NPORT-EX 2 PIPA020PRU033125.htm
AST PGIM FIXED INCOME CENTRAL PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 101.1%
Asset-Backed Securities — 6.1%
Automobiles — 2.6%
Ally Bank Auto Credit-Linked Notes,
Series 2024-A, Class C, 144A
6.022%   05/17/32     698   $706,669
Series 2024-A, Class D, 144A
6.315%   05/17/32     349   353,750
AmeriCredit Automobile Receivables Trust,
Series 2021-01, Class C
0.890%   10/19/26     443   441,408
Series 2021-02, Class C
1.010%   01/19/27     2,688   2,649,467
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-02A, Class A, 144A
2.020%   02/20/27     10,176   9,990,376
Series 2021-02A, Class C, 144A
2.350%   02/20/28     6,200   5,872,349
Series 2022-04A, Class A, 144A
4.770%   02/20/29     2,900   2,905,715
Series 2023-03A, Class B, 144A
6.120%   02/22/28     8,100   8,233,537
Series 2023-04A, Class A, 144A
5.490%   06/20/29     33,500   34,248,032
Series 2023-08A, Class A, 144A
6.020%   02/20/30     11,800   12,315,275
Series 2024-01A, Class A, 144A
5.360%   06/20/30     10,500   10,716,524
Series 2024-01A, Class B, 144A
5.850%   06/20/30     1,250   1,274,049
Bayview Opportunity Master Fund VII LLC,
Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR + 1.100% (Cap N/A, Floor 0.000%)
5.440%(c)   12/26/31     923   925,620
Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)
5.840%(c)   12/26/31     156   156,887
Bayview Opportunity Master Fund VII Trust,
Series 2024-CAR1F, Class A, 144A
6.971%   07/29/32     1,998   1,998,302
CarMax Auto Owner Trust,
Series 2024-01, Class B
5.170%   08/15/29     335   338,519
Series 2024-03, Class A3
4.890%   07/16/29     1,270   1,282,340
Series 2024-03, Class A4
4.850%   01/15/30     530   536,905
CarMax Select Receivables Trust,
Series 2024-A, Class A3
5.400%   11/15/28     620   626,431
Series 2024-A, Class B
5.350%   01/15/30     725   733,842
Carvana Auto Receivables Trust,
Series 2021-N04, Class D
2.300%   09/11/28     1,471   1,426,266
Chase Auto Owner Trust,
Series 2022-AA, Class D, 144A
5.400%   06/25/30     1,300   1,305,121
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Enterprise Fleet Financing LLC,
Series 2024-01, Class A2, 144A
5.230%   03/20/30     1,460   $1,469,494
Series 2024-01, Class A3, 144A
5.160%   09/20/30     1,345   1,365,495
Series 2024-03, Class A3, 144A
4.980%   08/21/28     800   810,363
Series 2024-03, Class A4, 144A
5.060%   03/20/31     545   554,632
Exeter Automobile Receivables Trust,
Series 2021-03A, Class D
1.550%   06/15/27     13,485   13,187,792
Series 2022-03A, Class C
5.300%   09/15/27     1,927   1,929,240
Series 2023-01A, Class D
6.690%   06/15/29     445   454,254
Ford Auto Securitization Trust (Canada),
Series 2021-AA, Class C, 144A
2.700%   04/15/29   CAD 5,100   3,486,450
Ford Credit Auto Lease Trust,
Series 2023-A, Class C
5.540%   12/15/26     1,905   1,908,480
Series 2024-A, Class A4
5.050%   06/15/27     555   558,033
Ford Credit Auto Owner Trust,
Series 2020-02, Class C, 144A
1.740%   04/15/33     2,910   2,855,016
Series 2021-01, Class C, 144A
1.910%   10/17/33     1,522   1,474,674
Series 2021-02, Class C, 144A
2.110%   05/15/34     4,250   4,062,050
Series 2023-01, Class A, 144A
4.850%   08/15/35     2,655   2,684,190
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%   12/27/27     15,845   15,131,238
Huntington Bank Auto Credit-Linked Notes,
Series 2024-01, Class B1, 144A
6.153%   05/20/32     1,199   1,213,438
Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)
7.494%(c)   05/20/32     1,519   1,533,323
Hyundai Auto Lease Securitization Trust,
Series 2024-A, Class A4, 144A
5.070%   02/15/28     690   694,882
JPMorgan Chase Bank NA,
Series 2021-03, Class D, 144A
1.009%   02/26/29     40   40,157
Series 2021-03, Class G, 144A
9.812%   02/26/29     3,300   3,316,964
Nissan Auto Lease Trust,
Series 2024-A, Class A4
4.970%   09/15/28     735   739,098
Octane Receivables Trust,
Series 2023-03A, Class B, 144A
6.480%   07/20/29     755   770,413
A1
AST PGIM FIXED INCOME CENTRAL 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.)
Series 2023-03A, Class C, 144A
6.740%   08/20/29     255   $261,758
Series 2024-RVM01, Class A, 144A
5.010%   01/22/46     5,573   5,601,298
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%   09/14/27     2,911   2,900,142
Series 2019-01A, Class B, 144A
3.950%   11/14/28     600   595,418
Series 2021-01A, Class C, 144A
1.420%   07/14/28     1,235   1,204,134
Series 2021-01A, Class D, 144A
1.620%   11/14/30     1,875   1,828,218
Series 2025-01A, Class A, 144A
5.360%   04/16/35     19,500   19,874,236
Series 2025-01A, Class B, 144A
5.560%   10/15/35     28,600   29,179,064
Series 2025-01A, Class C, 144A
5.760%   10/15/35     14,900   15,242,777
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A
7.375%   05/15/32     15   14,875
Series 2022-C, Class E, 144A
11.366%   12/15/32     164   165,913
Series 2023-B, Class B, 144A
5.640%   12/15/33     190   190,808
Santander Drive Auto Receivables Trust,
Series 2020-04, Class E, 144A
2.850%   04/17/28     4,789   4,746,787
Series 2021-02, Class D
1.350%   07/15/27     1,203   1,195,610
Series 2021-04, Class E, 144A
4.030%   03/15/29     4,310   4,275,386
Series 2022-05, Class C
4.740%   10/16/28     1,000   998,934
Series 2022-06, Class C
4.960%   11/15/28     700   700,808
Series 2023-06, Class C
6.400%   03/17/31     1,800   1,865,798
Series 2024-02, Class D
6.280%   08/15/31     4,000   4,137,285
Series 2025-01, Class D
5.430%   03/17/31     18,500   18,723,684
SBNA Auto Lease Trust,
Series 2024-A, Class A3, 144A
5.390%   11/20/26     810   812,180
Series 2024-A, Class A4, 144A
5.240%   01/22/29     775   780,763
Securitized Term Auto Receivables Trust (Canada),
Series 2025-A, Class B, 144A
5.038%   07/25/31     7,223   7,258,646
SFS Auto Receivables Securitization Trust,
Series 2024-01A, Class A4, 144A
4.940%   01/21/31     600   605,894
Series 2024-01A, Class C, 144A
5.510%   01/20/32     305   309,083
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Series 2024-02A, Class A3, 144A
5.330%   11/20/29     1,670   $1,690,540
Series 2024-02A, Class B, 144A
5.410%   08/20/30     365   373,451
World Omni Auto Receivables Trust,
Series 2023-A, Class B
5.030%   05/15/29     2,010   2,025,078
World Omni Select Auto Trust,
Series 2021-A, Class D
1.440%   11/15/27     5,450   5,344,540
              292,180,168
Collateralized Loan Obligations — 0.3%
CBAM Ltd. (Cayman Islands),
Series 2018-06A, Class B2R, 144A, 3 Month SOFR + 2.362% (Cap N/A, Floor 2.100%)
6.664%(c)   01/15/31     3,165   3,160,941
CIFC Funding Ltd. (Cayman Islands),
Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)
5.704%(c)   01/15/35     7,125   7,137,993
Crown Point CLO Ltd. (Cayman Islands),
Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%)
5.523%(c)   10/20/31     1,402   1,400,337
Highbridge Loan Management Ltd. (Cayman Islands),
Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%)
5.362%(c)   10/15/30     948   946,661
Invesco US CLO Ltd. (United Kingdom),
Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%)
5.860%(c)   04/22/37     1,240   1,241,322
KKR CLO Ltd. (Cayman Islands),
Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)
5.593%(c)   10/20/34     1,705   1,704,939
Magnetite Ltd. (Cayman Islands),
Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.793%(c)   04/20/37     4,535   4,541,821
Northwoods Capital Ltd. (Cayman Islands),
Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)
5.565%(c)   11/13/31     2,093   2,093,759
OCP CLO Ltd. (Cayman Islands),
Series 2014-07A, Class A1RR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%)
5.675%(c)   07/20/29     48   47,774
Signal Peak CLO Ltd.,
Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.850%(c)   04/25/37     510   511,020
Symphony CLO Ltd. (Cayman Islands),
Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.502%(c)   10/15/31     3,669   3,667,019
 
A2
AST PGIM FIXED INCOME CENTRAL 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.)
THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.502%(c)   07/15/30     1,206   $1,204,991
Trinitas CLO Ltd. (Cayman Islands),
Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)
5.630%(c)   01/25/34     5,140   5,141,440
Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.493%(c)   01/20/32     711   710,674
              33,510,691
Consumer Loans — 0.7%
Affirm Asset Securitization Trust,
Series 2024-A, Class 1B, 144A
5.930%   02/15/29     1,000   1,007,079
Series 2024-A, Class 1C, 144A
6.160%   02/15/29     1,000   1,007,554
Series 2024-A, Class 1D, 144A
6.890%   02/15/29     500   503,738
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A
2.509%   10/20/39   CAD 74   51,201
GreenSky Home Improvement Trust,
Series 2024-01, Class A3, 144A
5.550%   06/25/59     1,100   1,115,351
Series 2024-01, Class A4, 144A
5.670%   06/25/59     2,493   2,524,386
Lending Funding Trust,
Series 2020-02A, Class A, 144A
2.320%   04/21/31     200   193,522
Lendmark Funding Trust,
Series 2021-01A, Class A, 144A
1.900%   11/20/31     4,534   4,318,980
OneMain Financial Issuance Trust,
Series 2020-02A, Class A, 144A
1.750%   09/14/35     9,385   9,081,749
Series 2021-01A, Class A1, 144A
1.550%   06/16/36     7,200   6,823,037
Series 2022-02A, Class D, 144A
6.550%   10/14/34     1,830   1,849,983
Series 2023-01A, Class D, 144A
7.490%   06/14/38     2,600   2,787,867
Series 2023-02A, Class B, 144A
6.170%   09/15/36     16,700   17,293,318
Series 2023-02A, Class C, 144A
6.740%   09/15/36     4,000   4,176,052
Series 2023-02A, Class D, 144A
7.520%   09/15/36     5,705   5,983,730
Series 2024-01A, Class A, 144A
5.790%   05/14/41     14,600   15,198,991
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A
3.070%   03/15/32     5,908   5,841,515
              79,758,053
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Credit Cards — 0.0%
Evergreen Credit Card Trust (Canada),
Series 2025-CRT05, Class C, 144A
5.530%   05/15/29     4,000   $4,034,959
Equipment — 0.1%
Auxilior Term Funding LLC,
Series 2023-01A, Class C, 144A
6.500%   11/15/30     1,000   1,035,983
Series 2024-01A, Class A2, 144A
5.840%   03/15/27     680   684,504
Series 2024-01A, Class A3, 144A
5.490%   07/15/31     690   703,463
DLLST LLC,
Series 2024-01A, Class A3, 144A
5.050%   08/20/27     890   893,697
Series 2024-01A, Class A4, 144A
4.930%   04/22/30     210   211,320
Kubota Credit Owner Trust,
Series 2023-01A, Class A4, 144A
5.070%   02/15/29     715   720,366
Series 2024-02A, Class A3, 144A
5.260%   11/15/28     1,350   1,372,211
Series 2024-02A, Class A4, 144A
5.190%   05/15/30     710   724,911
MMAF Equipment Finance LLC,
Series 2019-B, Class A5, 144A
2.290%   11/12/41     7,180   7,033,528
Series 2020-A, Class A4, 144A
1.400%   08/09/30     1,580   1,499,046
              14,879,029
Home Equity Loans — 0.7%
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     397   373,299
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     188   188,387
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     478   465,900
GSAA Trust,
Series 2006-07, Class AF2
5.995%(cc)   03/25/46     426   155,127
JPMorgan Mortgage Trust,
Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)
6.044%(c)   03/20/54     6,675   6,714,499
Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
5.944%(c)   05/25/54     798   801,134
Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%)
5.544%(c)   10/20/54     1,743   1,741,805
 
A3
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Home Equity Loans (cont’d.)
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     246   $241,402
Merrill Lynch Mortgage Investors Trust,
Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%)
5.155%(c)   07/25/34     45   43,671
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     315   324,239
RCKT Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
6.025%(cc)   02/25/44     2,883   2,899,207
Series 2024-CES03, Class A1A, 144A
6.591%(cc)   05/25/44     7,986   8,090,316
Towd Point Mortgage Trust,
Series 2023-CES02, Class A1A, 144A
7.294%(cc)   10/25/63     15,218   15,463,192
Series 2024-CES01, Class A1A, 144A
5.848%(cc)   01/25/64     2,117   2,124,062
Series 2024-CES02, Class A1A, 144A
6.125%(cc)   02/25/64     3,167   3,185,378
Series 2024-CES03, Class A1, 144A
6.290%(cc)   05/25/64     6,206   6,261,823
Series 2024-CES05, Class A1, 144A
5.167%(cc)   09/25/64     18,165   18,074,750
Series 2025-CRM01, Class A1, 144A
5.799%(cc)   01/25/65     14,907   14,984,802
              82,132,993
Other — 1.1%
CyrusOne Data Centers Issuer I LLC,
Series 2024-02A, Class A2, 144A
4.500%   05/20/49     3,790   3,648,670
Series 2024-03A, Class A2, 144A
4.650%   05/20/49     2,085   1,976,182
GoodLeap Home Improvement Solutions Trust,
Series 2025-01A, Class A, 144A
5.380%   02/20/49     26,216   26,560,982
GoodLeap Sustainable Home Solutions Trust,
Series 2023-03C, Class A, 144A
6.500%   07/20/55     1,712   1,677,170
Series 2023-04C, Class A, 144A
6.480%   03/20/57     5,432   5,329,023
Series 2024-01GS, Class A, 144A
6.250%   06/20/57     9,213   9,023,695
Invitation Homes Trust,
Series 2024-SFR01, Class B, 144A
4.000%   09/17/41     8,500   8,101,574
PMT Issuer Trust - FMSR,
Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%)
7.069%(c)   12/25/27     24,400   24,557,631
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Other (cont’d.)
Progress Residential Trust,
Series 2021-SFR08, Class B, 144A
1.681%   10/17/38     580   $556,263
Series 2024-SFR05, Class A, 144A
3.000%   08/09/29     2,705   2,496,783
Sunrun Artemis Issuer LLC,
Series 2024-02A, Class A1, 144A
6.250%   07/30/59     17,284   17,184,700
Tricon Residential Trust,
Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)
5.400%(c)   03/17/42     21,100   21,099,956
              122,212,629
Residential Mortgage-Backed Securities — 0.2%
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     87   85,059
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     215   205,424
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     5   5,906
Credit-Based Asset Servicing & Securitization LLC,
Series 2004-CB04, Class A6
5.872%(cc)   05/25/35     5   4,482
LSF11 Boson Investments Sarl Compartment 2 (Spain),
Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)
4.521%(c)   11/25/60   EUR 939   978,374
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     74   73,154
Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%)
6.280%(c)   01/25/35     210   203,975
Pret LLC,
Series 2025-NPL02, Class A1, 144A
5.835%(cc)   03/25/55     14,851   14,857,264
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     764   790,773
TFS (Spain),
Series 2018-03
0.000%(s)   04/16/40^   EUR —(r)   1
Series 2018-03, Class A1
0.000%(s)   04/16/40^   EUR —(r)   1
 
A4
AST PGIM FIXED INCOME CENTRAL 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.)
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
5.854%(c)   03/15/26^   EUR 4,720   $3,802,460
              21,006,873
Small Business Loan — 0.0%
United States Small Business Administration,
Series 2013-20H, Class 1
3.160%   08/01/33     36   34,556
Student Loans — 0.4%
Bayview Opportunity Master Fund VII LLC,
Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%)
5.790%(c)   06/25/47     6,429   6,400,613
Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
5.940%(c)   06/25/47     2,193   2,185,030
Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)
6.140%(c)   06/25/47     853   848,815
ELFI Graduate Loan Program LLC,
Series 2020-A, Class A, 144A
1.730%   08/25/45     2,281   2,065,370
Laurel Road Prime Student Loan Trust,
Series 2018-C, Class A, 144A
0.000%(cc)   08/25/43     1,671   1,603,722
Series 2019-A, Class A2FX, 144A
2.730%   10/25/48     65   64,712
Navient Private Education Refi Loan Trust,
Series 2020-DA, Class A, 144A
1.690%   05/15/69     232   218,986
Series 2020-GA, Class A, 144A
1.170%   09/16/69     348   322,223
SMB Private Education Loan Trust,
Series 2018-A, Class A2A, 144A
3.500%   02/15/36     753   741,532
Series 2018-C, Class A2A, 144A
3.630%   11/15/35     588   579,580
Series 2020-A, Class A2A, 144A
2.230%   09/15/37     490   471,604
Series 2020-B, Class A1A, 144A
1.290%   07/15/53     640   601,023
Series 2021-A, Class APT1, 144A
1.070%   01/15/53     355   317,062
Series 2021-B, Class A, 144A
1.310%   07/17/51     2,078   1,932,860
Series 2024-A, Class A1A, 144A
5.240%   03/15/56     10,333   10,432,260
Series 2024-D, Class A1A, 144A
5.380%   07/15/53     5,271   5,354,022
Series 2024-E, Class A1A, 144A
5.090%   10/16/56     4,340   4,373,754
SoFi Professional Loan Program LLC,
Series 2019-C, Class A2FX, 144A
2.370%   11/16/48     2,465   2,367,635
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Student Loans (cont’d.)
SoFi Professional Loan Program Trust,
Series 2020-A, Class A2FX, 144A
2.540%   05/15/46     4,262   $4,089,807
              44,970,610
 
Total Asset-Backed Securities

(cost $687,159,930)
  694,720,561
Commercial Mortgage-Backed Securities —
18.2%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF02, Class A5, 144A
2.513%   06/15/54     3,000   2,614,081
Series 2021-MF03, Class A5, 144A
2.575%   10/15/54     11,950   10,408,305
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class B, 144A
4.310%(cc)   05/15/49     2,355   2,302,997
BANK,
Series 2017-BNK04, Class A3
3.362%   05/15/50     13,328   13,010,214
Series 2017-BNK06, Class A4
3.254%   07/15/60     1,869   1,809,955
Series 2017-BNK08, Class A3
3.229%   11/15/50     5,466   5,286,207
Series 2018-BN13, Class A3
3.978%   08/15/61     4,700   4,635,422
Series 2018-BN13, Class A4
3.953%   08/15/61     12,920   12,621,837
Series 2019-BN18, Class A3
3.325%   05/15/62     2,005   1,887,428
Series 2019-BN20, Class A2
2.758%   09/15/62     9,428   8,712,193
Series 2019-BN24, Class A3
2.960%   11/15/62     1,737   1,600,447
Series 2021-BN33, Class A4
2.270%   05/15/64     3,500   3,069,011
Series 2021-BN34, Class A5
2.438%   06/15/63     2,109   1,798,340
Series 2021-BN35, Class A4
2.031%   06/15/64     3,000   2,546,067
Series 2021-BN36, Class A4
2.218%   09/15/64     28,300   24,219,018
Series 2022-BNK43, Class A5
4.399%   08/15/55     3,700   3,547,711
Series 2022-BNK43, Class ASB
4.502%(cc)   08/15/55     3,700   3,647,334
Series 2022-BNK44, Class A5
5.744%(cc)   11/15/55     8,000   8,347,282
BANK5,
Series 2023-05YR2, Class A3
6.656%(cc)   07/15/56     25,000   26,305,907
Series 2023-05YR3, Class A3
6.724%(cc)   09/15/56     20,000   21,144,464
Series 2023-05YR4, Class A3
6.500%   12/15/56     18,438   19,377,731
 
A5
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2024-05YR8, Class A3
5.884%   08/15/57     2,955   $3,077,684
BANK5 Trust,
Series 2025-05YR13, Class A3
5.753%(cc)   01/15/58     26,810   27,781,533
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A
2.937%   08/14/36     1,170   1,118,182
Series 2016-ETC, Class B, 144A
3.189%   08/14/36     510   480,248
Series 2016-ETC, Class C, 144A
3.391%   08/14/36     430   395,958
Series 2016-ETC, Class D, 144A
3.609%(cc)   08/14/36     1,610   1,454,313
Series 2018-CHRS, Class D, 144A
4.267%(cc)   08/05/38     550   478,899
Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%)
5.239%(c)   03/15/37     2,300   2,179,463
Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%)
6.593%(c)   11/15/34     190   1,903
Series 2019-C03, Class A3
3.319%   05/15/52     5,347   5,108,430
Series 2019-C04, Class A4
2.661%   08/15/52     8,770   8,133,576
Series 2019-C05, Class A3
2.805%   11/15/52     1,000   930,688
Series 2020-C06, Class A3
2.390%   02/15/53     4,400   3,955,700
Series 2021-C11, Class A4
2.043%   09/15/54     31,900   27,534,188
Series 2022-C17, Class A5
4.441%   09/15/55     4,400   4,260,802
Series 2022-C17, Class XB, IO
0.485%(cc)   09/15/55     55,770   2,184,383
Series 2023-05C23, Class A3
6.675%(cc)   12/15/56     30,000   31,811,634
Series 2023-C20, Class A2
6.383%(cc)   07/15/56     24,588   25,347,231
Series 2024-05C27, Class A3
6.014%   07/15/57     20,300   21,139,444
Series 2025-05C33, Class A4
5.839%   03/15/58     53,390   55,491,783
Benchmark Mortgage Trust,
Series 2018-B01, Class A4
3.402%   01/15/51     4,249   4,106,457
Series 2018-B03, Class A4
3.761%   04/10/51     8,086   7,904,264
Series 2018-B03, Class AS
4.195%(cc)   04/10/51     1,395   1,340,002
Series 2019-B10, Class A3
3.455%   03/15/62     2,277   2,170,195
Series 2019-B12, Class A4
2.859%   08/15/52     1,850   1,708,445
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2019-B13, Class A3
2.701%   08/15/57     11,205   $10,281,695
Series 2019-B14, Class A3
3.090%   12/15/62     950   902,981
Series 2019-B14, Class A4
2.795%   12/15/62     1,600   1,466,640
Series 2020-B19, Class A5
1.850%   09/15/53     10,000   8,540,946
Series 2020-B20, Class A4
1.746%   10/15/53     17,500   15,412,205
Series 2020-B22, Class A4
1.685%   01/15/54     4,300   3,711,299
Series 2020-IG01, Class A3
2.687%   09/15/43     7,400   6,263,871
Series 2021-B28, Class A4
1.980%   08/15/54     3,000   2,528,078
Series 2021-B29, Class A4
2.138%   09/15/54     29,800   25,428,242
Series 2023-B38, Class A2
5.626%   04/15/56     10,000   10,058,241
Series 2023-B38, Class A3
5.793%   04/15/56     15,000   15,570,569
Series 2023-B40, Class A2
6.930%   12/15/56     26,256   27,752,245
Series 2024-V06, Class XB, IO
0.735%(cc)   03/15/57     216,836   5,903,490
Series 2024-V08, Class A3
6.189%(cc)   07/15/57     34,500   36,153,030
Series 2024-V12, Class A3
5.738%   12/15/57     22,670   23,457,046
Series 2025-V14, Class A4
5.660%   04/15/58     45,665   47,149,537
BFLD Mortgage Trust,
Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%)
6.209%(c)   07/15/41     7,500   7,500,000
Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%)
5.811%(c)   08/15/26     8,158   8,126,983
BLP Commercial Mortgage Trust,
Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.519%(c)   03/15/42     18,410   18,271,802
BMO Mortgage Trust,
Series 2022-C03, Class A5
5.313%   09/15/54     2,600   2,634,297
Series 2023-05C1, Class A3
6.534%(cc)   08/15/56     25,800   27,012,819
Series 2023-C06, Class A2
6.648%(cc)   09/15/56     32,846   34,595,174
Series 2023-C07, Class A2
6.770%   12/15/56     20,000   21,036,804
Series 2024-05C3, Class A3
5.739%   02/15/57     11,365   11,679,115
Series 2024-05C5, Class A3
5.857%   02/15/57     4,980   5,139,713
 
A6
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2024-05C6, Class A3
5.316%   09/15/57     6,905   $7,015,606
Series 2025-05C9, Class A3
5.779%   04/15/58     24,115   24,995,538
BPR Trust,
Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%)
5.584%(c)   09/15/38     11,000   10,918,172
Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%)
6.134%(c)   09/15/38     2,650   2,627,000
Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%)
6.784%(c)   09/15/38     7,960   7,900,680
Series 2023-BRK02, Class A, 144A
6.899%(cc)   10/05/38     16,700   17,347,751
Series 2023-BRK02, Class XCP, IO, 144A
0.355%(cc)   12/05/27     665,000   5,735,958
BX Commercial Mortgage Trust,
Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%)
7.253%(c)   12/15/38     28,718   28,574,389
Series 2021-VINO, Class A, 144A, 1 Month SOFR + 0.767% (Cap N/A, Floor 0.767%)
5.086%(c)   05/15/38     78   78,058
Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%)
6.063%(c)   04/15/40     7,915   7,910,052
Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%)
6.363%(c)   04/15/40     10,405   10,398,496
BX Trust,
Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.919%(c)   01/15/39     4,260   4,246,688
Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%)
7.019%(c)   01/15/39     22,900   22,828,438
Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%)
7.019%(c)   01/15/39     9,900   9,760,643
Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)
5.469%(c)   02/15/35     28,760   28,400,500
Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%)
5.463%(c)   03/15/30     33,140   32,974,648
Cantor Commercial Real Estate Lending,
Series 2019-CF01, Class A3
3.836%   05/15/52     3,600   3,533,854
Series 2019-CF02, Class A4
2.624%   11/15/52     18,581   17,093,176
Series 2019-CF02, Class A5
2.874%   11/15/52     347   315,820
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
CD Mortgage Trust,
Series 2017-CD04, Class A3
3.248%   05/10/50     11,194   $10,837,982
Series 2017-CD05, Class A3
3.171%   08/15/50     9,443   9,068,624
Series 2018-CD07, Class A3
4.013%   08/15/51     2,805   2,731,600
Series 2019-CD08, Class A3
2.657%   08/15/57     16,449   15,158,027
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)
6.939%(c)   09/15/38     16,750   16,781,289
CFCRE Commercial Mortgage Trust,
Series 2016-C06, Class A2
2.950%   11/10/49     28,239   27,673,616
Series 2016-C07, Class A2
3.585%   12/10/54     10,126   9,882,522
Series 2017-C08, Class A3
3.305%   06/15/50     15,844   15,310,827
Series 2017-C08, Class A4
3.572%   06/15/50     6,200   6,005,127
CGMS Commercial Mortgage Trust,
Series 2017-B01, Class A3
3.197%   08/15/50     4,354   4,200,099
Citigroup Commercial Mortgage Trust,
Series 2015-GC29, Class A4
3.192%   04/10/48     2,485   2,447,870
Series 2015-GC31, Class A4
3.762%   06/10/48     5,084   5,054,746
Series 2017-C04, Class A3
3.209%   10/12/50     25,905   25,012,537
Series 2018-C06, Class A4
4.412%   11/10/51     4,920   4,827,430
Series 2019-GC41, Class A4
2.620%   08/10/56     6,897   6,289,413
Commercial Mortgage Trust,
Series 2015-CR22, Class A5
3.309%   03/10/48     859   856,831
Series 2015-CR25, Class A3
3.505%   08/10/48     9,117   9,093,934
Series 2015-CR26, Class A3
3.359%   10/10/48     1,778   1,771,897
Series 2015-CR26, Class A4
3.630%   10/10/48     16,667   16,545,801
Series 2015-LC23, Class A3
3.521%   10/10/48     28,060   27,914,758
Series 2015-LC23, Class A4
3.774%   10/10/48     6,766   6,710,511
Series 2015-PC01, Class A5
3.902%   07/10/50     71   70,559
Series 2016-COR01, Class A3
2.826%   10/10/49     19,097   18,484,427
Series 2016-CR28, Class A3
3.495%   02/10/49     3,413   3,389,933
 
