AST INVESTMENT GRADE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Shares | Value | |||||
Long-Term Investments — 98.3% | ||||||
Affiliated Mutual Funds — 38.0% | ||||||
Fixed Income | ||||||
AST J.P. Morgan Fixed Income Central Portfolio* | 50,300,607 | $528,156,375 | ||||
AST PGIM Fixed Income Central Portfolio* | 259,334,770 | 2,777,475,387 | ||||
AST T. Rowe Price Fixed Income Central Portfolio* | 269,411 | 2,896,166 | ||||
Total Fixed Income (cost $3,028,061,744)(wa) | 3,308,527,928 |
Interest Rate | Maturity Date | Principal Amount (000)# | ||||
Asset-Backed Securities — 10.2% | ||||||
Automobiles — 2.4% | ||||||
AmeriCredit Automobile Receivables Trust, | ||||||
Series 2023-02, Class C | ||||||
6.000% | 07/18/29 | 16,500 | 16,760,358 | |||
ARI Fleet Lease Trust, | ||||||
Series 2024-A, Class A2, 144A | ||||||
5.300% | 11/15/32 | 8,650 | 8,631,332 | |||
Avis Budget Rental Car Funding AESOP LLC, | ||||||
Series 2022-03A, Class A, 144A | ||||||
4.620% | 02/20/27 | 2,500 | 2,466,416 | |||
Series 2023-03A, Class A, 144A | ||||||
5.440% | 02/22/28 | 8,750 | 8,800,715 | |||
Series 2023-06A, Class A, 144A | ||||||
5.810% | 12/20/29 | 5,000 | 5,110,468 | |||
Series 2023-08A, Class A, 144A | ||||||
6.020% | 02/20/30 | 16,700 | 17,222,326 | |||
Series 2024-01A, Class A, 144A | ||||||
5.360% | 06/20/30 | 5,600 | 5,627,728 | |||
Series 2024-03A, Class A, 144A | ||||||
5.230% | 12/20/30 | 10,500 | 10,491,662 | |||
Bayview Opportunity Master Fund VII Trust, | ||||||
Series 2024-SN01, Class B, 144A | ||||||
5.670% | 08/15/28 | 4,500 | 4,507,426 | |||
Enterprise Fleet Financing LLC, | ||||||
Series 2023-03, Class A2, 144A | ||||||
6.400% | 03/20/30 | 15,000 | 15,229,426 | |||
Series 2024-01, Class A2, 144A | ||||||
5.230% | 03/20/30 | 18,000 | 17,970,275 | |||
Ford Credit Auto Owner Trust, | ||||||
Series 2024-01, Class A, 144A | ||||||
4.870% | 08/15/36 | 9,000 | 8,981,594 | |||
GM Financial Revolving Receivables Trust, | ||||||
Series 2023-02, Class A, 144A | ||||||
5.770% | 08/11/36 | 20,000 | 20,647,402 | |||
Series 2024-01, Class A, 144A | ||||||
4.980% | 12/11/36 | 13,600 | 13,657,486 | |||
Santander Drive Auto Receivables Trust, | ||||||
Series 2023-04, Class C | ||||||
6.040% | 12/15/31 | 9,300 | 9,456,471 | |||
Series 2023-05, Class C | ||||||
6.430% | 02/18/31 | 20,100 | 20,756,504 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Asset-Backed Securities (continued) | |||||||
Automobiles (cont’d.) | |||||||
Series 2023-06, Class B | |||||||
5.980% | 04/16/29 | 11,100 | $11,281,620 | ||||
Series 2023-06, Class C | |||||||
6.400% | 03/17/31 | 2,900 | 2,984,183 | ||||
Series 2024-01, Class C | |||||||
5.450% | 03/15/30 | 3,500 | 3,489,339 | ||||
SFS Auto Receivables Securitization Trust, | |||||||
Series 2024-01A, Class B, 144A | |||||||
5.380% | 01/21/31 | 2,700 | 2,706,032 | ||||
206,778,763 | |||||||
Collateralized Loan Obligations — 7.5% | |||||||
Anchorage Capital CLO Ltd. (Cayman Islands), | |||||||
Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | |||||||
6.708%(c) | 04/20/35 | 3,000 | 2,993,399 | ||||
Apidos CLO Ltd. (United Kingdom), | |||||||
Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | |||||||
7.324%(c) | 04/26/35 | 33,000 | 33,121,965 | ||||
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||||||
Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.422%) | |||||||
6.739%(c) | 10/21/34 | 8,500 | 8,502,380 | ||||
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | |||||||
6.618%(c) | 04/18/35 | 12,000 | 12,001,960 | ||||
Battalion CLO Ltd. (Cayman Islands), | |||||||
Series 2019-16A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | |||||||
6.699%(c) | 12/19/32 | 11,500 | 11,518,708 | ||||
CBAM Ltd. (Cayman Islands), | |||||||
Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | |||||||
6.759%(c) | 07/20/34 | 3,500 | 3,499,654 | ||||
Crown Point CLO Ltd. (Cayman Islands), | |||||||
Series 2021-11A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | |||||||
6.698%(c) | 01/17/34 | 5,000 | 4,994,423 | ||||
Elevation CLO Ltd. (Cayman Islands), | |||||||
Series 2021-13A, Class A1, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | |||||||
6.766%(c) | 07/15/34 | 4,500 | 4,500,045 | ||||
Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | |||||||
7.234%(c) | 10/20/36 | 50,000 | 50,162,200 | ||||
HPS Loan Management Ltd. (Cayman Islands), | |||||||
Series 2015-06A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) | |||||||
6.534%(c) | 02/05/31 | 542 | 540,198 | ||||
Jamestown CLO Ltd. (Cayman Islands), | |||||||
Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | |||||||
6.779%(c) | 10/20/34 | 5,375 | 5,372,313 |
A1
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Asset-Backed Securities (continued) | |||||||
Collateralized Loan Obligations (cont’d.) | |||||||
Jefferson Mill CLO Ltd. (Cayman Islands), | |||||||
Series 2015-01A, Class AR, 144A, 3 Month SOFR + 1.437% (Cap N/A, Floor 0.000%) | |||||||
6.754%(c) | 10/20/31 | 9,426 | $9,448,304 | ||||
KKR CLO Ltd. (Cayman Islands), | |||||||
Series 2023-46A, Class A1A, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | |||||||
7.168%(c) | 04/20/35 | 11,500 | 11,542,759 | ||||
Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | |||||||
6.749%(c) | 07/20/34 | 8,000 | 7,985,466 | ||||
KKR Static CLO Ltd. (Cayman Islands), | |||||||
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%) | |||||||
7.538%(c) | 10/20/31 | 119,777 | 119,892,907 | ||||
Madison Park Funding Ltd. (Cayman Islands), | |||||||
Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | |||||||
6.656%(c) | 10/15/32 | 5,000 | 5,001,795 | ||||
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | |||||||
6.604%(c) | 10/15/32 | 5,000 | 5,001,500 | ||||
Madison Park Funding Ltd., | |||||||
Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | |||||||
6.864%(c) | 04/19/37 | 29,000 | 28,999,188 | ||||
MidOcean Credit CLO (Cayman Islands), | |||||||
Series 2017-07A, Class A1R, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%) | |||||||
6.616%(c) | 07/15/29 | 5,633 | 5,636,165 | ||||
Series 2019-10A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | |||||||
6.807%(c) | 10/23/34 | 4,000 | 3,996,014 | ||||
Mountain View CLO Ltd. (Cayman Islands), | |||||||
Series 2022-01A, Class A, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | |||||||
7.814%(c) | 10/15/32 | 59,000 | 59,000,000 | ||||
Neuberger Berman CLO Ltd. (Cayman Islands), | |||||||
Series 2014-17A, Class AR2, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%) | |||||||
6.609%(c) | 04/22/29 | 2,327 | 2,328,235 | ||||
Northwoods Capital Ltd. (Cayman Islands), | |||||||
