4.950%   01/15/28     700   695,485
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services (cont’d.)
5.150%   01/15/30     6,245   $6,188,483
5.750%   03/01/29     3,000   3,055,860
BlackRock Funding, Inc.,
Gtd. Notes
4.900%   01/08/35     450   449,191
Capital One Financial Corp.,
Sr. Unsec’d. Notes
1.878%(ff)   11/02/27     475   454,461
4.927%(ff)   05/10/28     1,090   1,094,036
6.051%(ff)   02/01/35     435   443,963
6.312%(ff)   06/08/29     643   668,157
7.624%(ff)   10/30/31     1,330   1,479,938
Sub. Notes
6.183%(ff)   01/30/36     275   273,886
Charles Schwab Corp. (The),
Sr. Unsec’d. Notes
5.875%   08/24/26     880   896,407
6.136%(ff)   08/24/34     180   191,445
Discover Financial Services,
Sr. Unsec’d. Notes
7.964%(ff)   11/02/34(a)     1,635   1,865,854
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A
8.375%   04/01/32     170   166,061
ICITII,
, 144A
6.000%   01/31/33^     18   14,608
LPL Holdings, Inc.,
Gtd. Notes
5.700%   05/20/27     890   904,826
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.150%   03/17/30     3,000   2,960,620
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
6.000%   01/15/27     195   194,955
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%   07/14/31     1,497   1,290,218
6.070%   07/12/28     2,000   2,076,181
Nuveen LLC,
Sr. Unsec’d. Notes, 144A
5.550%   01/15/30     265   272,896
OneMain Finance Corp.,
Gtd. Notes
6.625%   05/15/29     585   586,862
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%   02/15/29     923   864,032
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes
4.500%   06/18/29     300   293,220
Synchrony Financial,
Sr. Unsec’d. Notes
4.875%   06/13/25     3,315   3,313,379
              49,076,117
 
A17
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric — 3.5%
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%   06/01/28     546   $534,960
Sr. Unsec’d. Notes, Series I
2.100%   07/01/30     5,000   4,364,709
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes, Series N
2.750%   08/15/51     105   63,813
AES Corp. (The),
Sr. Unsec’d. Notes
5.800%   03/15/32     1,010   1,019,414
Alabama Power Co.,
Sr. Unsec’d. Notes
3.450%   10/01/49     462   326,599
3.750%   03/01/45     187   145,024
5.100%   04/02/35     200   200,056
Sr. Unsec’d. Notes, Series 11-C
5.200%   06/01/41     170   162,999
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes
5.750%   11/01/27     2,550   2,624,028
American Transmission Systems, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%   09/01/44     482   442,124
Arizona Public Service Co.,
Sr. Unsec’d. Notes
6.350%   12/15/32     350   372,367
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
5.650%   06/01/54     1,675   1,644,510
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%   02/01/29     39   37,422
5.000%   02/01/31     60   57,293
5.125%   03/15/28     1,253   1,233,004
CenterPoint Energy Houston Electric LLC,
First Mortgage, Series AE
2.350%   04/01/31     266   232,819
General Ref. Mortgage
3.950%   03/01/48     366   287,718
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes
5.400%   06/01/29     1,490   1,523,086
Cleco Corporate Holdings LLC,
Sr. Unsec’d. Notes
3.375%   09/15/29     310   286,759
Connecticut Light & Power Co. (The),
First Mortgage
4.950%   01/15/30     1,240   1,257,235
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes
3.200%   12/01/51     1,170   770,298
5.500%   03/15/34     270   278,648
5.500%   03/15/55     1,030   999,030
5.700%   05/15/54     540   537,946
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Sr. Unsec’d. Notes, Series 20A
3.350%   04/01/30(a)     194   $183,518
Sr. Unsec’d. Notes, Series 20B
3.950%   04/01/50     151   116,861
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes
5.750%   03/15/54     1,000   962,809
5.800%   03/01/33     397   410,972
Dominion Energy, Inc.,
Sr. Unsec’d. Notes
5.000%   06/15/30     1,365   1,372,081
7.000%   06/15/38     592   664,694
Sr. Unsec’d. Notes, Series C
3.375%   04/01/30     1,300   1,214,236
Duke Energy Carolinas LLC,
First Mortgage
3.550%   03/15/52     220   155,250
3.700%   12/01/47     161   120,615
3.950%   03/15/48     142   109,925
4.850%   03/15/30     1,945   1,964,397
First Ref. Mortgage
3.750%   06/01/45     187   144,716
Duke Energy Corp.,
Sr. Unsec’d. Notes
2.450%   06/01/30     520   463,398
2.550%   06/15/31     4,554   3,977,596
3.500%   06/15/51     255   173,533
4.300%   03/15/28     1,100   1,093,714
4.500%   08/15/32     280   270,145
5.000%   08/15/52     490   427,384
5.450%   06/15/34(a)     535   541,756
5.800%   06/15/54     410   400,741
Duke Energy Florida LLC,
First Mortgage
1.750%   06/15/30     885   766,353
Duke Energy Ohio, Inc.,
First Mortgage
5.250%   04/01/33     225   228,200
5.550%   03/15/54     1,115   1,080,146
Duke Energy Progress LLC,
First Mortgage
3.700%   10/15/46     419   314,412
4.000%   04/01/52     115   88,380
5.050%   03/15/35(a)     765   760,929
5.550%   03/15/55     515   504,094
Edison International,
Jr. Sub. Notes
8.125%(ff)   06/15/53(a)     125   121,945
Sr. Unsec’d. Notes
4.950%   04/15/25     458   457,900
5.250%   11/15/28(a)     650   641,097
6.250%   03/15/30(a)     190   192,595
Emera US Finance LP (Canada),
Gtd. Notes
4.750%   06/15/46     1,380   1,131,220
 
A18
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Enel Finance International NV (Italy),
Gtd. Notes, 144A
1.625%   07/12/26     4,210   $4,050,268
Entergy Arkansas LLC,
First Mortgage
2.650%   06/15/51     2,000   1,175,108
Entergy Louisiana LLC,
First Mortgage
5.800%   03/15/55     375   373,278
Entergy Texas, Inc.,
First Mortgage
3.550%   09/30/49     2,084   1,473,915
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%   08/10/28     551   547,903
Sr. Unsec’d. Notes, 144A, MTN
8.450%   08/10/28     430   443,438
Evergy Metro, Inc.,
Mortgage
4.200%   03/15/48     561   450,191
Evergy, Inc.,
Sr. Unsec’d. Notes
2.900%   09/15/29     1,550   1,432,276
Eversource Energy,
Sr. Unsec’d. Notes
3.375%   03/01/32     1,430   1,281,831
4.600%   07/01/27     1,595   1,595,992
5.125%   05/15/33     1,610   1,590,320
5.450%   03/01/28     1,795   1,834,679
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series B
3.900%(cc)   07/15/27     305   299,930
Sr. Unsec’d. Notes, Series C
4.850%(cc)   07/15/47     410   350,137
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
5.200%   04/01/28     450   456,636
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
5.450%   07/15/44     120   116,894
Florida Power & Light Co.,
First Mortgage
5.300%   04/01/53     2,560   2,464,069
Georgia Power Co.,
Sr. Unsec’d. Notes
4.550%   03/15/30     880   879,029
4.700%   05/15/32     1,040   1,028,197
4.950%   05/17/33     315   312,682
5.200%   03/15/35     635   639,291
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%   08/14/28     498   481,481
ITC Holdings Corp.,
Sr. Unsec’d. Notes, 144A
2.950%   05/14/30     2,780   2,536,919
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Jersey Central Power & Light Co.,
Sr. Unsec’d. Notes, 144A
5.100%   01/15/35     525   $518,877
MidAmerican Energy Co.,
First Mortgage
4.400%   10/15/44     1,400   1,205,472
4.800%   09/15/43     1,105   1,006,912
Mid-Atlantic Interstate Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.100%   05/15/28     121   119,536
Monongahela Power Co.,
First Mortgage, 144A
5.400%   12/15/43     2,500   2,425,525
5.850%   02/15/34     200   206,343
National Rural Utilities Cooperative Finance Corp.,
Sr. Unsec’d. Notes, MTN
4.950%   02/07/30     790   800,381
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
2.250%   06/01/30     3,360   2,973,720
NRG Energy, Inc.,
Gtd. Notes, 144A
3.375%   02/15/29     123   113,026
3.625%   02/15/31     503   446,086
3.875%   02/15/32     480   422,409
NSTAR Electric Co.,
Sr. Unsec’d. Notes
5.200%   03/01/35     755   754,345
5.400%   06/01/34     425   431,886
Oglethorpe Power Corp.,
First Mortgage
5.050%   10/01/48     430   379,925
Ohio Edison Co.,
Sr. Unsec’d. Notes, 144A
5.500%   01/15/33     385   389,999
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%   06/01/49     328   249,421
5.000%   06/01/33     1,820   1,792,850
Oncor Electric Delivery Co. LLC,
Sr. Sec’d. Notes, 144A
5.350%   04/01/35     910   920,474
Pacific Gas & Electric Co.,
First Mortgage
2.100%   08/01/27     754   706,995
2.500%   02/01/31     2,250   1,934,646
3.950%   12/01/47     1,410   1,029,012
4.300%   03/15/45     800   625,394
4.550%   07/01/30     820   792,680
4.950%   07/01/50     1,496   1,247,416
5.450%   06/15/27     3,352   3,386,093
5.900%   10/01/54     1,000   945,487
6.400%   06/15/33     1,250   1,306,225
Sr. Sec’d. Notes
3.250%   06/01/31     484   430,846
 
A19
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
PacifiCorp,
First Mortgage
5.350%   12/01/53     1,295   $1,186,189
PECO Energy Co.,
First Mortgage
3.700%   09/15/47     136   103,164
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia),
Sr. Unsec’d. Notes, EMTN
4.125%   05/15/27     232   227,360
PG&E Wildfire Recovery Funding LLC,
Sr. Sec’d. Notes, Series A-5
5.099%   06/01/54     1,800   1,682,761
Progress Energy, Inc.,
Sr. Unsec’d. Notes
7.750%   03/01/31     2,302   2,625,450
Public Service Co. of Oklahoma,
Sr. Unsec’d. Notes
5.200%   01/15/35     1,325   1,308,596
Public Service Electric & Gas Co.,
First Mortgage, MTN
5.450%   03/01/54     540   530,205
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
4.900%   03/15/30     1,095   1,100,100
5.450%   04/01/34     260   262,542
5.850%   11/15/27     1,780   1,838,071
6.125%   10/15/33     730   769,841
Puget Energy, Inc.,
Sr. Sec’d. Notes
4.100%   06/15/30     563   537,312
4.224%   03/15/32     300   278,769
Sr. Sec’d. Notes, 144A
5.725%   03/15/35     1,225   1,222,902
San Diego Gas & Electric Co.,
First Mortgage
3.950%   11/15/41     240   191,572
5.350%   04/01/53     2,950   2,764,532
5.400%   04/15/35     920   927,185
Southern California Edison Co.,
First Mortgage
2.250%   06/01/30     694   605,540
2.750%   02/01/32     470   400,025
3.650%   02/01/50     1,845   1,281,305
4.900%   06/01/26     495   495,515
5.200%   06/01/34(a)     1,925   1,877,560
5.450%   03/01/35(a)     430   426,197
5.750%   04/15/54     1,235   1,159,042
5.900%   03/01/55(a)     455   437,726
First Mortgage, Series D
4.700%   06/01/27     2,180   2,176,126
First Ref. Mortgage
4.000%   04/01/47     734   546,421
4.650%   10/01/43     80   67,052
Southern Co. (The),
Jr. Sub. Notes
5.113%   08/01/27     2,150   2,174,168
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Sr. Unsec’d. Notes
4.850%   03/15/35     1,625   $1,573,712
5.200%   06/15/33     325   325,763
5.700%   03/15/34     520   537,630
Southern Power Co.,
Sr. Unsec’d. Notes
5.150%   09/15/41     3,585   3,372,470
Southwestern Electric Power Co.,
Sr. Unsec’d. Notes
5.300%   04/01/33     220   220,563
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes
5.000%   04/01/33     2,125   2,105,003
5.000%   01/15/34     1,590   1,570,286
5.050%   08/15/34     335   331,622
5.150%   03/15/35     740   734,393
5.350%   01/15/54     380   356,848
5.650%   03/15/55(a)     2,330   2,287,049
Vistra Corp.,
Jr. Sub. Notes, 144A
8.000%(ff)   10/15/26(oo)     2,750   2,825,060
Jr. Sub. Notes, Series C, 144A
8.875%(ff)   01/15/29(oo)     2,700   2,887,955
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%   07/31/27     845   833,028
Sr. Sec’d. Notes, 144A
5.700%   12/30/34     270   268,437
Wisconsin Power & Light Co.,
Sr. Unsec’d. Notes
5.375%   03/30/34     760   769,088
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.600%   06/01/32     735   708,941
5.600%   04/15/35     1,120   1,125,588
              145,870,582
Electronics — 0.0%
Honeywell International, Inc.,
Sr. Unsec’d. Notes
5.000%   03/01/35     640   637,494
Engineering & Construction — 0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes
5.500%   07/31/47     644   529,291
Sr. Sec’d. Notes, 144A
3.875%   04/30/28     545   520,137
4.250%   10/31/26     1,386   1,361,606
              2,411,034
Entertainment — 0.2%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A
4.625%   10/15/29     500   459,350
Sr. Sec’d. Notes, 144A
7.000%   02/15/30     500   506,193
 
A20
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Entertainment (cont’d.)
Warnermedia Holdings, Inc.,
Gtd. Notes
4.054%   03/15/29     315   $296,716
4.279%   03/15/32     2,125   1,872,545
5.050%   03/15/42     2,065   1,650,576
5.141%   03/15/52     4,185   3,050,482
5.391%   03/15/62     2,095   1,512,128
              9,347,990
Environmental Control — 0.1%
Republic Services, Inc.,
Sr. Unsec’d. Notes
1.450%   02/15/31     525   436,864
4.875%   04/01/29     440   445,605
5.150%   03/15/35     535   538,154
5.200%   11/15/34     1,590   1,604,826
Veralto Corp.,
Gtd. Notes
5.500%   09/18/26     305   308,783
Waste Management, Inc.,
Gtd. Notes
4.950%   07/03/31     828   842,888
4.950%   03/15/35     1,025   1,019,763
              5,196,883
Foods — 0.4%
B&G Foods, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   09/15/28     535   537,663
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.125%   05/14/30   GBP 300   358,019
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A
5.375%   01/09/36     750   740,895
Conagra Brands, Inc.,
Sr. Unsec’d. Notes
4.850%   11/01/28     1,330   1,332,953
5.300%   10/01/26     1,445   1,459,335
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
3.625%   01/15/32     355   316,740
6.750%   03/15/34     850   918,209
Kraft Heinz Foods Co.,
Gtd. Notes
5.200%   03/15/32     905   914,554
Kroger Co. (The),
Sr. Unsec’d. Notes
5.000%   09/15/34     330   322,650
5.500%   09/15/54     900   849,275
Mars, Inc.,
Gtd. Notes, 144A
3.950%   04/01/44     505   411,736
Sr. Unsec’d. Notes, 144A
5.000%   03/01/32     2,620   2,631,810
5.200%   03/01/35     2,005   2,015,113
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Foods (cont’d.)
5.650%   05/01/45     2,295   $2,299,976
Mondelez International, Inc.,
Sr. Unsec’d. Notes
2.625%   03/17/27     1,370   1,323,193
Pilgrim’s Pride Corp.,
Gtd. Notes
4.250%   04/15/31     353   332,051
Tyson Foods, Inc.,
Sr. Unsec’d. Notes
5.400%   03/15/29     205   209,636
5.700%   03/15/34     150   153,462
              17,127,270
Gas — 0.2%
Atmos Energy Corp.,
Sr. Unsec’d. Notes
5.900%   11/15/33     800   846,666
Boston Gas Co.,
Sr. Unsec’d. Notes, 144A
3.757%   03/16/32     680   619,230
Brooklyn Union Gas Co. (The),
Sr. Unsec’d. Notes, 144A
4.632%   08/05/27(a)     3,170   3,162,626
4.866%   08/05/32     1,820   1,753,637
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
5.850%   01/15/41     251   256,621
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%   02/15/31     460   385,133
3.600%   05/01/30     790   748,146
5.350%   04/01/34     495   496,379
5.400%   06/30/33     280   281,220
Southern California Gas Co.,
First Mortgage
5.600%   04/01/54     300   291,470
5.750%   06/01/53     590   579,102
Southwest Gas Corp.,
Sr. Unsec’d. Notes
2.200%   06/15/30     1,014   891,979
              10,312,209
Healthcare-Products — 0.2%
Alcon Finance Corp.,
Gtd. Notes, 144A
3.000%   09/23/29     985   916,318
Boston Scientific Corp.,
Sr. Unsec’d. Notes
4.550%   03/01/39     1,000   935,178
DH Europe Finance II Sarl,
Gtd. Notes
3.250%   11/15/39     1,150   910,042
GE HealthCare Technologies, Inc.,
Gtd. Notes
5.650%   11/15/27     1,265   1,298,551
 
A21
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Products (cont’d.)
Smith & Nephew PLC (United Kingdom),
Sr. Unsec’d. Notes
2.032%   10/14/30     745   $641,333
5.400%   03/20/34     80   80,049
Solventum Corp.,
Gtd. Notes
5.400%   03/01/29     1,525   1,555,591
5.600%   03/23/34     1,601   1,624,163
5.900%   04/30/54(a)     540   533,887
              8,495,112
Healthcare-Services — 0.9%
Aetna, Inc.,
Sr. Unsec’d. Notes
4.500%   05/15/42     283   234,429
6.750%   12/15/37     469   504,607
Ascension Health,
Sr. Unsec’d. Notes, Series B
3.106%   11/15/39     523   410,397
Centene Corp.,
Sr. Unsec’d. Notes
2.500%   03/01/31     1,150   970,382
2.625%   08/01/31     1,855   1,560,972
Cigna Group (The),
Gtd. Notes
4.800%   08/15/38     1,052   982,100
Sr. Unsec’d. Notes
3.200%   03/15/40     2,320   1,757,665
CommonSpirit Health,
Sec’d. Notes
4.350%   11/01/42     214   179,202
Sr. Sec’d. Notes
5.205%   12/01/31     780   787,084
5.318%   12/01/34     3,145   3,115,035
DaVita, Inc.,
Gtd. Notes, 144A
4.625%   06/01/30     2,265   2,087,545
Elevance Health, Inc.,
Sr. Unsec’d. Notes
4.100%   05/15/32     280   264,983
4.500%   10/30/26     720   720,314
4.550%   05/15/52     210   172,196
5.375%   06/15/34     425   430,265
HCA, Inc.,
Gtd. Notes
4.625%   03/15/52     1,800   1,429,042
5.250%   03/01/30     1,050   1,062,189
5.450%   09/15/34     520   514,763
5.500%   06/15/47     656   604,520
5.600%   04/01/34     75   75,300
5.750%   03/01/35     1,140   1,150,140
5.950%   09/15/54     350   335,725
6.100%   04/01/64     120   115,491
Humana, Inc.,
Sr. Unsec’d. Notes
2.150%   02/03/32(a)     200   163,992
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
4.950%   10/01/44     176   $151,481
5.550%   05/01/35     915   904,655
5.750%   03/01/28     1,680   1,726,476
5.875%   03/01/33     350   357,778
Icon Investments Six DAC,
Sr. Sec’d. Notes
5.809%   05/08/27     200   203,872
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%   05/01/47     1,170   971,257
Unsec’d. Notes, Series 2021
2.810%   06/01/41     985   706,576
Laboratory Corp. of America Holdings,
Gtd. Notes
4.350%   04/01/30     2,570   2,516,177
4.550%   04/01/32     940   914,418
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.750%   12/31/30     378   274,169
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% and PIK 5.000%
11.500%   12/31/30     197   170,699
New York & Presbyterian Hospital (The),
Unsec’d. Notes
4.063%   08/01/56     1,030   808,515
NYU Langone Hospitals,
Sec’d. Notes
4.368%   07/01/47     175   150,320
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020
1.375%   11/15/25     168   164,206
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
6.400%   11/30/33     500   541,234
Roche Holdings, Inc.,
Gtd. Notes, 144A
2.607%   12/13/51     1,400   845,440
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.250%   06/01/29     275   259,556
4.625%   06/15/28     200   192,950
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.000%   05/15/30     310   273,919
2.300%   05/15/31     200   175,012
2.750%   05/15/40     1,190   858,156
3.250%   05/15/51     168   112,220
3.875%   08/15/59     511   365,691
4.200%   05/15/32     635   610,012
4.750%   05/15/52     495   427,453
4.950%   05/15/62     585   507,566
5.050%   04/15/53     800   722,533
5.375%   04/15/54     1,695   1,605,497
5.700%   10/15/40     246   251,866
5.750%   07/15/64     25   24,607
6.050%   02/15/63     255   262,493
              37,685,142
 