A7
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2017-COR02, Class A2
3.239%   09/10/50     3,191   $3,093,024
CONE Trust,
Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%)
5.961%(c)   08/15/41     2,140   2,123,946
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A
3.953%   09/15/37     29,177   26,624,012
Series 2016-NXSR, Class A4
3.795%(cc)   12/15/49     7,350   7,217,614
CSAIL Commercial Mortgage Trust,
Series 2017-CX10, Class A4
3.191%   11/15/50     5,264   5,080,656
Series 2018-CX12, Class A3
3.959%   08/15/51     4,845   4,695,183
Series 2019-C15, Class A3
3.779%   03/15/52     5,979   5,804,843
Series 2019-C17, Class A4
2.763%   09/15/52     1,371   1,262,738
DBGS Mortgage Trust,
Series 2018-BIOD, Class F, 144A, 1 Month SOFR + 2.296% (Cap N/A, Floor 2.000%)
6.615%(c)   05/15/35     2,542   2,533,804
DBWF Mortgage Trust,
Series 2016-85T, Class D, 144A
3.808%(cc)   12/10/36     1,425   1,310,585
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A4
2.632%   08/10/49     15,380   15,027,723
Series 2017-C06, Class A3
3.269%   06/10/50     781   756,651
Series 2017-C06, Class A4
3.071%   06/10/50     2,700   2,593,097
DOLP Trust,
Series 2021-NYC, Class A, 144A
2.956%   05/10/41     7,200   6,326,847
ELP Commercial Mortgage Trust,
Series 2021-ELP, Class F, 144A, 1 Month SOFR + 2.781% (Cap N/A, Floor 2.667%)
7.101%(c)   11/15/38     7,741   7,699,866
FHLMC Multifamily Structured Pass-Through Certificates,
Series K052, Class X1, IO
0.615%(cc)   11/25/25     26,040   73,765
Series K055, Class X1, IO
1.326%(cc)   03/25/26     11,216   113,084
Series K057, Class A1
2.206%   06/25/25     1   596
Series K058, Class X1, IO
0.900%(cc)   08/25/26     183,933   1,828,180
Series K066, Class A2
3.117%   06/25/27     800   781,791
Series K068, Class A1
2.952%   02/25/27     58   57,574
Series K097, Class X1, IO
1.087%(cc)   07/25/29     39,866   1,568,619
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series K098, Class X1, IO
1.138%(cc)   08/25/29     8,933   $376,891
Series K101, Class X1, IO
0.831%(cc)   10/25/29     372   11,872
Series K115, Class X1, IO
1.318%(cc)   06/25/30     51,466   2,910,505
Series K121, Class X1, IO
1.018%(cc)   10/25/30     238   10,618
Series K122, Class X1, IO
0.873%(cc)   11/25/30     15,137   600,217
Series K131, Class X1, IO
0.727%(cc)   07/25/31     162,048   6,171,921
Series K513, Class X1, IO
0.690%(cc)   12/25/28     116,991   2,795,790
Series K736, Class X1, IO
1.280%(cc)   07/25/26     713   8,996
Series K741, Class X1, IO
0.562%(cc)   12/25/27     1,986   25,414
Series KG03, Class X1, IO
1.370%(cc)   06/25/30     30,803   1,742,722
Series Q001, Class XA, IO
2.086%(cc)   02/25/32     7,786   496,371
FREMF Mortgage Trust,
Series 2017-K68, Class X2A, IO, 144A
0.100%   10/25/49     988,730   1,824,602
Series 2019-K92, Class B, 144A
4.198%(cc)   05/25/52     1,265   1,221,242
GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%)
6.534%(c)   10/15/36     876   865,115
Series 2021-ROSS, Class B, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.600%)
6.184%(c)   05/15/26     2,185   1,948,129
GS Mortgage Securities Trust,
Series 2014-GC24, Class A5
3.931%   09/10/47     194   192,784
Series 2015-GC34, Class A3
3.244%   10/10/48     7,392   7,351,754
Series 2015-GC34, Class A4
3.506%   10/10/48     8,500   8,397,862
Series 2015-GS01, Class A2
3.470%   11/10/48     10,799   10,720,436
Series 2016-GS03, Class A3
2.592%   10/10/49     7,690   7,502,837
Series 2017-GS06, Class A2
3.164%   05/10/50     17,184   16,654,813
Series 2017-GS06, Class A3
3.433%   05/10/50     250   241,569
Series 2018-GS10, Class A4
3.890%   07/10/51     16,926   16,268,372
Series 2019-GC42, Class A3
2.749%   09/10/52     16,400   15,063,390
Series 2020-GC45, Class A4
2.658%   02/13/53     6,890   6,301,819
 
A8
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2020-GC47, Class A4
2.125%   05/12/53     12,000   $10,747,814
Series 2020-GSA02, Class A4
1.721%   12/12/53     989   856,268
Hudson Yards Mortgage Trust,
Series 2025-SPRL, Class A, 144A
5.467%(cc)   01/13/40     14,340   14,589,156
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C30, Class A5
3.822%   07/15/48     12,312   12,188,383
Series 2016-C01, Class A4
3.311%   03/17/49     13,331   13,166,439
Series 2020-COR07, Class A2
2.215%   05/13/53     3,068   2,949,947
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A4
3.224%   07/15/50     6,220   6,003,266
Series 2017-JP07, Class A4
3.195%   09/15/50     3,000   2,884,503
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4
3.414%   03/15/50     1,204   1,174,815
Series 2020-COR07, Class A5
2.180%   05/13/53     5,000   4,103,516
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3
2.559%   08/15/49     1,079   1,060,156
Series 2016-JP02, Class XB, IO
1.104%(cc)   08/15/49     14,440   164,054
Series 2016-JP03, Class A4
2.627%   08/15/49     3,325   3,238,599
Series 2018-AON, Class D, 144A
4.613%(cc)   07/05/31     6,750   3,307,501
Series 2018-AON, Class E, 144A
4.613%(cc)   07/05/31     510   160,191
Series 2018-WPT, Class AFX, 144A
4.248%   07/05/33     41,426   38,940,440
Series 2018-WPT, Class XAFX, IO, 144A
1.116%(cc)   07/05/33     1,000   13,988
KRE Commercial Mortgage Trust,
Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.920%(c)   03/15/42     8,980   8,912,650
Ladder Capital Commercial Mortgage Securities Trust,
Series 2017-LC26, Class A4, 144A
3.551%   07/12/50     9,750   9,442,505
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%)
7.034%(c)   04/15/38     9,760   9,735,600
MHP,
Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%)
6.930%(c)   01/15/39     5,379   5,331,460
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C27, Class AS
4.068%   12/15/47     265   $262,026
Series 2016-C29, Class A3
3.058%   05/15/49     209   206,038
Series 2017-C34, Class A3
3.276%   11/15/52     6,000   5,834,476
Series 2025-05C1, Class A3
5.635%   03/15/30     30,880   31,844,929
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3
2.791%   11/15/49     2,800   2,727,965
Series 2016-UB12, Class A3
3.337%   12/15/49     1,257   1,227,789
Series 2016-UB12, Class A4
3.596%   12/15/49     4,848   4,705,987
Series 2017-H01, Class A4
3.259%   06/15/50     25,000   24,192,873
Series 2017-H01, Class XB, IO
0.671%(cc)   06/15/50     175,741   2,035,819
Series 2017-HR02, Class A3
3.330%   12/15/50     7,303   7,021,772
Series 2019-H07, Class A3
3.005%   07/15/52     5,551   5,185,203
Series 2019-H07, Class A4
3.261%   07/15/52     161   151,708
Series 2021-L05, Class A3
2.438%   05/15/54     3,945   3,471,907
Series 2021-L06, Class A3
2.196%(cc)   06/15/54     3,000   2,597,876
Series 2021-L07, Class A4
2.322%   10/15/54     16,100   13,862,984
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     16,800   16,590,958
Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%)
6.211%(c)   02/15/42     8,060   7,993,740
Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%)
6.760%(c)   02/15/42     7,480   7,425,366
One Bryant Park Trust,
Series 2019-OBP, Class A, 144A
2.516%   09/15/54     3,800   3,392,684
ONE Mortgage Trust,
Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%)
5.133%(c)   03/15/36     8,350   8,231,128
OPG Trust,
Series 2021-PORT, Class F, 144A, 1 Month SOFR + 2.062% (Cap N/A, Floor 1.948%)
6.382%(c)   10/15/36     17,063   16,955,859
RFR Trust,
Series 2025-SGRM, Class A, 144A
5.562%(cc)   03/11/41     27,460   27,657,067
 
A9
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
RLGH Trust,
Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%)
5.234%(c)   04/15/36     195   $194,122
SCG Commercial Mortgage Trust,
Series 2025-DLFN, Class C, 144A, 1 Month SOFR + 1.700% (Cap N/A, Floor 1.700%)
6.010%(c)   03/15/35     4,110   4,084,287
SDR Commercial Mortgage Trust,
Series 2024-DSNY, Class A, 144A, 1 Month SOFR + 1.392% (Cap N/A, Floor 1.392%)
5.711%(c)   05/15/39     3,150   3,134,250
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%   07/05/36     230   223,962
Taurus DAC (United Kingdom),
Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%)
6.230%(c)   08/17/31   GBP 236   304,446
Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%)
6.580%(c)   08/17/31   GBP 12,932   16,600,610
UBS Commercial Mortgage Trust,
Series 2017-C01, Class XB, IO
0.900%(cc)   06/15/50     13,000   221,454
Series 2017-C02, Class A3
3.225%   08/15/50     1,785   1,739,189
Series 2017-C04, Class A3
3.301%   10/15/50     17,678   17,224,297
Series 2017-C07, Class A4
3.679%   12/15/50     255   247,771
Series 2018-C08, Class A3
3.720%   02/15/51     8,002   7,800,577
Series 2018-C08, Class A4
3.983%   02/15/51     463   451,143
Series 2018-C12, Class A4
4.030%   08/15/51     7,918   7,771,863
Series 2019-C16, Class A3
3.344%   04/15/52     8,947   8,457,392
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS04, Class A3
3.452%   12/15/48     14,381   14,287,184
Series 2016-BNK01, Class A2
2.399%   08/15/49     8,398   8,149,726
Series 2016-C35, Class A3
2.674%   07/15/48     3,540   3,460,145
Series 2016-C36, Class A3
2.807%   11/15/59     7,263   7,083,130
Series 2016-LC24, Class A3
2.684%   10/15/49     1,363   1,334,212
Series 2016-LC25, Class A4
3.640%   12/15/59     401   393,783
Series 2016-NXS06, Class A4
2.918%   11/15/49     15,000   14,572,128
Series 2017-C38, Class A4
3.190%   07/15/50     5,893   5,736,268
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2017-C40, Class A3
3.317%   10/15/50     1,330   $1,296,886
Series 2017-C41, Class A3
3.210%   11/15/50     10,244   9,937,987
Series 2017-C42, Class A4
3.589%   12/15/50     510   490,944
Series 2017-RB01, Class A4
3.374%   03/15/50     3,397   3,304,895
Series 2019-C49, Class A3
3.749%   03/15/52     7,633   7,554,187
Series 2019-C52, Class A4
2.643%   08/15/52     12,939   12,001,833
Series 2021-C59, Class A5
2.626%   04/15/54     1,296   1,121,456
Series 2021-C60, Class A3
2.061%   08/15/54     3,000   2,613,881
Series 2021-C61, Class A4
2.658%   11/15/54     2,075   1,806,124
Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%)
5.634%(c)   05/15/31     695   690,704
Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%)
8.934%(c)   05/15/31     8,900   8,756,939
Series 2024-01CHI, Class A, 144A
4.954%(cc)   07/15/35     15,600   15,664,210
Series 2025-05C3, Class A3
6.096%   01/15/58     49,150   51,526,216
 
Total Commercial Mortgage-Backed Securities

(cost $2,031,229,107)
  2,073,405,850
Corporate Bonds — 36.6%
Aerospace & Defense — 0.3%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
1.900%   02/15/31     2,230   1,894,691
5.300%   03/26/34     1,210   1,224,260
Boeing Co. (The),
Sr. Unsec’d. Notes
2.700%   02/01/27     2,560   2,468,665
3.250%   02/01/28     513   491,771
3.250%   02/01/35     6,220   5,111,291
3.375%   06/15/46     1,200   804,851
3.600%   05/01/34     1,500   1,289,183
3.625%   02/01/31     4,518   4,192,362
3.625%   03/01/48     913   622,647
3.750%   02/01/50     736   516,451
3.850%   11/01/48     685   485,522
3.900%   05/01/49     3,480   2,497,919
3.950%   08/01/59     3,995   2,720,369
5.040%   05/01/27     1,600   1,607,105
5.705%   05/01/40     6,032   5,863,154
5.930%   05/01/60     2,132   2,004,077
6.388%   05/01/31     70   74,590
 
A10
AST PGIM FIXED INCOME CENTRAL 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.)
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes, 144A
6.950%   01/17/28(a)     342   $355,800
              34,224,708
Agriculture — 0.6%
Altria Group, Inc.,
Gtd. Notes
6.200%   11/01/28     23,190   24,345,626
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%   03/25/28     9,766   9,114,602
3.557%   08/15/27     1,208   1,178,063
4.390%   08/15/37     4,060   3,552,421
4.540%   08/15/47     478   380,339
4.742%   03/16/32     344   334,676
4.906%   04/02/30     260   260,239
6.343%   08/02/30     3,267   3,471,526
7.079%   08/02/43     1,000   1,090,872
7.081%   08/02/53     1,920   2,109,516
BAT International Finance PLC (United Kingdom),
Gtd. Notes
4.448%   03/16/28     1,683   1,674,857
5.931%   02/02/29     5,953   6,199,125
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
3.125%   03/02/28     1,200   1,156,790
5.125%   02/15/30     5,041   5,141,476
Reynolds American, Inc. (United Kingdom),
Gtd. Notes
5.700%   08/15/35     6,196   6,227,579
7.000%   08/04/41     415   441,395
              66,679,102
Airlines — 0.4%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.575%   07/15/29     295   285,061
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A
4.500%   10/20/25     369   366,808
4.750%   10/20/28     19,910   19,815,426
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
Sr. Sec’d. Notes, 144A
6.500%   06/20/27     1,912   1,920,429
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%   06/15/27     15,365   15,470,930
United Airlines 2015-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.450%   06/01/29     1,084   1,049,391
United Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.100%   01/07/30     879   834,846
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Airlines (cont’d.)
United Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.875%   04/07/30     719   $675,787
              40,418,678
Auto Manufacturers — 0.7%
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%   01/15/43     4,015   3,043,670
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
4.000%   11/13/30     9,560   8,561,376
4.950%   05/28/27     240   236,622
5.875%   11/07/29     14,200   14,049,277
6.798%   11/07/28     675   694,309
6.800%   05/12/28     620   636,831
7.122%   11/07/33     3,125   3,195,296
General Motors Co.,
Sr. Unsec’d. Notes
5.000%   04/01/35     1,060   979,604
5.150%   04/01/38     1,875   1,695,874
6.600%   04/01/36     20   20,662
General Motors Financial Co., Inc.,
Gtd. Notes
4.300%   07/13/25     875   873,514
Sr. Unsec’d. Notes
2.400%   10/15/28     7,580   6,928,434
3.600%   06/21/30     3,200   2,929,981
4.900%   10/06/29     1,480   1,455,040
5.050%   04/04/28(a)     1,830   1,831,986
5.550%   07/15/29     1,490   1,502,865
5.800%   06/23/28     9,225   9,414,926
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A
4.550%   09/26/29     1,190   1,164,765
5.350%   03/19/29     655   662,843
5.400%   01/08/31     390   392,560
5.500%   03/30/26(a)     635   640,416
6.500%   01/16/29     11,855   12,442,356
Sr. Unsec’d. Notes, 144A, MTN
1.800%   01/10/28     135   124,353
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
4.625%   11/13/25     1,125   1,122,593
4.750%   11/13/28     1,555   1,535,786
4.950%   08/15/29     625   616,883
              76,752,822
Auto Parts & Equipment — 0.0%
Aptiv Swiss Holdings Ltd.,
Gtd. Notes
4.650%   09/13/29     615   605,649
Banks — 13.1%
ABN AMRO Bank NV (Netherlands),
Sr. Non-Preferred Notes, 144A
6.339%(ff)   09/18/27(a)     11,600   11,860,702
 
A11
AST PGIM FIXED INCOME CENTRAL 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.)
Sr. Non-Preferred Notes, 144A, MTN
6.575%(ff)   10/13/26     18,100   $18,279,304
Australia & New Zealand Banking Group Ltd. (Australia),
Jr. Sub. Notes, 144A
6.750%(ff)   06/15/26(oo)     735   746,760
Banco Bilbao Vizcaya Argentaria SA (Spain),
Sr. Non-Preferred Notes
6.033%(ff)   03/13/35     2,800   2,870,143
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes, 144A
4.875%   01/11/29     1,040   1,018,888
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
5.538%(ff)   03/14/30(a)     7,200   7,351,865
5.565%   01/17/30(a)     13,800   14,144,887
Bank of America Corp.,
Sr. Unsec’d. Notes
2.299%(ff)   07/21/32     37,550   32,075,836
2.572%(ff)   10/20/32     200   172,495
2.687%(ff)   04/22/32     1,595   1,403,934
5.288%(ff)   04/25/34     10,195   10,240,857
5.819%(ff)   09/15/29(a)     3,058   3,169,415
Sr. Unsec’d. Notes, MTN
1.898%(ff)   07/23/31     19,685   16,916,447
2.496%(ff)   02/13/31(a)     48,784   43,796,316
3.194%(ff)   07/23/30     2,435   2,283,494
3.824%(ff)   01/20/28     2,725   2,690,516
4.078%(ff)   04/23/40     14,560   12,582,151
4.271%(ff)   07/23/29     1,152   1,138,348
5.015%(ff)   07/22/33(a)     3,695   3,679,216
Sr. Unsec’d. Notes, Series N
2.651%(ff)   03/11/32     40,795   35,915,189
Sub. Notes, MTN
4.450%   03/03/26     6,250   6,237,953
Sub. Notes, Series L, MTN
3.950%   04/21/25     1,850   1,848,795
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN
6.474%(ff)   10/25/34     2,140   2,336,404
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
2.279%(ff)   11/24/27(a)     940   903,284
2.667%(ff)   03/10/32     10,210   8,876,534
4.837%(ff)   09/10/28     2,055   2,053,815
5.335%(ff)   09/10/35     21,160   20,577,370
5.501%(ff)   08/09/28     9,050   9,174,437
Sub. Notes
4.836%   05/09/28     1,090   1,082,697
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
1.675%(ff)   06/30/27     1,840   1,775,033
1.904%(ff)   09/30/28     5,100   4,741,356
2.159%(ff)   09/15/29     16,350   14,937,579
2.219%(ff)   06/09/26     2,685   2,671,694
2.871%(ff)   04/19/32     1,565   1,372,409
3.132%(ff)   01/20/33     3,610   3,145,602
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Sr. Non-Preferred Notes, 144A, MTN
3.052%(ff)   01/13/31     7,930   $7,237,152
Sr. Preferred Notes, 144A
5.335%(ff)   06/12/29     1,605   1,632,095
Sub. Notes, 144A
5.906%(ff)   11/19/35     9,000   8,876,083
BPCE SA (France),
Sr. Non-Preferred Notes, 144A
2.045%(ff)   10/19/27     1,170   1,121,027
5.876%(ff)   01/14/31     15,865   16,246,079
Sr. Non-Preferred Notes, 144A, MTN
3.500%   10/23/27     285   275,519
Sub. Notes, 144A, MTN
4.875%   04/01/26     365   364,768
CaixaBank SA (Spain),
Sr. Non-Preferred Notes, 144A
6.208%(ff)   01/18/29     5,495   5,694,634
6.684%(ff)   09/13/27     16,830   17,306,255
6.840%(ff)   09/13/34(a)     2,455   2,663,301
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.875%   04/30/29     15,200   15,676,256
Citigroup, Inc.,
Sr. Unsec’d. Notes
2.561%(ff)   05/01/32     13,975   12,139,728
2.572%(ff)   06/03/31     25,355   22,579,330
2.666%(ff)   01/29/31     34,015   30,670,747
2.976%(ff)   11/05/30(a)     6,450   5,938,056
3.057%(ff)   01/25/33     4,240   3,711,457
3.668%(ff)   07/24/28     675   659,954
3.700%   01/12/26     655   651,011
3.785%(ff)   03/17/33     2,210   2,021,222
3.887%(ff)   01/10/28     2,335   2,307,094
3.980%(ff)   03/20/30     15,620   15,129,508
Sub. Notes
4.450%   09/29/27     590   586,874
4.600%   03/09/26     1,105   1,104,147
5.827%(ff)   02/13/35     2,335   2,320,479
6.020%(ff)   01/24/36     40,565   40,894,060
Credit Agricole SA (France),
Sr. Non-Preferred Notes, 144A
5.230%(ff)   01/09/29(a)     26,060   26,281,705
Sr. Non-Preferred Notes, 144A, MTN
1.907%(ff)   06/16/26     7,920   7,870,943
5.862%(ff)   01/09/36     9,550   9,761,148
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
4.613%(ff)   10/02/30     1,645   1,619,287
5.705%(ff)   03/01/30     1,370   1,408,071
Sr. Preferred Notes, 144A, MTN
6.259%(ff)   09/22/26     16,605   16,722,705
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.311%(ff)   11/16/27     2,246   2,156,832
4.999%(ff)   09/11/30     925   920,413
5.373%(ff)   01/10/29     6,645   6,712,551
 
A12
AST PGIM FIXED INCOME CENTRAL 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.)
6.720%(ff)   01/18/29     4,515   $4,718,255
Sr. Non-Preferred Notes, SOFR + 1.219%
5.578%(c)   11/16/27     2,560   2,571,520
Sub. Notes
3.729%(ff)   01/14/32     965   864,505
3.742%(ff)   01/07/33     6,345   5,564,292
7.079%(ff)   02/10/34     12,536   13,168,279
Discover Bank,
Sr. Unsec’d. Notes
3.450%   07/27/26     2,995   2,944,289
Fifth Third Bancorp,
Sr. Unsec’d. Notes
4.337%(ff)   04/25/33     390   366,633
4.895%(ff)   09/06/30(a)     230   229,443
5.631%(ff)   01/29/32     625   639,286
6.339%(ff)   07/27/29     5,475   5,715,856
6.361%(ff)   10/27/28     350   363,594
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.431%(ff)   03/09/27     1,525   1,479,023
1.992%(ff)   01/27/32     11,456   9,703,144
2.383%(ff)   07/21/32     50,770   43,473,903
2.600%   02/07/30     2,695   2,440,540
2.615%(ff)   04/22/32     5,603   4,889,912
2.650%(ff)   10/21/32     3,260   2,817,104
3.500%   04/01/25(a)     435   435,000
3.615%(ff)   03/15/28     2,295   2,251,647
3.691%(ff)   06/05/28     3,110   3,049,342
3.750%   02/25/26(a)     1,335   1,327,419
3.814%(ff)   04/23/29     77,785   75,944,565
3.850%   01/26/27(a)     3,205   3,173,645
4.017%(ff)   10/31/38     7,432   6,369,149
4.223%(ff)   05/01/29     13,345   13,159,267
4.692%(ff)   10/23/30     1,905   1,892,775
5.016%(ff)   10/23/35     2,035   1,979,072
Sub. Notes
6.750%   10/01/37     540   583,803
HSBC Holdings PLC (United Kingdom),
Jr. Sub. Notes
4.000%(ff)   03/09/26(oo)(a)     200   195,750
4.700%(ff)   03/09/31(oo)     341   303,490
Sr. Unsec’d. Notes
5.887%(ff)   08/14/27     455   461,846
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
6.208%(ff)   08/21/29     26,409   27,488,272
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes
1.726%(ff)   04/01/27     700   679,820
5.335%(ff)   03/19/30(a)     4,460   4,533,360
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II
4.000%(ff)   07/01/25(oo)     565   567,817
Sr. Unsec’d. Notes
1.953%(ff)   02/04/32     62,094   52,803,083
2.069%(ff)   06/01/29(a)     8,300   7,683,917
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
2.522%(ff)   04/22/31     5,865   $5,260,255
2.545%(ff)   11/08/32     1,806   1,562,145
2.580%(ff)   04/22/32     9,460   8,310,694
2.739%(ff)   10/15/30     2,659   2,440,293
2.963%(ff)   01/25/33     450   397,341
3.509%(ff)   01/23/29     87   84,521
3.782%(ff)   02/01/28     1,715   1,691,574
3.960%(ff)   01/29/27     545   542,253
4.005%(ff)   04/23/29     4,554   4,474,912
4.203%(ff)   07/23/29     5,510   5,435,956
4.603%(ff)   10/22/30     1,900   1,885,734
4.946%(ff)   10/22/35     1,365   1,336,094
5.040%(ff)   01/23/28     1,140   1,149,731
5.581%(ff)   04/22/30     290   299,091
5.766%(ff)   04/22/35     1,730   1,796,760
6.087%(ff)   10/23/29     63,240   66,190,698
Sub. Notes
2.956%(ff)   05/13/31     2,930   2,660,804
JPMorgan Chase Bank NA,
Sr. Unsec’d. Notes
5.110%   12/08/26     215   217,763
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
2.048%   07/17/30     266   231,113
Mizuho Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
3.153%(ff)   07/16/30     19,910   18,574,937
5.778%(ff)   07/06/29     10,110   10,420,898
Morgan Stanley,
Sr. Unsec’d. Notes
5.123%(ff)   02/01/29     2,990   3,030,419
5.173%(ff)   01/16/30     1,795   1,818,599
6.407%(ff)   11/01/29     25,020   26,396,846
Sr. Unsec’d. Notes, GMTN
2.239%(ff)   07/21/32     6,490   5,512,405
2.699%(ff)   01/22/31     78,795   71,437,025
3.772%(ff)   01/24/29     1,220   1,192,963
3.875%   01/27/26     1,285   1,278,457
4.431%(ff)   01/23/30     7,195   7,102,217
Sr. Unsec’d. Notes, MTN
1.794%(ff)   02/13/32     19,265   16,114,381
1.928%(ff)   04/28/32     21,740   18,203,360
2.511%(ff)   10/20/32     2,950   2,531,317
2.943%(ff)   01/21/33     6,530   5,723,510
3.125%   07/27/26     2,760   2,712,349
3.591%(cc)   07/22/28     695   677,374
5.250%(ff)   04/21/34     12,880   12,875,577
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
5.300%(ff)   01/21/28(a)     585   592,766
6.875%(ff)   10/20/34     1,890   2,089,553
Santander Holdings USA, Inc.,
Sr. Unsec’d. Notes
6.342%(ff)   05/31/35(a)     3,000   3,066,639
 