Series 2017-15A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.472%) | |||||||
6.804%(c) | 06/20/34 | 11,750 | 11,742,019 | ||||
OFSI BSL Ltd. (Cayman Islands), | |||||||
Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | |||||||
7.348%(c) | 10/18/35 | 14,750 | 14,812,789 | ||||
Regatta Funding Ltd. (Cayman Islands), | |||||||
Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | |||||||
6.739%(c) | 04/20/34 | 11,455 | 11,460,533 | ||||
Rockford Tower CLO Ltd. (Cayman Islands), | |||||||
Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | |||||||
7.251%(c) | 01/20/36 | 43,250 | 43,453,824 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Asset-Backed Securities (continued) | |||||||
Collateralized Loan Obligations (cont’d.) | |||||||
Rockford Tower CLO Ltd., | |||||||
Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | |||||||
7.168%(c) | 10/20/35 | 31,750 | $32,052,305 | ||||
Sound Point CLO Ltd. (Cayman Islands), | |||||||
Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | |||||||
6.647%(c) | 10/23/31 | 7,250 | 7,255,030 | ||||
TCW CLO Ltd. (Cayman Islands), | |||||||
Series 2017-01A, Class A1RR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | |||||||
6.761%(c) | 10/29/34 | 2,500 | 2,502,728 | ||||
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | |||||||
6.598%(c) | 10/20/32 | 12,000 | 12,006,020 | ||||
THL Credit Wind River CLO Ltd. (Cayman Islands), | |||||||
Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | |||||||
6.739%(c) | 07/20/34 | 8,500 | 8,451,544 | ||||
Tikehau US CLO Ltd. (Bermuda), | |||||||
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | |||||||
7.311%(c) | 01/15/36 | 27,250 | 27,366,870 | ||||
Trinitas CLO Ltd. (Bermuda), | |||||||
Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | |||||||
6.878%(c) | 04/25/37 | 17,500 | 17,492,279 | ||||
Venture CLO Ltd. (Cayman Islands), | |||||||
Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | |||||||
6.816%(c) | 04/15/34 | 7,750 | 7,734,227 | ||||
Warwick Capital CLO Ltd. (United Kingdom), | |||||||
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | |||||||
7.327%(c) | 01/15/37 | 48,000 | 48,168,250 | ||||
Wellfleet CLO Ltd. (Cayman Islands), | |||||||
Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | |||||||
6.639%(c) | 10/20/29 | 4,466 | 4,466,117 | ||||
Wellfleet CLO Ltd., | |||||||
Series 2017-03A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | |||||||
6.728%(c) | 01/17/31 | 3,741 | 3,742,395 | ||||
Wind River CLO Ltd. (Cayman Islands), | |||||||
Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | |||||||
6.786%(c) | 10/15/34 | 1,500 | 1,498,726 | ||||
Zais CLO Ltd. (Cayman Islands), | |||||||
Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.552% (Cap N/A, Floor 0.000%) | |||||||
6.866%(c) | 04/15/30 | 915 | 916,232 | ||||
651,161,466 | |||||||
Consumer Loans — 0.2% | |||||||
OneMain Financial Issuance Trust, | |||||||
Series 2023-02A, Class A1, 144A | |||||||
5.840% | 09/15/36 | 15,300 | 15,533,810 |
A2
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Asset-Backed Securities (continued) | |||||||
Credit Cards — 0.0% | |||||||
Citibank Credit Card Issuance Trust, | |||||||
Series 2018-A07, Class A7 | |||||||
3.960% | 10/13/30 | 2,700 | $2,608,490 | ||||
Home Equity Loans — 0.0% | |||||||