A22
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Holding Companies-Diversified — 0.0%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/15/31(a)     1,485   $1,485,970
Home Builders — 0.1%
Beazer Homes USA, Inc.,
Gtd. Notes
7.250%   10/15/29     875   859,393
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
6.250%   09/15/27     180   176,931
Sr. Unsec’d. Notes, 144A
5.000%   06/15/29     378   339,255
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%   03/01/30     372   341,666
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%   06/15/27     249   248,987
Sr. Unsec’d. Notes, 144A
5.125%   08/01/30     249   239,243
Tri Pointe Homes, Inc.,
Gtd. Notes
5.250%   06/01/27     307   303,164
              2,508,639
Housewares — 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
6.375%   05/15/30     190   185,189
6.625%   05/15/32(a)     95   92,524
              277,713
Insurance — 0.8%
Aon North America, Inc.,
Gtd. Notes
5.450%   03/01/34     1,710   1,740,581
Athene Global Funding,
Sec’d. Notes, 144A
4.721%   10/08/29     2,055   2,028,579
4.950%   01/07/27(a)     1,740   1,746,347
5.684%   02/23/26     2,670   2,695,629
Sec’d. Notes, 144A, MTN
2.646%   10/04/31     2,135   1,828,348
Berkshire Hathaway Finance Corp.,
Gtd. Notes
4.250%   01/15/49     553   466,063
CNO Global Funding,
Sec’d. Notes, 144A, MTN
4.875%   12/10/27     1,165   1,167,444
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes
3.500%   04/04/25(a)     1,330   1,330,000
Corebridge Global Funding,
Sec’d. Notes, 144A
4.900%   12/03/29     1,185   1,185,531
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Insurance (cont’d.)
5.200%   06/24/29     600   $610,000
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A
1.800%   03/08/28     1,460   1,350,042
5.000%   03/27/30     705   707,538
Equitable Holdings, Inc.,
Sr. Unsec’d. Notes
4.350%   04/20/28     470   465,812
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes
3.375%   03/03/31     830   755,920
6.000%   12/07/33     2,760   2,868,838
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
4.569%   02/01/29     2   1,984
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%   10/09/37     447   466,434
Markel Group, Inc.,
Sr. Unsec’d. Notes
5.000%   03/30/43     154   138,285
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes
2.250%   11/15/30     756   667,626
Met Tower Global Funding,
Sec’d. Notes, 144A, MTN
4.800%   01/14/28(a)     1,740   1,755,561
MetLife, Inc.,
Jr. Sub. Notes
6.400%   12/15/66     459   465,725
Principal Life Global Funding II,
Sr. Sec’d. Notes, 144A
5.100%   01/25/29     1,180   1,198,928
Protective Life Global Funding,
Sec’d. Notes, 144A, MTN
5.215%   06/12/29     300   305,975
RGA Global Funding,
Sec’d. Notes, 144A
5.250%   01/09/30(a)     1,740   1,769,928
5.448%   05/24/29     950   974,353
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%   07/15/34     309   342,540
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.900%   09/15/44     653   586,367
6.850%   12/16/39     50   56,744
Willis North America, Inc.,
Gtd. Notes
2.950%   09/15/29     875   807,043
4.650%   06/15/27     1,965   1,965,576
              32,449,741
 
A23
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Internet — 0.1%
Amazon.com, Inc.,
Sr. Unsec’d. Notes
2.500%   06/03/50     313   $189,893
3.875%   08/22/37     501   450,820
4.250%   08/22/57     145   119,366
Cablevision Lightpath LLC,
Sr. Unsec’d. Notes, 144A
5.625%   09/15/28     275   252,405
Gen Digital, Inc.,
Gtd. Notes, 144A
6.250%   04/01/33     140   139,562
Meta Platforms, Inc.,
Sr. Unsec’d. Notes
5.400%   08/15/54     1,350   1,322,956
Uber Technologies, Inc.,
Sr. Unsec’d. Notes
4.800%   09/15/34     125   121,706
              2,596,708
Iron/Steel — 0.0%
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A
6.875%   11/01/29     205   200,755
7.375%   05/01/33     125   119,910
Sr. Unsec’d. Notes, 144A
7.500%   09/15/31     300   292,962
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
9.250%   10/01/28     150   149,778
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes
1.650%   10/15/27     400   371,860
3.250%   10/15/50     800   527,975
              1,663,240
Leisure Time — 0.0%
Carnival Corp.,
Sr. Sec’d. Notes, 144A
4.000%   08/01/28     300   286,125
NCL Corp. Ltd.,
Gtd. Notes, 144A
5.875%   03/15/26     484   482,790
Sr. Unsec’d. Notes, 144A
6.750%   02/01/32     185   182,225
YMCA of Greater New York,
Unsec’d. Notes
2.303%   08/01/26     705   681,383
              1,632,523
Lodging — 0.1%
Gohl Capital Ltd. (Malaysia),
Gtd. Notes
4.250%   01/24/27     208   204,506
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
3.500%   08/18/26     322   315,845
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Lodging (cont’d.)
Marriott International, Inc.,
Sr. Unsec’d. Notes
5.500%   04/15/37     1,600   $1,580,280
Sr. Unsec’d. Notes, Series FF
4.625%   06/15/30     285   282,405
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.400%   08/08/28     396   395,505
              2,778,541
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes
4.700%   11/15/29     1,575   1,591,270
4.800%   01/08/30(a)     1,740   1,763,914
              3,355,184
Machinery-Diversified — 0.1%
AGCO Corp.,
Gtd. Notes
5.450%   03/21/27     325   329,154
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   01/01/30     841   873,138
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN
4.850%   06/11/29     1,730   1,757,430
Otis Worldwide Corp.,
Sr. Unsec’d. Notes
2.565%   02/15/30     1,782   1,614,057
5.125%   11/19/31     440   444,978
              5,018,757
Media — 0.7%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.125%   05/01/27     538   529,769
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%   01/15/29     380   342,044
3.750%   02/15/28     295   285,762
3.850%   04/01/61     909   550,740
3.900%   06/01/52     1,595   1,031,345
4.400%   12/01/61     512   339,967
5.050%   03/30/29     2,446   2,431,882
5.125%   07/01/49     240   189,940
5.375%   05/01/47     246   203,355
5.500%   04/01/63     480   384,537
6.484%   10/23/45     20   18,942
6.550%   06/01/34     190   195,428
6.834%   10/23/55     151   146,776
Comcast Corp.,
Gtd. Notes
2.450%   08/15/52     205   112,256
2.800%   01/15/51(a)     604   364,087
 
A24
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Media (cont’d.)
2.887%   11/01/51     1,325   $806,869
3.250%   11/01/39     270   209,288
3.400%   04/01/30     340   321,672
3.750%   04/01/40     1,716   1,407,357
3.969%   11/01/47     1,499   1,157,701
3.999%   11/01/49     274   209,362
4.000%   08/15/47     793   616,997
4.150%   10/15/28     207   204,713
4.250%   10/15/30     526   515,918
4.250%   01/15/33     292   277,480
4.800%   05/15/33     420   412,904
5.100%   06/01/29     2,785   2,847,209
5.650%   06/01/54     325   318,380
Cox Communications, Inc.,
Gtd. Notes, 144A
5.450%   09/01/34(a)     3,150   3,074,662
5.950%   09/01/54     485   448,241
Sr. Unsec’d. Notes, 144A
2.600%   06/15/31     138   118,817
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%   02/15/31     615   439,163
4.125%   12/01/30     200   144,992
5.375%   02/01/28     260   221,780
5.500%   04/15/27     350   323,951
6.500%   02/01/29     900   746,788
Sr. Unsec’d. Notes, 144A
4.625%   12/01/30     288   142,089
5.750%   01/15/30     550   291,595
Discovery Communications LLC,
Gtd. Notes
3.625%   05/15/30     1,095   984,922
Paramount Global,
Sr. Unsec’d. Notes
4.375%   03/15/43     818   606,126
4.950%   05/19/50     285   218,117
5.850%   09/01/43     276   241,701
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A
6.500%   09/15/28     635   423,924
Time Warner Cable LLC,
Sr. Sec’d. Notes
6.550%   05/01/37     1,117   1,106,536
6.750%   06/15/39     714   712,900
7.300%   07/01/38     1,490   1,561,642
              28,240,626
Mining — 0.3%
Anglo American Capital PLC (South Africa),
Gtd. Notes, 144A
3.875%   03/16/29     470   453,403
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.700%   05/30/41     105   104,132
5.750%   05/01/43     17   16,986
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
4.900%   02/28/33(a)     775   $767,412
5.125%   02/21/32     685   689,528
5.250%   09/08/33     85   85,897
Capstone Copper Corp. (Canada),
Gtd. Notes, 144A
6.750%   03/31/33     135   134,464
Freeport-McMoRan, Inc.,
Gtd. Notes
4.625%   08/01/30     36   35,203
Glencore Funding LLC (Australia),
Gtd. Notes, 144A
2.850%   04/27/31     585   515,444
5.371%   04/04/29     2,200   2,241,771
5.634%   04/04/34     132   132,304
5.673%   04/01/35     335   335,310
6.375%   10/06/30     975   1,032,366
New Gold, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.875%   04/01/32     95   95,951
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes
5.350%   03/15/34     1,195   1,206,591
Novelis, Inc.,
Gtd. Notes, 144A
6.875%   01/30/30     610   615,338
Rio Tinto Alcan, Inc. (Canada),
Sr. Unsec’d. Notes
6.125%   12/15/33     910   972,128
Rio Tinto Finance USA PLC (Australia),
Gtd. Notes
5.000%   03/14/32     370   371,712
5.875%   03/14/65     870   878,743
Southern Copper Corp. (Mexico),
Sr. Unsec’d. Notes
5.250%   11/08/42     1,587   1,468,769
Yamana Gold, Inc. (Canada),
Gtd. Notes
4.625%   12/15/27     93   92,003
              12,245,455
Miscellaneous Manufacturing — 0.0%
Eaton Corp.,
Gtd. Notes
4.150%   11/02/42     158   135,402
Parker-Hannifin Corp.,
Sr. Unsec’d. Notes, MTN
4.450%   11/21/44     400   349,298
              484,700
Multi-National — 0.0%
Inter-American Development Bank (Supranational Bank),
Notes
6.800%   10/15/25     417   419,292
 
A25
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%   12/01/26     3,500   $3,381,220
Oil & Gas — 1.2%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%   07/15/31     4,301   3,782,341
Sr. Unsec’d. Notes, 144A
5.125%   10/01/34     960   912,628
5.800%   10/01/54     1,350   1,226,404
6.000%   06/13/33     295   300,811
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes
7.875%   12/15/24(d)     5,175   6,469
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
9.000%   11/01/27     28   34,204
Sr. Unsec’d. Notes, 144A
6.625%   10/15/32     900   896,572
BP Capital Markets America, Inc.,
Gtd. Notes
2.721%   01/12/32     365   320,254
3.000%   02/24/50     882   569,145
3.379%   02/08/61     225   145,080
4.812%   02/13/33     555   545,927
4.893%   09/11/33     670   660,233
5.227%   11/17/34     1,035   1,040,266
BP Capital Markets PLC,
Gtd. Notes
4.375%(ff)   06/22/25(oo)     369   366,694
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
2.650%   01/15/32(a)     3,855   3,250,881
5.400%   06/15/47     111   98,722
6.750%   11/15/39     53   57,000
ConocoPhillips Co.,
Gtd. Notes
4.025%   03/15/62     1,814   1,319,321
4.300%   11/15/44     362   303,600
4.700%   01/15/30     2,325   2,338,662
5.300%   05/15/53     250   233,750
5.500%   01/15/55     875   846,162
5.550%   03/15/54     170   164,703
5.650%   01/15/65     450   433,808
5.700%   09/15/63     865   839,275
Continental Resources, Inc.,
Gtd. Notes, 144A
2.268%   11/15/26     504   483,518
Coterra Energy, Inc.,
Sr. Unsec’d. Notes
5.400%   02/15/35     1,265   1,245,678
Crescent Energy Finance LLC,
Gtd. Notes, 144A
9.250%   02/15/28     775   806,202
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Devon Energy Corp.,
Sr. Unsec’d. Notes
4.750%   05/15/42     311   $260,405
5.600%   07/15/41     506   471,734
Diamondback Energy, Inc.,
Gtd. Notes
4.400%   03/24/51     290   226,509
5.550%   04/01/35     760   762,854
5.750%   04/18/54     160   150,636
5.900%   04/18/64     570   535,126
6.250%   03/15/33     525   554,625
6.250%   03/15/53     265   265,544
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
7.750%   02/01/32     350   342,650
8.625%   01/19/29     1,380   1,465,560
8.875%   01/13/33     372   383,067
Eni SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.500%   05/15/34     1,270   1,276,737
5.950%   05/15/54     550   540,103
EOG Resources, Inc.,
Sr. Unsec’d. Notes
5.650%   12/01/54     595   587,982
EQT Corp.,
Sr. Unsec’d. Notes, 144A
3.625%   05/15/31     560   511,389
Equinor ASA (Norway),
Gtd. Notes
3.625%   04/06/40     1,050   872,241
Exxon Mobil Corp.,
Sr. Unsec’d. Notes
3.452%   04/15/51     205   146,680
4.114%   03/01/46     534   439,623
Hess Corp.,
Sr. Unsec’d. Notes
7.125%   03/15/33     1,188   1,342,756
7.300%   08/15/31     835   944,911
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%   02/01/29     103   99,626
6.000%   02/01/31     103   96,247
6.250%   04/15/32     625   584,774
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.600%   03/15/46     981   989,464
Ovintiv, Inc.,
Gtd. Notes
6.250%   07/15/33(a)     1,100   1,137,162
7.375%   11/01/31     150   164,464
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.625%   01/16/34   GBP 274   343,107
Petroleos Mexicanos (Mexico),
Gtd. Notes
5.350%   02/12/28     104   96,356
 
A26
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
6.490%   01/23/27     582   $569,283
6.500%   03/13/27     174   169,459
6.500%   01/23/29     1,215   1,141,675
6.700%   02/16/32     835   732,629
6.840%   01/23/30     523   476,924
6.875%   10/16/25(a)     251   250,623
Gtd. Notes, EMTN
4.875%   02/21/28   EUR 394   403,665
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.900%   08/15/30     700   609,067
Saudi Arabian Oil Co. (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN
5.875%   07/17/64     1,200   1,119,450
Shell Finance US, Inc.,
Gtd. Notes
3.250%   04/06/50     175   120,681
4.000%   05/10/46     145   115,803
4.375%   05/11/45     326   277,467
Shell International Finance BV,
Gtd. Notes
3.000%   11/26/51     1,689   1,091,213
6.375%   12/15/38     665   731,856
TotalEnergies Capital SA (France),
Gtd. Notes
5.425%   09/10/64     1,100   1,029,541
5.638%   04/05/64     2,155   2,106,239
              49,766,217
Oil & Gas Services — 0.0%
Halliburton Co.,
Sr. Unsec’d. Notes
7.450%   09/15/39     475   558,972
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A
3.900%   05/17/28     142   139,775
              698,747
Packaging & Containers — 0.3%
AptarGroup, Inc.,
Sr. Unsec’d. Notes
3.600%   03/15/32     3,450   3,140,683
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%
6.500%   06/30/27     415   20,725
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes
2.125%   08/15/26   EUR 200   198,490
Sr. Sec’d. Notes, 144A
4.125%   08/15/26     200   183,750
Ball Corp.,
Gtd. Notes
3.125%   09/15/31(a)     575   498,055
6.000%   06/15/29     325   329,338
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Packaging & Containers (cont’d.)
Berry Global, Inc.,
Sr. Sec’d. Notes
1.650%   01/15/27(a)     3,770   $3,577,059
5.800%   06/15/31     2,390   2,492,664
Clydesdale Acquisition Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.750%   04/15/32     225   226,473
LABL, Inc.,
Sr. Sec’d. Notes, 144A
9.500%   11/01/28     50   42,366
Packaging Corp. of America,
Sr. Unsec’d. Notes
4.050%   12/15/49     1,350   1,036,955
              11,746,558
Pharmaceuticals — 0.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.200%   11/21/29     1,974   1,864,821
4.050%   11/21/39     3,095   2,715,301
4.250%   11/21/49     497   412,028
4.500%   05/14/35     155   148,647
4.950%   03/15/31     590   599,311
5.200%   03/15/35     205   208,329
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
5.200%   02/22/34     730   742,662
5.550%   02/22/54     1,005   990,324
5.650%   02/22/64     150   146,997
Cardinal Health, Inc.,
Sr. Unsec’d. Notes
5.000%   11/15/29     1,940   1,955,271
5.450%   02/15/34     400   405,492
Cencora, Inc.,
Sr. Unsec’d. Notes
4.850%   12/15/29     1,445   1,452,209
5.125%   02/15/34     1,000   997,964
CVS Health Corp.,
Sr. Unsec’d. Notes
1.875%   02/28/31     948   792,835
2.125%   09/15/31     1,340   1,117,210
3.250%   08/15/29     912   851,392
3.750%   04/01/30     793   747,938
4.125%   04/01/40     79   64,207
4.780%   03/25/38     195   175,349
5.050%   03/25/48     173   147,614
5.125%   07/20/45     790   688,963
5.300%   12/05/43     130   116,611
CVS Pass-Through Trust,
Pass-Through Certificates
6.036%   12/10/28     148(r)   149,409
6.943%   01/10/30     161(r)   166,676
Eli Lilly & Co.,
Sr. Unsec’d. Notes
4.200%   08/14/29     460   457,153
4.600%   08/14/34     165   162,105
 