A13
AST PGIM FIXED INCOME CENTRAL 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.)
Societe Generale SA (France),
Gtd. Notes, 144A
2.797%(ff)   01/19/28(a)     9,080   $8,737,684
Sr. Non-Preferred Notes, 144A
1.488%(ff)   12/14/26     1,350   1,317,960
2.889%(ff)   06/09/32     1,245   1,077,848
3.337%(ff)   01/21/33     6,695   5,808,685
5.519%(ff)   01/19/28(a)     1,503   1,516,378
Sr. Non-Preferred Notes, 144A, MTN
5.500%(ff)   04/13/29     52,570   53,158,190
Standard Chartered PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
1.456%(ff)   01/14/27     1,225   1,193,664
6.228%(ff)   01/21/36     3,130   3,249,660
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
2.130%   07/08/30     524   458,000
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
7.161%(ff)   10/30/29     9,640   10,376,171
U.S. Bancorp,
Jr. Sub. Notes
3.700%(ff)   01/15/27(oo)     8,620   8,185,325
Sr. Unsec’d. Notes
5.384%(ff)   01/23/30     770   785,037
5.678%(ff)   01/23/35     3,310   3,383,007
5.850%(ff)   10/21/33     345   357,218
UBS Group AG (Switzerland),
Jr. Sub. Notes, 144A
4.375%(ff)   02/10/31(oo)(a)     477   409,027
Sr. Unsec’d. Notes, 144A
1.305%(ff)   02/02/27     1,400   1,361,500
1.364%(ff)   01/30/27     1,330   1,294,094
2.193%(ff)   06/05/26     9,100   9,058,605
2.746%(ff)   02/11/33     990   845,381
3.091%(ff)   05/14/32     2,705   2,410,831
3.126%(ff)   08/13/30     2,615   2,428,255
6.246%(ff)   09/22/29     205   214,134
6.537%(ff)   08/12/33     1,175   1,257,250
UniCredit SpA (Italy),
Sr. Non-Preferred Notes, 144A
2.569%(ff)   09/22/26     555   548,752
Sr. Preferred Notes, 144A
3.127%(ff)   06/03/32     425   377,842
Wells Fargo & Co.,
Sr. Unsec’d. Notes
5.389%(ff)   04/24/34     9,935   10,000,662
6.491%(ff)   10/23/34     29,940   32,305,578
Sr. Unsec’d. Notes, MTN
2.393%(ff)   06/02/28(a)     25,050   23,899,797
2.572%(ff)   02/11/31     28,043   25,283,930
2.879%(ff)   10/30/30     27,055   24,934,049
3.350%(ff)   03/02/33     3,235   2,900,825
4.611%(ff)   04/25/53     2,040   1,731,518
5.198%(ff)   01/23/30     2,350   2,389,289
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
5.557%(ff)   07/25/34     29,185   $29,670,741
              1,492,411,044
Beverages — 0.0%
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
5.550%   01/23/49     2,175   2,174,294
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala),
Gtd. Notes, 144A
5.250%   04/27/29     280   268,520
              2,442,814
Biotechnology — 0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes
3.375%   02/21/50     2,025   1,419,624
5.600%   03/02/43     4,545   4,504,721
5.650%   03/02/53     2,820   2,765,410
              8,689,755
Building Materials — 0.2%
CEMEX Materials LLC (Mexico),
Gtd. Notes
7.700%   07/21/25     2,100   2,119,908
CRH SMW Finance DAC,
Gtd. Notes
5.125%   01/09/30(a)     13,950   14,112,575
Owens Corning,
Sr. Unsec’d. Notes
3.950%   08/15/29     795   769,428
5.700%   06/15/34(a)     1,010   1,037,361
5.950%   06/15/54(a)     1,025   1,025,552
Vulcan Materials Co.,
Sr. Unsec’d. Notes
3.500%   06/01/30     235   221,274
              19,286,098
Chemicals — 0.7%
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A
4.500%   01/10/28     4,589   4,290,715
4.500%   01/31/30     2,430   2,076,314
8.500%   01/12/31     7,395   7,406,092
CF Industries, Inc.,
Gtd. Notes
5.150%   03/15/34     8,925   8,659,701
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
5.319%   11/15/38     3,261   3,362,674
5.419%   11/15/48     650   654,025
EQUATE Petrochemical Co. KSC (Kuwait),
Gtd. Notes, 144A, MTN
4.250%   11/03/26     1,051   1,039,208
 
A14
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Chemicals (cont’d.)
FMC Corp.,
Sr. Unsec’d. Notes
5.650%   05/18/33     10,555   $10,445,150
Huntsman International LLC,
Sr. Unsec’d. Notes
4.500%   05/01/29     1,622   1,554,134
LYB International Finance III LLC,
Gtd. Notes
3.375%   10/01/40     10,100   7,452,196
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
2.950%   05/13/30     9,592   8,740,755
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
3.750%   06/23/31(a)     1,379   1,223,863
4.500%   10/22/25     479   476,605
5.125%   06/23/51     419   318,792
6.750%   05/02/34     6,856   7,035,970
Orbia Advance Corp. SAB de CV (Mexico),
Gtd. Notes, 144A
1.875%   05/11/26     1,311   1,260,644
2.875%   05/11/31(a)     1,242   1,031,947
Sasol Financing USA LLC (South Africa),
Gtd. Notes
4.375%   09/18/26     1,783   1,722,111
6.500%   09/27/28     1,030   986,977
Sociedad Quimica y Minera de Chile SA (Chile),
Sr. Unsec’d. Notes, 144A
5.500%   09/10/34     1,780   1,723,894
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A
3.148%   06/04/30     5,020   4,564,937
4.750%   06/01/28     830   820,779
              76,847,483
Commercial Services — 0.7%
Brown University,
Bonds, Series A
2.924%   09/01/50(a)     10,165   6,793,550
California Institute of Technology,
Sr. Unsec’d. Notes
3.650%   09/01/2119     165   105,750
4.700%   11/01/2111     220   181,069
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%   09/25/26   EUR 4,377   4,687,001
Sr. Unsec’d. Notes, 144A, MTN
5.625%   09/25/48     1,558   1,487,890
Duke University,
Unsec’d. Notes, Series 2020
2.757%   10/01/50     4,250   2,770,901
Equifax, Inc.,
Sr. Unsec’d. Notes
5.100%   06/01/28     12,055   12,209,103
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Commercial Services (cont’d.)
ERAC USA Finance LLC,
Gtd. Notes, 144A
3.300%   12/01/26     12,861   $12,653,179
3.800%   11/01/25     3,545   3,526,354
4.900%   05/01/33     1,750   1,726,574
7.000%   10/15/37     2,200   2,503,936
Georgetown University (The),
Unsec’d. Notes, Series A
5.215%   10/01/2118     188   170,598
Global Payments, Inc.,
Sr. Unsec’d. Notes
2.900%   05/15/30     266   241,142
2.900%   11/15/31     78   68,280
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A
2.813%   01/01/60     830   485,847
Leland Stanford Junior University (The),
Unsec’d. Notes
3.647%   05/01/48     1,310   1,019,849
Massachusetts Institute of Technology,
Unsec’d. Notes
3.885%   07/01/2116(a)     4,103   2,905,540
3.959%   07/01/38     75   68,682
4.678%   07/01/2114     804   684,797
Northwestern University,
Unsec’d. Notes, Series 2020
2.640%   12/01/50     3,325   2,090,089
President & Fellows of Harvard College,
Unsec’d. Notes
2.517%   10/15/50     1,210   742,919
3.150%   07/15/46     1,030   747,810
3.300%   07/15/56     120   83,622
3.619%   10/01/37     35   30,696
Trustees of Princeton University (The),
Unsec’d. Notes, Series 2020
2.516%   07/01/50     25,000   15,707,082
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes
3.610%   02/15/2119     100   65,478
University of Chicago (The),
Unsec’d. Notes, Series 20B
2.761%   04/01/45     80   61,249
University of Southern California,
Sr. Unsec’d. Notes, Series A
3.226%   10/01/2120     80   46,187
Unsec’d. Notes, Series 2017
3.841%   10/01/47     970   781,844
Washington University (The),
Sr. Unsec’d. Notes
4.349%   04/15/2122     1,620   1,262,931
Yale University,
Unsec’d. Notes, Series 2020
1.482%   04/15/30     590   514,437
2.402%   04/15/50     6,500   3,909,850
              80,334,236
 
A15
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Computers — 0.1%
Booz Allen Hamilton, Inc.,
Gtd. Notes
5.950%   08/04/33     905   $906,176
Leidos, Inc.,
Gtd. Notes
2.300%   02/15/31     2,425   2,085,034
4.375%   05/15/30     9,500   9,220,198
              12,211,408
Cosmetics/Personal Care — 0.0%
Haleon US Capital LLC,
Gtd. Notes
3.625%   03/24/32     250   229,907
Diversified Financial Services — 0.5%
American Express Co.,
Jr. Sub. Notes
3.550%(ff)   09/15/26(oo)     700   677,607
BOC Aviation Ltd. (China),
Sr. Unsec’d. Notes, 144A, MTN
3.500%   09/18/27(a)     200   195,206
Capital One Financial Corp.,
Sr. Unsec’d. Notes
3.750%   03/09/27     405   398,524
5.468%(ff)   02/01/29     4,145   4,212,209
5.700%(ff)   02/01/30     398   406,460
6.051%(ff)   02/01/35(a)     1,095   1,117,562
7.624%(ff)   10/30/31     14,995   16,685,465
Charles Schwab Corp. (The),
Jr. Sub. Notes, Series K
5.000%(ff)   06/01/27(oo)     372   367,989
Sr. Unsec’d. Notes, SOFR Index + 1.050%
5.410%(c)   03/03/27     5,760   5,812,691
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes
1.850%   09/15/32     205   166,726
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes
2.625%   10/15/31     5,035   4,255,287
LSEGA Financing PLC (United Kingdom),
Gtd. Notes, 144A
2.500%   04/06/31(a)     327   286,154
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%   07/14/31     1,670   1,439,322
2.710%   01/22/29(a)     7,920   7,337,007
Nuveen LLC,
Sr. Unsec’d. Notes, 144A
5.850%   04/15/34     6,800   6,947,642
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
3.950%   04/23/30     1,900   1,796,184
6.150%   12/06/28     200   207,556
Sr. Unsec’d. Notes, EMTN
3.950%   04/23/30(a)     250   236,340
Sr. Unsec’d. Notes, GMTN
1.841%   09/21/28   EUR 1,150   1,161,561
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services (cont’d.)
3.350%   05/16/31     400   $361,320
Salmon River Export LLC,
U.S. Gov’t. Gtd. Notes
2.193%   09/15/26     49   47,479
Western Union Co. (The),
Sr. Unsec’d. Notes
1.350%   03/15/26     4,089   3,954,936
              58,071,227
Electric — 2.0%
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.800%   10/01/47     1,575   1,136,937
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes
4.000%   12/01/46     111   88,365
Ameren Illinois Co.,
Sr. Sec’d. Notes
4.150%   03/15/46     975   804,693
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes
5.200%   01/15/29(a)     855   869,162
5.950%   11/01/32(a)     131   137,333
American Transmission Systems, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%   09/01/44     775   710,884
Appalachian Power Co.,
Sr. Unsec’d. Notes, Series Z
3.700%   05/01/50(a)     2,250   1,595,047
Brazos Securitization LLC,
Sr. Sec’d. Notes, 144A
5.413%   09/01/52     200   196,176
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage
3.950%   03/01/48     590   463,808
Chile Electricity Lux Mpc II Sarl (Chile),
Gov’t. Gtd. Notes, 144A
5.580%   10/20/35     890   887,953
CMS Energy Corp.,
Jr. Sub. Notes
4.750%(ff)   06/01/50     1,510   1,419,937
Comision Federal de Electricidad (Mexico),
Gtd. Notes
4.688%   05/15/29     4,000   3,829,040
Gtd. Notes, 144A
3.348%   02/09/31     2,663   2,270,207
3.875%   07/26/33     244   200,812
4.688%   05/15/29     7,063   6,761,127
5.700%   01/24/30     670   654,979
6.450%   01/24/35     2,590   2,492,875
Sr. Unsec’d. Notes
5.000%   09/29/36     2,391   2,124,157
Commonwealth Edison Co.,
First Mortgage
3.700%   03/01/45     475   365,673
4.000%   03/01/48     775   607,826
 
A16
AST PGIM FIXED INCOME CENTRAL 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.)
4.350%   11/15/45     1,080   $908,137
6.450%   01/15/38     715   780,609
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes
3.850%   06/15/46     1,020   790,476
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes
5.600%   03/01/28     935   960,102
Dominion Energy, Inc.,
Sr. Unsec’d. Notes, Series D
2.850%   08/15/26     405   395,564
DTE Energy Co.,
Sr. Unsec’d. Notes
4.875%   06/01/28     380   382,282
5.100%   03/01/29     2,730   2,764,161
Duke Energy Corp.,
Jr. Sub. Notes
3.250%(ff)   01/15/82     7,865   7,423,102
Sr. Unsec’d. Notes
2.650%   09/01/26     1,385   1,348,942
5.000%   08/15/52     1,760   1,535,092
6.100%   09/15/53     1,252   1,271,532
Duke Energy Indiana LLC,
First Mortgage
5.400%   04/01/53     3,535   3,358,725
Duke Energy Ohio, Inc.,
First Mortgage
5.250%   04/01/33     3,505   3,554,852
Duke Energy Progress LLC,
First Mortgage
3.700%   10/15/46     690   517,766
Edison International,
Sr. Unsec’d. Notes
4.700%   08/15/25     845   843,340
6.950%   11/15/29(a)     360   374,038
Enel Finance International NV (Italy),
Gtd. Notes, 144A
3.500%   04/06/28     300   289,037
Engie SA (France),
Sr. Unsec’d. Notes, 144A
5.250%   04/10/29     815   828,778
Entergy Louisiana LLC,
Collateral Trust
4.000%   03/15/33     2,255   2,097,610
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%   08/10/28     2,931   2,914,528
Gov’t. Gtd. Notes, MTN
6.350%   08/10/28     293   291,353
Sr. Unsec’d. Notes, 144A, MTN
8.450%   08/10/28(a)     1,773   1,828,406
Sr. Unsec’d. Notes, MTN
8.450%   08/10/28     13,473   13,894,031
Evergy Kansas Central, Inc.,
First Mortgage
5.700%   03/15/53     9,140   9,087,115
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Evergy Metro, Inc.,
Mortgage
4.200%   03/15/48     915   $734,269
Eversource Energy,
Sr. Unsec’d. Notes
5.850%   04/15/31     1,505   1,565,606
Exelon Corp.,
Sr. Unsec’d. Notes
5.625%   06/15/35     950   968,652
FirstEnergy Corp.,
Sr. Unsec’d. Notes
2.650%   03/01/30     1,718   1,547,316
Sr. Unsec’d. Notes, Series B
2.250%   09/01/30     319   277,905
Sr. Unsec’d. Notes, Series C
4.850%   07/15/47     1,994   1,702,861
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
3.250%   03/15/28     3,263   3,144,130
5.150%   03/30/26     2,450   2,464,247
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes
4.550%   01/15/30     410   404,844
5.000%   01/15/35(a)     645   632,175
Sr. Unsec’d. Notes, 144A
5.450%   07/15/44     130   126,635
Florida Power & Light Co.,
First Mortgage
5.100%   04/01/33(a)     6,430   6,507,906
Georgia Power Co.,
Sr. Unsec’d. Notes
4.950%   05/17/33     2,110   2,094,475
5.250%   03/15/34     1,325   1,338,419
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes, Series HE
8.625%   06/15/29     335   381,255
Indianapolis Power & Light Co.,
First Mortgage, 144A
5.700%   04/01/54(a)     645   641,761
Interstate Power & Light Co.,
Sr. Unsec’d. Notes
2.300%   06/01/30     4,155   3,672,239
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%   08/14/28     2,087   2,017,774
Jersey Central Power & Light Co.,
Sr. Unsec’d. Notes, 144A
2.750%   03/01/32     310   267,771
Mexico Generadora de Energia S de rl (Mexico),
Sr. Sec’d. Notes, 144A
5.500%   12/06/32     1,302   1,280,830
MidAmerican Energy Co.,
First Mortgage
5.850%   09/15/54     800   821,563
 
A17
AST PGIM FIXED INCOME CENTRAL 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.)
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A
5.638%   03/15/40(a)     697   $694,222
Niagara Mohawk Power Corp.,
Sr. Unsec’d. Notes, 144A
5.664%   01/17/54     1,085   1,053,174
Northern States Power Co.,
First Mortgage
3.600%   09/15/47     1,515   1,129,163
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A
2.000%   12/02/25     3,164   3,097,743
2.450%   12/02/27     2,625   2,461,575
NTPC Ltd. (India),
Sr. Unsec’d. Notes, EMTN
4.250%   02/26/26     850   845,512
Oglethorpe Power Corp.,
First Mortgage
3.750%   08/01/50     705   499,215
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%   06/01/49     1,250   950,538
Pacific Gas & Electric Co.,
First Mortgage
2.100%   08/01/27(a)     926   868,272
2.500%   02/01/31     2,075   1,784,174
3.000%   06/15/28     152   142,867
3.300%   12/01/27     360   345,259
3.300%   08/01/40     469   344,067
3.500%   08/01/50     2,525   1,675,880
3.950%   12/01/47     3,650   2,663,754
4.250%   03/15/46     900   700,895
4.500%   07/01/40     7,355   6,241,524
4.750%   02/15/44     13,195   10,965,097
4.950%   07/01/50     6,775   5,649,227
5.900%   06/15/32     340   346,502
6.400%   06/15/33     2,600   2,716,948
6.950%   03/15/34     1,105   1,196,659
PacifiCorp,
First Mortgage
3.300%   03/15/51     2,500   1,636,695
4.100%   02/01/42     2,239   1,807,200
4.125%   01/15/49     6,000   4,626,333
4.150%   02/15/50     8,310   6,409,207
Palomino Funding Trust I,
Sr. Sec’d. Notes, 144A
7.233%   05/17/28     4,195   4,415,940
PECO Energy Co.,
First Mortgage
3.700%   09/15/47     2,120   1,608,138
First Ref. Mortgage
4.800%   10/15/43     910   821,127
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia),
Sr. Unsec’d. Notes
2.875%   10/25/25   EUR 680   734,595
4.875%   07/17/49     200   160,625
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Sr. Unsec’d. Notes, 144A
1.875%   11/05/31   EUR 2,376   $2,199,048
Puget Energy, Inc.,
Sr. Sec’d. Notes
4.100%   06/15/30     5,685   5,425,606
San Diego Gas & Electric Co.,
First Mortgage
3.950%   11/15/41     375   299,331
Sempra,
Jr. Sub. Notes
4.125%(ff)   04/01/52     6,217   5,851,821
Sr. Unsec’d. Notes
3.400%   02/01/28     405   391,295
Southern California Edison Co.,
First Mortgage
5.450%   06/01/31     515   521,601
First Ref. Mortgage
3.900%   12/01/41     1,492   1,134,577
4.000%   04/01/47     6,075   4,522,492
4.650%   10/01/43     1,320   1,106,349
Southern Co. (The),
Sr. Unsec’d. Notes
5.200%   06/15/33     3,160   3,167,420
Southern Power Co.,
Sr. Unsec’d. Notes
5.150%   09/15/41     345   324,547
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A
3.700%   01/30/27     6,355   6,219,964
6.000%   04/15/34     680   690,426
6.950%   10/15/33(a)     855   919,918
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
3.400%   06/01/30     2,160   2,015,436
              222,031,160
Electronics — 0.1%
TD SYNNEX Corp.,
Sr. Unsec’d. Notes
1.750%   08/09/26     7,470   7,159,691
Engineering & Construction — 0.2%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes
4.250%   10/31/26     439   431,274
Sr. Sec’d. Notes, 144A
3.875%   04/30/28     4,536   4,329,068
4.250%   10/31/26     2,251   2,211,382
5.500%   10/31/46     1,883   1,540,294
5.500%   07/31/47     20,583   16,916,756
Sitios Latinoamerica SAB de CV (Brazil),
Gtd. Notes
5.375%   04/04/32(a)     1,050   1,004,062
              26,432,836
 
A18
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Entertainment — 0.3%
GENM Capital Labuan Ltd. (Malaysia),
Gtd. Notes, 144A
3.882%   04/19/31     307   $274,381
Warnermedia Holdings, Inc.,
Gtd. Notes
5.050%   03/15/42(a)     14,644   11,705,104
5.141%   03/15/52     31,810   23,186,577
              35,166,062
Foods — 0.4%
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A
5.375%   01/09/36     440   434,658
6.400%   01/15/34     450   478,368
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
3.000%   05/15/32     3,485   2,993,684
3.625%   01/15/32     225   200,750
5.125%   02/01/28     2,700   2,727,327
5.750%   04/01/33     73   74,093
6.750%   03/15/34     13,741   14,843,666
Kraft Heinz Foods Co.,
Gtd. Notes
5.000%   06/04/42(a)     2,032   1,847,537
Mars, Inc.,
Gtd. Notes, 144A
3.950%   04/01/44     815   664,485
Sr. Unsec’d. Notes, 144A
5.000%   03/01/32     4,070   4,088,346
Pilgrim’s Pride Corp.,
Gtd. Notes
3.500%   03/01/32     3,775   3,324,456
4.250%   04/15/31     8,245   7,755,691
6.250%   07/01/33     6,570   6,810,837
Sysco Corp.,
Gtd. Notes
2.450%   12/14/31     765   658,483
              46,902,381
Forest Products & Paper — 0.0%
Georgia-Pacific LLC,
Sr. Unsec’d. Notes
7.375%   12/01/25     1,220   1,239,400
Inversiones CMPC SA (Chile),
Gtd. Notes, 144A
3.850%   01/13/30     1,557   1,453,335
              2,692,735
Gas — 0.0%
Boston Gas Co.,
Sr. Unsec’d. Notes, 144A
3.150%   08/01/27     641   619,817
6.119%   07/20/53(a)     690   701,553
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
5.850%   01/15/41     405   414,069
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Gas (cont’d.)
KeySpan Gas East Corp.,
Unsec’d. Notes, 144A
2.742%   08/15/26     139   $135,586
NiSource, Inc.,
Sr. Unsec’d. Notes
3.600%   05/01/30     179   169,517
5.250%   03/30/28     410   417,078
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
3.500%   06/01/29     2,080   1,989,927
              4,447,547
Hand/Machine Tools — 0.1%
Regal Rexnord Corp.,
Gtd. Notes
6.050%   02/15/26     5,930   5,977,219
6.050%   04/15/28     74   75,828
Stanley Black & Decker, Inc.,
Sr. Unsec’d. Notes
2.750%   11/15/50     1,029   589,262
              6,642,309
Healthcare-Products — 0.1%
Alcon Finance Corp.,
Gtd. Notes, 144A
2.600%   05/27/30     200   179,997
2.750%   09/23/26     200   194,828
5.375%   12/06/32     200   203,231
Solventum Corp.,
Gtd. Notes
5.400%   03/01/29     1,845   1,882,010
5.600%   03/23/34     2,100   2,130,382
5.900%   04/30/54(a)     1,960   1,937,811
Stryker Corp.,
Sr. Unsec’d. Notes
2.125%   11/30/27   EUR 430   457,427
              6,985,686
Healthcare-Services — 1.6%
AdventHealth Obligated Group,
Unsec’d. Notes, Series E
2.795%   11/15/51     1,382   867,640
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes
3.387%   10/15/49     105   75,656
4.272%   08/15/48     1,320   1,120,502
Unsec’d. Notes, Series 2020
2.211%   06/15/30     1,455   1,296,907
3.008%   06/15/50     2,445   1,632,759
Aetna, Inc.,
Sr. Unsec’d. Notes
4.500%   05/15/42     1,043   863,989
6.750%   12/15/37     2,170   2,334,749
Ascension Health,
Sr. Unsec’d. Notes
3.945%   11/15/46     315   255,640
 
A19
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
Sr. Unsec’d. Notes, Series B
2.532%   11/15/29     745   $683,862
3.106%   11/15/39     2,480   1,946,052
BayCare Health System, Inc.,
Sr. Unsec’d. Notes, Series 2020
3.831%   11/15/50     1,411   1,100,282
Bon Secours Mercy Health, Inc.,
Sec’d. Notes, Series 20-2
2.095%   06/01/31(a)     1,190   1,026,472
Centene Corp.,
Sr. Unsec’d. Notes
3.000%   10/15/30     6,895   6,032,541
4.250%   12/15/27     445   434,505
Centra Health, Inc.,
Unsec’d. Notes
4.700%   01/01/48     590   492,585
Cigna Group (The),
Sr. Unsec’d. Notes
3.200%   03/15/40     2,120   1,606,142
Cleveland Clinic Foundation (The),
Unsec’d. Notes
4.858%   01/01/2114     415   357,011
Elevance Health, Inc.,
Sr. Unsec’d. Notes
5.125%   02/15/53     980   879,077
5.950%   12/15/34     5,100   5,375,857
Hackensack Meridian Health, Inc.,
Sec’d. Notes, Series 2020
2.675%   09/01/41     4,200   2,960,285
HCA, Inc.,
Gtd. Notes
2.375%   07/15/31     860   731,604
4.125%   06/15/29     93   90,319
4.375%   03/15/42     447   369,108
4.500%   02/15/27     10,265   10,230,957
5.450%   09/15/34     950   940,432
5.625%   09/01/28     42   42,959
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A
2.200%   06/01/30(a)     12,560   11,139,282
5.200%   06/15/29     760   773,148
5.450%   06/15/34     965   978,948
5.875%   06/15/54     1,995   1,958,483
Humana, Inc.,
Sr. Unsec’d. Notes
4.875%   04/01/30     1,460   1,451,898
5.375%   04/15/31     1,780   1,793,528
Icon Investments Six DAC,
Sr. Sec’d. Notes
5.849%   05/08/29     555   572,466
Indiana University Health, Inc. Obligated Group,
Sec’d. Notes
3.970%   11/01/48     1,085   865,905
IQVIA, Inc.,
Sr. Sec’d. Notes
6.250%   02/01/29     1,580   1,647,554
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%   05/01/47     3,785   $3,142,059
Gtd. Notes, Series 2019
3.266%   11/01/49     80   55,700
Unsec’d. Notes, Series 2021
2.810%   06/01/41     965   692,230
Mayo Clinic,
Unsec’d. Notes, Series 2016
4.128%   11/15/52     1,490   1,226,144
Unsec’d. Notes, Series 2021
3.196%   11/15/61     2,225   1,425,372
Memorial Sloan-Kettering Cancer Center,
Unsec’d. Notes, Series 2020
2.955%   01/01/50(a)     4,415   2,906,056
Methodist Hospital (The),
Unsec’d. Notes, Series 20A
2.705%   12/01/50     3,325   2,060,205
New York & Presbyterian Hospital (The),
Unsec’d. Notes
4.063%   08/01/56     835   655,446
Unsec’d. Notes, Series 2019
3.954%   08/01/2119     5,095   3,555,067
NYU Langone Hospitals,
Sec’d. Notes
4.368%   07/01/47     9,810   8,426,537
OhioHealth Corp.,
Unsec’d. Notes, Series 2020
3.042%   11/15/50     245   166,263
Orlando Health Obligated Group,
Sr. Unsec’d. Notes
3.327%   10/01/50     2,276   1,626,837
5.475%   10/01/35     9,995   10,188,480
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2018
4.787%   11/15/48     150   128,221
Piedmont Healthcare, Inc.,
Sec’d. Notes
2.864%   01/01/52(a)     2,155   1,337,504
Sec’d. Notes, Series 2042
2.719%   01/01/42     2,720   1,902,420
Presbyterian Healthcare Services,
Unsec’d. Notes
4.875%   08/01/52     949   868,316
Providence St. Joseph Health Obligated Group,
Sr. Unsec’d. Notes
5.403%   10/01/33(a)     19,125   19,291,497
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
2.800%   06/30/31     2,686   2,387,117
5.750%   01/30/40     1,126   1,125,010
Sutter Health,
Unsec’d. Notes
5.164%   08/15/33     7,294   7,348,199
 
A20
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
Texas Health Resources,
Sec’d. Notes
4.330%   11/15/55     355   $296,956
Sec’d. Notes, Series 2019
3.372%   11/15/51     235   164,922
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.750%   05/15/40     3,090   2,228,320
3.050%   05/15/41     740   544,684
5.000%   04/15/34     2,590   2,575,853
5.050%   04/15/53     3,054   2,758,271
5.200%   04/15/63     33,730   30,410,317
5.875%   02/15/53     2,765   2,798,614
UPMC,
Sec’d. Notes
5.377%   05/15/43     1,870   1,811,074
Willis-Knighton Medical Center,
Sec’d. Notes, Series 2018
4.813%   09/01/48     315   275,543
              179,308,338
Insurance — 0.6%
Aflac, Inc.,
Sr. Unsec’d. Notes
3.600%   04/01/30     380   364,638
AIA Group Ltd. (Hong Kong),
Sub. Notes, 144A, MTN
4.950%   03/30/35     1,080   1,057,666
Aon Corp.,
Gtd. Notes
3.750%   05/02/29     212   204,817
Arch Capital Finance LLC,
Gtd. Notes
5.031%   12/15/46     950   860,054
Arch Capital Group US, Inc.,
Gtd. Notes
5.144%   11/01/43     1,185   1,098,205
Arthur J Gallagher & Co.,
Sr. Unsec’d. Notes
6.750%   02/15/54     2,300   2,543,257
CNA Financial Corp.,
Sr. Unsec’d. Notes
3.900%   05/01/29     420   407,272
CNO Financial Group, Inc.,
Sr. Unsec’d. Notes
5.250%   05/30/25     990   990,136
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes
3.850%   04/05/29     2,420   2,339,959
3.900%   04/05/32     834   770,568
4.350%   04/05/42     27   22,590
Corebridge Global Funding,
Sr. Sec’d. Notes, 144A, MTN
5.200%   01/12/29     385   391,379
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Insurance (cont’d.)
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes
4.868%   06/01/44     2,230   $1,956,631
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes
3.375%   03/03/31     17,542   15,976,317
4.850%   04/17/28     2,983   2,987,633
5.625%   08/16/32     2,062   2,096,317
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
4.569%   02/01/29     26,283   26,074,952
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%   10/09/37     730   761,738
7.000%   06/15/40     1,625   1,827,111
Markel Group, Inc.,
Sr. Unsec’d. Notes
4.150%   09/17/50     1,310   1,004,841
5.000%   03/30/43     250   224,489
Principal Financial Group, Inc.,
Gtd. Notes
4.625%   09/15/42     80   71,659
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%   07/15/34     510   565,358
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.900%   09/15/44     2,915   2,617,547
6.850%   12/16/39     84   95,330
              67,310,464
Internet — 0.2%
Meta Platforms, Inc.,
Sr. Unsec’d. Notes
5.400%   08/15/54     535   524,283
5.600%   05/15/53     2,970   2,993,078
Prosus NV (China),
Sr. Unsec’d. Notes
4.193%   01/19/32     200   181,937
Uber Technologies, Inc.,
Gtd. Notes, 144A
4.500%   08/15/29     2,023   1,988,070
Sr. Unsec’d. Notes
4.300%   01/15/30     2,225   2,187,752
4.800%   09/15/34(a)     735   715,629
5.350%   09/15/54(a)     1,440   1,347,876
United Group BV (Slovenia),
Sr. Sec’d. Notes
3.625%   02/15/28   EUR 4,900   5,136,929
Sr. Sec’d. Notes, 144A
5.250%   02/01/30   EUR 6,025   6,348,769
              21,424,323
 