ACE Securities Corp. Home Equity Loan Trust, | |||||||
Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | |||||||
6.084%(c) | 05/25/34 | 811 | 758,682 | ||||
MASTR Asset-Backed Securities Trust, | |||||||
Series 2004-OPT02, Class A2, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | |||||||
6.144%(c) | 09/25/34 | 483 | 436,663 | ||||
Morgan Stanley ABS Capital I, Inc., | |||||||
Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | |||||||
6.524%(c) | 03/25/33 | 149 | 147,206 | ||||
Towd Point HE Trust, | |||||||
Series 2023-01, Class A1A, 144A | |||||||
6.875% | 02/25/63 | 3,010 | 3,017,216 | ||||
4,359,767 | |||||||
Other — 0.0% | |||||||
TH MSR Issuer Trust, | |||||||
Series 2019-FT01, Class A, 144A, 1 Month SOFR + 2.914% (Cap N/A, Floor 2.800%) | |||||||
8.244%(c) | 06/25/24 | 4,150 | 4,121,374 | ||||
Residential Mortgage-Backed Securities — 0.1% | |||||||
Countrywide Asset-Backed Certificates Trust, | |||||||
Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | |||||||
6.224%(c) | 11/25/34 | 449 | 421,328 | ||||
Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | |||||||
6.344%(c) | 12/25/34 | 1,630 | 1,598,048 | ||||
Credit Suisse Mortgage Trust, | |||||||
Series 2018-RPL04, 144A | |||||||
4.322%(cc) | 07/25/50 | 2,338 | 2,092,140 | ||||
Morgan Stanley ABS Capital I, Inc. Trust, | |||||||
Series 2004-NC05, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | |||||||
6.344%(c) | 05/25/34 | 555 | 529,971 | ||||
4,641,487 | |||||||
Total Asset-Backed Securities (cost $883,582,958) | 889,205,157 | ||||||
Commercial Mortgage-Backed Securities — 9.1% | |||||||
BANK, | |||||||
Series 2018-BN13, Class A4 | |||||||
3.953% | 08/15/61 | 15,490 | 14,822,236 | ||||
Series 2019-BN20, Class A2 | |||||||
2.758% | 09/15/62 | 6,566 | 5,777,673 | ||||
Series 2019-BN22, Class A3 | |||||||
2.726% | 11/15/62 | 3,500 | 3,103,271 | ||||
Series 2021-BN32, Class A2 | |||||||
1.985% | 04/15/54 | 10,000 | 9,154,712 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Bank of America Merrill Lynch Commercial Mortgage Trust, | |||||||
Series 2016-UB10, Class A3 | |||||||
2.903% | 07/15/49 | 2,620 | $2,512,453 | ||||
Barclays Commercial Mortgage Securities Trust, | |||||||
Series 2019-C03, Class A3 | |||||||
3.319% | 05/15/52 | 18,800 | 17,494,035 | ||||
Series 2019-C04, Class A4 | |||||||
2.661% | 08/15/52 | 11,045 | 10,067,868 | ||||
Series 2022-C14, Class A4 | |||||||
2.692% | 02/15/55 | 10,800 | 9,198,330 | ||||
Series 2022-C17, Class A4 | |||||||
4.174% | 09/15/55 | 9,358 | 8,849,110 | ||||
Benchmark Mortgage Trust, | |||||||
Series 2018-B05, Class A3 | |||||||
3.944% | 07/15/51 | 8,248 | 7,841,194 | ||||
Series 2020-IG01, Class A3 | |||||||
2.687% | 09/15/43 | 10,120 | 8,345,365 | ||||
Series 2021-B25, Class A2 | |||||||
1.977% | 04/15/54 | 7,000 | 6,478,878 | ||||
Series 2023-B38, Class A3 | |||||||
5.793% | 04/15/56 | 10,000 | 10,370,328 | ||||
BMO Mortgage Trust, | |||||||
Series 2023-C07, Class A2 | |||||||
6.770% | 12/15/56 | 29,991 | 31,482,752 | ||||
BXP Trust, | |||||||
Series 2021-601L, Class A, 144A | |||||||
2.618% | 01/15/44 | 5,515 | 4,442,238 | ||||
Cantor Commercial Real Estate Lending, | |||||||
Series 2019-CF02, Class A4 | |||||||
2.624% | 11/15/52 | 13,890 | 12,288,308 | ||||
CCUBS Commercial Mortgage Trust, | |||||||