A27
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pharmaceuticals (cont’d.)
5.500%   02/12/55     575   $580,719
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%   04/30/28     305   285,063
Pfizer Investment Enterprises Pte Ltd.,
Gtd. Notes
5.300%   05/19/53(a)     750   707,555
Pfizer, Inc.,
Sr. Unsec’d. Notes
1.700%   05/28/30     303   264,417
2.625%   04/01/30     597   546,263
3.900%   03/15/39     445   383,743
Viatris, Inc.,
Gtd. Notes
3.850%   06/22/40     2,830   2,056,007
Zoetis, Inc.,
Sr. Unsec’d. Notes
2.000%   05/15/30     1,100   966,838
              24,067,423
Pipelines — 1.3%
Cheniere Energy Partners LP,
Gtd. Notes
3.250%   01/31/32     1,060   932,225
4.000%   03/01/31     210   196,727
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes
4.625%   10/15/28     990   979,552
Columbia Pipelines Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
5.097%   10/01/31     343   338,810
6.042%   08/15/28     655   677,452
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
5.695%   10/01/54     1,550   1,450,097
5.927%   08/15/30     925   961,835
6.036%   11/15/33     1,405   1,451,115
6.544%   11/15/53     150   157,426
Eastern Energy Gas Holdings LLC,
Sr. Unsec’d. Notes
6.200%   01/15/55     405   422,930
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%   12/15/44     48   40,883
Enbridge, Inc. (Canada),
Gtd. Notes
3.125%   11/15/29     965   896,635
5.625%   04/05/34(a)     2,040   2,068,167
5.700%   03/08/33     615   629,669
Energy Transfer LP,
Gtd. Notes
5.250%   04/15/29     25   25,306
Sr. Unsec’d. Notes
4.950%   06/15/28     634   638,240
5.250%   07/01/29     690   699,990
5.300%   04/01/44     9   8,073
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
5.400%   10/01/47     3,551   $3,179,496
5.700%   04/01/35     1,150   1,158,223
6.250%   04/15/49     1,325   1,314,152
6.400%   12/01/30     655   698,182
7.500%   07/01/38     192   218,843
Enterprise Products Operating LLC,
Gtd. Notes
3.300%   02/15/53     350   233,321
3.700%   01/31/51     207   150,393
4.850%   03/15/44     151   136,620
4.950%   02/15/35     840   828,601
5.950%   02/01/41     335   347,285
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%   06/01/27     50   51,122
7.500%   06/01/30     50   53,876
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),
Sr. Sec’d. Notes, 144A
2.160%   03/31/34     496   434,770
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
6.510%   02/23/42     930   970,397
Sr. Sec’d. Notes, 144A, MTN
5.853%   02/23/36     575   582,026
Kinder Morgan, Inc.,
Gtd. Notes
3.250%   08/01/50     1,278   818,979
4.300%   03/01/28     257   255,035
5.550%   06/01/45     28   26,202
Gtd. Notes, GMTN
7.750%   01/15/32     717   818,728
MPLX LP,
Sr. Unsec’d. Notes
2.650%   08/15/30     435   387,506
4.500%   04/15/38     665   583,740
4.700%   04/15/48     177   144,792
4.950%   09/01/32     750   734,189
5.200%   03/01/47     3,318   2,920,914
5.400%   04/01/35     135   132,763
5.500%   02/15/49     163   148,333
5.950%   04/01/55     415   399,816
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
3.250%   07/15/31     850   742,473
ONEOK Partners LP,
Gtd. Notes
6.850%   10/15/37     708   771,629
ONEOK, Inc.,
Gtd. Notes
4.400%   10/15/29     715   702,386
4.450%   09/01/49     2,142   1,672,758
5.050%   11/01/34     150   144,937
5.550%   11/01/26     160   162,138
5.800%   11/01/30     260   270,367
5.850%   11/01/64     940   880,602
6.050%   09/01/33     240   249,571
 
A28
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
6.625%   09/01/53     850   $889,257
Plains All American Pipeline LP,
Sr. Unsec’d. Notes
5.950%   06/15/35     820   835,913
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.750%   03/15/33     180   183,445
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
6.000%   12/31/30     654   622,163
Targa Resources Corp.,
Gtd. Notes
5.200%   07/01/27     1,295   1,309,737
5.550%   08/15/35     2,485   2,479,342
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
4.000%   01/15/32     1,150   1,061,276
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes
3.250%   05/15/30     405   374,968
3.950%   05/15/50     540   412,250
4.000%   03/15/28     1,200   1,177,762
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%   08/15/29     65   60,220
4.125%   08/15/31     40   36,341
6.250%   01/15/30     1,275   1,291,802
Venture Global LNG, Inc.,
Jr. Sub. Notes, 144A
9.000%(ff)   09/30/29(oo)     1,850   1,750,960
Western Midstream Operating LP,
Sr. Unsec’d. Notes
4.050%   02/01/30     2,609   2,490,340
4.500%   03/01/28     20   19,803
5.250%   02/01/50     441   376,238
5.300%   03/01/48     77   65,875
5.500%   08/15/48     11   9,641
Whistler Pipeline LLC,
Sr. Unsec’d. Notes, 144A
5.400%   09/30/29     25   25,202
5.700%   09/30/31     755   764,379
5.950%   09/30/34     215   217,442
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
3.750%   06/15/27     11   10,812
4.900%   01/15/45     390   343,656
5.100%   09/15/45     353   318,619
5.150%   03/15/34     105   103,562
5.400%   03/04/44     417   393,292
5.600%   03/15/35(a)     560   570,297
5.650%   03/15/33     245   251,020
6.000%   03/15/55     215   216,647
7.750%   06/15/31     643   726,939
              55,289,497
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate — 0.0%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
10.500%   01/15/28     944   $961,652
Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.,
Sr. Unsec’d. Notes
3.800%   08/15/29     430   412,805
5.000%   01/31/30     850   856,813
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
4.050%   07/01/30     5,683   5,437,099
COPT Defense Properties LP,
Gtd. Notes
2.900%   12/01/33     955   772,350
Crown Castle, Inc.,
Sr. Unsec’d. Notes
3.100%   11/15/29     568   522,685
3.800%   02/15/28     492   478,595
4.800%   09/01/28     152   151,752
5.600%   06/01/29     1,200   1,226,222
Equinix, Inc.,
Sr. Unsec’d. Notes
2.900%   11/18/26     550   535,538
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
3.250%   01/15/32     1,031   892,974
4.000%   01/15/31     745   695,052
5.300%   01/15/29     520   521,101
Goodman US Finance Six LLC (Australia),
Gtd. Notes, 144A
5.125%   10/07/34     385   379,136
Kimco Realty OP LLC,
Gtd. Notes
2.700%   10/01/30     2,013   1,813,550
MPT Operating Partnership LP/MPT Finance Corp.,
Sr. Sec’d. Notes, 144A
8.500%   02/15/32     25   25,476
NNN REIT, Inc.,
Sr. Unsec’d. Notes
5.500%   06/15/34     1,000   1,005,495
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A
5.875%   10/01/28     800   781,196
Realty Income Corp.,
Sr. Unsec’d. Notes
4.900%   07/15/33     1,000   980,893
Sun Communities Operating LP,
Gtd. Notes
2.300%   11/01/28     1,850   1,707,982
2.700%   07/15/31     1,359   1,182,505
5.500%   01/15/29     2,075   2,120,718
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
10.500%   02/15/28     2,799   2,975,039
 
A29
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.500%   09/01/26     1,803   $1,794,143
5.750%   02/01/27     3,418   3,463,982
Welltower OP LLC,
Gtd. Notes
3.100%   01/15/30     2,091   1,943,148
              32,676,249
Retail — 0.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%   01/15/28     366   349,215
AutoNation, Inc.,
Sr. Unsec’d. Notes
1.950%   08/01/28     1,500   1,364,260
5.890%   03/15/35     1,760   1,756,064
AutoZone, Inc.,
Sr. Unsec’d. Notes
5.400%   07/15/34     340   342,802
6.550%   11/01/33     845   918,612
Carvana Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000%
9.000%   06/01/30     800   846,666
Sr. Sec’d. Notes, 144A, PIK 14.000%
9.000%   06/01/31     800   887,822
Costco Wholesale Corp.,
Sr. Unsec’d. Notes
1.600%   04/20/30     391   342,730
Darden Restaurants, Inc.,
Sr. Unsec’d. Notes
3.850%   05/01/27(a)     950   935,364
Falabella SA (Chile),
Sr. Unsec’d. Notes, 144A
3.375%   01/15/32     1,075   920,200
Home Depot, Inc. (The),
Sr. Unsec’d. Notes
3.300%   04/15/40     414   327,859
3.350%   04/15/50     623   438,659
5.300%   06/25/54     75   72,318
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN
3.600%   07/01/30     337   321,552
4.200%   04/01/50     619   497,380
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
4.700%   06/15/32     634   620,328
RITE AID Corp.,
Sec’d. Notes
—%(p)   12/31/47^     60   —
Sec’d. Notes, Series A, PIK 15.000%
15.000%   08/30/31^     183   —
Sec’d. Notes, Series B, PIK 15.000%
15.000%   08/30/31^     87   —
Sr. Sec’d. Notes, PIK 8.000%
8.000%   12/31/30^     170   —
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Retail (cont’d.)
Sr. Sec’d. Notes, 144A, PIK 11.466%
11.317%   08/30/31^     63   $26,522
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.875%   03/01/27     875   870,179
              11,838,532
Savings & Loans — 0.0%
Nationwide Building Society (United Kingdom),
Sr. Non-Preferred Notes, 144A
3.960%(ff)   07/18/30     895   860,187
Semiconductors — 0.6%
Analog Devices, Inc.,
Sr. Unsec’d. Notes
2.800%   10/01/41     750   541,993
Broadcom, Inc.,
Sr. Unsec’d. Notes
4.150%   02/15/28     1,125   1,115,014
4.800%   04/15/28     1,740   1,752,769
5.050%   07/12/29     665   674,197
5.150%   11/15/31     1,600   1,622,372
Sr. Unsec’d. Notes, 144A
3.137%   11/15/35     1,100   911,992
3.187%   11/15/36     2,200   1,805,099
Foundry JV Holdco LLC,
Sr. Sec’d. Notes, 144A
5.900%   01/25/30     635   657,930
5.900%   01/25/33     250   254,755
6.100%   01/25/36     295   301,773
6.150%   01/25/32(a)     915   949,767
Intel Corp.,
Sr. Unsec’d. Notes
3.200%   08/12/61     176   99,308
3.250%   11/15/49     321   200,747
3.734%   12/08/47     2,054   1,432,826
4.750%   03/25/50     1,116   898,725
5.050%   08/05/62     550   447,256
5.125%   02/10/30     300   302,245
5.700%   02/10/53     230   211,542
KLA Corp.,
Sr. Unsec’d. Notes
4.650%   07/15/32(a)     900   892,757
Marvell Technology, Inc.,
Sr. Unsec’d. Notes
5.750%   02/15/29     900   927,786
Microchip Technology, Inc.,
Gtd. Notes
4.900%   03/15/28     955   958,093
5.050%   02/15/30     565   564,017
Micron Technology, Inc.,
Sr. Unsec’d. Notes
5.300%   01/15/31     310   313,363
5.875%   02/09/33     180   186,334
NVIDIA Corp.,
Sr. Unsec’d. Notes
3.500%   04/01/40     870   729,279
 
A30
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Semiconductors (cont’d.)
3.500%   04/01/50     136   $103,233
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes
2.500%   05/11/31     158   137,634
4.400%   06/01/27     1,320   1,314,271
5.000%   01/15/33     1,100   1,083,500
QUALCOMM, Inc.,
Sr. Unsec’d. Notes
4.800%   05/20/45     340   310,750
Texas Instruments, Inc.,
Sr. Unsec’d. Notes
5.050%   05/18/63     2,350   2,150,548
              23,851,875
Software — 0.4%
Adobe, Inc.,
Sr. Unsec’d. Notes
4.950%   01/17/30(a)     1,240   1,269,808
Cadence Design Systems, Inc.,
Sr. Unsec’d. Notes
4.700%   09/10/34(a)     1,300   1,268,481
Fiserv, Inc.,
Sr. Unsec’d. Notes
4.400%   07/01/49     400   328,549
5.150%   08/12/34     2,200   2,182,467
Intuit, Inc.,
Sr. Unsec’d. Notes
5.200%   09/15/33     500   510,195
Microsoft Corp.,
Sr. Unsec’d. Notes
2.921%   03/17/52     140   93,918
Oracle Corp.,
Sr. Unsec’d. Notes
2.875%   03/25/31     365   326,864
2.950%   04/01/30     430   394,939
4.100%   03/25/61     2,199   1,566,949
4.300%   07/08/34     2,041   1,896,624
4.900%   02/06/33     790   776,692
5.250%   02/03/32     410   415,263
5.500%   09/27/64     665   602,744
6.150%   11/09/29     245   259,407
Roper Technologies, Inc.,
Sr. Unsec’d. Notes
2.000%   06/30/30     650   567,614
4.750%   02/15/32     375   370,794
Synopsys, Inc.,
Sr. Unsec’d. Notes
5.700%   04/01/55(a)     895   888,003
Take-Two Interactive Software, Inc.,
Sr. Unsec’d. Notes
4.000%   04/14/32     1,650   1,541,877
              15,261,188
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications — 0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.300%   06/01/27     766   $732,025
2.550%   12/01/33     251   205,861
3.500%   06/01/41     4,617   3,558,542
3.500%   09/15/53(a)     1,973   1,345,038
3.550%   09/15/55     397   268,672
3.650%   09/15/59     869   585,917
3.800%   12/01/57     692   485,521
4.350%   06/15/45     214   177,479
4.500%   05/15/35     305   286,673
5.350%   09/01/40     230   223,501
5.550%   08/15/41     221   216,546
Cisco Systems, Inc.,
Sr. Unsec’d. Notes
4.750%   02/24/30(a)     1,270   1,290,112
4.950%   02/26/31     705   718,636
5.350%   02/26/64     285   275,852
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A
0.000%   12/31/30^     15   —
Sr. Sec’d. Notes, Series 3B14, 144A
0.000%   12/31/30^     51   —
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500%
10.500%   11/25/28     12   10,911
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A
5.000%   05/01/28     950   938,471
5.875%   10/15/27     175   175,023
Lumen Technologies, Inc.,
Sr. Sec’d. Notes, 144A
4.125%   04/15/30     1   631
Rogers Communications, Inc. (Canada),
Gtd. Notes
4.550%   03/15/52(a)     1,200   956,478
5.300%   02/15/34     420   411,800
Sprint LLC,
Gtd. Notes
7.625%   03/01/26     105   106,690
T-Mobile USA, Inc.,
Gtd. Notes
2.550%   02/15/31     753   663,815
2.625%   02/15/29     1,526   1,414,596
2.875%   02/15/31     453   405,670
3.375%   04/15/29     430   408,560
3.500%   04/15/31     420   389,098
3.875%   04/15/30     3,175   3,042,723
4.200%   10/01/29(a)     1,780   1,747,143
4.700%   01/15/35     740   712,115
5.125%   05/15/32     465   467,963
5.750%   01/15/34     195   202,932
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.355%   03/15/32     4,777   4,040,550
3.400%   03/22/41     200   153,830
 
A31
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
Vodafone Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.875%   06/19/49(a)     800   $681,064
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.625%   07/15/29     1,150   1,215,665
              28,516,103
Textiles — 0.0%
Prime Bloom Holdings Ltd. (China),
Gtd. Notes
0.010%   07/05/22(d)     200   2,600
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
5.500%   03/15/55     1,200   1,193,893
CSX Corp.,
Sr. Unsec’d. Notes
3.350%   09/15/49     950   667,557
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%   07/05/34     81   81,602
Star Leasing Co. LLC,
Sec’d. Notes, 144A
7.625%   02/15/30     390   375,096
              2,318,148
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
4.400%   07/01/27     1,695   1,685,997
5.250%   07/01/29     2,000   2,024,305
5.350%   03/30/29     1,560   1,589,597
6.050%   08/01/28     550   570,658
              5,870,557
 
Total Corporate Bonds

(cost $1,168,873,965)
  1,125,721,193
Floating Rate and Other Loans — 0.0%
Chemicals — 0.0%
Venator Finance Sarl,
Initial First-Out Term Loan, 3 Month SOFR + 10.000%
14.308%(c)   12/31/25^     154   154,085
Term Loan, 3 Month SOFR + 2.000%
14.302%(c)   10/12/28     220   197,709
Venator Materials LLC,
First Out B Term Loan, 3 Month SOFR + 10.000%
14.329%(c)   07/16/26^     155   154,930
              506,724
Commercial Services — 0.0%
MPH Acquisition Holdings LLC,
First Term Out Loan, 3 Month SOFR + 3.750%
8.037%(c)   12/31/30     125   123,826
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Foods — 0.0%
Moran Foods LLC,
First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 7.350%
11.649%(c)   06/30/26^     631   $499,255
11.649%(c)   06/30/26^     355   171,143
Super Senior DDTL, 1 Month SOFR + 11.600%
16.742%(c)   06/30/26^     17   17,119
              687,517
Miscellaneous Manufacturing — 0.0%
FGI Operating Co. LLC,
Exit Term Loan
12.000%   05/16/23^     19   1,617
Software — 0.0%
Interface Security Systems, LLC,
Term Loan
—%(p)   08/07/28^     1,240   930,142
 
Total Floating Rate and Other Loans

(cost $2,791,091)
  2,249,826
Municipal Bonds — 0.4%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%   09/15/32     135   132,155
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs
4.839%   01/01/41     515   490,221
California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%   04/01/49     1,015   1,086,594
Revenue Bonds, BABs, Series S1
7.043%   04/01/50     950   1,119,222
State of California,
General Obligation Unlimited, BABs
7.300%   10/01/39     770   887,370
University of California,
Taxable, Revenue Bonds, Series AQ
4.767%   05/15/2115     119   101,020
              3,194,206
Illinois — 0.0%
State of Illinois,
General Obligation Unlimited, Taxable
5.100%   06/01/33     1,162   1,158,315
Massachusetts — 0.0%
Commonwealth of Massachusetts,
Taxable, Revenue Bonds, Series B
4.110%   07/15/31     962   949,911
Missouri — 0.0%
Curators of the University of Missouri (The),
Revenue Bonds, BABs
5.792%   11/01/41     85   88,280
 