A21
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Investment Companies — 0.0%
Gaci First Investment Co. (Saudi Arabia),
Gtd. Notes
4.875%   02/14/35     2,215   $2,136,783
5.125%   02/14/53     3,670   3,129,478
              5,266,261
Iron/Steel — 0.0%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes
3.250%   01/15/31     135   123,668
3.450%   04/15/30     805   755,113
              878,781
Lodging — 0.1%
Gohl Capital Ltd. (Malaysia),
Gtd. Notes
4.250%   01/24/27     1,810   1,779,592
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
3.500%   08/18/26     1,130   1,108,402
5.900%   06/01/27     425   431,818
Marriott International, Inc.,
Sr. Unsec’d. Notes
4.900%   04/15/29     2,150   2,161,648
5.450%   09/15/26     7,660   7,747,210
Sr. Unsec’d. Notes, Series FF
4.625%   06/15/30     1,610   1,595,339
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.400%   08/08/28     1,065   1,063,669
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.625%   08/26/28     1,068   1,026,615
              16,914,293
Machinery-Diversified — 0.3%
AGCO Corp.,
Gtd. Notes
5.800%   03/21/34     485   491,172
CNH Industrial Capital LLC,
Gtd. Notes
4.550%   04/10/28     10,940   10,910,153
5.500%   01/12/29(a)     9,205   9,452,924
CNH Industrial NV,
Sr. Unsec’d. Notes, MTN
3.850%   11/15/27     86   84,377
Flowserve Corp.,
Sr. Unsec’d. Notes
2.800%   01/15/32     4,025   3,442,917
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes
5.314%   06/15/31     920   941,008
5.450%   06/15/34(a)     750   760,909
Nordson Corp.,
Sr. Unsec’d. Notes
5.600%   09/15/28     3,110   3,203,846
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Machinery-Diversified (cont’d.)
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes
4.700%   09/15/28     1,345   $1,347,550
              30,634,856
Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%   01/15/29(a)     1,025   922,618
2.300%   02/01/32(a)     3,719   3,010,620
3.500%   06/01/41     6,060   4,200,071
3.900%   06/01/52     7,926   5,125,042
4.800%   03/01/50     300   226,068
5.050%   03/30/29(a)     7,445   7,402,028
5.250%   04/01/53     319   257,314
5.375%   04/01/38     2,850   2,567,002
5.375%   05/01/47     1,805   1,492,095
6.384%   10/23/35     175   176,986
6.484%   10/23/45     3,533   3,346,063
6.650%   02/01/34(a)     2,300   2,384,038
Comcast Corp.,
Gtd. Notes
3.750%   04/01/40     5,035   4,129,395
3.900%   03/01/38     1,040   892,882
5.500%   05/15/64     19,010   17,796,128
5.650%   06/01/54(a)     3,340   3,271,968
Cox Communications, Inc.,
Gtd. Notes, 144A
5.450%   09/15/28(a)     2,495   2,554,458
5.450%   09/01/34     837   816,981
Sr. Unsec’d. Notes, 144A
2.600%   06/15/31     4,225   3,637,684
              64,209,441
Mining — 1.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.750%   05/01/43     370   369,690
Barrick PD Australia Finance Pty Ltd. (Canada),
Gtd. Notes
5.950%   10/15/39     4,835   4,931,214
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
5.250%   09/08/30     14,490   14,875,460
5.250%   09/08/33     15,000   15,158,322
Corp. Nacional del Cobre de Chile (Chile),
Sr. Unsec’d. Notes
6.300%   09/08/53     500   495,000
Sr. Unsec’d. Notes, 144A
3.750%   01/15/31(a)     200   183,000
6.300%   09/08/53     2,395   2,371,050
6.440%   01/26/36     1,270   1,318,260
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN
5.315%   04/14/32     3,057   2,999,712
 
A22
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
Sr. Unsec’d. Notes, EMTN
5.315%   04/14/32     2,175   $2,134,240
Freeport-McMoRan, Inc.,
Gtd. Notes
4.250%   03/01/30     796   768,375
4.375%   08/01/28     785   774,568
4.625%   08/01/30     297   290,428
5.000%   09/01/27     181   181,154
5.450%   03/15/43     785   737,274
Kinross Gold Corp. (Canada),
Gtd. Notes
4.500%   07/15/27     925   920,158
Sr. Unsec’d. Notes
6.250%   07/15/33     48,540   51,035,713
Newmont Corp.,
Gtd. Notes
2.250%   10/01/30     7,741   6,846,967
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes
3.250%   05/13/30     4,619   4,333,125
5.350%   03/15/34     12,640   12,762,607
South32 Treasury Ltd. (Australia),
Gtd. Notes, 144A
4.350%   04/14/32     4,309   4,020,374
              127,506,691
Miscellaneous Manufacturing — 0.1%
Teledyne Technologies, Inc.,
Gtd. Notes
2.750%   04/01/31     8,010   7,141,052
Textron, Inc.,
Sr. Unsec’d. Notes
2.450%   03/15/31     5,450   4,749,757
              11,890,809
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%   01/24/29     1,295   1,317,818
Inter-American Development Bank (Supranational Bank),
Notes
6.800%   10/15/25     675   678,710
              1,996,528
Office/Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
5.100%   03/01/30     5,500   5,495,523
Oil & Gas — 2.2%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%   07/15/31     16,405   14,426,715
Sr. Unsec’d. Notes, 144A
3.750%   01/15/30     10,000   9,443,739
5.600%   06/13/28     7,125   7,276,128
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
BP Capital Markets PLC,
Gtd. Notes
4.375%(ff)   06/22/25(oo)(a)     12,372   $12,294,675
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
6.250%   03/15/38     2,975   3,084,400
6.450%   06/30/33     2,760   2,916,511
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
3.750%   02/15/52     360   247,009
5.250%   06/15/37     5,941   5,702,093
5.400%   06/15/47     693   616,347
6.750%   11/15/39     542   582,911
ConocoPhillips Co.,
Gtd. Notes
4.150%   11/15/34     165   153,813
4.300%   11/15/44     580   486,431
Continental Resources, Inc.,
Gtd. Notes
4.375%   01/15/28     405   396,877
Gtd. Notes, 144A
2.268%   11/15/26     745   714,724
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%   07/15/41     2,910   2,712,939
Diamondback Energy, Inc.,
Gtd. Notes
3.250%   12/01/26     26,444   25,933,816
5.150%   01/30/30     660   669,499
5.400%   04/18/34     2,953   2,946,953
5.750%   04/18/54     1,240   1,167,429
5.900%   04/18/64     1,295   1,215,768
6.250%   03/15/33(a)     28,411   30,014,208
6.250%   03/15/53     985   987,021
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
4.625%   11/02/31     269   223,943
6.875%   04/29/30     3,849   3,805,891
7.750%   02/01/32     5,185   5,076,115
8.625%   01/19/29     11,055   11,740,410
8.875%   01/13/33     6,400   6,590,400
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
5.875%   03/30/31     140   128,625
Energean PLC (Israel),
Sr. Sec’d. Notes, 144A
6.500%   04/30/27     278   273,344
Equinor ASA (Norway),
Gtd. Notes
3.700%   04/06/50     305   229,788
7.150%   11/15/25(a)     846   859,841
Expand Energy Corp.,
Gtd. Notes
4.750%   02/01/32     1,139   1,078,699
5.375%   03/15/30     600   596,244
 
A23
AST PGIM FIXED INCOME CENTRAL 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.)
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes
3.500%   04/14/33     400   $337,000
Sr. Unsec’d. Notes, 144A
4.750%   04/19/27     200   198,044
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes
3.800%   04/01/28     16,930   16,543,030
4.750%   09/15/44     136   114,084
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
5.550%   10/01/34     880   860,871
6.050%   10/01/54     770   722,547
6.125%   01/01/31     1,606   1,652,415
6.375%   09/01/28(a)     540   560,054
6.625%   09/01/30     365   383,727
7.500%   05/01/31     2,199   2,423,963
8.875%   07/15/30     2,905   3,327,044
Pertamina Persero PT (Indonesia),
Sr. Unsec’d. Notes, EMTN
6.500%   11/07/48     200   203,884
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.625%   01/16/34   GBP 4,000   5,008,864
Petroleos Mexicanos (Mexico),
Gtd. Notes
5.350%   02/12/28     994   920,941
5.950%   01/28/31(a)     5,126   4,341,466
6.490%   01/23/27     2,123   2,076,612
6.500%   03/13/27(a)     8,317   8,099,926
6.500%   01/23/29(a)     2,335   2,194,083
6.625%   06/15/35     134   106,865
6.700%   02/16/32     3,400   2,983,160
6.840%   01/23/30     5,728   5,223,363
10.000%   02/07/33     480   498,648
Gtd. Notes, EMTN
4.875%   02/21/28   EUR 7,401   7,582,559
Gtd. Notes, MTN
8.750%   06/02/29     1,706   1,697,299
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.900%   08/15/30     1,690   1,470,462
2.150%   01/15/31     6,545   5,705,948
SA Global Sukuk Ltd. (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
2.694%   06/17/31     200   176,688
Santos Finance Ltd. (Australia),
Gtd. Notes, 144A
3.649%   04/29/31     19,302   17,537,201
Saudi Arabian Oil Co. (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN
5.750%   07/17/54     1,630   1,534,221
State Oil Co. of the Azerbaijan Republic (Azerbaijan),
Sr. Unsec’d. Notes
6.950%   03/18/30     650   675,903
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Suncor Energy, Inc. (Canada),
Sr. Unsec’d. Notes
3.750%   03/04/51     270   $189,728
6.800%   05/15/38     753   813,150
Thaioil Treasury Center Co. Ltd. (Thailand),
Gtd. Notes, 144A, MTN
4.875%   01/23/43     1,247   1,026,350
              251,783,406
Oil & Gas Services — 0.0%
Cameron International Corp.,
Gtd. Notes
5.950%   06/01/41     1,330   1,304,327
Packaging & Containers — 0.1%
Berry Global, Inc.,
Sr. Sec’d. Notes
5.500%   04/15/28(a)     9,455   9,641,888
Pharmaceuticals — 0.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes
4.050%   11/21/39     13,010   11,413,915
4.250%   11/21/49     3,705   3,071,555
4.500%   05/14/35     2,544   2,439,727
4.700%   05/14/45     1,875   1,690,195
4.875%   11/14/48     2,900   2,651,093
5.050%   03/15/34     2,685   2,704,382
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes
5.000%   02/26/34     2,830   2,851,559
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%   12/15/25     2,440   2,425,428
4.375%   12/15/28     20,000   19,477,182
4.625%   06/25/38     345   297,401
Bayer US Finance LLC (Germany),
Gtd. Notes, 144A
6.375%   11/21/30(a)     1,235   1,291,677
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
2.823%   05/20/30     3,660   3,338,907
CVS Health Corp.,
Sr. Unsec’d. Notes
3.250%   08/15/29     16,049   14,982,451
5.050%   03/25/48     5,270   4,496,691
5.125%   07/20/45     95   82,850
Eli Lilly & Co.,
Sr. Unsec’d. Notes
4.700%   02/09/34     2,885   2,851,875
Mylan, Inc.,
Gtd. Notes
5.400%   11/29/43     2,200   1,837,038
Pfizer Investment Enterprises Pte Ltd.,
Gtd. Notes
5.340%   05/19/63     2,035   1,888,175
 
A24
AST PGIM FIXED INCOME CENTRAL 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.)
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes
3.025%   07/09/40     750   $554,483
Utah Acquisition Sub, Inc.,
Gtd. Notes
5.250%   06/15/46     6,760   5,386,554
Viatris, Inc.,
Gtd. Notes
3.850%   06/22/40     19,227   13,968,496
              99,701,634
Pipelines — 3.1%
Boardwalk Pipelines LP,
Gtd. Notes
3.400%   02/15/31     2,435   2,218,296
Cheniere Energy Partners LP,
Gtd. Notes
4.500%   10/01/29     520   506,744
5.750%   08/15/34     2,840   2,882,171
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes
4.625%   10/15/28     800   791,557
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.,
Gtd. Notes, 144A
4.150%   08/15/26     7,555   7,490,049
Columbia Pipelines Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
5.681%   01/15/34     1,970   1,964,963
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
6.036%   11/15/33     24,400   25,200,851
DCP Midstream Operating LP,
Gtd. Notes
3.250%   02/15/32     5,000   4,363,144
5.600%   04/01/44     1,900   1,766,957
5.625%   07/15/27     7,900   8,029,424
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%   12/15/44     165   140,536
Enbridge, Inc. (Canada),
Gtd. Notes
4.250%   12/01/26     117   116,342
5.625%   04/05/34(a)     1,590   1,611,954
6.700%   11/15/53(a)     955   1,030,887
Sub. Notes
8.500%(ff)   01/15/84     15,065   16,602,867
Energy Transfer LP,
Gtd. Notes
5.250%   04/15/29     5,630   5,698,907
Sr. Unsec’d. Notes
4.950%   06/15/28     3,980   4,006,618
5.300%   04/15/47     270   239,168
5.400%   10/01/47     5,353   4,792,971
5.550%   02/15/28     64   65,511
5.550%   05/15/34     1,055   1,054,188
5.950%   05/15/54     695   664,410
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
6.000%   06/15/48     6,575   $6,346,130
6.050%   06/01/41     9,500   9,366,580
6.100%   12/01/28(a)     7,370   7,694,705
6.100%   02/15/42     2,565   2,554,663
6.125%   12/15/45     210   206,472
6.250%   04/15/49     2,640   2,618,386
6.400%   12/01/30     8,970   9,561,365
6.550%   12/01/33     16,730   17,896,290
Enterprise Products Operating LLC,
Gtd. Notes
5.950%   02/01/41     540   559,802
6.125%   10/15/39     790   836,830
Gtd. Notes, 3 Month SOFR + 3.039%
7.358%(c)   06/01/67     12,000   11,932,140
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A
2.300%   10/01/31     6,650   5,588,618
2.550%   07/01/30     3,725   3,320,113
Gulfstream Natural Gas System LLC,
Sr. Unsec’d. Notes, 144A
6.190%   11/01/25     625   627,581
Kinder Morgan Energy Partners LP,
Gtd. Notes
4.700%   11/01/42     540   458,475
5.400%   09/01/44     186   171,663
5.500%   03/01/44     3,798   3,569,155
Kinder Morgan, Inc.,
Gtd. Notes
3.250%   08/01/50     3,135   2,008,997
5.050%   02/15/46     5,840   5,117,010
5.550%   06/01/45     540   505,327
MPLX LP,
Sr. Unsec’d. Notes
4.500%   04/15/38     855   750,522
4.700%   04/15/48     1,145   936,651
4.875%   06/01/25     1,785   1,785,029
5.200%   03/01/47     6,580   5,792,530
5.500%   06/01/34     10,695   10,658,469
Northern Natural Gas Co.,
Sr. Unsec’d. Notes, 144A
3.400%   10/16/51(a)     2,900   1,936,057
ONEOK Partners LP,
Gtd. Notes
6.850%   10/15/37     3,955   4,310,441
ONEOK, Inc.,
Gtd. Notes
3.100%   03/15/30     1,000   920,881
3.400%   09/01/29     1,720   1,621,856
4.400%   10/15/29(a)     965   947,976
4.450%   09/01/49     1,088   849,655
4.500%   03/15/50     900   707,791
4.750%   10/15/31     1,315   1,289,306
4.950%   07/13/47     1,120   955,321
5.050%   11/01/34(a)     6,812   6,582,084
5.200%   07/15/48     1,855   1,633,676
5.650%   11/01/28     375   386,310
 
A25
AST PGIM FIXED INCOME CENTRAL 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.)
5.800%   11/01/30     1,145   $1,190,656
6.350%   01/15/31(a)     2,370   2,516,570
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes
3.550%   12/15/29     41   38,628
3.800%   09/15/30     308   289,731
Sabine Pass Liquefaction LLC,
Sr. Sec’d. Notes
4.200%   03/15/28     400   395,525
Southern Gas Corridor CJSC (Azerbaijan),
Gov’t. Gtd. Notes
6.875%   03/24/26     200   201,708
Gov’t. Gtd. Notes, 144A
6.875%   03/24/26     260   262,220
Targa Resources Corp.,
Gtd. Notes
4.200%   02/01/33     2,255   2,080,668
5.500%   02/15/35     4,895   4,864,973
6.500%   03/30/34(a)     3,212   3,430,342
6.500%   02/15/53     321   333,380
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
5.000%   01/15/28     385   384,966
5.500%   03/01/30     6,045   6,097,109
6.875%   01/15/29     444   454,572
Western Midstream Operating LP,
Sr. Unsec’d. Notes
4.050%   02/01/30     12,696   12,118,571
4.500%   03/01/28     16,985   16,817,893
4.750%   08/15/28     3,000   2,986,761
6.150%   04/01/33     985   1,014,910
6.350%   01/15/29     4,361   4,552,625
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
2.600%   03/15/31     5,152   4,526,056
3.500%   10/15/51     2,050   1,401,751
4.000%   09/15/25     2,190   2,186,392
4.650%   08/15/32     8,280   8,012,427
4.900%   01/15/45     2,882   2,539,529
5.100%   09/15/45     575   518,998
5.150%   03/15/34     4,223   4,165,166
5.300%   08/15/28     9,328   9,529,808
5.300%   08/15/52     615   563,885
5.400%   03/04/44     2,840   2,678,534
5.600%   03/15/35     25,530   25,999,413
Sr. Unsec’d. Notes, Series A
7.500%   01/15/31     7,802   8,671,272
              355,068,411
Real Estate — 0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A
2.500%   10/15/31     4,250   3,649,540
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
2.950%   03/15/34     2,815   $2,348,341
5.250%   05/15/36     300   292,713
American Tower Corp.,
Sr. Unsec’d. Notes
1.500%   01/31/28     4,250   3,899,607
3.950%   03/15/29     8,148   7,911,955
5.800%   11/15/28     9,495   9,842,977
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
2.250%   04/01/28     1,740   1,615,398
2.500%   08/16/31     5,150   4,422,965
3.900%   03/15/27     5,390   5,299,575
4.050%   07/01/30     14,133   13,521,472
4.125%   05/15/29     6,005   5,827,216
Broadstone Net Lease LLC,
Gtd. Notes
2.600%   09/15/31     4,780   4,048,179
COPT Defense Properties LP,
Gtd. Notes
2.750%   04/15/31(a)     14,685   12,721,348
2.900%   12/01/33     1,545   1,249,508
Crown Castle, Inc.,
Sr. Unsec’d. Notes
4.800%   09/01/28     12,380   12,359,783
5.000%   01/11/28     24,515   24,613,180
5.800%   03/01/34     985   1,003,304
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
4.000%   01/15/31     510   475,808
5.375%   04/15/26     12,160   12,193,643
Healthpeak OP LLC,
Gtd. Notes
2.875%   01/15/31     3,385   3,027,209
5.250%   12/15/32     26,330   26,381,698
Highwoods Realty LP,
Sr. Unsec’d. Notes
2.600%   02/01/31     1,475   1,252,250
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J
2.900%   12/15/31     4,420   3,829,296
Invitation Homes Operating Partnership LP,
Gtd. Notes
2.000%   08/15/31(a)     1,400   1,171,058
4.875%   02/01/35     1,035   990,195
5.450%   08/15/30     511   523,064
Kilroy Realty LP,
Gtd. Notes
4.250%   08/15/29     75   71,327
4.375%   10/01/25     2,415   2,409,316
Kimco Realty OP LLC,
Gtd. Notes
2.700%   10/01/30(a)     6,235   5,617,230
4.850%   03/01/35     1,700   1,635,241
6.400%   03/01/34(a)     3,380   3,629,111
 
A26
AST PGIM FIXED INCOME CENTRAL 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.)
Realty Income Corp.,
Gtd. Notes
3.400%   01/15/30     17,934   $16,899,079
Sr. Unsec’d. Notes
2.700%   02/15/32     3,700   3,196,304
3.250%   01/15/31     3,100   2,846,399
3.400%   01/15/28     8,390   8,143,809
4.700%   12/15/28     7,670   7,696,382
5.125%   02/15/34     3,665   3,633,485
Sun Communities Operating LP,
Gtd. Notes
2.300%   11/01/28     2,800   2,585,053
2.700%   07/15/31     29,515   25,681,857
4.200%   04/15/32     13,027   12,210,119
5.700%   01/15/33     1,860   1,895,134
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.125%   08/15/30     20   18,829
4.250%   12/01/26     305   301,751
4.500%   09/01/26     3,406   3,389,268
4.625%   06/15/25     651   650,970
4.625%   12/01/29     375   364,278
5.750%   02/01/27     65   65,874
Welltower OP LLC,
Gtd. Notes
2.800%   06/01/31(a)     20,195   17,954,032
3.100%   01/15/30     3,400   3,159,590
WP Carey, Inc.,
Sr. Unsec’d. Notes
2.250%   04/01/33     13,255   10,645,735
              295,521,915
Retail — 0.1%
AutoNation, Inc.,
Sr. Unsec’d. Notes
2.400%   08/01/31     2,435   2,038,678
4.750%   06/01/30     805   789,979
AutoZone, Inc.,
Sr. Unsec’d. Notes
1.650%   01/15/31     530   445,520
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.200%   05/15/28     2,910   2,856,251
Ferguson Enterprises, Inc.,
Gtd. Notes
5.000%   10/03/34     240   233,578
Genuine Parts Co.,
Sr. Unsec’d. Notes
6.500%   11/01/28     4,880   5,150,255
Home Depot, Inc. (The),
Sr. Unsec’d. Notes
4.950%   06/25/34(a)     1,940   1,944,931
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes
4.250%   04/01/52     511   399,428
5.750%   07/01/53     715   700,284
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Retail (cont’d.)
Ross Stores, Inc.,
Sr. Unsec’d. Notes
1.875%   04/15/31     2,595   $2,189,870
              16,748,774
Semiconductors — 0.4%
Broadcom, Inc.,
Gtd. Notes, 144A
2.450%   02/15/31     195   171,433
3.500%   02/15/41     16,350   12,807,231
Sr. Unsec’d. Notes
4.350%   02/15/30     2,345   2,307,705
4.550%   02/15/32     885   863,206
5.150%   11/15/31     1,480   1,500,694
Sr. Unsec’d. Notes, 144A
3.137%   11/15/35     2,075   1,720,349
3.187%   11/15/36(a)     12,390   10,165,988
3.419%   04/15/33     6,960   6,198,852
Intel Corp.,
Sr. Unsec’d. Notes
3.250%   11/15/49     3,344   2,091,267
Micron Technology, Inc.,
Sr. Unsec’d. Notes
4.663%   02/15/30     2,130   2,104,210
6.750%   11/01/29(a)     1,330   1,426,765
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes
2.500%   05/11/31     3,545   3,088,049
3.400%   05/01/30     500   465,995
              44,911,744
Software — 0.2%
Cadence Design Systems, Inc.,
Sr. Unsec’d. Notes
4.300%   09/10/29     900   891,303
4.700%   09/10/34     530   517,150
Fiserv, Inc.,
Sr. Unsec’d. Notes
3.500%   07/01/29     11,415   10,854,616
5.450%   03/02/28     5,380   5,503,978
Oracle Corp.,
Sr. Unsec’d. Notes
3.600%   04/01/50     1,288   892,608
3.950%   03/25/51     3,499   2,568,601
6.150%   11/09/29     73   77,293
              21,305,549
Telecommunications — 1.5%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.250%   02/01/32     7,740   6,526,138
2.550%   12/01/33     650   533,105
3.500%   06/01/41     14,600   11,252,917
3.550%   09/15/55     2,264   1,532,175
4.500%   05/15/35     620   582,746
6.550%   02/15/39     7,695   8,456,741
 
A27
AST PGIM FIXED INCOME CENTRAL 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.)
Crown Castle Towers LLC,
Asset-Backed, 144A
3.663%   05/15/45     2,900   $2,893,278
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A
0.000%   12/31/30^     870   1
Sr. Sec’d. Notes, Series 3B14, 144A
0.000%   12/31/30^     581   1
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.942%
10.942%   05/25/27     2,037   2,026,476
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500%
10.500%   11/25/28     7,532   6,865,638
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.875%   06/15/29     725   614,350
Sr. Sec’d. Notes, 144A
10.500%   04/15/29     3,720   4,116,079
10.500%   05/15/30     3,350   3,612,587
11.000%   11/15/29     12,696   14,166,025
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes
5.400%   04/15/34     920   929,975
Rogers Communications, Inc. (Canada),
Gtd. Notes
3.800%   03/15/32     1,220   1,104,660
4.500%   03/15/42     377   318,863
4.550%   03/15/52(a)     1,858   1,480,946
5.000%   02/15/29     2,185   2,186,014
5.300%   02/15/34     2,450   2,402,168
Sprint Capital Corp.,
Gtd. Notes
6.875%   11/15/28     2,650   2,829,205
8.750%   03/15/32     1,925   2,315,171
Sprint LLC,
Gtd. Notes
7.625%   03/01/26     365   370,876
T-Mobile USA, Inc.,
Gtd. Notes
2.250%   02/15/26     85   83,286
2.250%   11/15/31(a)     3,150   2,676,095
2.550%   02/15/31     52,681   46,441,478
2.625%   02/15/29(a)     650   602,548
2.875%   02/15/31     491   439,699
3.000%   02/15/41     926   671,549
3.875%   04/15/30     2,490   2,386,261
4.750%   02/01/28     60   60,028
5.750%   01/15/54     3,865   3,817,934
Total Play Telecomunicaciones SA de CV (Mexico),
Sr. Sec’d. Notes, 144A
11.125%   12/31/32     319   291,885
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.355%   03/15/32     6,475   5,476,777
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
2.650%   11/20/40     8,155   $5,725,437
3.400%   03/22/41     22,445   17,263,567
Sr. Unsec’d. Notes, 144A
4.780%   02/15/35     13,560   13,161,893
              176,214,572
Toys/Games/Hobbies — 0.0%
Mattel, Inc.,
Gtd. Notes, 144A
5.875%   12/15/27     1,995   2,002,227
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
5.500%   03/15/55     1,610   1,601,807
Canadian Pacific Railway Co. (Canada),
Gtd. Notes
3.500%   05/01/50     3,555   2,502,324
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
3.570%   01/21/32(a)     3,680   3,334,669
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%   07/05/34     81   81,602
MV24 Capital BV (Brazil),
Sr. Sec’d. Notes
6.748%   06/01/34     151   145,029
              7,665,431
Trucking & Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
5.700%   02/01/28     20,860   21,359,368
 
Total Corporate Bonds

(cost $4,093,295,822)
  4,167,380,432
Floating Rate and Other Loans — 0.0%
Telecommunications
Digicel International Finance Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 7.500%
10.191%(c)   05/25/27     1,030   1,005,022
(cost $968,138)        
Municipal Bonds — 0.6%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%   09/15/32     765   748,876
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs
4.839%   01/01/41     830   790,065
California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%   04/01/49     4,270   4,571,188
 