Series 2017-C01, Class A3 | |||||||
3.283%(cc) | 11/15/50 | 2,260 | 2,106,438 | ||||
CD Mortgage Trust, | |||||||
Series 2016-CD02, Class A4 | |||||||
3.526%(cc) | 11/10/49 | 10,310 | 9,607,320 | ||||
Series 2017-CD04, Class A3 | |||||||
3.248% | 05/10/50 | 8,290 | 7,847,099 | ||||
Series 2017-CD06, Class A4 | |||||||
3.190% | 11/13/50 | 15,000 | 14,057,763 | ||||
Series 2019-CD08, Class A3 | |||||||
2.657% | 08/15/57 | 19,000 | 16,851,482 | ||||
CFCRE Commercial Mortgage Trust, | |||||||
Series 2016-C07, Class A2 | |||||||
3.585% | 12/10/54 | 14,516 | 13,810,275 | ||||
Citigroup Commercial Mortgage Trust, | |||||||
Series 2016-C02, Class A3 | |||||||
2.575% | 08/10/49 | 2,695 | 2,547,661 | ||||
Series 2016-C03, Class A3 | |||||||
2.896% | 11/15/49 | 1,242 | 1,173,150 | ||||
Series 2016-GC36, Class A5 | |||||||
3.616% | 02/10/49 | 10,075 | 9,624,682 | ||||
Series 2016-P04, Class A3 | |||||||
2.646% | 07/10/49 | 2,536 | 2,396,563 | ||||
Series 2016-P05, Class A3 | |||||||
2.684% | 10/10/49 | 1,654 | 1,551,101 |
A3
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Series 2017-P07, Class A3 | |||||||
3.442% | 04/14/50 | 8,989 | $8,534,722 | ||||
Commercial Mortgage Trust, | |||||||
Series 2012-CR04, Class A3 | |||||||
2.853% | 10/15/45 | 710 | 651,444 | ||||
Series 2014-CR17, Class A5 | |||||||
3.977% | 05/10/47 | 3,877 | 3,868,546 | ||||
Series 2014-CR18, Class A5 | |||||||
3.828% | 07/15/47 | 11,772 | 11,718,390 | ||||
Series 2014-CR19, Class A5 | |||||||
3.796% | 08/10/47 | 20,910 | 20,787,381 | ||||
Series 2014-CR20, Class A3 | |||||||
3.326% | 11/10/47 | 8,105 | 8,039,632 | ||||
Series 2014-CR21, Class A3 | |||||||
3.528% | 12/10/47 | 20,596 | 20,164,967 | ||||
Series 2014-LC17, Class A5 | |||||||
3.917% | 10/10/47 | 18,000 | 17,815,653 | ||||
Series 2014-UBS03, Class A4 | |||||||
3.819% | 06/10/47 | 16,633 | 16,549,857 | ||||
Series 2014-UBS04, Class A5 | |||||||
3.694% | 08/10/47 | 17,422 | 17,228,888 | ||||
Series 2014-UBS06, Class A5 | |||||||
3.644% | 12/10/47 | 9,932 | 9,750,718 | ||||
Series 2015-CR22, Class A4 | |||||||
3.048% | 03/10/48 | 5,000 | 4,899,659 | ||||
Series 2015-LC19, Class A4 | |||||||
3.183% | 02/10/48 | 9,100 | 8,912,914 | ||||
Series 2015-LC21, Class A4 | |||||||
3.708% | 07/10/48 | 7,856 | 7,656,346 | ||||
Series 2016-COR01, Class A3 | |||||||
2.826% | 10/10/49 | 6,114 | 5,767,910 | ||||
Series 2018-COR03, Class A2 | |||||||
3.961% | 05/10/51 | 4,105 | 3,906,388 | ||||
Credit Suisse Mortgage Capital Certificates, | |||||||
Series 2019-ICE04, Class D, 144A, 1 Month SOFR + 1.647% (Cap N/A, Floor 1.600%) | |||||||
6.973%(c) | 05/15/36 | 1,776 | 1,774,807 | ||||
Series 2019-ICE04, Class E, 144A, 1 Month SOFR + 2.197% (Cap N/A, Floor 2.150%) | |||||||
7.523%(c) | 05/15/36 | 11,970 | 11,961,018 | ||||
Credit Suisse Mortgage Trust, | |||||||
Series 2014-USA, Class A1, 144A | |||||||
3.304% | 09/15/37 | 7,917 | 6,940,490 | ||||
Series 2016-NXSR, Class A3 | |||||||
3.501% | 12/15/49 | 5,500 | 5,248,655 | ||||
Series 2016-NXSR, Class A4 | |||||||
3.795%(cc) | 12/15/49 | 7,000 | 6,628,612 | ||||
CSAIL Commercial Mortgage Trust, | |||||||
Series 2015-C03, Class A4 | |||||||
3.718% | 08/15/48 | 17,686 | 17,170,782 | ||||
Series 2017-CX10, Class A5 | |||||||
3.458%(cc) | 11/15/50 | 10,080 | 9,222,554 | ||||
DBGS Mortgage Trust, | |||||||