A32
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%   01/01/41     366   $419,391
Taxable, Revenue Bonds, BABs, Series F
7.414%   01/01/40     438   526,416
Rutgers The State University of New Jersey,
Taxable, Revenue Bonds, BABs, Series H
5.665%   05/01/40     400   408,208
              1,354,015
New York — 0.1%
New York City Municipal Water Finance Authority,
Taxable, Revenue Bonds, BABs
5.882%   06/15/44     530   542,563
New York State Dormitory Authority,
Taxable, Revenue Bonds, BABs, Series H
5.389%   03/15/40     100   100,670
New York Transportation Development Corp.,
Taxable, Revenue Bonds
4.248%   09/01/35     2,325   2,259,107
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 165
5.647%   11/01/40     185   194,594
Consolidated, Taxable, Revenue Bonds, Series 174
4.458%   10/01/62     400   339,984
Consolidated, Taxable, Revenue Bonds, Series 181
4.960%   08/01/46     515   490,243
              3,927,161
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, Series A
4.800%   06/01/2111     865   748,993
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs
6.105%   12/01/39     103   110,517
Revenue Bonds, BABs, Series B
5.511%   12/01/45     270   263,545
              374,062
Texas — 0.0%
City of San Antonio Electric & Gas Systems Revenue,
Revenue Bonds, BABs
5.808%   02/01/41     305   313,608
Taxable, Revenue Bonds
4.427%   02/01/42     265   249,426
State of Texas,
General Obligation Unlimited, Taxable, BABs
5.517%   04/01/39     400   411,261
              974,295
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Virginia — 0.1%
University of Virginia,
Taxable, Revenue Bonds, Series A
3.227%   09/01/2119     2,915   $1,727,380
 
Total Municipal Bonds

(cost $18,005,045)
  15,118,994
Residential Mortgage-Backed Securities — 5.7%
Ajax Mortgage Loan Trust,
Series 2021-E, Class M1, 144A
2.940%(cc)   12/25/60     146   105,090
Angel Oak Mortgage Trust,
Series 2020-02, Class A1A, 144A
2.531%(cc)   01/26/65     2,760   2,577,334
BRAVO Residential Funding Trust,
Series 2023-RPL01, Class A1, 144A
5.000%(cc)   05/25/63     2,727   2,718,367
Center Street Lending Resi-Investor ABS Mortgage Trust,
Series 2024-RTL01, Class A1, 144A
6.892%(cc)   10/25/29     3,060   3,075,467
Chase Home Lending Mortgage Trust,
Series 2023-RPL01, Class A1, 144A
3.500%(cc)   06/25/62     1,387   1,283,258
Series 2024-RPL03, Class A1A, 144A
3.250%(cc)   09/25/64     476   422,576
CIM Trust,
Series 2022-R03, Class A1, 144A
4.500%(cc)   03/25/62     3,385   3,294,744
Series 2024-R01, Class A1, 144A
4.750%(cc)   06/25/64     1,357   1,334,745
Citigroup Mortgage Loan Trust,
Series 2011-12, Class 3A2, 144A
4.933%(cc)   09/25/47     118   109,225
Series 2022-A, Class A1, 144A
6.170%(cc)   09/25/62     550   550,701
COLT Mortgage Loan Trust,
Series 2021-02, Class A1, 144A
0.924%(cc)   08/25/66     3,438   2,850,156
Series 2021-03, Class A1, 144A
0.956%(cc)   09/27/66     4,677   3,854,505
Series 2021-04, Class A1, 144A
1.397%(cc)   10/25/66     4,974   4,135,451
Series 2021-05, Class A1, 144A
1.726%(cc)   11/26/66     3,156   2,800,779
Connecticut Avenue Securities Trust,
Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)
5.840%(c)   10/25/43     794   794,247
Series 2024-R02, Class 1M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)
6.140%(c)   02/25/44     761   762,100
Credit Suisse Mortgage Trust,
Series 2021-AFC1, Class A1, 144A
0.830%(cc)   03/25/56     1,840   1,500,505
Series 2021-NQM01, Class A1, 144A
0.809%(cc)   05/25/65     1,463   1,316,256
 
A33
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2022-RPL04, Class A1, 144A
3.904%(cc)   04/25/62     858   $815,264
Deephaven Residential Mortgage Trust,
Series 2021-02, Class A1, 144A
0.899%(cc)   04/25/66     4,681   4,138,219
Series 2021-03, Class A1, 144A
1.194%(cc)   08/25/66     4,237   3,673,766
Fannie Mae Interest Strips,
Series 429, Class C3, IO
2.500%   09/25/52     2,972   469,124
Series 437, Class C8, IO
2.500%   06/25/52     2,966   455,589
Fannie Mae REMIC,
Series 2011-098, Class ZL
3.500%   10/25/41     1,604   1,521,393
Series 2011-142, Class PE
3.500%   01/25/42     1,822   1,696,169
Series 2013-009, Class CB
5.500%   04/25/42     576   590,330
Series 2014-59, Class ZA
3.000%   09/25/44     1,412   1,286,400
Series 2014-95, Class ZC
3.000%   01/25/45     1,834   1,659,845
Series 2016-03, Class IN, IO
6.000%   02/25/46     1,515   229,405
Series 2016-43, Class GZ
3.000%   07/25/46     1,738   1,522,842
Series 2017-22, Class BZ
3.500%   04/25/47     2,403   2,206,611
Series 2020-24, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)
1.596%(c)   04/25/50     473   59,112
Series 2020-35, Class AI, IO
3.000%   06/25/50     3,018   491,366
Series 2020-56, Class AQ
2.000%   08/25/50     800   631,962
Series 2020-57, Class TA
2.000%   04/25/50     770   667,364
Series 2020-74, Class HI, IO
5.500%   10/25/50     2,051   364,636
Series 2020-77, Class HI, IO
4.000%   11/25/50     2,171   454,460
Series 2020-85, Class PI, IO
3.000%   12/25/50     3,079   510,444
Series 2020-97, Class EI, IO
2.000%   01/25/51     3,291   413,423
Series 2021-03, Class NI, IO
2.500%   02/25/51     3,399   514,566
Series 2021-03, Class TI, IO
2.500%   02/25/51     2,827   468,204
Series 2021-95, Class GA
1.875%   03/25/51     14,661   12,222,593
Series 2023-53, Class GB
6.000%   08/25/44     1,389   1,415,036
Series 2024-41, Class DA
5.500%   12/25/51     1,528   1,537,149
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)
8.090%(c)   02/25/42     2,825   $2,919,536
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)
7.240%(c)   04/25/42     725   745,311
Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.690%(c)   05/25/42     1,775   1,843,185
Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%)
6.490%(c)   09/25/42     805   811,472
Series 2022-DNA07, Class M1B, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 0.000%)
9.340%(c)   03/25/52     1,855   2,009,586
Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%)
7.890%(c)   08/25/42     775   808,765
Series 2023-HQA03, Class A1, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)
6.190%(c)   11/25/43     481   486,001
Freddie Mac REMIC,
Series 2957, Class ZA
5.000%   03/15/35     606   618,197
Series 3967, Class ZP
4.000%   09/15/41     1,035   1,003,036
Series 4199, Class BZ
3.500%   05/15/43     1,308   1,208,839
Series 4430, Class NZ
3.000%   01/15/45     4,055   3,624,870
Series 4447, Class Z
3.000%   03/15/45     2,107   1,903,304
Series 4504, Class DZ
3.500%   08/15/45     2,602   2,452,729
Series 4640, Class CZ
3.500%   12/15/46     1,359   1,253,487
Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)
0.000%(c)   10/25/50     1,694   46,136
Series 5149, Class JI, IO
3.000%   12/25/49     1,894   327,872
Series 5169, Class IO, IO
3.000%   09/25/51     2,533   419,272
Series 5170, Class DP
2.000%   07/25/50     2,244   1,955,025
Series 5201, Class LA
3.000%   06/25/48     3,240   3,032,818
Series 5201, Class PA
2.500%   03/25/52     1,689   1,497,197
Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   05/25/52     462   8,049
Series 5269, Class AD
2.000%   01/25/55     7,581   5,995,317
 
A34
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Freddie Mac Seasoned Credit Risk Transfer Trust,
Series 2017-03, Class M2, 144A
4.750%(cc)   07/25/56     4,305   $4,202,784
Series 2019-04, Class MV
3.000%   02/25/59     8,238   7,115,986
Freddie Mac Strips,
Series 375, Class C1, IO
2.500%   01/25/51     3,334   517,992
Series 386, Class C14, IO
2.500%   03/15/52     2,668   404,618
Series 389, Class C1, IO
1.500%   05/15/37     7,609   430,442
Series 389, Class C35, IO
2.000%   06/15/52     3,567   457,731
Series 405, Class C17, IO
2.500%   08/25/52     2,148   332,113
Series 406, Class PO, PO
1.203%(s)   10/25/53     2,297   1,899,306
Government National Mortgage Assoc.,
Series 2014-12, Class ZB
3.000%   01/16/44     2,197   1,983,359
Series 2014-46, Class IO, IO
5.000%   03/16/44     2,063   290,792
Series 2016-37, Class IO, IO
5.000%   01/16/43     —(r)   —
Series 2018-72, Class ID, IO
4.500%   08/20/45     2,105   424,885
Series 2020-146, Class IA, IO
3.500%   11/20/41     2,217   363,824
Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)
0.000%(c)   01/20/50     274   109
Series 2021-215, Class KA
2.500%   10/20/49     2,431   2,149,542
Series 2021-H03, Class IO, IO
0.000%(cc)   04/20/70     2,736   11,458
Series 2022-024, Class GA
3.000%   02/20/52     1,375   1,256,733
Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     970   16,539
Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     2,033   48,600
Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.000%(c)   04/20/52     682   17,005
Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.000%(c)   04/20/52     555   15,548
Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)   04/20/52     1,804   40,532
Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%)
0.000%(c)   04/20/52     2,576   64,638
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2022-085, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%)
0.000%(c)   05/20/52     37,252   $1,566,775
Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%)
0.000%(c)   05/20/52     430   8,603
Series 2022-093, Class IO, IO
3.000%   08/20/51     5,294   600,647
Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)
0.000%(c)   07/20/52     2,529   50,376
Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)
0.000%(c)   07/20/52     1,968   43,579
Series 2022-139, Class AL
4.000%   07/20/51     900   811,018
Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)   08/20/52     2,043   35,727
Series 2022-189, Class PT
2.500%   10/20/51     681   568,367
Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%)
1.156%(c)   11/20/52     16,260   1,017,805
Series 2024-129, Class AI, IO
5.000%   10/20/47     1,725   355,265
Series 2024-197, Class BN
3.000%   05/20/51     9,699   8,927,408
GS Mortgage-Backed Securities Trust,
Series 2025-SL01, Class A1, 144A
5.847%(cc)   11/25/67     4,100   4,099,965
Imperial Fund Mortgage Trust,
Series 2021-NQM01, Class A1, 144A
1.071%(cc)   06/25/56     1,248   1,078,680
Series 2021-NQM02, Class A1, 144A
1.073%(cc)   09/25/56     668   555,929
Series 2021-NQM03, Class A1, 144A
1.595%(cc)   11/25/56     4,566   3,918,925
Series 2021-NQM04, Class A1, 144A
2.091%(cc)   01/25/57     2,311   2,006,181
Series 2022-NQM02, Class A1, 144A
3.638%(cc)   03/25/67     4,013   3,750,236
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A
7.858%(cc)   09/25/59     1,278   1,277,775
LHOME Mortgage Trust,
Series 2024-RTL05, Class A1, 144A
5.323%(cc)   09/25/39     2,700   2,686,777
Series 2025-RTL01, Class A1, 144A
5.652%(cc)   01/25/40     2,100   2,105,072
Lugo Funding DAC (Spain),
Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%)
4.021%(c)   05/26/66   EUR 2,100   2,247,598
 
A35
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
MFA Trust,
Series 2021-INV01, Class A1, 144A
0.852%(cc)   01/25/56     206   $197,484
Series 2024-RTL03, Class A1, 144A
5.913%(cc)   11/25/39     2,283   2,294,397
Mill City Mortgage Loan Trust,
Series 2019-GS01, Class M2, 144A
3.250%(cc)   07/25/59     4,425   3,940,830
New Residential Mortgage Loan Trust,
Series 2016-03A, Class A1B, 144A
3.250%(cc)   09/25/56     107(r)   100,639
Series 2017-01A, Class A1, 144A
4.000%(cc)   02/25/57     2,983   2,882,957
Series 2017-04A, Class A1, 144A
4.000%(cc)   05/25/57     1,562   1,494,646
Series 2018-RPL01, Class M2, 144A
3.500%(cc)   12/25/57     2,303   1,971,398
Series 2019-02A, Class A1, 144A
4.250%(cc)   12/25/57     104   101,529
Series 2019-03A, Class A1A, 144A
3.750%(cc)   11/25/58     1,493   1,429,589
Series 2019-06A, Class B2, 144A
4.250%(cc)   09/25/59     1,645   1,592,820
Series 2020-01A, Class A1B, 144A
3.500%(cc)   10/25/59     498   467,166
Series 2020-NQM02, Class A1, 144A
1.650%(cc)   05/24/60     438   421,634
Series 2024-RTL01, Class A1, 144A
6.664%(cc)   03/25/39     2,185   2,207,159
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%)
5.085%(c)   06/25/57     74   72,776
Series 2021-NQM1, Class A1, 144A
1.072%(cc)   02/25/66     4,740   4,057,879
Series 2021-NQM2, Class A1, 144A
1.101%(cc)   05/25/61     5,106   4,150,970
Series 2021-NQM3, Class A1, 144A
1.054%(cc)   07/25/61     4,509   3,650,540
PRET LLC,
Series 2024-RN02, Class A1, 144A
7.125%(cc)   04/25/54     3,772   3,788,973
PRPM,
Series 2024-03, Class A1, 144A
6.994%(cc)   05/25/29     2,343   2,347,850
PRPM LLC,
Series 2020-04, Class A1, 144A
6.610%(cc)   10/25/25     549   549,477
Series 2025-RPL02, Class A1, 144A
3.750%(cc)   04/25/55     2,885   2,775,378
Rain City Mortgage Trust,
Series 2024-RTL01, Class A1, 144A
6.530%(cc)   11/25/29     1,197   1,211,531
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Seasoned Loans Structured Transaction Trust,
Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%)
5.590%(c)   10/25/34     3,713   $3,732,580
Shamrock Residential (Ireland),
Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)
3.373%(c)   06/24/71   EUR 281   304,107
Toorak Mortgage Trust,
Series 2025-RRTL01, Class A1, 144A
5.524%(cc)   02/25/40     2,700   2,704,175
Towd Point Mortgage Trust,
Series 2015-04, Class M2, 144A
3.750%(cc)   04/25/55     73   72,425
Series 2016-02, Class M2, 144A
3.000%(cc)   08/25/55     1,080   1,024,347
Series 2018-03, Class A1, 144A
3.750%(cc)   05/25/58     611   596,448
Series 2019-01, Class A1, 144A
3.750%(cc)   03/25/58     3,280   3,159,404
Series 2019-04, Class B1B, 144A
3.500%(cc)   10/25/59     3,631   2,845,818
Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%)
5.435%(c)   10/25/59     99   100,623
Series 2022-04, Class A1, 144A
3.750%   09/25/62     4,487   4,251,478
Series 2023-01, Class A1, 144A
3.750%   01/25/63     1,837   1,758,705
Verus Securitization Trust,
Series 2021-05, Class A1, 144A
1.013%(cc)   09/25/66     5,019   4,268,943
Series 2021-07, Class A1, 144A
1.829%(cc)   10/25/66     3,864   3,451,519
Series 2022-03, Class A1, 144A
4.130%(cc)   02/25/67     622   587,735
 
Total Residential Mortgage-Backed Securities

(cost $242,245,683)
  238,793,955
Sovereign Bonds — 1.0%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes
2.375%   08/20/30(a)     3,520   3,055,219
Sr. Unsec’d. Notes, 144A
2.375%   08/20/30     200   173,592
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%   02/15/28     89   87,615
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
5.500%   02/22/29     640   630,400
5.950%   01/25/27     198   198,990
6.000%   07/19/28     396   398,574
 
A36
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes, 144A
5.500%   03/26/36     1,280   $1,223,120
6.125%   05/22/28     1,330   1,362,319
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes, Series 05YR
5.375%   02/19/30     760   765,391
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes
4.875%   01/30/32   EUR 611   583,458
5.250%   03/22/30   EUR 435   448,170
5.875%   10/17/31   EUR 2,019   2,043,969
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
3.500%   02/12/34     340   278,970
4.600%   02/10/48     1,106   814,414
6.000%   05/13/30     611   624,442
6.000%   05/07/36     7,190   6,956,325
6.338%   05/04/53     495   450,450
6.350%   02/09/35     915   916,372
6.400%   05/07/54     1,120   1,023,120
6.875%   05/13/37     2,105   2,157,625
Sr. Unsec’d. Notes, GMTN
5.750%   10/12/2110     320   250,880
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%   04/16/50     200   127,500
6.700%   01/26/36     430   410,865
6.853%   03/28/54     380   332,833
6.875%   01/31/36     200   192,500
Sr. Unsub. Notes
2.252%   09/29/32     255   185,385
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
3.000%   01/15/34     280   231,560
5.375%   02/08/35     1,350   1,321,650
Province of Quebec (Canada),
Unsec’d. Notes, Series A, MTN
7.140%   02/27/26     330   337,004
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes, Series 30Y, MTN
5.375%   06/15/33     2,308   2,390,469
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes
3.625%   03/27/32     3,050   2,548,275
Sr. Unsec’d. Notes, 144A
3.000%   02/14/31     224   187,264
5.750%   03/24/35     444   401,154
5.875%   01/30/29     686   681,462
7.500%   02/10/37     400   406,800
Sr. Unsec’d. Notes, 144A, MTN
2.375%   04/19/27   EUR 195   205,998
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
5.375%   01/13/31     625   640,625
5.625%   01/13/35     200   205,250
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Sr. Unsec’d. Notes, 144A, MTN
5.750%   01/16/54     350   $333,323
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%   06/26/29   EUR 2,136   2,063,124
3.125%   05/15/27   EUR 1,161   1,236,166
6.250%   05/26/28     800   815,600
Sr. Unsec’d. Notes, 144A
1.650%   03/03/33   EUR 630   530,928
3.125%   05/15/27   EUR 176   187,395
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
4.375%   01/23/31     890   874,870
 
Total Sovereign Bonds

(cost $42,764,155)
  41,291,415
U.S. Government Agency Obligations — 26.8%
Federal Home Loan Mortgage Corp.
1.500%   06/01/51     70   53,153
1.500%   10/01/51     1,697   1,283,087
1.500%   11/01/51     587   444,541
1.500%   11/01/51     1,787   1,350,097
1.500%   01/01/52     324   244,828
1.500%   02/01/52     311   235,664
2.000%   08/01/40     1,853   1,619,213
2.000%   12/01/40     273   233,739
2.000%   12/01/41     1,918   1,635,198
2.000%   02/01/42     1,887   1,604,685
2.000%   05/01/42     2,327   1,982,380
2.000%   10/01/50     830   668,729
2.000%   10/01/50     1,703   1,366,033
2.000%   11/01/50     520   417,023
2.000%   11/01/50     926   749,172
2.000%   02/01/51     87   70,099
2.000%   03/01/51     3,698   2,961,076
2.000%   04/01/51     1,261   1,007,769
2.000%   04/01/51     2,898   2,318,896
2.000%   05/01/51     1,545   1,248,732
2.000%   08/01/51     560   449,451
2.000%   10/01/51     1,818   1,456,936
2.000%   11/01/51     315   254,040
2.000%   11/01/51     564   454,248
2.000%   04/01/52     2,733   2,203,097
2.100%   07/01/36     4,230   3,382,599
2.500%   06/01/50     968   816,939
2.500%   07/01/50     638   540,502
2.500%   07/01/50     980   824,410
2.500%   07/01/50     3,761   3,176,771
2.500%   09/01/50     1,553   1,312,287
2.500%   09/01/50     6,494   5,445,500
2.500%   11/01/50     1,770   1,488,724
2.500%   12/01/50     647   544,793
2.500%   12/01/50     824   697,479
2.500%   01/01/51     136   114,155
2.500%   02/01/51     541   458,754
2.500%   03/01/51     6,562   5,486,092
2.500%   04/01/51     12,131   10,170,745
 