A28
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
California (cont’d.)
California State Public Works Board,
Taxable, Revenue Bonds, BABs
7.804%   03/01/35     200   $226,202
City of Los Angeles Department of Airports,
Taxable, Revenue Bonds, BABs
6.582%   05/15/39     4,505   4,850,151
Northern California Power Agency,
Taxable, Revenue Bonds, BABs, Series B
7.311%   06/01/40     200   222,357
San Jose Redevelopment Agency Successor Agency,
Taxable, Series A-T
3.375%   08/01/34     165   150,696
State of California,
General Obligation Unlimited, Taxable, BABs
7.500%   04/01/34(a)     120   138,854
7.625%   03/01/40     300   358,581
7.550%   04/01/39     165   199,635
University of California,
Taxable, Revenue Bonds, Series AP
3.931%   05/15/45     340   311,086
Taxable, Revenue Bonds, Series AQ
4.767%   05/15/2115     883   749,589
Taxable, Revenue Bonds, Series J
4.131%   05/15/45     375   337,561
              12,115,900
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%   11/01/50     955   967,872
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority,
Taxable, Revenue Bonds, Series A
4.814%   10/01/2114     550   481,841
Florida — 0.0%
Escambia County Health Facilities Authority,
Taxable, Revenue Bonds
3.607%   08/15/40     30   24,337
Florida Development Finance Corp.,
Taxable, Revenue Bonds, Series B
4.109%   04/01/50     610   500,762
State Board of Administration Finance Corp.,
Taxable, Revenue Bonds, Series A
2.154%   07/01/30     384   339,559
              864,658
Georgia — 0.0%
Municipal Electric Authority of Georgia,
Taxable, Revenue Bonds, BABs
6.655%   04/01/57     2,003   2,153,294
Illinois — 0.0%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%   01/01/40     325   353,962
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Illinois (cont’d.)
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue,
Taxable, Revenue Bonds, Series A
6.899%   12/01/40     549   $611,261
Metropolitan Water Reclamation District of Greater Chicago,
General Obligation Limited, Taxable, BABs
5.720%   12/01/38     210   216,554
Sales Tax Securitization Corp.,
Taxable, Revenue Bonds, Series B
3.411%   01/01/43     90   71,004
State of Illinois,
General Obligation Unlimited, BABs
7.350%   07/01/35     389   417,693
General Obligation Unlimited, Taxable
5.100%   06/01/33     442   440,816
              2,111,290
Michigan — 0.1%
Detroit City School District,
General Obligation Unlimited
6.645%   05/01/29     240   258,814
Michigan Finance Authority,
Taxable, Revenue Bonds
3.384%   12/01/40     2,055   1,675,127
Michigan State University,
Taxable, Revenue Bonds, Series A
4.165%   08/15/2122     6,285   4,597,050
University of Michigan,
Taxable, Revenue Bonds, Series A
3.504%   04/01/52     1,122   834,225
4.454%   04/01/2122     4,350   3,489,034
              10,854,250
Missouri — 0.0%
Curators of the University of Missouri (The),
Revenue Bonds, BABs
5.792%   11/01/41     135   140,210
Health & Educational Facilities Authority of the State of Missouri,
Taxable, Revenue Bonds, Series A
3.229%   05/15/50     5,000   3,567,739
              3,707,949
New Jersey — 0.1%
New Jersey Economic Development Authority,
Taxable, Revenue Bonds, Series A
7.425%   02/15/29     176   185,474
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%   01/01/41     2,240   2,566,762
Taxable, Revenue Bonds, BABs, Series F
7.414%   01/01/40     552   663,428
Rutgers The State University of New Jersey,
Taxable, Revenue Bonds, BABs, Series H
5.665%   05/01/40     785   801,108
              4,216,772
 
A29
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
New York — 0.1%
Metropolitan Transportation Authority,
Revenue Bonds, BABs
6.548%   11/15/31     410   $435,310
Taxable, Revenue Bonds, BABs
6.687%   11/15/40     1,500   1,643,169
New York City Municipal Water Finance Authority,
Taxable, Revenue Bonds, BABs
5.882%   06/15/44     675   690,999
New York State Dormitory Authority,
Taxable, Revenue Bonds, Series B
3.879%   07/01/46     375   300,186
New York State Urban Development Corp.,
Taxable, Revenue Bonds, BABs
5.838%   03/15/40     2,000   2,051,908
5.770%   03/15/39     1,525   1,567,086
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174
4.458%   10/01/62     4,930   4,190,307
Consolidated, Taxable, Revenue Bonds, Series 192
4.810%   10/15/65     895   813,143
Consolidated, Taxable, Revenue Bonds, Series 210
4.031%   09/01/48     415   342,804
Taxable, Revenue Bonds, Series 182
5.310%   08/01/46     50   48,904
              12,083,816
North Carolina — 0.0%
University of North Carolina at Chapel Hill,
Taxable, Revenue Bonds
3.847%   12/01/34     150   141,212
Ohio — 0.0%
American Municipal Power, Inc.,
Taxable, Revenue Bonds, BABs, Series B
8.084%   02/15/50     1,065   1,350,810
Ohio State University (The),
Taxable, Revenue Bonds, Series A
4.800%   06/01/2111     2,205   1,909,282
              3,260,092
Pennsylvania — 0.1%
Pennsylvania State University (The),
Taxable, Revenue Bonds, Series D
2.840%   09/01/50     190   127,320
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs
6.105%   12/01/39     1,245   1,335,863
Revenue Bonds, BABs, Series B
5.511%   12/01/45     2,800   2,733,054
Pocono Mountains Industrial Park Authority,
Taxable, Revenue Bonds
5.050%   08/15/49     130   119,289
              4,315,526
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Texas — 0.0%
City of San Antonio Electric & Gas Systems Revenue,
Revenue Bonds, BABs
5.985%   02/01/39     155   $164,236
Taxable, Revenue Bonds
4.427%   02/01/42     1,005   945,935
Dallas Fort Worth International Airport,
Taxable, Revenue Bonds, Series C
2.919%   11/01/50     825   579,520
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B
3.922%   12/31/49     480   383,458
              2,073,149
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series B
2.584%   11/01/51     315   190,748
Taxable, Revenue Bonds, Series C
4.179%   09/01/2117     3,720   2,840,127
              3,030,875
Washington — 0.1%
Washington St. Hsg. Fin. Commn. Rev.,
Revenue Bonds, Series 2023-01, Class X
1.361%(cc)   04/20/37     54,024   5,437,484
Wisconsin — 0.0%
State of Wisconsin,
Taxable, Revenue Bonds, Series A
3.954%   05/01/36     250   232,380
 
Total Municipal Bonds

(cost $76,053,800)
  69,587,301
Residential Mortgage-Backed Securities — 5.2%
Angel Oak Mortgage Trust,
Series 2020-06, Class A2, 144A
1.518%(cc)   05/25/65     59   53,801
Series 2020-06, Class M1, 144A
2.805%(cc)   05/25/65     385   328,603
Series 2021-01, Class A1, 144A
0.909%(cc)   01/25/66     205   174,994
Series 2021-01, Class A2, 144A
1.115%(cc)   01/25/66     933   795,057
Series 2021-02, Class A1, 144A
0.985%(cc)   04/25/66     200   171,584
Banc of America Funding Trust,
Series 2006-I, Class 4A1
4.622%(cc)   10/20/46     19   15,995
Bayview Financing Trust,
Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)
8.336%(c)   07/01/26^     6,829   6,835,069
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-04, Class 3A1
5.416%(cc)   08/25/35     60   55,936
 
A30
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Bellemeade Re Ltd.,
Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)
5.740%(c)   09/25/31     212   $212,478
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)
6.490%(c)   01/26/32     1,324   1,329,197
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)
8.040%(c)   01/26/32     5,870   6,019,468
Chase Home Lending Mortgage Trust,
Series 2024-RPL02, Class A1A, 144A
3.250%(cc)   08/25/64     3,767   3,336,622
Series 2024-RPL04, Class A1B, 144A
3.375%(cc)   12/25/64     299   265,319
CIM Trust,
Series 2021-INV01, Class A29, 144A
2.500%(cc)   07/01/51     1,931   1,566,708
Series 2024-R01, Class A1, 144A
4.750%(cc)   06/25/64     6,334   6,228,811
Citigroup Mortgage Loan Trust,
Series 2011-12, Class 3A2, 144A
4.933%(cc)   09/25/47     379   350,468
Series 2022-A, Class A1, 144A
6.170%(cc)   09/25/62     629   629,373
Series 2024-RP02, Class A1, 144A
4.100%(cc)   02/25/63     26,605   25,179,224
Series 2024-RP02, Class A2, 144A
4.218%(cc)   02/25/63     2,196   1,862,986
Series 2024-RP02, Class B1, 144A
0.000%(cc)   02/25/63     664   515,264
Series 2024-RP02, Class B2, 144A
0.000%(cc)   02/25/63     240   168,068
Series 2024-RP02, Class B3, PO, 144A
11.604%(s)   02/25/63     609   75,520
Series 2024-RP02, Class B4, PO, 144A
15.223%(s)   02/25/63     1,107   91,713
Series 2024-RP02, Class M1, 144A
4.218%(cc)   02/25/63     1,476   1,234,926
Series 2024-RP02, Class M2, 144A
4.218%(cc)   02/25/63     1,126   906,680
Series 2024-RP02, Class SA, 144A
0.000%(cc)   02/25/63     48   41,631
Series 2024-RP02, Class X, IO, 144A
0.000%(cc)   02/25/63     34,022   38,438
Series 2025-RP01, Class A1, 144A
0.000%(cc)   01/25/64     34,402   32,114,555
Series 2025-RP01, Class A2, 144A
3.701%(cc)   01/25/64     1,509   1,135,836
Series 2025-RP01, Class B1, 144A
3.701%(cc)   01/25/64     604   363,139
Series 2025-RP01, Class B2, 144A
3.701%(cc)   01/25/64     382   193,550
Series 2025-RP01, Class B3, 144A
3.701%(cc)   01/25/64     483   201,279
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2025-RP01, Class B4, 144A
3.701%(cc)   01/25/64     483   $169,452
Series 2025-RP01, Class M1, 144A
3.701%(cc)   01/25/64     1,288   915,167
Series 2025-RP01, Class M2, 144A
3.701%(cc)   01/25/64     805   525,622
Series 2025-RP01, Class SA, 144A
0.000%(cc)   01/25/64^     70   70,353
Series 2025-RP01, Class X, IO, 144A
0.000%(cc)   01/25/64^     39,956   3,996
Citigroup Mortgage Loan Trust, Inc.,
Series 2020-EXP02, Class A3, 144A
2.500%(cc)   08/25/50     1,539   1,323,647
COLT Mortgage Loan Trust,
Series 2025-03, Class A1, 144A
5.352%(cc)   03/25/70     16,793   16,785,052
Connecticut Avenue Securities Trust,
Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)
7.440%(c)   10/25/41     2,740   2,785,374
Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%)
5.890%(c)   10/25/41     671   671,380
Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)
6.240%(c)   12/25/41     2,100   2,118,035
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)
10.590%(c)   03/25/42     3,275   3,546,464
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)
9.590%(c)   03/25/42     730   775,172
Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)
7.440%(c)   03/25/42     1,265   1,304,264
Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%)
9.940%(c)   07/25/42     4,024   4,364,688
Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%)
7.940%(c)   07/25/42     1,000   1,042,259
Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)
6.736%(c)   12/25/42     207   211,778
Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%)
6.640%(c)   01/25/43     1,732   1,767,911
Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)
5.840%(c)   10/25/43     946   946,987
Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)
6.040%(c)   07/25/44     1,250   1,245,780
 
A31
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%)
5.035%(c)   05/25/35     201   $176,141
Credit Suisse Mortgage Trust,
Series 2014-03R, Class 2A1, 144A
0.000%(cc)   05/27/37     118   115,306
Eagle Re Ltd.,
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)
7.790%(c)   04/25/34     391   395,023
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%)
6.340%(c)   09/26/33     2,022   2,028,975
EFMT,
Series 2024-CES01, Class A1, 144A
5.522%(cc)   01/26/60     19,724   19,778,455
Series 2025-CES01, Class A1A, 144A
5.726%(cc)   01/25/60     12,814   12,912,182
Ellington Financial Mortgage Trust,
Series 2019-02, Class A3, 144A
3.046%(cc)   11/25/59     31   29,081
Series 2021-02, Class A1, 144A
0.931%(cc)   06/25/66     122   100,096
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%)
7.640%(c)   11/25/41     160   164,803
Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)
6.340%(c)   11/25/41     1,620   1,626,075
Fannie Mae Interest Strips,
Series 319, Class 2, IO
6.500%   02/25/32     1   77
Fannie Mae REMIC,
Series 2005-54, Class ZM
4.500%   06/25/35     21   21,428
Series 2010-43, Class AH
3.250%   05/25/40     2   1,820
Series 2012-134, Class IL, IO
3.500%   12/25/32     188   17,402
Series 2014-10, Class KM
3.500%   09/25/43     6   5,729
Series 2014-35, Class CA
3.500%   06/25/44     3   2,756
Series 2017-33, Class LB
3.000%   05/25/39     8   7,261
Series 2018-16, Class MB
3.500%   07/25/46     571   564,867
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)
7.340%(c)   12/25/50     200   215,229
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)
8.340%(c)   11/25/50     1,965   2,182,474
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
5.990%(c)   01/25/34     430   $430,968
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)
7.740%(c)   10/25/41     2,200   2,253,182
Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)
5.840%(c)   10/25/41     391   391,608
Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)
6.140%(c)   11/25/41     4,400   4,419,123
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.690%(c)   09/25/41     700   713,566
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
6.440%(c)   09/25/41     4,320   4,344,322
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)
6.690%(c)   12/25/41     5,900   5,951,625
Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%)
6.840%(c)   01/25/42     210   212,219
Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)
6.740%(c)   02/25/42     9,900   10,070,358
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)
7.240%(c)   04/25/42     3,100   3,186,848
Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.690%(c)   05/25/42     1,300   1,349,939
Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%)
8.040%(c)   09/25/42     4,500   4,731,611
FHLMC Whole Loan Securities Trust,
Series 2017-SC01, Class M1, 144A
3.645%(cc)   12/25/46     429   420,896
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA01, Class 1A1
4.655%(cc)   03/25/35     132   75,390
Flagstar Mortgage Trust,
Series 2018-03INV, Class B3, 144A
4.447%(cc)   05/25/48     4,529   4,244,512
Freddie Mac REMIC,
Series 2906, Class GZ
5.000%   09/15/34     94   95,233
Series 4289, Class WZ
3.000%   01/15/44     614   553,977
Series 4533, Class GA
3.000%   06/15/28     4   3,556
Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%)
4.963%(c)   10/15/46     16   15,422
 
A32
AST PGIM FIXED INCOME CENTRAL 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 2019-02, Class MV
3.500%   08/25/58     8   $7,085
Series 2019-03, Class MA
3.500%   10/25/58     6   5,626
Series 2019-04, Class MA
3.000%   02/25/59     8   7,466
Series 2019-04, Class MV
3.000%   02/25/59     8   7,116
Galton Funding Mortgage Trust,
Series 2018-01, Class A23, 144A
3.500%(cc)   11/25/57     158   144,090
Series 2018-02, Class A22, 144A
4.000%(cc)   10/25/58     145   135,369
Government National Mortgage Assoc.,
Series 2012-12, Class KN
4.500%   09/20/41     3   2,832
Series 2013-24, Class OI, IO
4.000%   02/20/43     132   21,326
Series 2013-82, Class IG, IO
3.500%   05/20/43     410   61,218
Series 2017-184, Class JH
3.000%   12/20/47     11   10,174
Series 2018-08, Class DA
3.000%   11/20/47     137   127,040
Series 2022-63, Class LM
3.500%   10/20/50     1,490   1,240,397
Greenpoint Mortgage Pass-Through Certificates,
Series 2003-01, Class A1
7.394%(cc)   10/25/33     37   36,045
GS Mortgage Backed Securities Trust CES1,
Series 2025-CES01, Class A1A, 144A
5.568%(cc)   05/25/55     15,053   15,060,648
GS Mortgage-Backed Securities Trust,
Series 2014-EB01A, Class 2A1, 144A
6.218%(cc)   07/25/44     18   17,929
Series 2020-INV01, Class A14, 144A
2.902%(cc)   10/25/50     1,061   905,053
Series 2021-GR01, Class A4, 144A
2.500%(cc)   11/25/51     1,481   1,201,876
Series 2021-GR02, Class A4, 144A
2.500%(cc)   02/25/52     1,531   1,241,245
Series 2025-RPL01, Class A1, PO, 144A
0.000%(s)   01/25/64^     104   98,648
3.247%(cc)   01/25/64     30,495   27,125,402
HarborView Mortgage Loan Trust,
Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%)
4.971%(c)   03/19/35     703   709,668
Home Re Ltd.,
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)
7.140%(c)   01/25/34     1,021   1,029,565
JPMorgan Mortgage Trust,
Series 2019-INV03, Class A3, 144A
3.500%(cc)   05/25/50     412   371,469
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%)
5.265%(c)   08/25/50     211   $199,034
Series 2020-INV01, Class A3, 144A
3.500%(cc)   08/25/50     350   315,237
Series 2020-INV02, Class A13, 144A
3.000%(cc)   10/25/50     485   421,450
Series 2020-INV02, Class A3, 144A
3.000%(cc)   10/25/50     175   151,998
Series 2020-LTV01, Class A3, 144A
3.500%(cc)   06/25/50     42   41,008
Series 2025-CES02, Class A1, 144A
5.592%   06/25/55     13,400   13,413,882
Kinbane DAC (Ireland),
Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%)
3.473%(c)   01/24/63   EUR 7,176   7,726,842
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A
7.858%(cc)   09/25/59     6,645   6,644,101
LHOME Mortgage Trust,
Series 2024-RTL04, Class A1, 144A
5.921%(cc)   07/25/39     5,500   5,523,431
Series 2025-RTL01, Class A1, 144A
5.652%(cc)   01/25/40     15,700   15,737,919
MetLife Securitization Trust,
Series 2018-01A, Class A, 144A
3.750%(cc)   03/25/57     168   161,791
Morgan Stanley Residential Mortgage Loan Trust,
Series 2021-02, Class A9, 144A
2.500%(cc)   05/25/51     118   96,362
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)
5.185%(c)   01/25/48     111   108,421
NLT Trust,
Series 2025-INV01, Class A1, 144A
5.506%(cc)   02/25/70     24,424   24,423,683
Series 2025-INV01, Class A2, 144A
5.708%(cc)   02/25/70     2,739   2,738,953
Series 2025-INV01, Class A3, 144A
5.860%(cc)   02/25/70     4,700   4,699,967
Series 2025-INV01, Class AIOS, 144A
0.399%(cc)   02/25/70     37,008   322,044
Series 2025-INV01, Class B1, 144A
6.604%(cc)   02/25/70     1,388   1,336,261
Series 2025-INV01, Class B2, 144A
6.604%(cc)   02/25/70     1,092   1,021,462
Series 2025-INV01, Class B3, 144A
6.604%(cc)   02/25/70     685   619,563
Series 2025-INV01, Class M1, 144A
6.314%(cc)   02/25/70     1,980   1,979,949
Series 2025-INV01, Class XS, 144A
0.901%(cc)   02/25/70     37,008   1,555,224
 
A33
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Oaktown Re VII Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)
7.240%(c)   04/25/34     5,621   $5,684,896
OBX,
Series 2025-NQM02, Class A1, 144A
5.597%(cc)   11/25/64     21,810   21,856,899
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     1,367   1,336,688
Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%)
5.535%(c)   10/25/59     9   9,351
Series 2020-EXP01, Class 1A8, 144A
3.500%(cc)   02/25/60     50   44,468
Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%)
5.385%(c)   02/25/60     18   17,991
Series 2020-EXP02, Class A8, 144A
3.000%(cc)   05/25/60     131   114,876
Series 2025-NQM04, Class A1, 144A
5.400%(cc)   02/25/55     17,343   17,295,004
PMT Credit Risk Transfer Trust,
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.685%(c)   03/29/27     18,294   18,421,865
Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)
7.435%(c)   09/27/28     15,139   15,107,425
PRET Trust,
Series 2024-RPL02, Class A1, 144A
4.075%(cc)   06/25/64     8,811   8,320,391
Series 2025-NPL01, Class A1, 144A
6.063%(cc)   02/25/55     21,323   21,374,806
PRPM LLC,
Series 2024-RPL02, Class A1, 144A
3.500%(cc)   05/25/54     3,385   3,255,326
Series 2025-RCF01, Class A1, 144A
4.500%(cc)   02/25/55     10,607   10,455,123
Series 2025-RPL01, Class A1, 144A
4.000%(cc)   03/25/55     13,130   12,785,141
Series 2025-RPL01, Class A2, 144A
4.000%(cc)   03/25/55     2,310   2,156,951
Series 2025-RPL01, Class A3, 144A
4.000%(cc)   03/25/55     1,362   1,255,989
Series 2025-RPL01, Class M1A, 144A
4.000%(cc)   03/25/55     1,329   1,211,686
Series 2025-RPL01, Class M1B, 144A
4.000%(cc)   03/25/55     469   415,648
PRPM Trust,
Series 2025-NQM01, Class A1, 144A
5.802%(cc)   11/25/69     12,445   12,481,189
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Radnor Re Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)
8.040%(c)   11/25/31     3,572   $3,637,489
RCKT Mortgage Trust,
Series 2025-CES01, Class A1A, 144A
5.653%(cc)   01/25/45     14,580   14,634,008
Series 2025-CES02, Class A1A, 144A
5.503%(cc)   02/25/55     17,881   17,891,300
RFMSI Trust,
Series 2003-S09, Class A1
6.500%   03/25/32     1   875
Roc Mortgage Trust,
Series 2025-RTL01, Class A1, 144A
5.625%(cc)   02/25/40     12,500   12,580,534
Sequoia Mortgage Trust,
Series 2017-05, Class B1, 144A
3.786%(cc)   08/25/47     1,112   1,044,738
Series 2018-CH01, Class A2, 144A
3.500%(cc)   03/25/48     44   39,607
Series 2018-CH02, Class A3, 144A
4.000%(cc)   06/25/48     349   326,224
SG Residential Mortgage Trust,
Series 2019-03, Class A1, 144A
2.703%(cc)   09/25/59     8   7,517
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 3,917   4,240,115
Starwood Mortgage Residential Trust,
Series 2020-INV01, Class A1, 144A
1.027%(cc)   11/25/55     628   588,609
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-18, Class 3A1
5.234%(cc)   12/25/34     738   681,929
Series 2005-01, Class 2A
5.533%(cc)   02/25/35     559   534,425
Towd Point Mortgage Trust,
Series 2019-01, Class A1, 144A
3.750%(cc)   03/25/58     91   87,799
Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%)
5.435%(c)   10/25/59     678   686,135
Series 2020-01, Class A2B, 144A
3.250%(cc)   01/25/60     4,514   3,968,960
Series 2021-SJ01, Class A1, 144A
2.250%(cc)   07/25/68     4,959   4,761,727
Series 2021-SJ02, Class A2, 144A
2.500%(cc)   12/25/61     1,592   1,435,942
Series 2024-CES06, Class A1, 144A
5.725%(cc)   11/25/64     10,293   10,328,760
UWM Mortgage Trust,
Series 2021-INV02, Class A15, 144A
2.500%(cc)   09/25/51     1,527   1,238,731
 
A34
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Verus Securitization Trust,
Series 2019-INV03, Class A1, 144A
3.692%(cc)   11/25/59     183   $180,458
Series 2021-01, Class A1, 144A
0.815%(cc)   01/25/66     94   82,767
Series 2021-01, Class A3, 144A
1.155%(cc)   01/25/66     419   367,418
Series 2021-05, Class A2, 144A
1.218%(cc)   09/25/66     823   704,505
Series 2024-02, Class A1, 144A
6.095%(cc)   02/25/69     1,465   1,478,335
Vista Point Securitization Trust,
Series 2020-02, Class A1, 144A
1.475%(cc)   04/25/65     810   774,435
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%)
5.275%(c)   06/25/44     525   516,956
Series 2007-HY01, Class 3A3
4.091%(cc)   02/25/37     1,545   1,313,511
Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%)
5.405%(c)   04/25/47     1,538   1,317,839
 
Total Residential Mortgage-Backed Securities

(cost $586,762,000)
  594,734,438
Sovereign Bonds — 1.6%
Amazon Conservation DAC (Ecuador),
Sr. Sec’d. Notes
6.034%   01/16/42     200   201,776
Sr. Sec’d. Notes, 144A
6.034%   01/16/42     19,000   19,168,716
Angolan Government International Bond (Angola),
Sr. Unsec’d. Notes
9.375%   05/08/48     400   315,800
Sr. Unsec’d. Notes, 144A
8.750%   04/14/32     539   460,845
Sr. Unsec’d. Notes, EMTN
9.125%   11/26/49     622   477,696
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%   08/20/30     2,441   2,118,690
5.000%   07/15/32     200   197,063
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%   02/15/28     3,248   3,215,025
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
3.875%   04/25/27     250   242,750
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes
4.500%   01/30/30     1,980   1,852,290
4.875%   09/23/32     600   546,522
5.500%   02/22/29     694   683,590
5.875%   01/30/60     550   463,375
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
6.400%   06/05/49     250   $233,750
Sr. Unsec’d. Notes, 144A
4.875%   09/23/32     1,619   1,474,699
5.300%   01/21/41     173   146,012
5.500%   02/22/29     13,629   13,424,565
5.950%   01/25/27     412   414,060
6.000%   07/19/28     2,579   2,595,763
6.000%   02/22/33     519   504,468
7.050%   02/03/31     151   156,134
Ecuador Social Bond Sarl (Ecuador),
Gov’t. Gtd. Notes
0.350%   01/30/35^     40,800   741,240
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A, MTN
2.250%   01/13/31     372   319,503
5.500%   01/18/33(a)     400   405,164
Sr. Unsec’d. Notes, EMTN
2.250%   01/13/31(a)     1,630   1,399,974
Gabon Blue Bond Master Trust 2 (Gabon),
Insured Notes
6.097%   08/01/38     4,000   4,047,840
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes, Series 15Y
1.750%   06/05/35   EUR 345   283,442
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.750%   04/24/25   EUR 765   826,524
3.500%   01/11/28     290   280,938
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes
4.875%   01/30/32   EUR 8,261   7,888,619
5.250%   03/22/30   EUR 10,538   10,857,050
5.875%   10/17/31   EUR 14,474   14,653,002
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
2.659%   05/24/31     2,145   1,808,514
3.500%   02/12/34     256   210,048
4.280%   08/14/41     500   379,500
4.500%   01/31/50     621   448,362
4.600%   02/10/48     514   378,489
4.875%   05/19/33     2,664   2,452,878
5.400%   02/09/28     200   202,025
6.350%   02/09/35     200   200,300
Sr. Unsec’d. Notes, MTN
6.050%   01/11/40     888   838,272
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
6.700%   01/26/36(a)     1,260   1,203,930
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
5.375%   02/08/35     1,210   1,184,590
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes
9.500%   02/02/30     1,000   1,208,141
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes, Series 10YR
2.875%   10/17/29     200   185,799
 
A35
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Sr. Unsec’d. Notes, Series 30Y, MTN
5.375%   06/15/33     23,436   $24,273,406
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes
3.000%   02/14/31     496   414,656
Sr. Unsec’d. Notes, 144A
2.625%   12/02/40   EUR 95   61,732
2.750%   04/14/41   EUR 45   29,267
3.000%   02/14/31     114   95,304
3.624%   05/26/30   EUR 255   257,023
5.250%   11/25/27     154   153,384
6.625%   02/17/28     194   198,592
7.125%   01/17/33     218   221,758
Sr. Unsec’d. Notes, 144A, MTN
1.375%   12/02/29   EUR 90   83,516
2.000%   01/28/32   EUR 55   46,841
2.375%   04/19/27   EUR 1,105   1,167,319
3.500%   04/03/34   EUR 345   300,118
6.000%   05/25/34     140   130,640
Sr. Unsec’d. Notes, EMTN
2.875%   03/11/29   EUR 95   95,895
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, EMTN
3.625%   03/04/28     800   777,668
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%   06/26/29   EUR 6,595   6,369,992
1.650%   03/03/33   EUR 2,521   2,124,557
3.125%   05/15/27   EUR 14,291   15,216,236
6.250%   05/26/28     4,786   4,879,327
Sr. Unsec’d. Notes, 144A
1.650%   03/03/33   EUR 2,095   1,765,548
2.125%   12/01/30     774   636,615
3.125%   05/15/27   EUR 6,140   6,537,520
6.000%   06/12/34     6,266   6,199,455
6.250%   05/26/28     2,710   2,762,845
6.500%   09/26/33     200   205,626
 