Series 2018-BIOD, Class A, 144A, 1 Month SOFR + 1.099% (Cap N/A, Floor 0.803%) | |||||||
6.424%(c) | 05/15/35 | 4,569 | 4,556,678 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Deutsche Bank Commercial Mortgage Trust, | |||||||
Series 2017-C06, Class A3 | |||||||
3.269% | 06/10/50 | 11,342 | $11,028,142 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, | |||||||
Series K056, Class XAM, IO | |||||||
1.164%(cc) | 05/25/26 | 38,290 | 917,654 | ||||
Series K093, Class XAM, IO | |||||||
1.190%(cc) | 05/25/29 | 51,135 | 2,656,381 | ||||
Series K106, Class XAM, IO | |||||||
1.583%(cc) | 02/25/30 | 54,548 | 4,205,214 | ||||
Series K734, Class X1, IO | |||||||
0.644%(cc) | 02/25/26 | 116,349 | 997,055 | ||||
Series K736, Class XAM, IO | |||||||
1.711%(cc) | 07/25/26 | 63,677 | 2,167,081 | ||||
Series K737, Class XAM, IO | |||||||
1.007%(cc) | 10/25/26 | 46,658 | 1,096,682 | ||||
GS Mortgage Securities Trust, | |||||||
Series 2015-GC34, Class A3 | |||||||
3.244% | 10/10/48 | 8,906 | 8,631,594 | ||||
Series 2016-GS04, Class A3 | |||||||
3.178% | 11/10/49 | 4,808 | 4,572,254 | ||||
Series 2018-GS09, Class A3 | |||||||
3.727% | 03/10/51 | 7,125 | 6,664,812 | ||||
JPMBB Commercial Mortgage Securities Trust, | |||||||
Series 2014-C18, Class A5 | |||||||
4.079% | 02/15/47 | 2,686 | 2,679,093 | ||||
Series 2014-C21, Class A5 | |||||||
3.775% | 08/15/47 | 6,755 | 6,715,265 | ||||
Series 2014-C22, Class A4 | |||||||
3.801% | 09/15/47 | 33,000 | 32,655,081 | ||||
Series 2014-C24, Class A4A1 | |||||||
3.373% | 11/15/47 | 16,744 | 16,573,345 | ||||
Series 2015-C31, Class A3 | |||||||
3.801% | 08/15/48 | 5,632 | 5,450,975 | ||||
JPMCC Commercial Mortgage Securities Trust, | |||||||
Series 2017-JP05, Class A5 | |||||||
3.723% | 03/15/50 | 6,750 | 6,414,991 | ||||
Series 2017-JP06, Class A5 | |||||||
3.490% | 07/15/50 | 5,010 | 4,640,927 | ||||
JPMDB Commercial Mortgage Securities Trust, | |||||||
Series 2017-C05, Class A4 | |||||||
3.414% | 03/15/50 | 8,137 | 7,658,064 | ||||
Series 2017-C05, Class A5 | |||||||
3.694% | 03/15/50 | 7,669 | 7,170,544 | ||||
Series 2020-COR07, Class A5 | |||||||
2.180% | 05/13/53 | 12,000 | 9,528,895 | ||||
JPMorgan Chase Commercial Mortgage Securities Trust, | |||||||
Series 2014-C20, Class A5 | |||||||
3.805% | 07/15/47 | 3,260 | 3,250,765 | ||||
Series 2016-JP02, Class A3 | |||||||
2.559% | 08/15/49 | 4,625 | 4,391,677 | ||||
Series 2016-JP02, Class A4 | |||||||
2.822% | 08/15/49 | 11,300 | 10,617,069 | ||||
Series 2016-JP03, Class A4 | |||||||
2.627% | 08/15/49 | 4,327 | 4,064,461 |
A4
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Morgan Stanley Bank of America Merrill Lynch Trust, | |||||||
Series 2015-C23, Class A4 | |||||||
3.719% | 07/15/50 | 9,375 | $9,130,696 | ||||
Series 2016-C30, Class A4 | |||||||
2.600% | 09/15/49 | 5,609 | 5,323,870 | ||||
Series 2016-C31, Class A4 | |||||||
2.840% | 11/15/49 | 13,603 | 12,863,908 | ||||
Morgan Stanley Capital I Trust, | |||||||
Series 2015-MS01, Class A4 | |||||||
3.779%(cc) | 05/15/48 | 13,925 | 13,542,990 | ||||
MSWF Commercial Mortgage Trust, | |||||||
Series 2023-01, Class A2 | |||||||
6.451% | 05/15/56 | 10,000 | 10,315,481 | ||||
SLG Office Trust, | |||||||
Series 2021-OVA, Class A, 144A | |||||||
2.585% | 07/15/41 | 7,000 | 5,785,954 | ||||