A37
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.500%   05/01/51     594   $499,243
2.500%   05/01/51     620   522,190
2.500%   07/01/51     394   330,935
2.500%   07/01/51     505   425,326
2.500%   08/01/51     504   422,986
2.500%   08/01/51     1,055   886,576
2.500%   10/01/51     904   759,774
2.500%   11/01/51     1,276   1,081,056
2.500%   02/01/52     564   474,217
2.500%   02/01/52     1,091   921,269
2.500%   04/01/52     675   567,825
2.500%   04/01/52     701   583,962
2.500%   04/01/52     3,259   2,756,788
3.000%   10/01/32     4   3,430
3.000%   11/01/32     5   4,574
3.000%   12/01/32     3   3,303
3.000%   09/01/37     32   29,397
3.000%   06/01/38     505   471,036
3.000%   04/01/46     2,277   2,022,836
3.000%   09/01/46     2,154   1,911,838
3.000%   12/01/46     19   16,819
3.000%   12/01/46     59   53,303
3.000%   12/01/46     89   80,040
3.000%   12/01/46     174   154,209
3.000%   01/01/47     661   586,590
3.000%   02/01/47     1,322   1,184,193
3.000%   07/01/50     585   513,676
3.000%   08/01/50     377   330,771
3.000%   08/01/50     1,124   991,928
3.000%   08/01/50     1,493   1,318,886
3.000%   08/01/50     2,734   2,397,006
3.000%   03/01/51     900   781,646
3.000%   08/01/51     275   240,667
3.000%   09/01/51     1,661   1,454,302
3.000%   10/01/51     2,133   1,867,727
3.000%   01/01/52     812   712,548
3.000%   02/01/52     859   751,754
3.000%   05/01/52     1,036   906,825
3.000%   05/01/52     21,180   18,374,410
3.000%   08/01/52     3,027   2,662,025
3.500%   04/01/42     84   78,025
3.500%   05/01/42     10   9,078
3.500%   08/01/42     41   38,113
3.500%   08/01/42     73   68,398
3.500%   08/01/42     222   207,120
3.500%   09/01/42     59   55,281
3.500%   10/01/42     15   13,890
3.500%   02/01/43     779   726,976
3.500%   06/01/43     61   56,767
3.500%   06/01/44     54   49,628
3.500%   01/01/45     5,639   5,241,963
3.500%   09/01/45     31   28,284
3.500%   11/01/45     138   127,938
3.500%   09/01/46     69   63,264
3.500%   03/01/47     238   219,589
3.500%   05/01/47     129   118,030
3.500%   10/01/47     224   208,725
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   11/01/47     151   $136,868
3.500%   12/01/47     276   257,069
3.500%   01/01/48     46   42,232
3.500%   01/01/48     62   56,822
3.500%   01/01/48     194   177,278
3.500%   02/01/48     342   312,095
3.500%   03/01/48     1,483   1,358,463
3.500%   01/01/50     357   325,038
3.500%   05/01/50     583   530,727
3.500%   02/01/52     2,148   1,949,863
3.500%   03/01/52     828   751,333
3.500%   07/01/52     3,416   3,083,227
4.000%   11/01/36     5   4,869
4.000%   06/01/37     66   64,916
4.000%   11/01/40     221   213,288
4.000%   12/01/40     166   159,742
4.000%   10/01/42     475   453,910
4.000%   12/01/42     15   14,040
4.000%   04/01/44     79   75,825
4.000%   07/01/44     31   29,603
4.000%   01/01/45     101   97,231
4.000%   01/01/45     2,340   2,250,631
4.000%   02/01/45     9   8,805
4.000%   02/01/45     23   21,540
4.000%   09/01/45     146   140,119
4.000%   09/01/45     2,193   2,106,701
4.000%   12/01/45     38   36,265
4.000%   12/01/45     42   40,078
4.000%   04/01/47     118   113,227
4.000%   07/01/47     473   447,951
4.000%   04/01/48     1,002   942,292
4.000%   06/01/48     188   178,349
4.000%   04/01/49     989   932,739
4.000%   05/01/49     47   44,156
4.000%   05/01/49     437   414,337
4.000%   07/01/49     516   494,689
4.000%   07/01/49     1,265   1,193,582
4.000%   07/01/50     2,079   1,970,856
4.000%   04/01/52     547   514,379
4.000%   07/01/52     6,071   5,674,775
4.500%   08/01/39     81   79,552
4.500%   12/01/39     34   33,981
4.500%   07/01/40     13   12,599
4.500%   05/01/41     66   64,721
4.500%   05/01/41     69   68,405
4.500%   03/01/42     169   167,029
4.500%   05/01/42     140   138,565
4.500%   11/01/43     125   122,084
4.500%   12/01/43     172   168,735
4.500%   04/01/44     14   13,315
4.500%   04/01/44     20   19,092
4.500%   04/01/44     815   799,314
4.500%   06/01/44     127   124,508
4.500%   04/01/47     411   401,990
4.500%   05/01/47     149   145,007
4.500%   07/01/47     153   149,429
4.500%   07/01/47     585   571,147
 
A38
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   08/01/47     48   $47,118
4.500%   10/01/47     105   102,536
4.500%   12/01/47     78   75,846
4.500%   02/01/48     63   61,235
4.500%   07/01/48     526   513,579
4.500%   08/01/48     756   740,486
4.500%   08/01/48     788   769,217
4.500%   07/01/52     1,532   1,468,577
4.500%   09/01/52     4,601   4,404,621
4.500%   11/01/52     516   496,811
4.500%   08/01/53     27   26,160
5.000%   11/01/41     489   494,516
5.000%   09/01/48     126   125,709
5.000%   10/01/48     65   64,892
5.000%   12/01/48     669   669,301
5.000%   10/01/49     3,926   3,920,022
5.000%   03/01/50     2,396   2,390,152
5.000%   07/01/50     160   158,815
5.000%   07/01/52     880   866,799
5.000%   09/01/52     5,014   4,929,811
5.000%   11/01/52     147   144,058
5.000%   01/01/53     931   914,684
5.000%   04/01/53     526   517,517
5.000%   04/01/53     943   930,491
5.000%   04/01/53     4,171   4,094,993
5.000%   11/01/54     1,403   1,379,890
5.000%   12/01/54     15,075   14,780,481
5.000%   01/01/55     3,962   3,915,423
5.500%   02/01/35     17   16,913
5.500%   12/01/36     8   8,050
5.500%   03/01/37     2   2,520
5.500%   12/01/37     1,918   1,949,747
5.500%   02/01/38     1   552
5.500%   02/01/38     426   433,624
5.500%   04/01/38     287   292,658
5.500%   07/01/38     111   113,290
5.500%   08/01/38     69   70,374
5.500%   08/01/38     110   112,459
5.500%   01/01/39     129   131,587
5.500%   11/01/52     1,738   1,741,188
5.500%   02/01/53     2,211   2,218,314
5.500%   10/01/53     364   364,174
5.500%   11/01/53     1,500   1,498,269
5.500%   03/01/54     5,053   5,047,235
5.500%   04/01/54     3,251   3,247,486
5.500%   07/01/54     2,814   2,811,297
5.500%   10/01/54     2,151   2,148,901
5.500%   10/01/54     4,000   3,995,786
5.500%   11/01/54     2,068   2,066,072
5.500%   12/01/54     1,319   1,322,185
5.500%   01/01/55     2,815   2,811,762
6.000%   12/01/28     —(r)   409
6.000%   01/01/32     —(r)   276
6.000%   11/01/32     1   1,037
6.000%   03/01/33     2   2,121
6.000%   11/01/33     1   1,243
6.000%   02/01/34     55   56,656
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.000%   12/01/34     2   $1,731
6.000%   01/01/36     10   10,344
6.000%   03/01/36     —(r)   497
6.000%   04/01/36     9   9,795
6.000%   08/01/36     5   5,685
6.000%   11/01/36     3   2,732
6.000%   12/01/36     214   222,756
6.000%   04/01/37     —(r)   412
6.000%   05/01/37     4   3,873
6.000%   07/01/37     1   660
6.000%   08/01/37     13   14,060
6.000%   09/01/37     1   531
6.000%   09/01/37     2   1,993
6.000%   10/01/37     —(r)   145
6.000%   10/01/37     2   2,148
6.000%   10/01/37     4   4,513
6.000%   10/01/37     10   10,279
6.000%   11/01/37     73   76,470
6.000%   11/01/37     624   651,129
6.000%   12/01/37     1   850
6.000%   01/01/38     2   2,507
6.000%   01/01/38     3   3,416
6.000%   01/01/38     5   5,324
6.000%   01/01/38     6   5,954
6.000%   01/01/38     6   6,662
6.000%   01/01/38     11   11,240
6.000%   04/01/38     2   2,156
6.000%   04/01/38     7   7,061
6.000%   06/01/38     —(r)   414
6.000%   07/01/38     20   20,903
6.000%   08/01/38     2   2,200
6.000%   08/01/38     3   2,634
6.000%   08/01/38     90   94,056
6.000%   09/01/38     —(r)   510
6.000%   09/01/38     5   4,797
6.000%   10/01/38     4   3,876
6.000%   11/01/38     1   1,457
6.000%   01/01/39     217   226,882
6.000%   10/01/39     6   5,787
6.000%   03/01/40     4   4,344
6.000%   05/01/40     1   614
6.000%   11/01/52     744   758,643
6.000%   12/01/52     1,239   1,268,444
6.000%   03/01/53     567   583,185
6.000%   08/01/53     3,536   3,593,881
6.000%   04/01/54     715   733,469
6.000%   05/01/54     479   490,609
6.000%   06/01/54     2,987   3,044,202
6.000%   07/01/54     2,690   2,732,407
6.000%   08/01/54     4,134   4,208,467
6.500%   10/01/53     1,750   1,824,497
6.500%   07/01/54     1,619   1,686,968
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.634%, Floor 1.634%)
2.831%(c)   12/01/50     865   816,534
Federal National Mortgage Assoc.
1.490%   09/01/35     2,761   2,122,452
 
A39
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
1.500%   11/01/50     2,559   $1,935,796
1.500%   01/01/51     3,807   2,879,523
1.500%   02/01/51     2,685   2,029,357
1.500%   03/01/51     634   480,370
1.500%   06/01/51     29   21,997
1.500%   08/01/51     331   250,222
1.500%   09/01/51     224   169,387
1.500%   09/01/51     847   641,468
1.500%   09/01/51     1,466   1,108,988
1.500%   10/01/51     222   167,770
1.500%   11/01/51     1,801   1,361,281
1.500%   01/01/52     577   436,217
2.000%   TBA     14,461   11,490,387
2.000%   03/01/31     718   682,448
2.000%   01/01/32     1,492   1,408,044
2.000%   05/01/36     683   622,011
2.000%   05/01/36     704   641,062
2.000%   08/01/36     220   201,279
2.000%   08/01/36     1,299   1,182,202
2.000%   09/01/36     978   893,215
2.000%   12/01/36     661   603,355
2.000%   12/01/40     331   281,996
2.000%   12/01/40     4,041   3,455,378
2.000%   01/01/41     2,693   2,302,291
2.000%   05/01/41     356   304,086
2.000%   07/01/41     827   706,298
2.000%   08/01/41     901   766,664
2.000%   09/01/41     2,118   1,807,876
2.000%   10/01/41     885   752,777
2.000%   09/01/50     887   714,749
2.000%   09/01/50     2,222   1,779,030
2.000%   10/01/50     1,269   1,017,659
2.000%   11/01/50     155   124,308
2.000%   11/01/50     8,729   6,993,600
2.000%   12/01/50     884   713,337
2.000%   12/01/50     925   747,337
2.000%   12/01/50     2,124   1,703,533
2.000%   01/01/51     57   46,259
2.000%   01/01/51     850   687,000
2.000%   01/01/51     2,287   1,834,333
2.000%   02/01/51     51   41,025
2.000%   02/01/51     679   548,347
2.000%   02/01/51     693   555,209
2.000%   02/01/51     1,313   1,059,189
2.000%   03/01/51     1,306   1,045,478
2.000%   03/01/51     2,489   1,992,852
2.000%   04/01/51     2,857   2,275,272
2.000%   04/01/51     3,973   3,180,016
2.000%   05/01/51     1,663   1,326,469
2.000%   05/01/51     22,016   17,600,260
2.000%   06/01/51     2,561   2,048,800
2.000%   07/01/51     430   344,217
2.000%   02/01/52     253   203,858
2.000%   02/01/52     348   280,120
2.000%   02/01/52     1,290   1,038,095
2.000%   03/01/52     945   766,492
2.000%   03/01/52     1,618   1,307,174
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.000%   04/01/52     5,162   $4,131,344
2.148%(cc)   02/01/32     13,358   11,576,397
2.250%   04/01/33     875   746,131
2.280%   11/01/29     5,000   4,573,705
2.459%(cc)   04/01/34     9,961   8,526,749
2.500%   TBA     4,312   3,585,151
2.500%   12/01/35     658   612,372
2.500%   03/01/38     112   102,452
2.500%   06/01/40     2,500   2,230,563
2.500%   04/01/41     692   611,324
2.500%   11/01/41     618   545,021
2.500%   07/01/50     171   143,247
2.500%   07/01/50     328   276,527
2.500%   10/01/50     125   105,496
2.500%   10/01/50     993   829,903
2.500%   10/01/50     2,310   1,953,917
2.500%   11/01/50     1,461   1,224,341
2.500%   01/01/51     459   387,009
2.500%   02/01/51     99   83,165
2.500%   02/01/51     10,079   8,468,626
2.500%   03/01/51     1,741   1,457,375
2.500%   04/01/51     17,325   14,515,006
2.500%   05/01/51     616   517,610
2.500%   05/01/51     2,266   1,909,027
2.500%   05/01/51     3,156   2,649,626
2.500%   05/01/51     3,825   3,242,092
2.500%   05/01/51     4,129   3,454,220
2.500%   05/01/51     5,959   5,045,897
2.500%   06/01/51     584   493,106
2.500%   06/01/51     1,074   904,867
2.500%   06/01/51     3,292   2,751,519
2.500%   07/01/51     586   498,208
2.500%   07/01/51     1,326   1,115,301
2.500%   08/01/51     1,796   1,511,489
2.500%   08/01/51     3,080   2,593,597
2.500%   09/01/51     310   261,762
2.500%   09/01/51     798   669,850
2.500%   10/01/51     808   674,724
2.500%   10/01/51     925   781,693
2.500%   10/01/51     2,437   2,035,816
2.500%   11/01/51     145   122,415
2.500%   11/01/51     852   716,921
2.500%   11/01/51     1,945   1,634,891
2.500%   12/01/51     512   432,295
2.500%   01/01/52     774   653,176
2.500%   01/01/52     1,263   1,058,614
2.500%   01/01/52     1,411   1,186,603
2.500%   02/01/52     730   614,446
2.500%   03/01/52     545   459,841
2.500%   03/01/52     560   471,017
2.500%   03/01/52     569   479,735
2.500%   03/01/52     668   561,488
2.500%   03/01/52     939   788,360
2.500%   03/01/52     1,166   973,328
2.500%   04/01/52     522   437,190
2.500%   05/01/52     1,348   1,133,869
2.500%   01/01/57     1,982   1,649,095
 
A40
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   TBA     450   $425,643
3.000%   09/01/32     30   28,597
3.000%   01/01/33     33   32,083
3.000%   01/01/33     212   205,640
3.000%   11/01/36     63   58,605
3.000%   11/01/36     122   114,215
3.000%   12/01/36     191   178,550
3.000%   09/01/42     836   756,354
3.000%   06/01/43     3,035   2,752,182
3.000%   11/01/43     562   505,052
3.000%   11/01/44     1,799   1,617,661
3.000%   11/01/44     2,509   2,256,381
3.000%   02/01/45     179   160,602
3.000%   03/01/45     456   408,445
3.000%   04/01/45     45   40,404
3.000%   04/01/45     116   103,740
3.000%   05/01/45     1,089   973,709
3.000%   07/01/45     674   602,242
3.000%   05/01/46     59   52,407
3.000%   06/01/46     13   11,499
3.000%   06/01/46     44   39,394
3.000%   06/01/46     162   145,271
3.000%   08/01/46     41   36,968
3.000%   09/01/46     215   192,680
3.000%   10/01/46     109   96,236
3.000%   11/01/46     584   519,264
3.000%   01/01/47     76   67,130
3.000%   01/01/47     90   79,746
3.000%   01/01/47     172   151,706
3.000%   02/01/47     73   64,449
3.000%   02/01/47     142   125,835
3.000%   03/01/47     223   197,263
3.000%   03/01/47     275   244,289
3.000%   11/01/47     25   22,362
3.000%   12/01/47     537   476,582
3.000%   12/01/49     152   134,025
3.000%   02/01/50     369   324,370
3.000%   02/01/50     621   547,915
3.000%   02/01/50     9,837   8,723,129
3.000%   04/01/50     1,928   1,696,233
3.000%   08/01/50     556   490,268
3.000%   08/01/50     599   522,762
3.000%   08/01/50     1,338   1,167,778
3.000%   10/01/50     1,044   911,032
3.000%   11/01/50     581   509,478
3.000%   12/01/50     1,450   1,264,690
3.000%   04/01/51     512   446,578
3.000%   05/01/51     1,237   1,095,123
3.000%   05/01/51     1,965   1,703,722
3.000%   06/01/51     254   221,848
3.000%   07/01/51     322   282,350
3.000%   08/01/51     583   511,664
3.000%   08/01/51     1,409   1,232,002
3.000%   08/01/51     1,539   1,345,471
3.000%   09/01/51     2,023   1,777,813
3.000%   10/01/51     340   298,142
3.000%   10/01/51     377   329,897
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   10/01/51     2,183   $1,911,168
3.000%   11/01/51     626   549,026
3.000%   11/01/51     1,945   1,696,752
3.000%   11/01/51     3,023   2,639,046
3.000%   12/01/51     598   522,492
3.000%   12/01/51     1,228   1,073,980
3.000%   01/01/52     934   814,321
3.000%   01/01/52     1,468   1,285,763
3.000%   02/01/52     3,482   3,026,961
3.000%   03/01/52     528   466,436
3.000%   03/01/52     764   667,921
3.000%   04/01/52     1,044   912,518
3.000%   05/01/52     1,412   1,234,264
3.000%   06/01/52     1,207   1,056,539
3.000%   03/01/61     3,332   2,821,749
3.145%   08/01/34     5,700   5,080,184
3.500%   10/01/41     830   773,231
3.500%   01/01/42     46   42,736
3.500%   04/01/42     19   17,925
3.500%   04/01/42     48   44,821
3.500%   05/01/42     101   94,505
3.500%   07/01/42     25   23,693
3.500%   07/01/42     198   184,433
3.500%   09/01/42     302   281,226
3.500%   09/01/42     1,566   1,459,977
3.500%   01/01/43     985   917,112
3.500%   04/01/43     670   624,091
3.500%   04/01/43     736   687,952
3.500%   06/01/43     707   658,732
3.500%   06/01/43     718   669,194
3.500%   07/01/43     868   808,632
3.500%   08/01/43     1,952   1,814,469
3.500%   02/01/45     133   124,182
3.500%   02/01/45     422   393,033
3.500%   03/01/46     173   158,124
3.500%   07/01/46     61   55,286
3.500%   02/01/47     193   176,868
3.500%   03/01/47     47   43,621
3.500%   04/01/47     1,038   950,286
3.500%   05/01/47     235   216,502
3.500%   07/01/47     28   26,071
3.500%   11/01/47     321   293,079
3.500%   12/01/47     321   293,511
3.500%   01/01/48     195   178,386
3.500%   01/01/48     395   363,863
3.500%   02/01/48     147   134,146
3.500%   02/01/48     2,438   2,254,516
3.500%   04/01/48     65   60,623
3.500%   08/01/48     690   635,729
3.500%   12/01/48     159   145,434
3.500%   06/01/49     1,071   990,972
3.500%   07/01/49     142   128,987
3.500%   07/01/50     388   353,395
3.500%   08/01/50     143   130,623
3.500%   08/01/50     143   130,787
3.500%   08/01/50     726   665,191
3.500%   01/01/51     473   429,788
 