Total Sovereign Bonds

(cost $172,785,059)
  176,302,573
U.S. Government Agency Obligations — 28.3%
Federal Home Loan Mortgage Corp.
1.500%   02/01/36     572   504,608
1.500%   02/01/36     1,214   1,068,878
1.500%   10/01/36     1,988   1,749,113
2.000%   06/01/50     372   300,466
2.000%   07/01/50     297   239,109
2.000%   12/01/50     11,913   9,535,274
2.000%   02/01/51     9,565   7,627,444
2.000%   03/01/51     39,076   31,287,490
2.000%   04/01/51     31,222   24,961,662
2.000%   05/01/51     51   40,610
2.000%   05/01/51     54,534   43,478,626
2.000%   07/01/51     31   25,074
2.000%   02/01/52     23   18,352
2.000%   02/01/52     52   41,691
2.000%   02/01/52     59   47,834
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.000%   03/01/52     604   $486,826
2.000%   04/01/52     1,208   967,210
2.000%   05/01/52     322   260,129
2.500%   08/01/40     47   41,719
2.500%   07/01/50     260   219,419
2.500%   07/01/50     2,431   2,044,985
2.500%   08/01/50     4,473   3,758,172
2.500%   08/01/50     9,953   8,366,991
2.500%   09/01/50     520   433,692
2.500%   09/01/50     12,501   10,509,165
2.500%   10/01/50     406   340,808
2.500%   12/01/50     86   71,690
2.500%   01/01/51     8,071   6,765,953
2.500%   02/01/51     6,023   5,049,250
2.500%   02/01/51     23,702   20,049,072
2.500%   03/01/51     55,694   46,560,000
2.500%   04/01/51     13,168   10,958,938
2.500%   04/01/51     26,959   22,602,219
2.500%   05/01/51     231   195,548
2.500%   05/01/51     1,007   848,014
2.500%   05/01/51     4,658   3,902,572
2.500%   05/01/51     57,714   48,149,736
2.500%   06/01/51     856   724,523
2.500%   06/01/51     15,714   13,145,430
2.500%   07/01/51     312   262,725
2.500%   07/01/51     3,213   2,692,644
2.500%   07/01/51     37,577   31,336,701
2.500%   08/01/51     554   467,738
2.500%   08/01/51     608   511,304
2.500%   08/01/51     1,861   1,561,288
2.500%   09/01/51     530   447,351
2.500%   09/01/51     917   775,150
2.500%   09/01/51     959   809,776
2.500%   10/01/51     58   48,454
2.500%   11/01/51     1,148   960,939
2.500%   11/01/51     1,839   1,557,738
2.500%   12/01/51     98   82,414
2.500%   12/01/51     1,017   857,959
2.500%   01/01/52     4,790   4,027,606
2.500%   01/01/52     20,572   17,375,702
2.500%   02/01/52     156   129,496
2.500%   02/01/52     723   609,139
2.500%   02/01/52     4,412   3,730,053
2.500%   03/01/52     46   38,299
2.500%   04/01/52     448   375,154
2.500%   04/01/52     1,197   1,009,974
2.500%   05/01/52     6,218   5,180,180
2.500%   07/01/52     138   114,935
3.000%   01/01/27     2   2,067
3.000%   02/01/30     9   8,661
3.000%   05/01/30     152   149,574
3.000%   11/01/33     411   394,642
3.000%   02/01/34     406   392,381
3.000%   04/01/34     34   32,918
3.000%   03/01/35     89   85,502
3.000%   11/01/42     12   11,189
3.000%   11/01/42     64   57,735
 
A36
AST PGIM FIXED INCOME CENTRAL 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%   01/01/43     15   $13,583
3.000%   02/01/43     4   3,867
3.000%   02/01/43     9   7,998
3.000%   02/01/43     44   39,741
3.000%   03/01/43     43   38,704
3.000%   03/01/45     6   5,592
3.000%   04/01/45     52   46,520
3.000%   06/01/45     11   9,586
3.000%   06/01/45     76   67,911
3.000%   07/01/45     48   42,890
3.000%   09/01/46     1,084   961,950
3.000%   11/01/46     152   134,937
3.000%   11/01/46     1,040   921,255
3.000%   12/01/46     51   45,416
3.000%   12/01/46     3,045   2,688,963
3.000%   01/01/47     435   384,701
3.000%   02/01/48     7   6,410
3.000%   09/01/49     552   491,371
3.000%   11/01/49     563   498,718
3.000%   02/01/50     22   19,570
3.000%   02/01/50     218   192,425
3.000%   06/01/50     24   21,096
3.000%   06/01/50     241   212,581
3.000%   08/01/50     1,020   902,223
3.000%   07/01/51     3,668   3,218,701
3.000%   01/01/52     87   75,457
3.000%   01/01/52     1,325   1,159,993
3.000%   01/01/52     60,365   52,477,183
3.000%   02/01/52     31,550   27,418,025
3.000%   03/01/52     3,672   3,236,475
3.000%   03/01/52     22,441   19,497,674
3.000%   04/01/52     7,411   6,490,550
3.000%   06/01/52     1,862   1,637,700
3.000%   06/01/52     2,016   1,765,503
3.500%   04/01/32     28   27,819
3.500%   08/01/32     56   54,936
3.500%   06/01/33     27   26,289
3.500%   02/01/34     60   59,203
3.500%   03/01/42     1   1,121
3.500%   04/01/42     9   8,242
3.500%   04/01/42     90   84,101
3.500%   07/01/42     17   15,748
3.500%   08/01/42     13   12,225
3.500%   08/01/42     17   15,957
3.500%   08/01/42     92   86,125
3.500%   09/01/42     1   1,242
3.500%   09/01/42     22   20,551
3.500%   09/01/42     96   89,831
3.500%   09/01/42     128   119,662
3.500%   10/01/42     3   3,151
3.500%   10/01/42     33   30,451
3.500%   11/01/42     14   13,173
3.500%   12/01/42     201   187,831
3.500%   01/01/43     159   148,117
3.500%   04/01/43     4   4,113
3.500%   04/01/43     19   17,928
3.500%   04/01/43     131   122,102
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   05/01/43     355   $331,192
3.500%   07/01/43     24   22,080
3.500%   10/01/43     41   38,339
3.500%   01/01/44     208   193,823
3.500%   01/01/44     3,476   3,239,760
3.500%   02/01/44     305   284,710
3.500%   03/01/44     257   238,935
3.500%   04/01/44     7,495   6,985,993
3.500%   03/01/45     104   96,623
3.500%   05/01/45     119   109,933
3.500%   06/01/45     23   21,258
3.500%   06/01/45     143   132,307
3.500%   03/01/46     94   86,709
3.500%   07/01/46     208   193,391
3.500%   08/01/46     66   60,807
3.500%   12/01/46     1,213   1,113,664
3.500%   05/01/47     65   59,323
3.500%   01/01/48     2,235   2,043,692
3.500%   03/01/48     868   795,078
3.500%   05/01/49     5   4,977
3.500%   10/01/49     50   45,167
3.500%   12/01/49     114   105,240
3.500%   01/01/50     885   807,502
3.500%   04/01/50     3,006   2,743,463
3.500%   01/01/52     5,662   5,125,170
3.500%   03/01/52     5,991   5,437,542
3.500%   04/01/52     139   125,331
3.500%   04/01/52     5,983   5,404,212
3.500%   04/01/52     30,309   27,355,203
3.500%   05/01/52     25   22,786
3.500%   05/01/52     28,127   25,406,865
3.500%   07/01/52     73   66,435
3.500%   08/01/52     646   583,262
4.000%   06/01/33     63   62,209
4.000%   10/01/34     26   26,101
4.000%   08/01/37     1,279   1,248,377
4.000%   05/01/38     160   156,796
4.000%   01/01/40     136   130,847
4.000%   09/01/40     1   633
4.000%   09/01/40     513   494,499
4.000%   10/01/40     2   1,639
4.000%   10/01/40     3   3,349
4.000%   10/01/40     5   5,178
4.000%   11/01/40     4   4,163
4.000%   11/01/40     359   346,489
4.000%   12/01/40     1   1,444
4.000%   12/01/40     106   102,464
4.000%   12/01/40     236   226,238
4.000%   12/01/40     269   259,457
4.000%   12/01/40     317   305,625
4.000%   02/01/41     11   10,827
4.000%   02/01/41     64   61,655
4.000%   04/01/41     403   388,247
4.000%   10/01/41     22   21,274
4.000%   10/01/41     74   71,523
4.000%   12/01/41     51   48,431
4.000%   02/01/42     175   168,894
 
A37
AST PGIM FIXED INCOME CENTRAL 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)
4.000%   03/01/42     4   $4,253
4.000%   04/01/42     2   1,843
4.000%   04/01/42     6   6,075
4.000%   04/01/42     19   18,247
4.000%   04/01/42     43   41,478
4.000%   06/01/42     7   6,622
4.000%   07/01/42     394   378,564
4.000%   09/01/42     28   27,168
4.000%   11/01/42     180   173,678
4.000%   05/01/43     24   22,695
4.000%   09/01/43     117   113,273
4.000%   08/01/44     57   54,324
4.000%   02/01/45     59   56,461
4.000%   05/01/45     21   19,799
4.000%   11/01/45     39   36,658
4.000%   01/01/46     1,298   1,249,262
4.000%   04/01/46     3   3,173
4.000%   04/01/46     7   6,758
4.000%   04/01/46     145   137,506
4.000%   10/01/47     2   2,178
4.000%   04/01/48     4   4,000
4.000%   06/01/48     104   97,812
4.000%   07/01/48     531   499,915
4.000%   01/01/50     37   34,819
4.000%   02/01/50     1,977   1,869,547
4.000%   04/01/52     6,134   5,723,927
4.000%   05/01/52     23,854   22,267,222
4.500%   09/01/37     126   125,136
4.500%   05/01/39     31   30,488
4.500%   05/01/39     31   30,654
4.500%   06/01/39     20   19,704
4.500%   08/01/39     137   135,282
4.500%   09/01/39     10   9,712
4.500%   10/01/39     4   3,473
4.500%   10/01/39     9   8,945
4.500%   10/01/39     56   55,051
4.500%   10/01/39     186   184,297
4.500%   10/01/39     418   412,987
4.500%   12/01/39     14   13,458
4.500%   03/01/40     27   26,516
4.500%   05/01/40     18   17,876
4.500%   08/01/40     30   29,587
4.500%   08/01/40     45   44,879
4.500%   10/01/40     35   34,719
4.500%   11/01/40     27   27,011
4.500%   12/01/40     163   161,316
4.500%   01/01/41     44   43,653
4.500%   02/01/41     6   5,673
4.500%   02/01/41     8   7,476
4.500%   02/01/41     8   7,609
4.500%   02/01/41     16   16,190
4.500%   03/01/41     38   37,758
4.500%   04/01/41     60   59,193
4.500%   04/01/41     108   107,074
4.500%   07/01/41     313   308,303
4.500%   10/01/41     328   323,666
4.500%   01/01/42     16   15,738
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   03/01/42     275   $271,435
4.500%   05/01/42     17   17,292
4.500%   03/01/44     5   5,247
4.500%   03/01/44     13   12,533
4.500%   03/01/44     15   14,267
4.500%   06/01/44     206   202,411
4.500%   08/01/46     34   33,642
4.500%   12/01/48     303   296,098
4.500%   05/01/50     124   120,237
4.500%   05/01/52     10,289   9,848,717
4.500%   06/01/52     34,494   33,051,357
4.500%   09/01/52     1,896   1,816,937
4.500%   11/01/52     1,905   1,825,261
4.500%   01/01/53     3,129   2,997,014
4.500%   04/01/53     3,068   2,938,064
5.000%   07/01/33     —(r)   178
5.000%   11/01/33     1   1,133
5.000%   11/01/33     1   1,312
5.000%   11/01/33     2   2,055
5.000%   11/01/33     3   2,535
5.000%   07/01/35     382   384,766
5.000%   11/01/35     57   57,868
5.000%   12/01/35     1   638
5.000%   09/01/39     2   2,008
5.000%   04/01/40     3   3,156
5.000%   04/01/40     28   28,669
5.000%   06/01/40     28   28,185
5.000%   07/01/40     2   2,440
5.000%   07/01/40     20   19,865
5.000%   08/01/40     11   10,988
5.000%   08/01/40     31   31,133
5.000%   08/01/40     102   103,134
5.000%   06/01/41     51   51,781
5.000%   07/01/41     3   3,086
5.000%   07/01/41     5   5,051
5.000%   07/01/41     13   13,452
5.000%   07/01/41     15   15,173
5.000%   06/01/52     21,348   21,001,256
5.000%   07/01/52     13,421   13,198,986
5.000%   08/01/52     98   96,703
5.000%   10/01/52     3,307   3,251,732
5.000%   11/01/52     2,127   2,090,370
5.000%   05/01/53     511   501,935
5.500%   03/01/34     12   12,531
5.500%   07/01/35     8   7,869
5.500%   06/01/36     14   14,750
5.500%   01/01/38     233   237,664
5.500%   06/01/41     89   90,358
5.500%   08/01/52     4,280   4,289,799
5.500%   09/01/52     4,867   4,876,409
5.500%   10/01/52     12,604   12,619,426
5.500%   11/01/52     32,025   32,077,427
5.500%   12/01/52     12,039   12,059,188
5.500%   02/01/54     1,223   1,227,994
6.000%   10/01/32     —(r)   42
6.000%   03/01/33     2   2,439
6.000%   12/01/33     6   5,790
 
A38
AST PGIM FIXED INCOME CENTRAL 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%   12/01/33     64   $65,590
6.000%   06/01/37     —(r)   470
6.000%   01/01/38     3   2,889
6.000%   07/01/38     2   2,010
6.000%   08/01/38     3   3,627
6.000%   08/01/52     1,116   1,139,786
6.000%   09/01/52     6,243   6,358,944
6.000%   12/01/54     32,191   32,701,810
6.000%   01/01/55     14,977   15,214,172
6.250%   07/15/32(kk)     240   270,984
6.500%   08/01/36     5   4,687
6.500%   09/01/39     12   12,047
6.500%   01/01/53     8,238   8,540,238
7.000%   06/01/32     —(r)   453
7.000%   06/01/32     1   605
7.000%   01/01/53     2,499   2,614,783
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.381%, Floor 1.625%)
6.848%(c)   04/01/37     13   13,493
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.027%, Floor 1.733%)
6.733%(c)   02/01/37     5   5,455
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.253%, Floor 1.750%)
7.567%(c)   07/01/41     72   74,401
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.419%, Floor 1.750%)
6.610%(c)   12/01/40     38   39,361
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%)
6.750%(c)   02/01/35     1   844
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%)
6.525%(c)   01/01/37     1   1,462
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.831% (Cap 10.038%, Floor 1.831%)
6.859%(c)   03/01/36     2   1,587
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.916% (Cap 10.575%, Floor 1.916%)
6.916%(c)   02/01/37     1   1,298
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.924% (Cap 7.703%, Floor 1.924%)
7.285%(c)   10/01/42     9   9,807
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.944% (Cap 11.011%, Floor 1.944%)
6.579%(c)   12/01/36     —(r)   511
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%)
6.796%(c)   11/01/36     2   2,114
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.220% (Cap 11.100%, Floor 2.220%)
7.183%(c)   02/01/37     2   1,991
Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%)
7.078%(c)   10/01/36     —(r)   296
Federal National Mortgage Assoc.
1.500%   12/01/50     39,111   29,617,462
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
1.500%   01/01/51     3,300   $2,496,571
1.500%   02/01/51     89,271   67,449,325
1.500%   03/01/51     15,549   11,757,664
2.000%   07/01/28     3   2,735
2.000%   09/01/36     1,207   1,096,682
2.000%   07/01/50     115   92,246
2.000%   10/01/50     161   131,043
2.000%   10/01/50     1,273   1,021,307
2.000%   11/01/50     97   77,584
2.000%   11/01/50     10,733   8,599,079
2.000%   12/01/50     17   13,976
2.000%   12/01/50     10,671   8,559,188
2.000%   01/01/51     12   9,313
2.000%   01/01/51     15,491   12,422,770
2.000%   02/01/51     19   15,096
2.000%   02/01/51     7,514   6,018,654
2.000%   03/01/51     57,368   45,934,161
2.000%   04/01/51(k)     157,874   126,358,937
2.000%   05/01/51     47   37,572
2.000%   05/01/51     7,879   6,298,757
2.000%   07/01/51     25   20,094
2.000%   07/01/51     47   37,622
2.000%   07/01/51     51   41,305
2.000%   08/01/51     3,020   2,410,872
2.000%   12/01/51     3,152   2,539,652
2.000%   01/01/52     1,299   1,035,532
2.000%   02/01/52     2,002   1,608,459
2.000%   02/01/52     2,539   2,045,364
2.000%   02/01/52     2,630   2,122,506
2.000%   02/01/52     5,692   4,543,503
2.000%   03/01/52     34   27,218
2.000%   03/01/52     1,179   951,331
2.500%   TBA     122,000   101,425,637
2.500%   11/01/29     5   5,120
2.500%   05/01/30     9   8,237
2.500%   01/01/31     42   40,657
2.500%   11/01/34     1,508   1,446,149
2.500%   04/01/37     717   658,334
2.500%   10/01/37     85   78,346
2.500%   07/01/40     33   29,914
2.500%   08/01/46     72   61,157
2.500%   11/01/46     16   13,529
2.500%   02/01/50     8   6,478
2.500%   02/01/50     20   16,892
2.500%   05/01/50     813   677,096
2.500%   06/01/50     638   539,203
2.500%   07/01/50     20   16,667
2.500%   07/01/50     30   25,398
2.500%   07/01/50     159   133,670
2.500%   07/01/50     1,441   1,215,421
2.500%   07/01/50     2,415   2,044,521
2.500%   08/01/50     3,721   3,125,683
2.500%   09/01/50     1,031   871,792
2.500%   09/01/50     3,560   3,010,577
2.500%   09/01/50     6,004   5,084,369
2.500%   10/01/50     98   82,702
2.500%   11/01/50     1,907   1,603,115
 
A39
AST PGIM FIXED INCOME CENTRAL 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%   12/01/50     10,161   $8,514,384
2.500%   01/01/51     564   475,102
2.500%   01/01/51     63,998   53,648,183
2.500%   02/01/51     577   485,874
2.500%   02/01/51     7,630   6,410,868
2.500%   03/01/51     763   640,783
2.500%   04/01/51     561   469,584
2.500%   04/01/51     11,662   9,770,575
2.500%   05/01/51     53   44,795
2.500%   05/01/51     217   180,344
2.500%   05/01/51     280   235,926
2.500%   05/01/51     368   310,045
2.500%   05/01/51     551   460,112
2.500%   05/01/51     700   588,447
2.500%   05/01/51     3,681   3,100,709
2.500%   05/01/51     41,760   34,934,841
2.500%   06/01/51     553   466,137
2.500%   06/01/51     942   798,465
2.500%   06/01/51     2,961   2,501,395
2.500%   06/01/51     15,612   13,050,530
2.500%   07/01/51     5,263   4,407,677
2.500%   08/01/51     37   30,918
2.500%   08/01/51     166   139,649
2.500%   08/01/51     196   163,939
2.500%   08/01/51     472   397,250
2.500%   08/01/51     2,194   1,845,682
2.500%   08/01/51     4,226   3,527,190
2.500%   08/01/51     5,479   4,603,322
2.500%   10/01/51     3,919   3,290,716
2.500%   10/01/51     14,377   12,009,056
2.500%   11/01/51     164   138,041
2.500%   11/01/51     2,264   1,898,809
2.500%   12/01/51     76   64,129
2.500%   12/01/51     117   98,219
2.500%   01/01/52     97   82,249
2.500%   01/01/52     99   82,965
2.500%   01/01/52     623   519,876
2.500%   01/01/52     2,385   1,998,971
2.500%   01/01/52     3,641   3,041,669
2.500%   01/01/52     6,860   5,758,760
2.500%   02/01/52     201   169,053
2.500%   02/01/52     1,204   1,003,955
2.500%   03/01/52     52   44,019
2.500%   03/01/52     116   97,479
2.500%   03/01/52     160   134,469
2.500%   03/01/52     415   350,099
2.500%   03/01/52     1,463   1,233,837
2.500%   04/01/52     3,264   2,732,444
2.500%   06/01/52     1,556   1,294,519
3.000%   01/01/27     23   22,603
3.000%   08/01/27     3   2,644
3.000%   08/01/27     3   2,765
3.000%   10/01/27     8   8,204
3.000%   11/01/27     3   2,504
3.000%   12/01/27     1   1,143
3.000%   12/01/27     5   4,823
3.000%   01/01/28     5   4,626
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   02/01/28     4   $3,824
3.000%   03/01/28     5   4,630
3.000%   04/01/28     4   4,155
3.000%   05/01/28     5   5,362
3.000%   06/01/28     5   5,051
3.000%   06/01/28     29   28,347
3.000%   07/01/28     5   5,176
3.000%   08/01/28     6   5,839
3.000%   09/01/28     7   6,654
3.000%   10/01/28     4   4,111
3.000%   11/01/28     2   2,300
3.000%   11/01/28     107   104,661
3.000%   01/01/29     5   4,753
3.000%   02/01/29     116   113,242
3.000%   03/01/29     8   8,250
3.000%   03/01/30     20   18,972
3.000%   09/01/32     50   48,640
3.000%   12/01/32     59   57,612
3.000%   03/01/33     22   21,429
3.000%   08/01/33     13   12,408
3.000%   09/01/33     5   4,422
3.000%   12/01/34     26   24,900
3.000%   12/01/34     89   85,390
3.000%   01/01/35     22   21,522
3.000%   01/01/35     148   141,429
3.000%   05/01/35     1,537   1,461,760
3.000%   06/01/35     324   310,353
3.000%   11/01/36     12   11,443
3.000%   11/01/36     51   47,528
3.000%   12/01/36     14   13,569
3.000%   04/01/37     923   891,372
3.000%   09/01/42     139   124,911
3.000%   10/01/42     131   118,324
3.000%   10/01/42     373   335,959
3.000%   11/01/42     85   76,354
3.000%   11/01/42     86   77,195
3.000%   01/01/43     16   14,456
3.000%   01/01/43     79   71,205
3.000%   02/01/43     3   2,668
3.000%   02/01/43     4   3,571
3.000%   02/01/43     8   7,434
3.000%   02/01/43     16   14,451
3.000%   02/01/43     19   17,377
3.000%   02/01/43     61   55,580
3.000%   02/01/43     117   105,311
3.000%   03/01/43     94   84,190
3.000%   04/01/43     5   4,118
3.000%   04/01/43     1,618   1,455,336
3.000%   05/01/43     1   623
3.000%   05/01/43     8   7,098
3.000%   05/01/43     12   10,754
3.000%   05/01/43     22   19,481
3.000%   05/01/43     35   31,594
3.000%   05/01/43     60   54,092
3.000%   05/01/43     253   227,367
3.000%   07/01/43     74   66,701
3.000%   08/01/43     27   24,276
 
A40
AST PGIM FIXED INCOME CENTRAL 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%   08/01/43     228   $205,482
3.000%   09/01/43     370   332,608
3.000%   11/01/43     913   820,533
3.000%   02/01/44     30   27,581
3.000%   12/01/44     1   1,042
3.000%   05/01/45     73   64,788
3.000%   08/01/45     184   163,634
3.000%   05/01/46     1,857   1,640,041
3.000%   06/01/46     368   330,005
3.000%   08/01/46     162   143,921
3.000%   09/01/46     19   17,088
3.000%   10/01/46     85   75,631
3.000%   11/01/46     61   54,495
3.000%   11/01/46     67   59,335
3.000%   11/01/46     84   74,452
3.000%   11/01/46     231   205,561
3.000%   11/01/46     327   290,996
3.000%   11/01/46     612   543,569
3.000%   11/01/46     2,249   2,023,155
3.000%   11/01/46     3,082   2,729,306
3.000%   12/01/46     43   37,869
3.000%   12/01/46     68   60,625
3.000%   12/01/46     70   62,233
3.000%   12/01/46     70   62,342
3.000%   01/01/47     49   43,408
3.000%   01/01/47     4,827   4,255,501
3.000%   01/01/47     12,404   10,977,783
3.000%   02/01/47     99   88,963
3.000%   02/01/47     11,940   10,562,912
3.000%   04/01/47     1,477   1,308,267
3.000%   06/01/47     630   564,652
3.000%   07/01/47     4,516   3,997,339
3.000%   12/01/47     872   774,712
3.000%   03/01/48     11   9,779
3.000%   04/01/48     9,175   8,246,132
3.000%   07/01/48     5,857   5,184,351
3.000%   08/01/49     566   504,863
3.000%   09/01/49     3,799   3,353,499
3.000%   11/01/49     137   120,203
3.000%   02/01/50     133   117,133
3.000%   02/01/50     237   208,074
3.000%   02/01/50     19,906   17,657,490
3.000%   05/01/50     24   20,861
3.000%   05/01/50     4,159   3,658,849
3.000%   07/01/50     126   109,598
3.000%   07/01/50     224   197,345
3.000%   07/01/50     732   645,077
3.000%   08/01/50     409   358,476
3.000%   08/01/50     661   579,599
3.000%   09/01/50     28   24,434
3.000%   09/01/50     4,773   4,186,160
3.000%   10/01/50     1,298   1,139,542
3.000%   05/01/51     3,128   2,738,826
3.000%   06/01/51     31   27,147
3.000%   07/01/51     10,066   8,799,215
3.000%   09/01/51     9,371   8,169,887
3.000%   10/01/51     7,333   6,381,765
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   10/01/51     9,144   $7,966,969
3.000%   12/01/51     73   63,906
3.000%   12/01/51     133   116,342
3.000%   12/01/51     1,921   1,670,993
3.000%   01/01/52     75   66,021
3.000%   01/01/52     26,303   22,830,260
3.000%   02/01/52     15,261   13,262,841
3.000%   03/01/52     56,667   49,234,493
3.000%   04/01/52     2,635   2,307,589
3.000%   04/01/52     94,573   82,044,715
3.500%   07/01/30     13   12,783
3.500%   08/01/30     74   72,496
3.500%   07/01/32     241   235,157
3.500%   08/01/32     66   65,133
3.500%   01/01/34     3   3,189
3.500%   01/01/34     6   5,915
3.500%   01/01/34     12   12,077
3.500%   01/01/34     19   18,697
3.500%   05/01/34     447   438,607
3.500%   07/01/34     20   19,840
3.500%   07/01/34     64   61,833
3.500%   08/01/34     82   79,177
3.500%   02/01/35     56   54,066
3.500%   09/01/37     47   45,150
3.500%   06/01/38     19   18,365
3.500%   10/01/41     5   4,824
3.500%   12/01/41     41   38,343
3.500%   03/01/42     101   93,755
3.500%   05/01/42     165   153,652
3.500%   06/01/42     70   65,229
3.500%   06/01/42     148   137,893
3.500%   07/01/42     19   18,048
3.500%   07/01/42     79   73,909
3.500%   07/01/42     321   299,509
3.500%   08/01/42     182   169,178
3.500%   09/01/42     309   287,944
3.500%   09/01/42     490   457,044
3.500%   09/01/42     2,544   2,371,444
3.500%   10/01/42     289   269,405
3.500%   11/01/42     46   43,174
3.500%   01/01/43     50   46,156
3.500%   01/01/43     346   321,950
3.500%   04/01/43     38   35,249
3.500%   05/01/43     483   449,821
3.500%   06/01/43     10   8,855
3.500%   06/01/43     196   182,609
3.500%   06/01/43     202   188,427
3.500%   07/01/43     17   15,834
3.500%   07/01/43     62   58,077
3.500%   07/01/43     74   68,772
3.500%   07/01/43     120   112,181
3.500%   07/01/43     357   333,044
3.500%   08/01/43     54   50,643
3.500%   08/01/43     56   51,667
3.500%   08/01/43     61   56,783
3.500%   09/01/43     26   24,667
3.500%   03/01/44     312   290,981
 
