AST COHEN & STEERS REALTY PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 98.7% | ||||||
| Common Stocks | ||||||
| Casinos & Gaming — 2.0% | ||||||
Boyd Gaming Corp. | 95,259 | $6,412,836 | ||||
Caesars Entertainment, Inc.* | 89,091 | 3,896,840 | ||||
| 10,309,676 | ||||||
| Diversified REITs — 1.3% | ||||||
WP Carey, Inc.(a) | 119,783 | 6,760,552 | ||||
| Health Care REITs — 10.6% | ||||||
Healthcare Realty Trust, Inc.(a) | 616,226 | 8,719,598 | ||||
Healthpeak Properties, Inc. | 130,428 | 2,445,525 | ||||
Welltower, Inc. | 453,942 | 42,416,340 | ||||
| 53,581,463 | ||||||
| Hotel & Resort REITs — 0.7% | ||||||
Host Hotels & Resorts, Inc.(a) | 179,788 | 3,718,016 | ||||
| Industrial REITs — 9.7% | ||||||
Americold Realty Trust, Inc. | 317,346 | 7,908,262 | ||||
Prologis, Inc. | 315,288 | 41,056,804 | ||||
| 48,965,066 | ||||||
| Office REITs — 1.7% | ||||||
Highwoods Properties, Inc.(a) | 327,244 | 8,567,248 | ||||
| Residential REITs — 17.1% | ||||||
American Homes 4 Rent (Class A Stock)(a) | 223,649 | 8,225,810 | ||||
Apartment Income REIT Corp. | 161,305 | 5,237,573 | ||||
Camden Property Trust(a) | 80,682 | 7,939,109 | ||||
Essex Property Trust, Inc.(a) | 57,338 | 14,036,916 | ||||
Invitation Homes, Inc. | 687,577 | 24,484,617 | ||||
Sun Communities, Inc. | 129,696 | 16,676,312 | ||||
UDR, Inc. | 267,656 | 10,013,011 | ||||
| 86,613,348 | ||||||
| Retail REITs — 13.3% | ||||||
Kimco Realty Corp. | 370,302 | 7,261,622 | ||||
Realty Income Corp. | 429,723 | 23,248,014 | ||||
Simon Property Group, Inc. | 235,336 | 36,827,731 | ||||
| 67,337,367 | ||||||
| Specialized REITs — 42.3% | ||||||
American Tower Corp. | 249,666 | 49,331,505 | ||||
Crown Castle, Inc. | 231,632 | 24,513,615 | ||||
Digital Realty Trust, Inc. | 251,038 | 36,159,513 | ||||
Equinix, Inc. | 28,328 | 23,379,948 | ||||
Extra Space Storage, Inc. | 109,769 | 16,136,043 | ||||
Iron Mountain, Inc. | 310,575 | 24,911,221 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Specialized REITs (cont’d.) | ||||||
Public Storage | 31,419 | $9,113,395 | ||||
SBA Communications Corp. | 15,120 | 3,276,504 | ||||
VICI Properties, Inc. | 517,126 | 15,405,184 | ||||
Weyerhaeuser Co. | 334,089 | 11,997,136 | ||||
| 214,224,064 | ||||||
Total Long-Term Investments (cost $484,488,712) | 500,076,800 | |||||
| Short-Term Investments — 9.6% | ||||||
| Affiliated Mutual Funds | ||||||
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)(wb) | 5,882,176 | 5,882,176 | ||||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $42,717,064; includes $42,473,590 of cash collateral for securities on loan)(b)(wb) | 42,734,970 | 42,713,602 | ||||
Total Short-Term Investments (cost $48,599,240) | 48,595,778 | |||||
TOTAL INVESTMENTS—108.3% (cost $533,087,952) | 548,672,578 | |||||
Liabilities in excess of other assets — (8.3)% | (41,929,818) | |||||
Net Assets — 100.0% | $506,742,760 | |||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings. | |
| REITs | Real Estate Investment Trust |
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $42,198,108; cash collateral of $42,473,590 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
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).
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