A41
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   06/01/51     711   $644,139
3.500%   12/01/51     383   346,408
3.500%   01/01/52     86   77,766
3.500%   03/01/52     1,190   1,084,497
3.500%   04/01/52     2,315   2,110,022
3.500%   05/01/52     635   580,704
3.500%   05/01/52     2,780   2,525,595
3.500%   05/01/52     4,811   4,345,893
3.500%   06/01/52     873   791,939
3.500%   06/01/52     1,762   1,600,791
3.500%   06/01/56     15,586   14,054,871
3.500%   10/01/56     2,997   2,696,857
3.500%   02/01/57     576   517,832
3.900%   11/01/31     8,000   7,718,941
4.000%   10/01/30     4   3,777
4.000%   07/01/37     24   23,149
4.000%   09/01/37     29   28,414
4.000%   03/01/38     20   19,436
4.000%   12/01/41     124   118,978
4.000%   04/01/42     38   36,506
4.000%   05/01/42     57   55,222
4.000%   05/01/42     230   220,993
4.000%   01/01/44     241   231,126
4.000%   02/01/45     804   771,803
4.000%   03/01/46     251   239,162
4.000%   04/01/47     272   257,032
4.000%   07/01/47     118   111,258
4.000%   07/01/47     480   454,723
4.000%   08/01/47     211   199,281
4.000%   09/01/47     151   142,256
4.000%   10/01/47     560   530,424
4.000%   11/01/47     136   129,355
4.000%   12/01/47     35   32,768
4.000%   06/01/48     61   57,689
4.000%   06/01/48     419   394,507
4.000%   06/01/48     2,775   2,613,828
4.000%   07/01/48     1,911   1,800,571
4.000%   09/01/48     4,930   4,645,681
4.000%   11/01/48     111   105,315
4.000%   12/01/48     677   638,078
4.000%   01/01/49     216   204,259
4.000%   01/01/49     321   306,707
4.000%   04/01/49     3,073   2,880,986
4.000%   08/01/49     108   103,293
4.000%   04/01/50     2,162   2,036,526
4.000%   08/01/51     318   304,944
4.000%   06/01/52     1,414   1,325,832
4.000%   06/01/52     3,021   2,820,118
4.000%   07/01/52     4,575   4,289,492
4.000%   12/01/54     10,168   9,517,879
4.000%   02/01/56     1,264   1,183,143
4.050%   11/01/31     10,912   10,615,411
4.370%   01/01/32     7,781   7,724,424
4.390%   04/01/29     2,574   2,578,948
4.460%   11/01/34     4,203   4,158,128
4.500%   04/01/31     6   5,694
4.500%   05/01/31     19   18,772
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   06/01/31     7   $6,788
4.500%   11/01/31     9   8,871
4.500%   11/01/35     9   9,119
4.500%   12/01/37     975   971,428
4.500%   02/01/41     20   19,810
4.500%   03/01/41     7   7,136
4.500%   04/01/41     1   840
4.500%   05/01/41     2   2,242
4.500%   05/01/41     3   2,488
4.500%   07/01/41     22   21,639
4.500%   10/01/41     5   4,901
4.500%   12/01/41     47   46,621
4.500%   01/01/42     5   5,228
4.500%   06/01/42     11   11,086
4.500%   09/01/42     148   146,380
4.500%   10/01/43     219   214,129
4.500%   11/01/43     551   536,590
4.500%   01/01/44     54   53,348
4.500%   03/01/44     339   331,505
4.500%   04/01/44     16   15,162
4.500%   05/01/44     73   70,949
4.500%   01/01/45     236   231,142
4.500%   05/01/45     211   206,040
4.500%   07/01/45     236   230,514
4.500%   09/01/45     64   62,214
4.500%   11/01/45     8   8,246
4.500%   11/01/45     64   62,836
4.500%   11/01/45     352   344,779
4.500%   12/01/45     113   110,447
4.500%   07/01/46     740   725,860
4.500%   08/01/46     163   159,612
4.500%   01/01/47     29   28,212
4.500%   03/01/47     150   145,937
4.500%   05/01/47     422   410,905
4.500%   07/01/47     58   56,801
4.500%   09/01/47     14   13,753
4.500%   10/01/47     17   16,658
4.500%   10/01/47     60   58,452
4.500%   11/01/47     11   11,026
4.500%   11/01/47     30   29,010
4.500%   11/01/47     203   197,968
4.500%   11/01/47     261   254,035
4.500%   11/01/47     477   464,707
4.500%   12/01/47     19   18,267
4.500%   12/01/47     58   57,036
4.500%   01/01/48     453   441,014
4.500%   02/01/48     26   25,491
4.500%   03/01/48     21   20,863
4.500%   03/01/48     29   27,980
4.500%   05/01/48     29   27,782
4.500%   05/01/48     591   578,301
4.500%   05/01/48     1,532   1,497,092
4.500%   06/01/48     31   29,871
4.500%   08/01/48     374   364,679
4.500%   10/01/49     52   50,284
4.500%   05/01/52     943   903,360
4.500%   06/01/52     623   596,468
 
A42
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   11/01/52     8,442   $8,089,763
4.500%   03/01/53     2,299   2,200,338
4.500%   07/01/53     357   341,758
4.500%   08/01/53     260   249,145
4.500%   08/01/53     464   444,150
4.500%   10/01/53     2,338   2,238,014
4.500%   02/01/54     644   615,850
4.500%   10/01/54     9,649   9,252,950
4.500%   11/01/54     4,744   4,540,293
4.500%   09/01/63     5,214   5,006,187
4.600%   12/01/32     5,000   4,998,108
4.610%   07/01/32     3,190   3,193,739
4.610%   07/01/32     4,000   4,004,689
4.750%   04/01/28     475   480,784
4.750%   11/01/39     4,994   4,968,513
4.760%   06/01/29     900   911,453
5.000%   03/01/36     2   2,184
5.000%   12/01/36     1   728
5.000%   12/01/39     2   2,475
5.000%   01/01/40     1   1,493
5.000%   05/01/40     2   2,026
5.000%   05/01/40     9   9,406
5.000%   01/01/41     9   8,927
5.000%   04/01/41     3   3,016
5.000%   05/01/41     1   1,493
5.000%   05/01/41     28   27,830
5.000%   07/01/41     535   539,501
5.000%   01/01/42     4   4,499
5.000%   12/01/43     963   971,380
5.000%   09/01/48     165   165,036
5.000%   01/01/49     179   178,710
5.000%   01/01/49     291   290,634
5.000%   08/01/49     210   210,977
5.000%   12/01/49     1,382   1,376,078
5.000%   07/01/52     471   469,927
5.000%   09/01/52     2,723   2,675,058
5.000%   09/01/52     5,713   5,618,440
5.000%   11/01/52     4,220   4,147,008
5.000%   05/01/53     1,510   1,488,863
5.000%   07/01/53     584   582,153
5.000%   08/01/54     2,895   2,848,703
5.000%   12/01/54     4,972   4,916,114
5.000%   01/01/55     25,053   24,579,518
5.065%   12/01/28     1,950   1,999,936
5.500%   TBA     38,755   38,703,483
5.500%   04/01/33     8   8,525
5.500%   10/01/33     10   9,796
5.500%   11/01/33     1   876
5.500%   02/01/34     10   10,367
5.500%   03/01/34     7   7,083
5.500%   09/01/34     4   4,221
5.500%   03/01/35     10   9,916
5.500%   05/01/35     3   3,032
5.500%   01/01/36     1   508
5.500%   07/01/36     3   2,613
5.500%   01/01/37     7   7,567
5.500%   06/01/37     2   2,138
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
5.500%   03/01/38     8   $8,132
5.500%   04/01/38     635   645,317
5.500%   09/01/39     3   3,405
5.500%   12/01/39     56   56,912
5.500%   06/01/40     8   8,066
5.500%   10/01/52     1,292   1,297,974
5.500%   11/01/52     696   697,317
5.500%   11/01/52     1,132   1,137,536
5.500%   11/01/52     1,425   1,433,149
5.500%   11/01/52     1,661   1,665,571
5.500%   12/01/52     4,273   4,282,288
5.500%   06/01/53     2,245   2,250,155
5.500%   08/01/53     525   526,894
5.500%   08/01/53     595   595,418
5.500%   09/01/53     1,159   1,168,128
5.500%   03/01/54     349   349,037
5.500%   08/01/54     1,614   1,612,605
5.500%   11/01/54     872   871,474
5.500%   12/01/54     1,007   1,010,582
5.500%   02/01/55     556   555,268
5.500%   02/01/55     1,363   1,361,550
5.500%   03/01/55     714   712,927
5.500%   09/01/56     1,165   1,203,759
6.000%   TBA     68,817   69,893,433
6.000%   11/01/28     —(r)   264
6.000%   02/01/29     —(r)   191
6.000%   03/01/32     —(r)   354
6.000%   05/01/33     —(r)   150
6.000%   01/01/34     8   8,629
6.000%   11/01/35     4   3,850
6.000%   12/01/35     1   1,527
6.000%   04/01/36     2   2,546
6.000%   07/01/36     1   1,392
6.000%   08/01/36     —(r)   24
6.000%   08/01/36     1   1,431
6.000%   08/01/36     8   7,899
6.000%   09/01/36     —(r)   58
6.000%   09/01/36     —(r)   289
6.000%   09/01/36     1   531
6.000%   09/01/36     1   607
6.000%   09/01/36     8   7,808
6.000%   10/01/36     1   577
6.000%   10/01/36     4   4,014
6.000%   10/01/36     8   8,324
6.000%   11/01/36     —(r)   94
6.000%   11/01/36     1   797
6.000%   11/01/36     2   1,726
6.000%   11/01/36     5   4,988
6.000%   11/01/36     7   6,862
6.000%   12/01/36     —(r)   108
6.000%   12/01/36     —(r)   154
6.000%   12/01/36     —(r)   206
6.000%   12/01/36     2   1,552
6.000%   12/01/36     4   3,947
6.000%   12/01/36     8   8,369
6.000%   01/01/37     —(r)   199
6.000%   01/01/37     —(r)   492
 
A43
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.000%   01/01/37     3   $2,830
6.000%   01/01/37     5   5,562
6.000%   01/01/37     8   8,141
6.000%   01/01/37     636   662,697
6.000%   02/01/37     7   6,778
6.000%   02/01/37     109   113,216
6.000%   03/01/37     7   7,050
6.000%   03/01/37     11   11,406
6.000%   03/01/37     66   67,264
6.000%   05/01/37     1   1,158
6.000%   05/01/37     5   5,716
6.000%   05/01/37     7   7,736
6.000%   06/01/37     1   697
6.000%   08/01/37     1   1,055
6.000%   08/01/37     3   3,114
6.000%   08/01/37     4   4,045
6.000%   08/01/37     13   13,256
6.000%   10/01/37     —(r)   204
6.000%   12/01/52     619   631,106
6.000%   01/01/53     2,471   2,511,154
6.000%   05/01/53     1,314   1,352,395
6.000%   06/01/53     511   525,354
6.000%   07/01/53     680   697,990
6.000%   05/01/54     848   861,851
6.000%   09/01/54     976   995,418
6.000%   10/01/54     2,913   2,967,574
6.500%   10/01/36     275   288,592
6.625%   11/15/30     1,950   2,196,921
7.000%   TBA     2,795   2,921,243
Freddie Mac Coupon Strips
3.220%(s)   07/15/32     180   129,538
Government National Mortgage Assoc.
2.000%   TBA     11,595   9,481,262
2.000%   10/20/50     9,874   8,079,221
2.000%   12/20/50     5,191   4,247,637
2.000%   01/20/51     1,703   1,393,248
2.000%   02/20/51     989   787,735
2.000%   02/20/51     3,117   2,550,911
2.000%   03/20/51     1,034   831,880
2.000%   04/20/51     943   751,514
2.000%   05/20/52     3,680   3,011,210
2.500%   TBA     13,235   11,287,365
2.500%   11/20/49     1,830   1,570,152
2.500%   09/20/50     238   203,757
2.500%   10/20/50     2,529   2,160,415
2.500%   11/20/50     832   710,330
2.500%   12/20/50     5,197   4,438,335
2.500%   03/20/51     1,438   1,226,864
2.500%   04/20/51     1,619   1,382,464
2.500%   05/20/51     4,365   3,724,683
2.500%   07/20/51     2,187   1,866,227
2.500%   10/20/51     973   824,660
3.000%   TBA     8,541   7,564,129
3.000%   02/20/42     16   14,767
3.000%   10/15/42     1,100   998,992
3.000%   01/20/50     1,117   994,821
3.000%   02/20/50     98   86,829
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   09/20/50     285   $253,200
3.000%   01/20/51     9,015   8,013,586
3.000%   04/20/51     6,877   6,098,411
3.000%   08/20/51     9,633   8,537,112
3.000%   09/20/51     2,698   2,391,403
3.000%   10/20/51     761   674,691
3.000%   01/20/52     690   606,002
3.000%   01/20/52     20,745   18,383,933
3.000%   03/20/52     723   635,237
3.000%   07/20/52     3,269   2,896,605
3.000%   12/20/52     171   151,967
3.500%   09/15/41     18   17,150
3.500%   11/15/41     2   1,521
3.500%   11/15/41     13   11,823
3.500%   01/15/42     4   4,112
3.500%   01/15/42     71   67,198
3.500%   02/15/42     12   11,693
3.500%   03/15/42     5   4,625
3.500%   03/15/42     45   42,605
3.500%   05/15/42     13   12,442
3.500%   06/15/42     9   8,668
3.500%   07/15/42     8   7,393
3.500%   07/15/42     8   7,880
3.500%   07/15/42     17   15,552
3.500%   07/15/42     20   18,609
3.500%   08/15/42     10   9,711
3.500%   01/15/43     9   8,100
3.500%   02/15/43     14   12,716
3.500%   04/15/43     19   17,793
3.500%   04/15/43     98   91,878
3.500%   04/20/43     197   183,979
3.500%   05/15/43     5   4,973
3.500%   05/15/43     6   6,034
3.500%   05/15/43     7   6,589
3.500%   05/15/43     30   27,755
3.500%   05/20/43     520   485,121
3.500%   07/15/43     52   48,502
3.500%   10/15/43     27   25,315
3.500%   11/15/43     6   5,453
3.500%   12/15/43     72   67,479
3.500%   01/15/44     22   20,687
3.500%   02/20/44     695   647,435
3.500%   03/20/45     24   22,077
3.500%   04/20/45     36   33,053
3.500%   05/20/45     67   62,320
3.500%   07/20/45     26   24,327
3.500%   08/20/45     35   32,870
3.500%   10/20/45     57   52,601
3.500%   11/20/45     25   22,885
3.500%   12/20/45     293   272,126
3.500%   05/20/46     120   111,072
3.500%   07/20/46     251   232,762
3.500%   09/20/46     54   49,629
3.500%   10/20/46     115   106,346
3.500%   05/20/47     118   108,801
3.500%   03/20/48     29   26,622
3.500%   04/20/48     12   10,814
 
A44
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   02/20/49     1,067   $986,481
3.500%   06/20/49     564   518,237
3.500%   11/20/49     1,378   1,264,230
3.500%   06/20/50     1,391   1,278,578
3.500%   11/20/50     946   872,743
3.500%   02/20/51     1,299   1,191,776
3.500%   04/20/51     867   796,605
3.500%   09/20/51     570   523,664
3.500%   01/20/52     183   168,152
3.500%   02/20/52     5,244   4,814,052
3.500%   07/20/52     594   544,217
3.500%   12/20/52     1,738   1,593,711
4.000%   TBA     1,480   1,385,348
4.000%   07/20/39     98   94,252
4.000%   10/20/40     152   146,192
4.000%   12/20/40     617   591,990
4.000%   01/20/41     22   21,574
4.000%   02/20/41     67   64,166
4.000%   03/15/41     87   83,558
4.000%   12/20/46     243   230,888
4.000%   05/20/47     94   88,480
4.000%   06/20/47     234   221,606
4.000%   07/20/47     21   20,027
4.000%   09/20/47     1,036   981,208
4.000%   11/20/47     267   252,902
4.000%   12/20/47     244   230,251
4.000%   01/20/48     736   694,804
4.000%   11/20/49     721   681,370
4.000%   02/15/52     3,605   3,395,933
4.000%   08/20/52     1,906   1,788,825
4.000%   01/20/65     4,809   4,439,267
4.500%   TBA     14,020   13,450,437
4.500%   12/20/39     10   9,926
4.500%   01/20/40     12   11,989
4.500%   02/20/40     10   9,898
4.500%   05/20/40     226   222,281
4.500%   07/20/40     4   4,011
4.500%   10/20/40     8   7,377
4.500%   12/20/40     171   168,469
4.500%   02/20/42     198   194,327
4.500%   11/20/46     43   42,006
4.500%   03/15/47     63   61,032
4.500%   04/15/47     80   77,796
4.500%   05/15/47     59   57,576
4.500%   05/20/52     304   293,775
4.500%   08/20/52     2,851   2,739,194
4.500%   09/20/52     561   540,719
4.500%   09/20/52     931   894,073
4.500%   10/20/52     3,545   3,404,182
5.000%   TBA     5,005   4,922,628
5.000%   08/15/38     49   49,680
5.000%   10/15/38     4   4,026
5.000%   10/15/38     162   164,691
5.000%   12/15/38     65   65,765
5.000%   03/15/39     202   204,165
5.000%   05/15/39     58   58,348
5.000%   05/15/39     192   194,342
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
5.000%   11/15/39     87   $88,220
5.000%   04/15/40     839   849,911
5.000%   05/20/40     781   791,173
5.000%   06/20/40     621   629,277
5.000%   07/20/40     13   13,366
5.000%   07/20/40     243   246,417
5.000%   09/15/40     220   222,778
5.000%   10/20/47     17   16,881
5.000%   08/20/53     951   941,313
5.000%   10/20/54     2,288   2,255,896
5.500%   TBA     17,695   17,731,366
5.500%   08/20/53     623   629,509
6.000%   09/20/53     1,246   1,284,507
6.000%   01/20/54     515   530,734
6.000%   10/20/54     4,941   5,016,492
6.500%   01/20/54     445   459,221
6.500%   10/20/54     1,494   1,562,299
6.500%   03/20/55     1,909   1,975,206
7.000%   10/20/54     1,992   2,109,190
Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%)
6.871%(c)   04/20/60     334   342,597
Tennessee Valley Authority, Sr. Unsec’d. Notes
5.250%   02/01/55     900   892,309
Tennessee Valley Authority Generic Strips
2.705%(s)   09/15/30     147   113,110
2.897%(s)   03/15/33     123   84,625
Tennessee Valley Authority Generic Strips, Bonds
4.724%(s)   07/15/34     90   57,394
 