A41
AST PGIM FIXED INCOME CENTRAL 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%   03/01/44     1,309   $1,219,967
3.500%   07/01/44     32   30,158
3.500%   04/01/45     —(r)   331
3.500%   04/01/45     10   9,258
3.500%   04/01/45     42   38,893
3.500%   04/01/45     470   437,637
3.500%   05/01/45     29   26,788
3.500%   07/01/45     57   52,573
3.500%   09/01/45     58   53,849
3.500%   11/01/45     12   10,782
3.500%   11/01/45     35   32,246
3.500%   12/01/45     103   95,600
3.500%   12/01/45     795   736,994
3.500%   01/01/46     21   19,641
3.500%   01/01/46     324   298,510
3.500%   03/01/46     3   2,740
3.500%   04/01/46     40   37,082
3.500%   05/01/46     107   99,754
3.500%   06/01/46     96   88,494
3.500%   06/01/46     365   337,033
3.500%   02/01/47     325   297,413
3.500%   02/01/47     1,817   1,693,309
3.500%   04/01/47     384   353,255
3.500%   08/01/47     51   46,258
3.500%   09/01/47     24   21,813
3.500%   10/01/47     103   94,029
3.500%   11/01/47     29   26,285
3.500%   12/01/47     3   3,123
3.500%   12/01/47     21   19,482
3.500%   01/01/48     132   122,968
3.500%   02/01/48     18   16,866
3.500%   02/01/48     589   537,637
3.500%   03/01/48     2,188   2,011,254
3.500%   07/01/48     15,049   14,000,049
3.500%   05/01/49     20   17,972
3.500%   06/01/49     559   511,122
3.500%   10/01/49     97   88,762
3.500%   01/01/50     4,441   4,051,946
3.500%   01/01/50     7,692   7,163,890
3.500%   05/01/50     147   134,432
3.500%   07/01/50     1,188   1,085,778
3.500%   08/01/50     147   134,364
3.500%   07/01/51     4,894   4,446,490
3.500%   02/01/52     26,751   24,304,441
3.500%   03/01/52     22,269   20,156,769
3.500%   04/01/52     34,578   31,235,759
3.500%   05/01/52     21   19,202
3.500%   05/01/52     157   141,674
3.500%   05/01/52     44,307   40,024,303
3.500%   06/01/52     24,524   22,247,063
3.500%   08/01/52     44   40,021
4.000%   11/01/31     16   15,337
4.000%   07/01/35     635   628,744
4.000%   06/01/39     136   131,920
4.000%   09/01/40     244   234,942
4.000%   11/01/40     31   29,798
4.000%   11/01/40     224   215,629
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.000%   12/01/40     284   $269,436
4.000%   01/01/41     33   32,108
4.000%   01/01/41     186   178,893
4.000%   02/01/41     11   10,406
4.000%   02/01/41     20   19,448
4.000%   02/01/41     26   25,310
4.000%   02/01/41     43   41,500
4.000%   02/01/41     114   109,950
4.000%   02/01/41     392   376,964
4.000%   03/01/41     299   287,918
4.000%   04/01/41     100   96,447
4.000%   10/01/41     115   110,835
4.000%   11/01/41     105   100,802
4.000%   01/01/42     9   8,667
4.000%   01/01/42     143   137,219
4.000%   01/01/42     4,475   4,302,900
4.000%   02/01/42     15   14,798
4.000%   02/01/42     103   98,767
4.000%   02/01/42     158   152,191
4.000%   08/01/42     391   377,953
4.000%   01/01/43     7   6,821
4.000%   10/01/43     65   62,546
4.000%   03/01/44     98   93,662
4.000%   02/01/45     231   220,801
4.000%   03/01/45     93   88,960
4.000%   05/01/45     75   71,152
4.000%   07/01/45     39   37,350
4.000%   09/01/45     72   67,573
4.000%   09/01/45     1,311   1,260,440
4.000%   10/01/45     39   37,242
4.000%   10/01/45     2,359   2,268,834
4.000%   11/01/45     4   3,921
4.000%   12/01/45     63   58,876
4.000%   01/01/46     27   25,555
4.000%   02/01/46     33   31,645
4.000%   03/01/46     9   8,732
4.000%   03/01/46     235   225,786
4.000%   03/01/46     250   240,779
4.000%   04/01/46     36   34,101
4.000%   07/01/46     28   26,341
4.000%   09/01/46     62   57,743
4.000%   12/01/46     4   3,664
4.000%   02/01/47     1,491   1,411,556
4.000%   07/01/47     780   738,659
4.000%   09/01/47     245   231,004
4.000%   10/01/47     47   44,152
4.000%   10/01/47     909   861,488
4.000%   11/01/47     221   209,838
4.000%   12/01/47     53   50,090
4.000%   10/01/48     926   878,665
4.000%   11/01/48     181   171,185
4.000%   12/01/49     264   248,802
4.000%   08/01/51     3,463   3,240,980
4.000%   04/01/52     14,147   13,201,259
4.000%   05/01/52     37   34,622
4.000%   05/01/52     58,496   54,604,330
4.000%   06/01/52     31,492   29,396,493
 
A42
AST PGIM FIXED INCOME CENTRAL 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)
4.000%   08/01/52     8,019   $7,576,468
4.000%   04/01/53     8,017   7,495,348
4.500%   09/01/35     8   7,819
4.500%   03/01/39     64   63,601
4.500%   05/01/39     266   263,017
4.500%   06/01/39     34   33,475
4.500%   08/01/39     91   91,165
4.500%   09/01/39     110   109,028
4.500%   11/01/39     30   29,623
4.500%   12/01/39     158   155,603
4.500%   12/01/39     389   383,938
4.500%   03/01/40     4   3,564
4.500%   04/01/40     242   238,686
4.500%   07/01/40     27   26,573
4.500%   08/01/40     20   19,189
4.500%   09/01/40     281   277,485
4.500%   10/01/40     11   10,701
4.500%   11/01/40     404   398,150
4.500%   12/01/40     29   29,033
4.500%   12/01/40     45   44,415
4.500%   12/01/40     204   200,744
4.500%   12/01/40     396   390,758
4.500%   02/01/41     45   44,159
4.500%   02/01/41     47   46,803
4.500%   02/01/41     68   66,686
4.500%   02/01/41     124   122,229
4.500%   04/01/41     411   405,707
4.500%   05/01/41     5   4,654
4.500%   05/01/41     10   9,786
4.500%   05/01/41     383   377,253
4.500%   06/01/41     28   27,556
4.500%   06/01/41     32   31,997
4.500%   08/01/41     6   5,821
4.500%   10/01/41     5   5,016
4.500%   10/01/41     7   6,990
4.500%   11/01/41     6   6,128
4.500%   11/01/41     121   119,636
4.500%   04/01/42     52   50,976
4.500%   08/01/42     13   12,529
4.500%   09/01/42     9   8,766
4.500%   09/01/42     18   17,952
4.500%   10/01/42     72   71,003
4.500%   09/01/43     19   18,728
4.500%   11/01/43     16   16,138
4.500%   01/01/44     12   11,915
4.500%   01/01/44     32   31,645
4.500%   04/01/44     19   18,971
4.500%   06/01/44     22   21,699
4.500%   10/01/44     66   64,580
4.500%   02/01/45     16   15,522
4.500%   02/01/45     34   32,845
4.500%   10/01/45     38   36,915
4.500%   10/01/45     488   478,689
4.500%   02/01/46     58   57,252
4.500%   03/01/46     12   11,747
4.500%   03/01/46     56   55,417
4.500%   06/01/46     7   7,273
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   07/01/46     41   $39,690
4.500%   11/01/46     25   23,944
4.500%   12/01/46     32   30,912
4.500%   01/01/47     9   8,417
4.500%   01/01/47     13   13,107
4.500%   02/01/47     16   15,264
4.500%   05/01/47     83   81,607
4.500%   11/01/47     657   639,892
4.500%   06/01/48     351   340,976
4.500%   08/01/48     139   134,840
4.500%   12/01/48     487   473,620
4.500%   12/01/48     2,412   2,344,774
4.500%   09/01/49     2,331   2,267,797
4.500%   11/01/49     4   4,163
4.500%   01/01/50     121   117,629
4.500%   05/01/50     99   96,072
4.500%   05/01/52     1,082   1,036,522
4.500%   06/01/52     56,953   54,570,870
4.500%   07/01/52     29,022   27,807,941
4.500%   08/01/52     10,612   10,167,712
4.500%   09/01/52     1,926   1,845,786
5.000%   09/01/25     —(r)   8
5.000%   10/01/33     4   4,181
5.000%   11/01/33     1   1,017
5.000%   11/01/33     24   24,456
5.000%   04/01/34     3   2,605
5.000%   07/01/34     3   2,796
5.000%   10/01/34     1   1,502
5.000%   03/01/35     117   117,247
5.000%   04/01/35     13   13,382
5.000%   04/01/35     131   131,822
5.000%   05/01/35     15   15,074
5.000%   06/01/35     4   4,098
5.000%   06/01/35     7   7,404
5.000%   06/01/35     16   15,766
5.000%   07/01/35     1   885
5.000%   07/01/35     3   2,870
5.000%   07/01/35     4   3,849
5.000%   09/01/35     10   9,829
5.000%   10/01/35     25   24,969
5.000%   10/01/35     102   102,653
5.000%   10/01/35     214   215,823
5.000%   03/01/36     38   38,429
5.000%   12/01/36     4   3,561
5.000%   12/01/36     132   132,652
5.000%   07/01/37     2   2,372
5.000%   07/01/37     351   352,540
5.000%   02/01/38     13   13,492
5.000%   05/01/38     92   92,149
5.000%   06/01/39     11   11,391
5.000%   06/01/39     52   52,512
5.000%   06/01/40     26   25,757
5.000%   06/01/40     43   43,729
5.000%   06/01/40     59   59,728
5.000%   08/01/40     87   87,922
5.000%   04/01/41     184   185,967
5.000%   06/01/41     11   11,013
 
A43
AST PGIM FIXED INCOME CENTRAL 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)
5.000%   06/01/41     27   $27,411
5.000%   07/01/41     65   65,340
5.000%   08/01/41     4   4,449
5.000%   09/01/41     74   74,388
5.000%   10/01/41     45   45,365
5.000%   01/01/42     98   98,952
5.000%   02/01/42     40   40,739
5.000%   05/01/42     63   63,208
5.000%   07/01/42     134   135,328
5.000%   11/01/44     172   173,120
5.000%   07/01/45     468   472,559
5.000%   12/01/47     856   862,661
5.000%   02/01/49     509   509,606
5.000%   05/01/52     3,616   3,562,394
5.000%   06/01/52     11,217   11,034,213
5.000%   07/01/52     33,127   32,588,414
5.000%   08/01/52     897   884,518
5.000%   10/01/52     45   44,419
5.000%   10/01/52     3,167   3,112,757
5.298%(cc)   08/01/41     41   40,911
5.500%   TBA     13,500   13,470,453
5.500%   04/01/34     2   2,330
5.500%   09/01/34     50   50,865
5.500%   11/01/34     4   3,898
5.500%   12/01/34     13   13,324
5.500%   02/01/35     5   5,454
5.500%   04/01/35     9   9,218
5.500%   11/01/35     10   9,817
5.500%   11/01/35     48   49,040
5.500%   12/01/35     13   13,172
5.500%   12/01/35     59   60,332
5.500%   01/01/36     2   1,799
5.500%   01/01/36     15   15,219
5.500%   03/01/36     2   2,342
5.500%   03/01/36     3   2,852
5.500%   05/01/36     59   60,429
5.500%   05/01/36     123   125,907
5.500%   07/01/36     274   280,186
5.500%   11/01/36     1   1,158
5.500%   08/01/37     3   3,123
5.500%   08/01/37     13   13,412
5.500%   08/01/37     19   19,262
5.500%   08/01/37     74   76,064
5.500%   08/01/37     128   130,997
5.500%   08/01/37     140   143,017
5.500%   09/01/37     54   54,863
5.500%   02/01/38     19   19,167
5.500%   02/01/38     125   127,552
5.500%   09/01/38     72   73,335
5.500%   04/01/39     40   40,474
5.500%   05/01/39     42   42,432
5.500%   03/01/40     75   76,748
5.500%   09/01/41     —(r)   491
5.500%   09/01/41     122   123,975
5.500%   07/01/52     907   909,074
5.500%   08/01/52     213   213,367
5.500%   10/01/52     275   276,278
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
5.500%   11/01/52     3,046   $3,062,960
5.500%   11/01/52     79,982   80,348,867
5.500%   12/01/52     14,147   14,165,170
5.500%   01/01/53     16,699   16,726,886
5.500%   03/01/53     1,137   1,137,215
6.000%   TBA     35,000   35,547,469
6.000%   11/01/32     3   2,974
6.000%   03/01/33     3   2,884
6.000%   04/01/33     3   3,138
6.000%   02/01/34     68   70,466
6.000%   08/01/34     2   2,434
6.000%   11/01/34     2   2,024
6.000%   11/01/34     129   133,019
6.000%   04/01/35     3   2,612
6.000%   04/01/35     3   2,820
6.000%   11/01/35     23   23,478
6.000%   12/01/35     4   4,635
6.000%   02/01/36     170   174,961
6.000%   04/01/36     —(r)   16
6.000%   05/01/36     40   41,542
6.000%   05/01/36     48   49,858
6.000%   06/01/36     5   5,432
6.000%   09/01/36     5   5,038
6.000%   09/01/36     336   346,048
6.000%   11/01/36     11   11,418
6.000%   12/01/36     2   2,172
6.000%   01/01/37     —(r)   17
6.000%   01/01/37     4   4,570
6.000%   02/01/37     4   3,687
6.000%   02/01/37     43   44,673
6.000%   03/01/37     19   19,757
6.000%   03/01/37     113   118,183
6.000%   03/01/37     281   293,111
6.000%   05/01/37     —(r)   86
6.000%   05/01/37     2   2,276
6.000%   06/01/37     5   5,718
6.000%   08/01/37     38   39,170
6.000%   08/01/37     214   220,802
6.000%   10/01/37     5   4,648
6.000%   02/01/38     14   14,279
6.000%   03/01/38     176   183,723
6.000%   04/01/38     6   6,666
6.000%   05/01/38     42   43,507
6.000%   08/01/38     6   6,331
6.000%   09/01/38     7   7,799
6.000%   10/01/38     36   37,000
6.000%   12/01/38     2   1,700
6.000%   04/01/39     2   2,550
6.000%   06/01/39     45   47,063
6.000%   09/01/39     209   217,772
6.000%   10/01/39     55   57,685
6.000%   01/01/40     2   2,317
6.000%   02/01/40     26   26,978
6.000%   10/01/40     47   49,148
6.000%   07/01/41     37   38,266
6.000%   09/01/52     8,348   8,504,898
6.000%   11/01/52     7,470   7,613,004
 
A44
AST PGIM FIXED INCOME CENTRAL 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%   12/01/52     17,158   $17,512,474
6.000%   01/01/53     2,587   2,663,792
6.000%   02/01/53     2,883   2,967,961
6.000%   05/01/53     1,323   1,360,850
6.000%   08/01/54     2,852   2,921,667
6.000%   12/01/54     18,055   18,347,072
6.500%   07/01/32     1   1,548
6.500%   07/01/32     11   11,489
6.500%   07/01/32     19   19,981
6.500%   12/01/32     2   2,116
6.500%   12/01/32     5   4,865
6.500%   07/01/35     5   5,674
6.500%   12/01/35     48   49,874
6.500%   07/01/36     1   903
6.500%   07/01/36     191   198,158
6.500%   08/01/36     8   7,790
6.500%   08/01/36     32   33,224
6.500%   08/01/36     40   41,566
6.500%   09/01/36     21   21,761
6.500%   09/01/36     88   91,302
6.500%   10/01/36     2   2,464
6.500%   10/01/36     43   44,712
6.500%   11/01/36     2   2,297
6.500%   11/01/36     4   3,979
6.500%   12/01/36     1   1,179
6.500%   10/01/37     37   38,532
6.500%   10/01/37     142   149,670
6.500%   08/01/38     14   14,517
6.500%   06/01/39     11   11,417
6.500%   10/01/39     55   58,187
6.500%   05/01/40     50   51,509
6.500%   05/01/40     56   58,899
6.500%   01/01/53     4,380   4,531,072
6.758%(cc)   02/01/39     12   12,907
7.000%   01/01/31     —(r)   36
7.000%   04/01/32     —(r)   40
7.000%   04/01/37     14   15,034
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%)
6.215%(c)   12/01/35     1   1,448
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.525% (Cap 9.849%, Floor 1.525%)
7.029%(c)   07/01/35     1   791
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.584% (Cap 10.387%, Floor 1.584%)
6.645%(c)   12/01/35     4   3,961
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%)
7.530%(c)   08/01/37     1   870
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.515%, Floor 1.700%)
6.700%(c)   11/01/37     8   7,928
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.701%, Floor 1.800%)
6.635%(c)   01/01/42     31   32,291
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.810% (Cap 8.558%, Floor 1.810%)
7.115%(c)   12/01/40     44   $45,718
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.595%, Floor 1.818%)
6.713%(c)   02/01/42     7   7,132
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.871% (Cap 11.075%, Floor 1.871%)
7.811%(c)   08/01/36     2   2,389
Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.733%, Floor 1.892%)
6.807%(c)   12/01/35     1   1,314
Freddie Mac Coupon Strips
4.099%(s)   07/15/32     285   205,102
Government National Mortgage Assoc.
1.500%   12/20/36     263   233,169
1.500%   01/20/37     355   314,139
1.500%   05/20/37     628   555,843
2.000%   10/20/50     1,088   890,072
2.000%   12/20/50     15,493   12,676,765
2.000%   01/20/51     7,914   6,475,297
2.000%   02/20/51     37,067   30,339,411
2.000%   03/20/51     2,266   1,854,383
2.000%   07/20/51     4,295   3,514,578
2.000%   08/20/51     5,048   4,130,520
2.000%   01/20/52     277   226,837
2.000%   03/20/52     1,113   911,088
2.500%   08/20/50     1,306   1,116,399
2.500%   03/20/51     9,600   8,191,986
2.500%   04/20/51     6,190   5,284,363
2.500%   05/20/51     6,250   5,333,204
2.500%   08/20/51     23,586   20,126,854
2.500%   09/20/51     62,898   53,674,335
2.500%   10/20/51     13,700   11,690,891
3.000%   10/15/42     15   13,228
3.000%   12/15/42     5   4,105
3.000%   05/15/43     12   11,230
3.000%   06/15/43     1   1,313
3.000%   07/15/43     29   25,968
3.000%   08/20/43     332   300,388
3.000%   09/20/43     316   285,931
3.000%   01/20/44     34   30,594
3.000%   02/20/44     111   100,565
3.000%   05/20/45     1,913   1,722,034
3.000%   10/20/45     124   111,576
3.000%   05/20/46     54   47,669
3.000%   05/20/46     111   98,587
3.000%   05/20/46     314   281,940
3.000%   06/20/46     137   123,560
3.000%   06/20/46     273   241,886
3.000%   07/20/46     73   64,212
3.000%   07/20/46     95   84,420
3.000%   07/20/46     150   132,430
3.000%   07/20/46     153   137,293
3.000%   07/20/46     325   287,464
3.000%   07/20/46     331   292,992
3.000%   08/20/46     91   80,309
 
A45
AST PGIM FIXED INCOME CENTRAL 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%   08/20/46     139   $123,102
3.000%   08/20/46     152   134,681
3.000%   09/20/46     72   63,455
3.000%   09/20/46     81   72,000
3.000%   09/20/46     86   77,083
3.000%   10/20/46     2,683   2,409,080
3.000%   11/20/46     691   620,094
3.000%   09/20/47     10   9,216
3.000%   08/20/49     211   183,663
3.000%   10/20/49     457   398,589
3.000%   12/20/49     6   5,418
3.000%   01/20/50     11   9,175
3.000%   04/20/50     114   101,474
3.000%   05/20/50     942   818,219
3.000%   07/20/50     130   115,398
3.000%   07/20/50     215   186,650
3.000%   05/20/51     2,018   1,788,602
3.000%   06/20/51     780   690,856
3.000%   08/20/51     40,035   35,479,631
3.000%   09/20/51     35,600   31,549,181
3.000%   10/20/51     3,578   3,170,521
3.000%   11/20/51     24,101   21,385,129
3.500%   09/15/41     30   27,944
3.500%   11/15/41     20   19,076
3.500%   01/15/42     4   3,456
3.500%   01/15/42     64   59,782
3.500%   02/15/42     20   18,913
3.500%   03/15/42     74   69,208
3.500%   03/20/42     9   8,350
3.500%   05/15/42     21   20,189
3.500%   05/20/42     13   12,469
3.500%   06/15/42     15   13,978
3.500%   06/20/42     153   142,915
3.500%   07/15/42     7   6,200
3.500%   07/15/42     14   12,740
3.500%   07/15/42     27   25,207
3.500%   07/15/42     32   30,223
3.500%   08/20/42     257   240,671
3.500%   11/20/42     5   4,645
3.500%   12/20/42     134   124,601
3.500%   01/15/43     14   13,197
3.500%   01/20/43     27   24,885
3.500%   02/15/43     22   20,648
3.500%   02/20/43     9   8,374
3.500%   03/20/43     325   299,377
3.500%   03/20/43     1,542   1,438,493
3.500%   04/15/43     31   28,843
3.500%   04/20/43     43   40,248
3.500%   05/15/43     5   5,026
3.500%   05/20/43     819   764,106
3.500%   07/15/43     84   79,012
3.500%   08/20/43     10   9,082
3.500%   09/20/43     34   31,982
3.500%   10/15/43     5   4,829
3.500%   11/15/43     437   410,151
3.500%   12/15/43     117   110,026
3.500%   01/15/44     19   17,364
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   03/20/44     1   $1,170
3.500%   10/20/44     51   47,031
3.500%   02/15/45     56   52,845
3.500%   02/20/45     174   159,880
3.500%   07/20/45     97   90,185
3.500%   10/20/45     6   5,505
3.500%   02/20/46     19   17,766
3.500%   03/20/46     736   684,661
3.500%   04/20/46     9   8,117
3.500%   04/20/46     26   24,351
3.500%   05/20/46     3   2,358
3.500%   05/20/46     3   3,099
3.500%   05/20/46     5   4,695
3.500%   05/20/46     5   4,836
3.500%   05/20/46     7   6,450
3.500%   05/20/46     10   9,484
3.500%   05/20/46     66   60,857
3.500%   06/20/46     6   5,353
3.500%   06/20/46     7   6,248
3.500%   06/20/46     7   6,361
3.500%   06/20/46     7   6,896
3.500%   06/20/46     26   24,466
3.500%   06/20/46     1,842   1,705,737
3.500%   07/20/46     168   155,790
3.500%   07/20/46     532   493,785
3.500%   09/20/46     170   157,452
3.500%   10/20/46     1,971   1,824,688
3.500%   11/20/46     96   88,729
3.500%   07/20/47     53   49,349
3.500%   12/20/47     1,441   1,332,450
3.500%   02/20/48     58   54,109
3.500%   02/20/48     80   74,068
3.500%   08/20/48     886   817,153
3.500%   09/20/48     1,503   1,387,662
3.500%   12/20/49     1   906
3.500%   12/20/49     3   2,858
3.500%   12/20/49     4   3,617
3.500%   01/20/50     654   600,760
3.500%   03/20/50     1,214   1,124,533
3.500%   04/20/50     165   151,343
3.500%   05/20/50     248   228,029
3.500%   11/20/50     271   250,074
3.500%   10/20/51     9,178   8,438,449
3.500%   12/20/51     81,000   74,422,083
3.500%   01/20/52     16,113   14,793,265
3.500%   03/20/52     26,705   24,512,214
3.500%   04/20/52     1,631   1,496,994
4.000%   09/20/25     1   665
4.000%   11/20/25     2   2,102
4.000%   01/20/26     1   824
4.000%   01/20/40     102   98,278
4.000%   10/20/40     105   100,632
4.000%   02/15/41     3   2,405
4.000%   02/20/41     135   129,710
4.000%   03/15/41     2   2,209
4.000%   03/20/41     107   102,851
4.000%   05/20/41     213   204,289
 
A46
AST PGIM FIXED INCOME CENTRAL 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)
4.000%   10/15/41     11   $10,765
4.000%   10/15/41     43   41,191
4.000%   10/15/41     48   46,242
4.000%   10/20/41     299   287,022
4.000%   11/20/41     41   39,767
4.000%   12/20/41     20   19,412
4.000%   04/20/42     11   10,829
4.000%   09/20/42     20   19,415
4.000%   11/20/42     17   16,705
4.000%   08/20/43     8   7,430
4.000%   01/20/44     37   35,771
4.000%   02/20/44     12   11,306
4.000%   03/20/45     1,177   1,125,880
4.000%   08/20/45     77   73,764
4.000%   09/20/45     832   794,946
4.000%   01/20/46     20   18,915
4.000%   05/20/46     24   22,710
4.000%   12/20/46     395   374,944
4.000%   01/15/47     8   7,927
4.000%   01/15/47     10   9,336
4.000%   06/20/47     810   768,241
4.000%   07/20/47     34   32,312
4.000%   09/20/47     770   729,284
4.000%   12/20/47     182   172,020
4.000%   01/20/48     268   253,126
4.000%   01/20/48     1,196   1,128,707
4.000%   02/20/49     176   165,896
4.000%   05/20/49     74   70,124
4.000%   10/20/50     1,651   1,558,971
4.000%   04/20/52     5,330   4,998,313
4.000%   06/20/52     35,412   33,199,161
4.000%   08/20/52     14,952   14,028,890
4.500%   04/20/35     5   4,884
4.500%   05/15/39     3   2,809
4.500%   08/15/39     19   18,437
4.500%   09/15/39     97   95,456
4.500%   09/20/39     1   1,293
4.500%   10/15/39     8   7,475
4.500%   11/15/39     4   3,668
4.500%   11/15/39     6   5,986
4.500%   11/20/39     28   27,597
4.500%   02/15/40     12   11,384
4.500%   02/20/40     244   240,412
4.500%   03/15/40     25   24,551
4.500%   05/20/40     461   453,865
4.500%   06/15/40     1   1,150
4.500%   06/15/40     10   9,482
4.500%   06/15/40     11   10,621
4.500%   06/15/40     36   35,130
4.500%   06/15/40     109   107,394
4.500%   07/15/40     1   965
4.500%   07/15/40     3   2,857
4.500%   08/15/40     16   15,609
4.500%   09/15/40     51   50,274
4.500%   09/20/40     116   113,728
4.500%   10/15/40     5   5,001
4.500%   11/20/40     62   60,599
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   12/20/40     278   $273,628
4.500%   01/20/41     12   11,793
4.500%   02/20/41     273   268,527
4.500%   03/15/41     44   43,039
4.500%   03/20/41     306   301,063
4.500%   05/20/41     1   750
4.500%   05/20/41     20   19,754
4.500%   06/20/41     3   3,406
4.500%   07/20/41     38   36,892
4.500%   08/20/41     235   230,672
4.500%   11/20/41     616   605,730
4.500%   02/20/42     1   902
4.500%   05/20/42     6   6,015
4.500%   06/20/43     1   1,129
4.500%   06/20/44     1   1,060
4.500%   10/20/44     1   1,025
4.500%   01/20/45     1   943
4.500%   09/15/45     184   180,174
4.500%   01/20/46     135   131,771
4.500%   03/20/46     2   1,576
4.500%   05/20/46     1   1,180
4.500%   07/20/46     54   52,423
4.500%   08/20/46     90   88,246
4.500%   09/20/46     75   72,568
4.500%   11/20/46     70   68,411
4.500%   01/20/47     198   194,074
4.500%   03/20/47     139   135,584
4.500%   08/20/48     294   286,402
4.500%   09/20/48     45   43,676
4.500%   04/20/49     26   24,833
4.500%   09/20/49     353   339,850
4.500%   07/20/52     2,555   2,458,306
4.500%   08/20/52     71,394   68,588,800
4.500%   10/20/52     3,305   3,173,811
4.500%   04/20/53     1,208   1,163,182
5.000%   01/20/33     1   519
5.000%   05/20/33     3   3,303
5.000%   11/15/33     1   1,376
5.000%   03/20/34     —(r)   363
5.000%   05/15/34     65   64,450
5.000%   12/20/34     3   2,756
5.000%   02/20/35     2   2,369
5.000%   03/20/35     2   1,997
5.000%   06/20/35     —(r)   376
5.000%   08/20/35     2   1,795
5.000%   12/20/35     2   2,461
5.000%   01/20/36     1   739
5.000%   03/20/36     3   3,341
5.000%   04/15/39     3   2,546
5.000%   04/20/39     3   2,859
5.000%   07/20/39     43   43,456
5.000%   08/15/39     3   3,212
5.000%   09/15/39     35   35,761
5.000%   10/15/39     7   6,823
5.000%   10/15/39     25   24,782
5.000%   10/20/39     2   2,186
5.000%   12/15/39     5   4,582
 