Total U.S. Government Agency Obligations

(cost $1,171,308,552)
  1,128,212,830
U.S. Treasury Obligations — 19.1%
U.S. Treasury Bonds
1.250%   05/15/50     12,610   6,261,653
1.625%   11/15/50     15,650   8,517,023
1.875%   11/15/51     34,685   19,943,875
2.000%   11/15/41     18,200   12,782,656
2.000%   08/15/51     10,020   5,966,597
2.375%   11/15/49     10,790   7,136,573
2.375%   05/15/51     18,375   12,015,527
2.500%   02/15/45(k)     12,370   8,914,131
2.750%   11/15/47     11,102   8,097,230
3.000%   05/15/47     12,437   9,553,171
3.000%   02/15/48     25,707   19,593,554
3.000%   02/15/49     430   325,120
3.375%   11/15/48     1,096   889,473
3.625%   02/15/44     8,190   7,163,691
4.250%   02/15/54     11,339   10,685,236
4.250%   08/15/54     11,615   10,963,471
4.375%   08/15/43     34,390   33,519,503
4.500%   02/15/44     22,630   22,361,269
4.750%   11/15/53     7,380   7,543,744
U.S. Treasury Inflation Indexed Bonds, TIPS
0.250%   02/15/50     4,881   2,976,654
0.625%   02/15/43     3,254   2,501,202
0.750%   02/15/42     9,954   7,986,565
 
A45
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
0.750%   02/15/45     1,916   $1,453,254
1.000%   02/15/46     1,837   1,448,026
1.375%   07/15/33     523   510,074
1.375%   02/15/44     5,514   4,796,777
1.750%   01/15/34     10,603   10,582,385
U.S. Treasury Notes
0.625%   05/15/30     5,511   4,662,392
1.250%   08/15/31(h)     745   628,361
1.875%   02/15/32     31,995   27,780,659
3.125%   08/31/29     21,146   20,455,451
3.750%   08/15/27     68,397   68,172,572
3.750%   06/30/30(k)     49,320   48,772,855
3.750%   08/31/31     5,062   4,973,415
3.875%   09/30/29     11,455   11,422,782
3.875%   08/15/34     44,254   43,133,821
4.000%   07/31/29     142,401   142,768,128
4.000%   10/31/29     4,160   4,169,100
4.000%   03/31/30     50   50,098
4.000%   02/15/34     7,915   7,808,642
4.125%   11/30/29     14,470   14,583,047
4.250%   01/15/28     24,920   25,153,625
4.250%   11/15/34     19,780   19,841,813
4.375%   12/31/29     15,000   15,271,875
4.500%   03/31/26     18,320   18,395,856
4.500%   11/15/33     38,765   39,697,783
4.875%   10/31/30     16,730   17,450,174
U.S. Treasury Strips Coupon
1.497%(s)   08/15/41     4,494   2,065,985
2.380%(s)   02/15/42(h)(k)     40,000   17,922,110
2.384%(s)   02/15/43     3,505   1,488,223
3.929%(s)   02/15/41     1,150   544,269
4.862%(s)   11/15/41     2,420   1,098,881
 
Total U.S. Treasury Obligations

(cost $848,692,019)
  802,800,351
    
      Shares  
Common Stocks — 0.1%
Aerospace & Defense — 0.0%
Incora Intermediate LLC*^
869 17,371
Building Products — 0.0%
SAL TopCo LLC*^
2,403,091 240
Chemicals — 0.0%
Cornerstone Chemical Co.*^
16,552 127,450
TPC Group, Inc.*^
52,737 1,186,583
Venator Materials PLC*^
688 240,800
          1,554,833
Consumer Staples Distribution & Retail — 0.0%
ESC NMG Parent LLC*^
956 24,569
RITE AID Corp.*^
597 —
RITE AID Corp., 144A*^
606,000 1
          24,570
Diversified Telecommunication Services — 0.0%
Windstream Holdings, Inc.*^
486 6,318
      Shares   Value
Common Stocks (continued)
Electric Utilities — 0.0%
GenOn Energy Holdings, Inc. (Class A Stock)*^
14,898   $446,940
Keycon Power Holdings LLC*^
26,575   416,430
            863,370
Gas Utilities — 0.0%
Ferrellgas Partners LP (Class B Stock)
3,871   643,595
Metals & Mining — 0.0%
MNK Common Stock*
145   13,147
Oil, Gas & Consumable Fuels — 0.0%
Heritage Power LLC*
22,672   1,221,454
Heritage Power LLC*
997   53,714
Heritage Power LLC*^
26,092   13,046
            1,288,214
Specialty Retail — 0.0%
Claire’s Private Placement*^
795   40
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd. (Jamaica)*
184,508   1,199,302
Intelsat Emergence SA (Luxembourg)*
19,688   727,235
            1,926,537
 
Total Common Stocks

(cost $6,035,499)
  6,338,235
Preferred Stocks — 0.0%
Electronic Equipment, Instruments & Components — 0.0%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^
75,000   75,000
Specialty Retail — 0.0%
Claire’s Stores, Inc., CVT*^
835   851,700
Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd. (Jamaica)*^
12,039   137,290
 
Total Preferred Stocks

(cost $292,226)
  1,063,990
Unaffiliated Exchange-Traded Funds — 4.1%
iShares Core U.S. Aggregate Bond ETF
876,720   86,725,143
Vanguard Total Bond Market ETF
1,175,283   86,324,536
 
Total Unaffiliated Exchange-Traded Funds

(cost $180,217,855)
  173,049,679
    
      Units  
Warrants* — 0.0%
Interactive Media & Services
Diamond Sports Group, LLC, expiring 06/30/26
58,081 35,458
(cost $0)    
 
Total Long-Term Investments

(cost $4,511,319,231)
4,357,232,692
    
 
A46
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Short-Term Investments — 2.3%
Affiliated Mutual Funds — 2.3%
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wa)
29,713,151   $29,713,151
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $67,002,141; includes $65,565,458 of cash collateral for securities on loan)(b)(wa)
67,043,163   67,002,937
 
Total Affiliated Mutual Funds

(cost $96,715,292)
  96,716,088
Unaffiliated Fund — 0.0%
Dreyfus Government Cash Management (7-day effective yield 4.226%) (Institutional Shares)
1,182   1,182
(cost $1,182)      
Options Purchased*~ — 0.0%
(cost $101,633)
  139,711
 
Total Short-Term Investments

(cost $96,818,107)
  96,856,981
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—105.8%

(cost $4,608,137,338)
  4,454,089,673
Options Written*~ — (0.0)%
(premiums received $405,530)
  (448,865)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—105.8%

(cost $4,607,731,808)
  4,453,640,808
 
Liabilities in excess of other assets(z) — (5.8)%
  (243,623,040)
 
Net Assets — 100.0%
  $4,210,017,768
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
CNH Chinese Renminbi
COP Colombian Peso
CZK Czech Koruna
EUR Euro
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
PEN Peruvian Nuevo Sol
PHP Philippine Peso
PLN Polish Zloty
SGD Singapore Dollar
THB Thai Baht
TRY Turkish Lira
TWD New Taiwanese Dollar
USD US Dollar
ZAR South African Rand
    
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
A Annual payment frequency for swaps
ABS Asset-Backed Security
AID Agency for International Development
BABs Build America Bonds
BARC Barclays Bank PLC
BNP BNP Paribas S.A.
BNY Bank of New York Mellon
BOA Bank of America, N.A.
CDX Credit Derivative Index
CITI Citibank, N.A.
CLO Collateralized Loan Obligation
CVT Convertible Security
DAC Designated Activity Company
DB Deutsche Bank AG
EMTN Euro Medium Term Note
ETF Exchange-Traded Fund
EURIBOR Euro Interbank Offered Rate
FHLMC Federal Home Loan Mortgage Corporation
FREMF Freddie Mac Mortgage Trust
GMTN Global Medium Term Note
GS Goldman Sachs & Co. LLC
GSI Goldman Sachs International
HSBC HSBC Bank PLC
IO Interest Only (Principal amount represents notional)
JPM JPMorgan Chase Bank N.A.
LP Limited Partnership
M Monthly payment frequency for swaps
MASTR Morgan Stanley Structured Asset Security
MSI Morgan Stanley & Co International PLC
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
PO Principal Only
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
REMIC Real Estate Mortgage Investment Conduit
RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks Term
S&P Standard & Poor’s
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
SSB State Street Bank & Trust Company
STRIPs Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
TBA To Be Announced
TD The Toronto-Dominion Bank
TIPS Treasury Inflation-Protected Securities
UMBS Uniform Mortgage-Backed Securities
USOIS United States Overnight Index Swap
    
A47
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail. Excludes centrally cleared swaptions. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $10,977,490 and 0.3% of net assets. 
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $65,565,458; cash collateral of $66,759,335 (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.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wa) Represents investments in Funds 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 Commitment Contracts:                      
U.S. Government Agency Obligations   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		Value
Federal National Mortgage Assoc.   1.500%   TBA   04/14/25     $(4,325)   $(3,264,900)
Federal National Mortgage Assoc.   3.000%   TBA   04/14/25     (13,204)   (11,442,100)
Federal National Mortgage Assoc.   3.000%   TBA   05/13/25     (2,000)   (1,732,657)
Federal National Mortgage Assoc.   3.500%   TBA   04/14/25     (5,374)   (4,846,282)
Federal National Mortgage Assoc.   3.500%   TBA   05/13/25     (4,765)   (4,294,293)
Federal National Mortgage Assoc.   4.000%   TBA   04/14/25     (16,889)   (15,735,688)
Federal National Mortgage Assoc.   4.500%   TBA   04/14/25     (14,175)   (13,557,926)
Federal National Mortgage Assoc.   4.500%   TBA   04/16/25     (2,405)   (2,384,703)
Federal National Mortgage Assoc.   4.500%   TBA   05/13/25     (1,000)   (956,038)
Federal National Mortgage Assoc.   5.000%   TBA   04/14/25     (16,685)   (16,352,142)
Federal National Mortgage Assoc.   6.500%   TBA   04/14/25     (905)   (933,163)
Government National Mortgage Assoc.   3.000%   TBA   04/21/25     (1,000)   (885,626)
Government National Mortgage Assoc.   3.500%   TBA   04/21/25     (3,725)   (3,408,101)
Government National Mortgage Assoc.   6.000%   TBA   04/21/25     (8,710)   (8,839,701)
TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $88,635,665) 		                    $(88,633,320)
Options Purchased:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs CZK   Call   CITI   04/15/25     27.00   —   EUR   595 $—
Currency Option EUR vs PLN   Call   CITI   04/15/25     4.60   —   EUR   595 9
Currency Option EUR vs TRY   Call   GSI   04/04/25     50.00   —   EUR   607 26
Currency Option EUR vs TRY   Call   GSI   04/04/25     50.00   —   EUR   607 26
Currency Option EUR vs USD   Call   JPM   05/05/25     1.12   —   EUR   2,429 4,542
Currency Option USD vs BRL   Call   JPM   04/09/25     6.80   —       301 2
A48
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs BRL   Call   MSI   04/10/25     7.00   —       601 $2
Currency Option USD vs BRL   Call   MSI   04/23/25     7.00   —       592 26
Currency Option USD vs CNH   Call   MSI   06/26/25     7.35   —       3,522 12,724
Currency Option USD vs COP   Call   HSBC   04/10/25     4,800.00   —       601 9
Currency Option USD vs COP   Call   HSBC   04/10/25     4,850.00   —       601 6
Currency Option USD vs COP   Call   MSI   04/15/25     4,900.00   —       590 13
Currency Option USD vs IDR   Call   JPM   04/22/25     18,400.00   —       601 17
Currency Option USD vs INR   Call   JPM   01/08/26     91.00   —       2,021 8,151
Currency Option USD vs KRW   Call   HSBC   04/08/25     1,600.00   —       604 1
Currency Option USD vs KRW   Call   HSBC   04/17/25     1,600.00   —       591 14
Currency Option USD vs MXN   Call   CITI   04/03/25     26.30   —       610 —
Currency Option USD vs MXN   Call   CITI   04/08/25     25.00   —       604 3
Currency Option USD vs MXN   Call   CITI   04/10/25     23.50   —       597 30
Currency Option USD vs MXN   Call   MSI   04/15/25     24.00   —       590 37
Currency Option USD vs MXN   Call   MSI   04/29/25     24.00   —       293 64
Currency Option USD vs TRY   Call   JPM   04/18/25     75.00   —       590 358
Currency Option USD vs TRY   Call   GSI   04/25/25     75.00   —       412 301
Currency Option USD vs BRL   Put   CITI   04/01/25     5.15   —       600 —
Currency Option USD vs BRL   Put   MSI   04/01/25     5.15   —       900 —
Currency Option USD vs BRL   Put   MSI   04/01/25     5.15   —       364 —
Currency Option USD vs BRL   Put   MSI   04/01/25     6.00   —       600 30,102
Currency Option USD vs BRL   Put   HSBC   04/22/25     5.00   —       592 5
Currency Option USD vs BRL   Put   JPM   04/24/25     5.00   —       588 5
Currency Option USD vs BRL   Put   MSI   04/29/25     5.00   —       1,825 22
Currency Option USD vs CNH   Put   JPM   05/08/25     6.10   —       1,076 —
Currency Option USD vs CNH   Put   MSI   06/26/25     6.50   —       3,522 63
Currency Option USD vs COP   Put   MSI   04/10/25     3,500.00   —       602 —
Currency Option USD vs IDR   Put   JPM   04/22/25     16,200.00   —       601 421
Currency Option USD vs INR   Put   JPM   01/08/26     75.00   —       3,177 213
Currency Option USD vs INR   Put   JPM   01/08/26     75.00   —       874 59
Currency Option USD vs ZAR   Put   JPM   04/24/25     16.50   —       591 7
Currency Option USD vs ZAR   Put   JPM   04/28/25     16.30   —       587 5
Total OTC Traded (cost $72,212)                       $57,263  
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
3-Year Interest Rate Swap, 04/29/28   Call   CITI   04/25/25   3.36%   3.36%(A)   1 Day SOFR(A)/ 4.410%     3,315   $2,582
5-Year Interest Rate Swap, 06/27/30   Call   CITI   06/25/25   3.40%   3.40%(A)   1 Day SOFR(A)/ 4.410%     2,035   10,855
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.56%   3.56%(A)   1 Day SOFR(A)/ 4.410%     1,325   8,668
10-Year Interest Rate Swap, 09/29/35   Call   DB   09/25/25   3.53%   3.53%(A)   1 Day SOFR(A)/ 4.410%     1,005   14,226
3-Year Interest Rate Swap, 04/29/28   Put   CITI   04/25/25   4.11%   1 Day SOFR(A)/ 4.410%   4.11%(A)     3,315   398
5-Year Interest Rate Swap, 08/25/30   Put   JPM   08/21/25   4.21%   1 Day SOFR(A)/ 4.410%   4.21%(A)     2,670   9,112
A49
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Purchased (continued):
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
7-Year Interest Rate Swap, 05/14/32   Put   JPM   05/12/25   4.30%   1 Day SOFR(A)/ 4.410%   4.30%(A)     3,915   $2,043
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.10%   1 Day SOFR(A)/ 4.410%   4.10%(A)     2,405   8,735
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.50%   1 Day SOFR(A)/ 4.410%   4.50%(A)     2,405   1,189
CDX.NA.IG.43.V1, 12/20/29   Put   JPM   04/16/25   0.55%   CDX.NA.IG.43. V1(Q)   1.00%(Q)     8,600   12,320
CDX.NA.IG.43.V1, 12/20/29   Put   MSI   04/16/25   0.55%   CDX.NA.IG.43. V1(Q)   1.00%(Q)     8,600   12,320
Total OTC Swaptions (cost $29,421)       $82,448  
Total Options Purchased (cost $101,633)       $139,711  
Options Written:
Exchange Traded  
Description Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
3 Month SOFR Call   12/12/25     $96.25   17       43 $(15,725)  
3 Month SOFR Put   12/12/25     $96.25   17       43 (10,519)  
Total Exchange Traded (premiums received $26,012)                       $(26,244)  
    
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs CZK   Call   CITI   04/15/25     25.08   —   EUR   595 $(1,052)
Currency Option EUR vs PLN   Call   CITI   04/15/25     4.20   —   EUR   595 (2,565)
Currency Option EUR vs TRY   Call   GSI   04/04/25     40.75   —   EUR   607 (11,095)
Currency Option EUR vs TRY   Call   GSI   04/04/25     40.75   —   EUR   607 (11,095)
Currency Option EUR vs USD   Call   JPM   05/05/25     1.15   —   EUR   2,429 (1,182)
Currency Option USD vs BRL   Call   JPM   04/09/25     5.93   —       301 (401)
Currency Option USD vs BRL   Call   MSI   04/10/25     6.00   —       601 (531)
Currency Option USD vs BRL   Call   MSI   04/23/25     5.90   —       592 (3,114)
Currency Option USD vs COP   Call   HSBC   04/10/25     4,250.00   —       601 (2,882)
Currency Option USD vs COP   Call   HSBC   04/10/25     4,250.00   —       601 (2,882)
Currency Option USD vs COP   Call   MSI   04/15/25     4,200.00   —       590 (6,477)
Currency Option USD vs IDR   Call   JPM   04/22/25     16,400.00   —       601 (9,285)
Currency Option USD vs KRW   Call   HSBC   04/08/25     1,460.00   —       604 (6,781)
Currency Option USD vs KRW   Call   HSBC   04/17/25     1,450.00   —       591 (10,459)
Currency Option USD vs MXN   Call   CITI   04/08/25     20.70   —       604 (3,273)
Currency Option USD vs MXN   Call   CITI   04/10/25     20.50   —       597 (5,734)
Currency Option USD vs MXN   Call   MSI   04/15/25     20.30   —       590 (9,654)
Currency Option USD vs MXN   Call   MSI   04/29/25     21.00   —       293 (2,215)
Currency Option USD vs TRY   Call   JPM   04/18/25     39.20   —       590 (9,713)
Currency Option USD vs TRY   Call   GSI   04/25/25     39.60   —       412 (8,309)
Currency Option USD vs BRL   Put   CITI   04/01/25     6.00   —       600 (30,102)
Currency Option USD vs BRL   Put   HSBC   04/22/25     5.60   —       592 (2,465)
Currency Option USD vs BRL   Put   JPM   04/24/25     5.70   —       588 (6,145)
Currency Option USD vs BRL   Put   MSI   04/29/25     6.05   —       1,825 (102,605)
Currency Option USD vs CNH   Put   MSI   06/26/25     7.15   —       3,522 (17,857)
A50
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Written (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs COP   Put   MSI   04/10/25     4,300.00   —       602 $(17,540)
Currency Option USD vs INR   Put   JPM   01/08/26     87.00   —       2,021 (28,799)
Currency Option USD vs ZAR   Put   JPM   04/24/25     18.00   —       591 (2,895)
Currency Option USD vs ZAR   Put   JPM   04/28/25     18.30   —       587 (7,159)
Total OTC Traded (premiums received $312,348)                       $(324,266)  
    
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
3-Year Interest Rate Swap, 04/29/28   Call   CITI   04/25/25   3.51%   1 Day SOFR(A)/ 4.410%   3.51%(A)     3,315   $(5,527)
5-Year Interest Rate Swap, 06/27/30   Call   CITI   06/25/25   3.15%   1 Day SOFR(A)/ 4.410%   3.15%(A)     4,070   (11,306)
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.31%   1 Day SOFR(A)/ 4.410%   3.31%(A)     1,325   (3,752)
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.41%   1 Day SOFR(A)/ 4.410%   3.41%(A)     1,325   (5,298)
10-Year Interest Rate Swap, 09/29/35   Call   DB   09/25/25   3.21%   1 Day SOFR(A)/ 4.410%   3.21%(A)     2,010   (14,343)
CDX.NA.IG.43.V1, 12/20/29   Call   JPM   04/16/25   0.48%   CDX.NA.IG.43. V1(Q)   1.00%(Q)     8,600   (1,087)
CDX.NA.IG.43.V1, 12/20/29   Call   MSI   04/16/25   0.48%   CDX.NA.IG.43. V1(Q)   1.00%(Q)     8,600   (1,087)
3-Year Interest Rate Swap, 04/29/28   Put   CITI   04/25/25   3.96%   3.96%(A)   1 Day SOFR(A)/ 4.410%     3,315   (1,508)
5-Year Interest Rate Swap, 08/25/30   Put   JPM   08/21/25   4.53%   4.53%(A)   1 Day SOFR(A)/ 4.410%     5,340   (8,174)
7-Year Interest Rate Swap, 05/14/32   Put   JPM   05/12/25   4.50%   4.50%(A)   1 Day SOFR(A)/ 4.410%     7,750   (1,216)
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.30%   4.30%(A)   1 Day SOFR(A)/ 4.410%     4,810   (6,673)
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   04/16/25   $103.50   5.00%(Q)   CDX.NA.HY.43.V1(Q)     1,510   (3,543)
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   05/21/25   $102.00   5.00%(Q)   CDX.NA.HY.43.V1(Q)     1,740   (7,750)
CDX.NA.IG.43.V1, 12/20/29   Put   JPM   04/16/25   0.60%   1.00%(Q)   CDX.NA.IG.43. V1(Q)     8,630   (5,981)
CDX.NA.IG.43.V1, 12/20/29   Put   MSI   04/16/25   0.63%   1.00%(Q)   CDX.NA.IG.43.V1(Q)     8,510   (4,463)
CDX.NA.IG.43.V1, 12/20/29   Put   JPM   04/16/25   0.73%   1.00%(Q)   CDX.NA.IG.43. V1(Q)     8,600   (2,219)
CDX.NA.IG.43.V1, 12/20/29   Put   MSI   04/16/25   0.73%   1.00%(Q)   CDX.NA.IG.43. V1(Q)     8,600   (2,219)
A51
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Written (continued):
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
CDX.NA.IG.43.V1, 12/20/29   Put   JPM   05/21/25   0.75%   1.00%(Q)   CDX.NA.IG.43.V1(Q)     8,560   $(5,410)
CDX.NA.IG.44.V1, 06/20/30   Put   JPM   05/21/25   0.78%   1.00%(Q)   CDX.NA.IG.44.V1(Q)     8,470   (6,799)
Total OTC Swaptions (premiums received $67,170)       $(98,355)  
Total Options Written (premiums received $405,530)       $(448,865)  
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
191   2 Year U.S. Treasury Notes   Jun. 2025   $39,569,828   $104,384
123   5 Year U.S. Treasury Notes   Jun. 2025   13,303,219   7,935
1,093   10 Year U.S. Treasury Notes   Jun. 2025   121,562,094   621,352
445   10 Year U.S. Ultra Treasury Notes   Jun. 2025   50,785,625   411,769
797   20 Year U.S. Treasury Bonds   Jun. 2025   93,473,156   1,083,532
75   30 Year UMBS TBA – 5.5% Coupon   May. 2025   7,475,977   12,514
359   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   43,887,750   483,378
                2,724,864
Short Positions:
255   2 Year U.S. Treasury Notes   Jun. 2025   52,828,828   (251,313)
45   5 Year Euro-Bobl   Jun. 2025   5,731,485   54,508
586   5 Year U.S. Treasury Notes   Jun. 2025   63,379,563   (719,714)
13   10 Year Euro-Bund   Jun. 2025   1,810,950   49,609
150   10 Year U.S. Treasury Notes   Jun. 2025   16,682,813   39,106
50   10 Year U.S. Ultra Treasury Notes   Jun. 2025   5,706,250   (46,837)
67   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   8,190,750   71,470
7   Euro Schatz Index   Jun. 2025   809,553   789
                (802,382)
                $1,922,482
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:
Brazilian Real,
Expiring 04/02/25   GSI   BRL 16,066   $2,785,294   $2,814,082   $28,788   $—
Expiring 04/02/25   MSI   BRL 4,493   774,000   786,927   12,927   —
Expiring 05/05/25   GSI   BRL 20,684   3,604,608   3,600,969   —   (3,639)
Chilean Peso,
Expiring 06/18/25   CITI   CLP 280,138   294,000   294,852   852   —
Colombian Peso,
Expiring 06/18/25   GSI   COP 4,682,038   1,125,869   1,107,729   —   (18,140)
Expiring 06/18/25   TD   COP 2,637,517   632,000   624,013   —   (7,987)
Czech Koruna,
Expiring 04/22/25   BARC   CZK 16,819   700,000   728,974   28,974   —
Expiring 04/22/25   BARC   CZK 14,592   635,000   632,460   —   (2,540)
Euro,
Expiring 04/22/25   BARC   EUR 569   595,912   615,737   19,825   —
A52
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2025 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 04/22/25   BARC   EUR 502   $525,840   $543,167   $17,327   $—
Expiring 04/22/25   BOA   EUR 357   390,000   386,607   —   (3,393)
Expiring 04/22/25   CITI   EUR 509   530,912   551,032   20,120   —
Expiring 04/22/25   CITI   EUR 508   530,083   549,950   19,867   —
Expiring 04/22/25   CITI   EUR 506   526,000   547,743   21,743   —
Expiring 04/22/25   CITI   EUR 504   526,000   546,028   20,028   —
Expiring 04/22/25   CITI   EUR 282   297,000   305,103   8,103   —
Expiring 04/22/25   CITI   EUR 259   267,117   280,388   13,271   —
Expiring 04/22/25   DB   EUR 361   392,000   390,833   —   (1,167)
Expiring 04/22/25   DB   EUR 270   293,000   292,579   —   (421)
Expiring 04/22/25   JPM   EUR 1,699   1,770,326   1,839,371   69,045   —
Expiring 04/22/25   MSI   EUR 381   402,000   412,482   10,482   —
Expiring 04/22/25   MSI   EUR 256   266,235   277,141   10,906   —
Expiring 04/22/25   SSB   EUR 832   873,059   901,003   27,944   —
Hungarian Forint,
Expiring 04/22/25   BARC   HUF 247,505   645,000   663,648   18,648   —
Indian Rupee,
Expiring 06/18/25   CITI   INR 333,475   3,808,492   3,879,064   70,572   —
Expiring 06/18/25   JPM   INR 204,388   2,322,711   2,377,491   54,780   —
Indonesian Rupiah,
Expiring 04/24/25   CITI   IDR 7,513,378   461,000   450,495   —   (10,505)
Expiring 06/18/25   BOA   IDR 40,231,005   2,449,973   2,405,815   —   (44,158)
Expiring 06/18/25   BOA   IDR 12,932,864   784,000   773,386   —   (10,614)
Japanese Yen,
Expiring 04/22/25   CITI   JPY 141,805   954,000   947,762   —   (6,238)
Expiring 04/22/25   MSI   JPY 140,982   946,500   942,260   —   (4,240)
Mexican Peso,
Expiring 06/18/25   BNP   MXN 14,959   735,000   723,369   —   (11,631)
Expiring 06/18/25   CITI   MXN 21,568   1,046,647   1,042,919   —   (3,728)
Peruvian Nuevo Sol,
Expiring 06/18/25   CITI   PEN 2,916   790,000   792,103   2,103   —
Expiring 06/18/25   CITI   PEN 2,637   719,056   716,478   —   (2,578)
Philippine Peso,
Expiring 06/18/25   MSI   PHP 134,717   2,350,547   2,348,498   —   (2,049)
Polish Zloty,
Expiring 04/22/25   CITI   PLN 2,631   656,000   678,733   22,733   —
Expiring 04/22/25   MSI   PLN 2,763   682,000   712,948   30,948   —
South African Rand,
Expiring 06/18/25   HSBC   ZAR 26,198   1,423,352   1,419,821   —   (3,531)
Turkish Lira,
Expiring 04/16/25   BOA   TRY 96,729   2,567,752   2,491,923   —   (75,829)
Expiring 04/30/25   HSBC   TRY 21,496   542,415   543,479   1,064   —
Expiring 04/30/25   HSBC   TRY 13,545   337,229   342,451   5,222   —
Expiring 04/30/25   HSBC   TRY 13,543   337,364   342,419   5,055   —
Expiring 04/30/25   HSBC   TRY 13,434   336,533   339,652   3,119   —
              $43,631,826   $43,963,884   544,446   (212,388)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 04/02/25   GSI   BRL 20,558   $3,602,960   $3,601,008   $1,952   $—
A53
AST CORE FIXED INCOME 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 (cont’d.):
British Pound,
Expiring 04/22/25   BARC   GBP 2,506   $3,081,075   $3,236,973   $—   $(155,898)
Chilean Peso,
Expiring 06/18/25   BOA   CLP 273,318   295,000   287,674   7,326   —
Expiring 06/18/25   CITI   CLP 437,875   470,424   460,875   9,549   —
Expiring 06/18/25   DB   CLP 273,076   293,000   287,419   5,581   —
Chinese Renminbi,
Expiring 06/18/25   JPM   CNH 49,688   6,886,888   6,875,517   11,371   —
Colombian Peso,
Expiring 06/18/25   DB   COP 1,242,068   293,000   293,862   —   (862)
Czech Koruna,
Expiring 04/22/25   MSI   CZK 70,823   2,871,639   3,069,594   —   (197,955)
Euro,
Expiring 04/22/25   BARC   EUR 10,207   10,574,262   11,049,924   —   (475,662)
Expiring 04/22/25   CITI   EUR 509   532,672   551,032   —   (18,360)
Expiring 04/22/25   CITI   EUR 508   532,113   549,950   —   (17,837)
Expiring 04/22/25   CITI   EUR 502   526,000   543,329   —   (17,329)
Expiring 04/22/25   CITI   EUR 259   268,016   280,388   —   (12,372)
Expiring 04/22/25   CITI   EUR 256   266,447   277,140   —   (10,693)
Expiring 04/22/25   CITI   EUR 116   120,758   125,749   —   (4,991)
Expiring 04/22/25   GSI   EUR 1,135   1,190,000   1,228,468   —   (38,468)
Expiring 04/22/25   JPM   EUR 10,207   10,564,183   11,049,940   —   (485,757)
Expiring 04/22/25   JPM   EUR 5,279   5,564,752   5,714,610   —   (149,858)
Expiring 04/22/25   JPM   EUR 150   157,535   161,891   —   (4,356)
Expiring 04/22/25   MSI   EUR 4,559   4,935,142   4,935,320   —   (178)
Expiring 04/22/25   MSI   EUR 1,134   1,189,000   1,227,843   —   (38,843)
Expiring 04/22/25   SSB   EUR 10,207   10,466,195   11,049,940   —   (583,745)
Expiring 04/22/25   SSB   EUR 504   526,481   545,619   —   (19,138)
Expiring 04/22/25   SSB   EUR 14   15,228   15,028   200   —
Hungarian Forint,
Expiring 04/22/25   BARC   HUF 322,863   800,394   865,710   —   (65,316)
Indian Rupee,
Expiring 06/18/25   MSI   INR 94,591   1,076,000   1,100,307   —   (24,307)
Expiring 06/18/25   MSI   INR 78,260   894,000   910,337   —   (16,337)
Indonesian Rupiah,
Expiring 04/24/25   JPM   IDR 7,513,378   461,000   450,495   10,505   —
Japanese Yen,
Expiring 04/22/25   CITI   JPY 38,398   259,000   256,631   2,369   —
Expiring 04/22/25   DB   JPY 36,839   252,000   246,218   5,782   —
Expiring 04/22/25   MSI   JPY 60,313   408,000   403,102   4,898   —
New Taiwanese Dollar,
Expiring 06/18/25   BOA   TWD 33,711   1,028,000   1,019,260   8,740   —
Expiring 06/18/25   BOA   TWD 30,897   943,000   934,190   8,810   —
Expiring 06/18/25   HSBC   TWD 131,066   4,017,334   3,962,796   54,538   —
Expiring 06/18/25   MSI   TWD 29,508   905,000   892,194   12,806   —
Polish Zloty,
Expiring 04/22/25   GSI   PLN 4,979   1,185,099   1,284,519   —   (99,420)
Singapore Dollar,
Expiring 06/18/25   BOA   SGD 3,308   2,497,734   2,472,272   25,462   —
Expiring 06/18/25   BOA   SGD 1,207   908,000   902,015   5,985   —
South Korean Won,
Expiring 06/18/25   BNP   KRW 3,557,986   2,473,933   2,423,795   50,138   —
Expiring 06/18/25   BNY   KRW 3,557,986   2,472,592   2,423,795   48,797   —
Thai Baht,
Expiring 06/18/25   CITI   THB 31,784   938,000   942,130   —   (4,130)
A54
AST CORE FIXED INCOME 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 (cont’d.):
Thai Baht (cont’d.),
Expiring 06/18/25   HSBC   THB 99,603   $2,959,296   $2,952,371   $6,925   $—
              $89,701,152   $91,861,230   281,734   (2,441,812)
                      $826,180   $(2,654,200)
Credit default swap agreements outstanding at March 31, 2025:
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Republic of Italy   12/20/27   1.000%(Q)   EUR 1,235   $(33,823)   $(25,169)   $(8,654)   BARC
U.S. Treasury Notes   06/20/25   0.250%(Q)   EUR 550   72   (69)   141   BARC
                    $(33,751)   $(25,238)   $(8,513)    
    
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Kingdom of Spain   06/20/25   1.000%(Q)     640   0.066%   $1,544   $1,346   $198   BARC
Petroleos Mexicanos^   03/23/26   4.100%(Q)     1,030   *   11,323   —   11,323   GSI
Petroleos Mexicanos^   05/07/26   4.750%(M)     1,670   *   32,581   —   32,581   GSI
Republic of Italy   06/20/25   1.000%(Q)     1,120   0.085%   2,653   2,355   298   BARC
SoftBank Group Corp.   06/20/26   1.000%(Q)     855   1.326%   (3,035)   (5,135)   2,100   GSI
                      $45,066   $(1,434)   $46,500    
    
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     708   $(42,144)   $(37,685)   $4,459
CDX.NA.IG.44.V1 06/20/30   1.000%(Q)     55,159   (1,031,919)   (1,014,403)   17,516
                    $(1,074,063)   $(1,052,088)   $21,975
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the
A55
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
  referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Interest rate swap agreements outstanding at March 31, 2025:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP 825   05/08/32   1.150%(A)   1 Day SONIA(1)(A)/ 4.455%   $36,002   $219,602   $183,600
  48,265   05/17/25   5.113%(T)   1 Day SOFR(2)(T)/ 4.410%   —   111,482   111,482
  31,020   08/31/25   4.805%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (86,169)   (86,169)
  24,725   05/17/26   4.669%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (135,169)   (135,169)
  1,645   09/25/26   4.699%(A)   1 Day SOFR(1)(A)/ 4.410%   304   (21,155)   (21,459)
  8,385   05/13/27   4.497%(A)   1 Day SOFR(2)(A)/ 4.410%   2,207   95,314   93,107
  5,215   05/13/29   4.253%(A)   1 Day SOFR(1)(A)/ 4.410%   (5,545)   (83,189)   (77,644)
  12,700   05/31/29   3.704%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (12,633)   (12,633)
  6,300   02/15/34   3.825%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (22,350)   (22,350)
  7,695   12/20/44   3.995%(A)   1 Day SOFR(2)(A)/ 4.410%   —   57,247   57,247
  18,090   03/19/45   4.160%(A)   1 Day SOFR(1)(A)/ 4.410%   (35,258)   (572,202)   (536,944)
  2,105   12/16/49   3.805%(A)   1 Day SOFR(2)(A)/ 4.410%   (15,049)   (33,437)   (18,388)
  7,469   03/15/53   2.970%(A)   1 Day SOFR(1)(A)/ 4.410%   4,216   1,127,631   1,123,415
  6,785   09/20/53   3.590%(A)   1 Day SOFR(1)(A)/ 4.410%   27,669   335,803   308,134
  1,920   05/11/54   1.350%(A)   1 Day SOFR(1)(A)/ 4.410%   876,417   893,733   17,316
  8,815   12/14/54   3.136%(A)   1 Day SOFR(1)(A)/ 4.410%   128,917   108,921   (19,996)
  1,865   12/16/54   3.719%(A)   1 Day SOFR(1)(A)/ 4.410%   14,471   39,615   25,144
  5,865   12/20/54   3.825%(A)   1 Day SOFR(1)(A)/ 4.410%   —   12,582   12,582
                    $1,034,351   $2,035,626   $1,001,275
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
    
Total return swap agreements outstanding at March 31, 2025:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)   1 Day SOFR -54bps(T)/ 3.870%   JPM   09/19/25   (6,396)   $18,098   $—   $18,098
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AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Total return swap agreements outstanding at March 31, 2025 (continued):
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements (cont’d.):
U.S. Treasury Bond(T)   1 Day USOIS +18bps(T)/ 4.510%   JPM   08/13/25   27,880   $794,242   $—   $794,242
                    $812,340   $—   $812,340
(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
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).
A57