A47
AST PGIM FIXED INCOME CENTRAL 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)
5.000%   01/15/40     4   $3,925
5.000%   02/15/40     68   68,602
5.000%   02/15/40     70   70,694
5.000%   04/15/40     32   31,905
5.000%   05/20/40     180   182,737
5.000%   06/15/40     21   21,147
5.000%   06/15/40     28   28,214
5.000%   06/20/40     130   131,942
5.000%   07/15/40     3   2,965
5.000%   08/15/40     7   7,158
5.000%   08/20/40     100   100,934
5.000%   09/15/40     5   5,391
5.000%   09/15/40     6   6,043
5.000%   09/20/40     65   65,464
5.000%   10/20/40     21   21,189
5.000%   11/20/40     11   11,283
5.000%   03/20/41     132   133,496
5.000%   06/20/41     7   7,207
5.000%   08/20/41     145   146,708
5.000%   08/20/42     1   1,212
5.000%   11/20/42     8   8,357
5.000%   06/20/47     159   159,398
5.000%   07/20/47     27   27,433
5.000%   08/20/47     10   10,387
5.000%   10/20/47     19   18,908
5.000%   11/20/47     99   98,705
5.000%   02/20/48     17   17,330
5.000%   04/20/48     64   64,430
5.000%   05/20/48     6   5,804
5.000%   06/20/48     20   19,655
5.000%   06/20/48     105   104,685
5.000%   09/20/48     629   626,646
5.000%   12/20/48     463   461,273
5.000%   05/20/49     31   30,756
5.000%   08/20/52     4,602   4,550,960
5.000%   09/20/52     3,087   3,051,794
5.000%   10/20/52     1,560   1,537,336
5.000%   11/20/52     790   778,673
5.000%   12/20/52     621   613,891
5.000%   03/20/53     2,426   2,389,209
5.500%   10/20/32     —(r)   413
5.500%   03/20/34     1   1,427
5.500%   01/20/36     282   289,788
5.500%   08/20/38     4   4,187
5.500%   03/20/48     150   153,511
5.500%   04/20/48     113   115,736
5.500%   05/20/48     101   103,560
5.500%   09/20/48     1   1,252
5.500%   10/20/48     31   31,037
5.500%   11/20/48     148   150,557
5.500%   12/20/48     518   528,408
5.500%   01/20/49     128   129,453
5.500%   03/20/49     157   159,612
5.500%   04/20/49     9   8,907
5.500%   06/20/52     226   227,913
6.000%   12/20/38     442   462,312
6.000%   05/15/40     128   134,180
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.000%   02/20/53     10,959   $11,193,795
6.000%   04/20/53     9,068   9,261,260
6.000%   10/20/54     22,542   22,886,184
6.500%   07/20/54     17,500   17,936,797
6.500%   08/20/54     16,498   16,892,505
7.000%   02/20/29     4   4,041
8.500%   06/15/26     —(r)   95
Resolution Funding Corp. Principal Strips, Bonds
3.479%(s)   04/15/30     90   72,980
Tennessee Valley Authority Generic Strips
4.083%(s)   03/15/33     205   141,041
4.148%(s)   09/15/30     240   184,670
 
Total U.S. Government Agency Obligations

(cost $3,238,853,660)
  3,212,963,234
U.S. Treasury Obligations — 4.5%
U.S. Treasury Bonds
1.625%   11/15/50(k)     105,220   57,262,697
2.375%   11/15/49(k)(kk)     87,100   57,608,484
3.375%   08/15/42     13,510   11,582,714
3.875%   02/15/43     14,380   13,162,194
4.000%   11/15/42     50,095   46,729,242
4.000%   11/15/52     31,100   28,048,312
4.250%   02/15/54     28,770   27,111,230
4.375%   08/15/43     13,915   13,562,777
4.500%   02/15/44     43,675   43,156,359
4.500%   11/15/54     32,065   31,594,045
4.750%   11/15/43(h)     57,960   59,218,819
U.S. Treasury Notes
4.125%   08/31/30     50,020   50,332,625
4.125%   03/31/32     44,570   44,688,389
4.375%   01/31/32(h)     1,065   1,083,804
4.625%   09/30/28     24,235   24,799,221
U.S. Treasury Strips Coupon
4.568%(s)   11/15/42(h)     1,060   456,227
 
Total U.S. Treasury Obligations

(cost $517,879,467)
  510,397,139
    
      Shares  
Common Stock — 0.0%
Wireless Telecommunication Services
Digicel International Finance Ltd. (Jamaica)*
313,445 2,037,393
(cost $380,103)    
Preferred Stock — 0.0%
Wireless Telecommunication Services
Digicel International Finance Ltd. (Jamaica)*^
20,412 232,774
(cost $72,070)    
 
Total Long-Term Investments

(cost $11,405,439,156)
11,502,766,717
 
A48
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
 
Short-Term Investments — 2.4%
Affiliated Mutual Funds
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
111,009,334   $111,009,334
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $161,057,539; includes $160,427,829 of cash collateral for securities on loan)(b)(wb)
161,185,821   161,089,110
 
Total Short-Term Investments

(cost $272,066,873)
  272,098,444
 
TOTAL INVESTMENTS—103.5%

(cost $11,677,506,029)
  11,774,865,161
 
Liabilities in excess of other assets(z) — (3.5)%
  (399,276,757)
 
Net Assets — 100.0%
  $11,375,588,404
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
CAD Canadian Dollar
EUR Euro
GBP British Pound
USD US Dollar
    
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
BABs Build America Bonds
BARC Barclays Bank PLC
BNP BNP Paribas S.A.
BOA Bank of America, N.A.
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
DAC Designated Activity Company
EMTN Euro Medium Term Note
EURIBOR Euro Interbank Offered Rate
GMTN Global Medium Term Note
GSI Goldman Sachs International
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
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
USOIS United States Overnight Index Swap
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,419,011 and 0.1% 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 $157,101,519; cash collateral of $160,427,829 (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.
(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.
(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.
(oo) Perpetual security. Maturity date represents next call date.
(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.
(wb) Represents an investment in a Fund affiliated with the Manager. 
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
 
A49
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward Commitment Contracts:                      
U.S. Government Agency Obligations   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		Value
Federal National Mortgage Assoc.   4.000%   TBA   04/14/25     $(7,500)   $(6,987,842)
Federal National Mortgage Assoc.   4.000%   TBA   05/13/25     (6,000)   (5,581,602)
Federal National Mortgage Assoc.   4.500%   TBA   05/13/25     (20,500)   (19,598,773)
TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $32,146,426) 		                    $(32,168,217)
    
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
3,151   2 Year U.S. Treasury Notes   Jun. 2025   $652,798,581   $2,869,679
320   10 Year U.S. Treasury Notes   Jun. 2025   35,590,000   (25,107)
120   10 Year U.S. Ultra Treasury Notes   Jun. 2025   13,695,000   (19,201)
1,930   20 Year U.S. Treasury Bonds   Jun. 2025   226,352,813   2,666,549
2,807   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   343,155,750   5,728,674
                11,220,594
Short Positions:
404   5 Year Euro-Bobl   Jun. 2025   51,455,996   489,250
3,721   5 Year U.S. Treasury Notes   Jun. 2025   402,449,406   (2,074,556)
117   10 Year Euro-Bund   Jun. 2025   16,298,554   446,481
                (1,138,825)
                $10,081,769
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:
British Pound,
Expiring 04/02/25   SSB   GBP 16,633   $21,548,010   $21,485,422   $—   $(62,588)
Canadian Dollar,
Expiring 04/02/25   JPM   CAD 4,603   3,224,012   3,198,738   —   (25,274)
Euro,
Expiring 04/02/25   SSB   EUR 101,470   109,906,895   109,730,726   —   (176,169)
              $134,678,917   $134,414,886   —   (264,031)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 04/02/25   TD   GBP 16,633   $21,005,985   $21,485,423   $—   $(479,438)
Expiring 05/02/25   SSB   GBP 16,633   21,546,435   21,484,082   62,353   —
Canadian Dollar,
Expiring 04/02/25   BNP   CAD 4,603   3,244,035   3,198,738   45,297   —
Expiring 05/02/25   JPM   CAD 4,603   3,228,705   3,203,442   25,263   —
Euro,
Expiring 04/02/25   JPM   EUR 1,591   1,652,648   1,720,827   —   (68,179)
Expiring 04/02/25   MSI   EUR 4,409   4,643,025   4,768,174   —   (125,149)
Expiring 04/02/25   SSB   EUR 93,254   97,808,979   100,846,540   —   (3,037,561)
Expiring 04/02/25   SSB   EUR 2,215   2,330,786   2,395,185   —   (64,399)
A50
AST PGIM FIXED INCOME CENTRAL 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.):
Euro (cont’d.),
Expiring 05/02/25   SSB   EUR 101,470   $110,084,670   $109,909,319   $175,351   $—
              $265,545,268   $269,011,730   308,264   (3,774,726)
                      $308,264   $(4,038,757)
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 Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)**:
Arab Republic of Egypt (D01)   06/20/30   1.000%(Q)     2,000   $406,861   $55   $406,806   MSI
Dominican Republic (D01)   06/20/30   1.000%(Q)     2,000   90,716   55   90,661   MSI
Emirate of Abu Dhabi (D01)   06/20/30   1.000%(Q)     2,000   (55,617)   55   (55,672)   MSI
Federal Republic of Nigeria (D01)   06/20/30   1.000%(Q)     2,000   391,909   55   391,854   MSI
Federation of Malaysia (D01)   06/20/30   1.000%(Q)     3,000   (64,979)   83   (65,062)   MSI
Federative Republic of Brazil (D01)   06/20/30   1.000%(Q)     9,000   351,836   249   351,587   MSI
Kingdom of Bahrain (D01)   06/20/30   1.000%(Q)     2,000   88,732   55   88,677   MSI
Kingdom of Morocco (D01)   06/20/30   1.000%(Q)     2,000   17,777   55   17,722   MSI
Kingdom of Saudi Arabia (D01)   06/20/30   1.000%(Q)     5,000   (68,293)   138   (68,431)   MSI
People’s Republic of China (D01)   06/20/30   1.000%(Q)     9,000   (199,154)   249   (199,403)   MSI
Republic of Argentina (D01)   06/20/30   1.000%(Q)     2,000   685,349   55   685,294   MSI
Republic of Chile (D01)   06/20/30   1.000%(Q)     6,000   (113,458)   166   (113,624)   MSI
Republic of Colombia (D01)   06/20/30   1.000%(Q)     7,000   396,273   193   396,080   MSI
Republic of Indonesia (D01)   06/20/30   1.000%(Q)     8,000   (19,133)   221   (19,354)   MSI
Republic of Ivory Coast (D01)   06/20/30   1.000%(Q)     2,000   253,372   55   253,317   MSI
Republic of Panama (D01)   06/20/30   1.000%(Q)     2,000   106,529   55   106,474   MSI
Republic of Peru (D01)   06/20/30   1.000%(Q)     3,000   (14,495)   83   (14,578)   MSI
Republic of Philippines (D01)   06/20/30   1.000%(Q)     3,000   (33,384)   83   (33,467)   MSI
Republic of South Africa (D01)   06/20/30   1.000%(Q)     9,000   515,547   249   515,298   MSI
Republic of Turkey (D01)   06/20/30   1.000%(Q)     9,000   847,028   249   846,779   MSI
Sultanate of Oman (D01)   06/20/30   1.000%(Q)     2,000   13,829   55   13,774   MSI
United Mexican States (D01)   06/20/30   1.000%(Q)     9,000   147,506   249   147,257   MSI
Arab Republic of Egypt (D02)   06/20/30   1.000%(Q)     2,000   406,861   55   406,806   BARC
Dominican Republic (D02)   06/20/30   1.000%(Q)     2,000   90,716   55   90,661   BARC
Emirate of Abu Dhabi (D02)   06/20/30   1.000%(Q)     2,000   (55,617)   55   (55,672)   BARC
Federal Republic of Nigeria (D02)   06/20/30   1.000%(Q)     2,000   391,909   55   391,854   BARC
Federation of Malaysia (D02)   06/20/30   1.000%(Q)     3,000   (64,979)   83   (65,062)   BARC
Federative Republic of Brazil (D02)   06/20/30   1.000%(Q)     9,000   351,836   249   351,587   BARC
Kingdom of Bahrain (D02)   06/20/30   1.000%(Q)     2,000   88,732   55   88,677   BARC
Kingdom of Morocco (D02)   06/20/30   1.000%(Q)     2,000   17,777   55   17,722   BARC
Kingdom of Saudi Arabia (D02)   06/20/30   1.000%(Q)     5,000   (68,293)   138   (68,431)   BARC
People’s Republic of China (D02)   06/20/30   1.000%(Q)     9,000   (199,154)   249   (199,403)   BARC
Republic of Argentina (D02)   06/20/30   1.000%(Q)     2,000   685,349   55   685,294   BARC
Republic of Chile (D02)   06/20/30   1.000%(Q)     6,000   (113,458)   166   (113,624)   BARC
Republic of Colombia (D02)   06/20/30   1.000%(Q)     7,000   396,273   193   396,080   BARC
Republic of Indonesia (D02)   06/20/30   1.000%(Q)     8,000   (19,133)   221   (19,354)   BARC
A51
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Credit default swap agreements outstanding at March 31, 2025 (continued):
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)**(cont’d.):
Republic of Ivory Coast (D02)   06/20/30   1.000%(Q)     2,000   $253,372   $55   $253,317   BARC
Republic of Panama (D02)   06/20/30   1.000%(Q)     2,000   106,529   55   106,474   BARC
Republic of Peru (D02)   06/20/30   1.000%(Q)     3,000   (14,495)   83   (14,578)   BARC
Republic of Philippines (D02)   06/20/30   1.000%(Q)     3,000   (33,384)   83   (33,467)   BARC
Republic of South Africa (D02)   06/20/30   1.000%(Q)     9,000   515,547   249   515,298   BARC
Republic of Turkey (D02)   06/20/30   1.000%(Q)     9,000   847,028   249   846,779   BARC
Sultanate of Oman (D02)   06/20/30   1.000%(Q)     2,000   13,829   55   13,774   BARC
United Mexican States (D02)   06/20/30   1.000%(Q)     9,000   147,506   249   147,257   BARC
Arab Republic of Egypt (D03)   06/20/30   1.000%(Q)     2,000   406,861   55   406,806   GSI
Dominican Republic (D03)   06/20/30   1.000%(Q)     2,000   90,716   55   90,661   GSI
Emirate of Abu Dhabi (D03)   06/20/30   1.000%(Q)     2,000   (55,617)   55   (55,672)   GSI
Federal Republic of Nigeria (D03)   06/20/30   1.000%(Q)     2,000   391,909   55   391,854   GSI
Federation of Malaysia (D03)   06/20/30   1.000%(Q)     3,000   (64,979)   83   (65,062)   GSI
Federative Republic of Brazil (D03)   06/20/30   1.000%(Q)     9,000   351,836   249   351,587   GSI
Kingdom of Bahrain (D03)   06/20/30   1.000%(Q)     2,000   88,732   55   88,677   GSI
Kingdom of Morocco (D03)   06/20/30   1.000%(Q)     2,000   17,777   55   17,722   GSI
Kingdom of Saudi Arabia (D03)   06/20/30   1.000%(Q)     5,000   (68,293)   138   (68,431)   GSI
People’s Republic of China (D03)   06/20/30   1.000%(Q)     9,000   (199,154)   249   (199,403)   GSI
Republic of Argentina (D03)   06/20/30   1.000%(Q)     2,000   685,349   55   685,294   GSI
Republic of Chile (D03)   06/20/30   1.000%(Q)     6,000   (113,458)   166   (113,624)   GSI
Republic of Colombia (D03)   06/20/30   1.000%(Q)     7,000   396,273   193   396,080   GSI
Republic of Indonesia (D03)   06/20/30   1.000%(Q)     8,000   (19,133)   221   (19,354)   GSI
Republic of Ivory Coast (D03)   06/20/30   1.000%(Q)     2,000   253,372   55   253,317   GSI
Republic of Panama (D03)   06/20/30   1.000%(Q)     2,000   106,529   55   106,474   GSI
Republic of Peru (D03)   06/20/30   1.000%(Q)     3,000   (14,495)   83   (14,578)   GSI
Republic of Philippines (D03)   06/20/30   1.000%(Q)     3,000   (33,384)   83   (33,467)   GSI
Republic of South Africa (D03)   06/20/30   1.000%(Q)     9,000   515,547   249   515,298   GSI
Republic of Turkey (D03)   06/20/30   1.000%(Q)     9,000   847,028   249   846,779   GSI
Sultanate of Oman (D03)   06/20/30   1.000%(Q)     2,000   13,829   55   13,774   GSI
United Mexican States (D03)   06/20/30   1.000%(Q)     9,000   147,506   249   147,257   GSI
Arab Republic of Egypt (D04)   06/20/30   1.000%(Q)     2,000   406,862   277   406,585   MSI
Dominican Republic (D04)   06/20/30   1.000%(Q)     2,000   90,716   277   90,439   MSI
Emirate of Abu Dhabi (D04)   06/20/30   1.000%(Q)     2,000   (55,616)   277   (55,893)   MSI
Federal Republic of Nigeria (D04)   06/20/30   1.000%(Q)     2,000   391,909   277   391,632   MSI
Federation of Malaysia (D04)   06/20/30   1.000%(Q)     3,000   (64,979)   415   (65,394)   MSI
Federative Republic of Brazil (D04)   06/20/30   1.000%(Q)     9,000   351,836   1,245   350,591   MSI
Kingdom of Bahrain (D04)   06/20/30   1.000%(Q)     2,000   88,733   277   88,456   MSI
Kingdom of Morocco (D04)   06/20/30   1.000%(Q)     2,000   17,777   277   17,500   MSI
Kingdom of Saudi Arabia (D04)   06/20/30   1.000%(Q)     5,000   (68,293)   692   (68,985)   MSI
People’s Republic of China (D04)   06/20/30   1.000%(Q)     9,000   (199,155)   1,245   (200,400)   MSI
Republic of Argentina (D04)   06/20/30   1.000%(Q)     2,000   685,349   277   685,072   MSI
Republic of Chile (D04)   06/20/30   1.000%(Q)     6,000   (113,459)   830   (114,289)   MSI
Republic of Colombia (D04)   06/20/30   1.000%(Q)     7,000   396,274   969   395,305   MSI
Republic of Indonesia (D04)   06/20/30   1.000%(Q)     8,000   (19,134)   1,107   (20,241)   MSI
Republic of Ivory Coast (D04)   06/20/30   1.000%(Q)     2,000   253,372   277   253,095   MSI
Republic of Panama (D04)   06/20/30   1.000%(Q)     2,000   106,530   277   106,253   MSI
Republic of Peru (D04)   06/20/30   1.000%(Q)     3,000   (14,495)   415   (14,910)   MSI
Republic of Philippines (D04)   06/20/30   1.000%(Q)     3,000   (33,384)   415   (33,799)   MSI
Republic of South Africa (D04)   06/20/30   1.000%(Q)     9,000   515,546   1,245   514,301   MSI
A52
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Credit default swap agreements outstanding at March 31, 2025 (continued):
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)**(cont’d.):
Republic of Turkey (D04)   06/20/30   1.000%(Q)     9,000   $847,027   $1,245   $845,782   MSI
Sultanate of Oman (D04)   06/20/30   1.000%(Q)     2,000   13,829   277   13,552   MSI
United Mexican States (D04)   06/20/30   1.000%(Q)     9,000   147,505   1,245   146,260   MSI
Arab Republic of Egypt (D05)   06/20/30   1.000%(Q)     4,000   813,723   665   813,058   GSI
Dominican Republic (D05)   06/20/30   1.000%(Q)     4,000   181,433   665   180,768   GSI
Emirate of Abu Dhabi (D05)   06/20/30   1.000%(Q)     4,000   (111,233)   665   (111,898)   GSI
Federal Republic of Nigeria (D05)   06/20/30   1.000%(Q)     4,000   783,819   665   783,154   GSI
Federation of Malaysia (D05)   06/20/30   1.000%(Q)     6,000   (129,958)   997   (130,955)   GSI
Federative Republic of Brazil (D05)   06/20/30   1.000%(Q)     18,000   703,672   2,991   700,681   GSI
Kingdom of Bahrain (D05)   06/20/30   1.000%(Q)     4,000   177,465   665   176,800   GSI
Kingdom of Morocco (D05)   06/20/30   1.000%(Q)     4,000   35,555   665   34,890   GSI
Kingdom of Saudi Arabia (D05)   06/20/30   1.000%(Q)     10,000   (136,587)   1,661   (138,248)   GSI
People’s Republic of China (D05)   06/20/30   1.000%(Q)     18,000   (398,309)   2,991   (401,300)   GSI
Republic of Argentina (D05)   06/20/30   1.000%(Q)     4,000   1,370,699   665   1,370,034   GSI
Republic of Chile (D05)   06/20/30   1.000%(Q)     12,000   (226,916)   1,994   (228,910)   GSI
Republic of Colombia (D05)   06/20/30   1.000%(Q)     14,000   792,548   2,326   790,222   GSI
Republic of Indonesia (D05)   06/20/30   1.000%(Q)     16,000   (38,267)   2,658   (40,925)   GSI
Republic of Ivory Coast (D05)   06/20/30   1.000%(Q)     4,000   506,745   665   506,080   GSI
Republic of Panama (D05)   06/20/30   1.000%(Q)     4,000   213,059   665   212,394   GSI
Republic of Peru (D05)   06/20/30   1.000%(Q)     6,000   (28,990)   997   (29,987)   GSI
Republic of Philippines (D05)   06/20/30   1.000%(Q)     6,000   (66,767)   997   (67,764)   GSI
Republic of South Africa (D05)   06/20/30   1.000%(Q)     18,000   1,031,093   2,991   1,028,102   GSI
Republic of Turkey (D05)   06/20/30   1.000%(Q)     18,000   1,694,056   2,991   1,691,065   GSI
Sultanate of Oman (D05)   06/20/30   1.000%(Q)     4,000   27,659   665   26,994   GSI
United Mexican States (D05)   06/20/30   1.000%(Q)     18,000   295,012   2,991   292,021   GSI
Arab Republic of Egypt (D06)   06/20/30   1.000%(Q)     2,000   406,861   332   406,529   GSI
Dominican Republic (D06)   06/20/30   1.000%(Q)     2,000   90,716   332   90,384   GSI
Emirate of Abu Dhabi (D06)   06/20/30   1.000%(Q)     2,000   (55,617)   332   (55,949)   GSI
Federal Republic of Nigeria (D06)   06/20/30   1.000%(Q)     2,000   391,909   332   391,577   GSI
Federation of Malaysia (D06)   06/20/30   1.000%(Q)     3,000   (64,980)   498   (65,478)   GSI
Federative Republic of Brazil (D06)   06/20/30   1.000%(Q)     9,000   351,836   1,495   350,341   GSI
Kingdom of Bahrain (D06)   06/20/30   1.000%(Q)     2,000   88,732   332   88,400   GSI
Kingdom of Morocco (D06)   06/20/30   1.000%(Q)     2,000   17,777   332   17,445   GSI
Kingdom of Saudi Arabia (D06)   06/20/30   1.000%(Q)     5,000   (68,293)   831   (69,124)   GSI
People’s Republic of China (D06)   06/20/30   1.000%(Q)     9,000   (199,155)   1,495   (200,650)   GSI
Republic of Argentina (D06)   06/20/30   1.000%(Q)     2,000   685,349   332   685,017   GSI
Republic of Chile (D06)   06/20/30   1.000%(Q)     6,000   (113,458)   997   (114,455)   GSI
Republic of Colombia (D06)   06/20/30   1.000%(Q)     7,000   396,274   1,163   395,111   GSI
Republic of Indonesia (D06)   06/20/30   1.000%(Q)     8,000   (19,134)   1,329   (20,463)   GSI
Republic of Ivory Coast (D06)   06/20/30   1.000%(Q)     2,000   253,372   332   253,040   GSI
Republic of Panama (D06)   06/20/30   1.000%(Q)     2,000   106,529   332   106,197   GSI
Republic of Peru (D06)   06/20/30   1.000%(Q)     3,000   (14,495)   498   (14,993)   GSI
Republic of Philippines (D06)   06/20/30   1.000%(Q)     3,000   (33,384)   498   (33,882)   GSI
Republic of South Africa (D06)   06/20/30   1.000%(Q)     9,000   515,546   1,495   514,051   GSI
Republic of Turkey (D06)   06/20/30   1.000%(Q)     9,000   847,028   1,495   845,533   GSI
Sultanate of Oman (D06)   06/20/30   1.000%(Q)     2,000   13,829   332   13,497   GSI
United Mexican States (D06)   06/20/30   1.000%(Q)     9,000   147,505   1,495   146,010   GSI
                    $26,213,261   $71,968   $26,141,293    
    
A53
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Credit default swap agreements outstanding at March 31, 2025 (continued):
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 Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)**:
CDX.EM.43.V1 (D01)   06/20/30   1.000%(Q)     100,000   1.846%   $(3,780,025)   $(22,647)   $(3,757,378)   MSI
CDX.EM.43.V1 (D02)   06/20/30   1.000%(Q)     100,000   1.846%   (3,780,026)   (32,590)   (3,747,436)   BARC
CDX.EM.43.V1 (D03)   06/20/30   1.000%(Q)     100,000   1.846%   (3,780,026)   (32,590)   (3,747,436)   GSI
CDX.EM.43.V1 (D04)   06/20/30   1.000%(Q)     100,000   1.846%   (3,780,025)   (43,728)   (3,736,297)   MSI
CDX.EM.43.V1 (D05)   06/20/30   1.000%(Q)     200,000   1.846%   (7,560,050)   (93,040)   (7,467,010)   GSI
CDX.EM.43.V1 (D06)   06/20/30   1.000%(Q)     100,000   1.846%   (3,780,025)   (46,520)   (3,733,505)   GSI
                      $(26,460,177)   $(271,115)   $(26,189,062)    
** The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D06).
    
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 Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_24-PCA   08/02/27   1.650%(M)     31,169   *   $41,864   $(15,050)   $56,914   GSI
    
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 10,045   $(275,102)   $(204,713)   $(70,389)   BARC
U.S. Treasury Notes   06/20/25   0.250%(Q)   EUR 4,260   559   (536)   1,095   BARC
                    $(274,543)   $(205,249)   $(69,294)    
    
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):
Bank of America Corp.   12/20/25   1.000%(Q)     10,780   0.269%   $60,078   $55,859   $4,219   GSI
Bank of Montreal^   11/20/29   1.250%(Q)     3,835   *   1,598   —   1,598   GSI
Canadian Imperial Bank of Commerce^   06/20/28   1.100%(Q)     3,065   *   10,368   —   10,368   GSI
Citigroup, Inc.   12/20/25   1.000%(Q)     10,780   0.245%   61,970   56,630   5,340   GSI
Hellenic Republic   06/20/25   1.000%(Q)     5,000   0.080%   11,907   9,894   2,013   BARC
Hellenic Republic   06/20/27   1.000%(Q)     2,875   0.239%   47,830   44,543   3,287   BARC
Hellenic Republic   12/20/27   1.000%(Q)     2,160   0.305%   39,731   37,179   2,552   BARC
Kingdom of Norway   12/20/25   —%(Q)     27,580   0.036%   (7,203)   (9,832)   2,629   BARC
Kingdom of Spain   06/20/25   1.000%(Q)     7,230   0.066%   17,443   15,211   2,232   BARC
Morgan Stanley   12/20/25   1.000%(Q)     10,780   0.255%   61,232   55,859   5,373   GSI
Pacific Life Global Funding II   08/20/35   2.500%(Q)     4,600   2.523%   (4,504)   (17)   (4,487)   GSI
A54
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Credit default swap agreements outstanding at March 31, 2025 (continued):
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)(cont’d.):
Petroleos Mexicanos   06/20/25   1.000%(Q)     4,120   2.636%   $(13,569)   $(4,923)   $(8,646)   MSI
Petroleos Mexicanos   12/24/25   3.750%(Q)     8,626   2.789%   66,808   —   66,808   GSI
Petroleos Mexicanos^   03/23/26   4.100%(Q)     12,000   *   131,913   —   131,913   GSI
Petroleos Mexicanos^   05/07/26   4.750%(Q)     23,000   *   448,724   —   448,724   GSI
Republic of Italy   06/20/25   1.000%(Q)     12,655   0.085%   29,977   26,605   3,372   BARC
SoftBank Group Corp.   06/20/26   1.000%(Q)     9,990   1.326%   (35,458)   (59,996)   24,538   GSI
                      $928,845   $227,012   $701,833    
    
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		Implied Credit
Spread at
March 31,
2025(4) 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):  
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     28,560   3.771%   $1,681,591   $1,520,175   $(161,416)  
CDX.NA.IG.44.V1 06/20/30   1.000%(Q)     222,189   0.614%   4,382,888   4,086,171   (296,717)  
                      $6,064,479   $5,606,346   $(458,133)  
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 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.
A55
AST PGIM FIXED INCOME CENTRAL PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest rate swap agreement 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 Agreement:
  47,105   08/15/39   3.773%(A)   1 Day SOFR(2)(A)/ 4.410%   $—   $(901,392)   $(901,392)
    
(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 agreement 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 Agreement:
U.S. Treasury Bond(T)   1 Day USOIS +20bps(T)/ 4.530%   BOA   08/21/25   87,160   $1,956,469   $—   $1,956,469
(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).
A56