UBS Commercial Mortgage Trust, | |||||||
Series 2017-C04, Class A4 | |||||||
3.563% | 10/15/50 | 8,100 | 7,445,558 | ||||
Series 2018-C08, Class A3 | |||||||
3.720% | 02/15/51 | 5,281 | 5,010,162 | ||||
Series 2018-C10, Class A3 | |||||||
4.048% | 05/15/51 | 1,988 | 1,885,782 | ||||
Series 2018-C10, Class A4 | |||||||
4.313% | 05/15/51 | 8,000 | 7,555,247 | ||||
Series 2018-C12, Class A2 (original cost $250,914; purchased 10/10/18)(f) | |||||||
4.152% | 08/15/51 | 247 | 242,015 | ||||
Series 2018-C14, Class A3 | |||||||
4.180% | 12/15/51 | 11,456 | 10,928,421 | ||||
Series 2019-C17, Class A2 | |||||||
2.313% | 10/15/52 | 2,960 | 2,931,140 | ||||
Wells Fargo Commercial Mortgage Trust, | |||||||
Series 2015-NXS01, Class A4 | |||||||
2.874% | 05/15/48 | 8,692 | 8,533,023 | ||||
Series 2016-BNK01, Class A2 | |||||||
2.399% | 08/15/49 | 15,704 | 14,702,954 | ||||
Series 2016-NXS06, Class A4 | |||||||
2.918% | 11/15/49 | 14,551 | 13,731,752 | ||||
Series 2017-C41, Class A3 | |||||||
3.210% | 11/15/50 | 15,610 | 14,642,375 | ||||
Series 2018-C44, Class A2 | |||||||
4.178% | 05/15/51 | 8,529 | 8,250,692 | ||||
Series 2020-C56, Class A4 | |||||||
2.194% | 06/15/53 | 5,520 | 4,703,786 | ||||
Total Commercial Mortgage-Backed Securities (cost $799,691,396) | 795,833,123 | ||||||
Corporate Bonds — 25.1% | |||||||
Aerospace & Defense — 0.6% | |||||||
Boeing Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
2.950% | 02/01/30 | 2,650 | 2,287,975 | ||||
3.250% | 02/01/35 | 4,800 | 3,781,343 | ||||
3.600% | 05/01/34 | 3,160 | 2,620,807 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Aerospace & Defense (cont’d.) | |||||||
3.625% | 02/01/31 | 26,000 | $22,893,552 | ||||
5.150% | 05/01/30 | 25,000 | 24,193,795 | ||||
55,777,472 | |||||||
Agriculture — 0.5% | |||||||
BAT Capital Corp. (United Kingdom), | |||||||
Gtd. Notes | |||||||
2.259% | 03/25/28 | 6,500 | 5,795,884 | ||||
3.557% | 08/15/27 | 1,509 | 1,428,058 | ||||
6.343% | 08/02/30 | 19,089 | 19,872,269 | ||||
BAT International Finance PLC (United Kingdom), | |||||||
Gtd. Notes | |||||||
4.448% | 03/16/28 | 1,628 | 1,577,776 | ||||
Philip Morris International, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.875% | 02/15/28 | 12,447 | 12,420,211 | ||||
Reynolds American, Inc. (United Kingdom), | |||||||
Gtd. Notes | |||||||
4.450% | 06/12/25 | 3,100 | 3,059,055 | ||||
44,153,253 | |||||||
Airlines — 0.1% | |||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.750% | 10/20/28 | 3,000 | 2,932,500 | ||||
Southwest Airlines Co., | |||||||
Sr. Unsec’d. Notes | |||||||
5.125% | 06/15/27 | 2,815 | 2,810,402 | ||||
United Airlines, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.375% | 04/15/26 | 1,215 | 1,174,972 | ||||
4.625% | 04/15/29 | 240 | 223,271 | ||||
7,141,145 | |||||||
Auto Manufacturers — 1.0% | |||||||
Ford Motor Credit Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 11/13/30 | 18,920 | 16,905,755 | ||||
4.134% | 08/04/25 | 9,025 | 8,824,268 | ||||
4.950% | 05/28/27 | 12,875 | 12,564,654 | ||||
6.950% | 03/06/26 | 15,825 | 16,130,250 | ||||
General Motors Co., | |||||||
Sr. Unsec’d. Notes | |||||||
6.600% | 04/01/36 | 3,385 | 3,598,470 | ||||
General Motors Financial Co., Inc., | |||||||
Gtd. Notes | |||||||
4.350% | 04/09/25 | 8,000 | 7,901,495 | ||||
Sr. Unsec’d. Notes | |||||||
2.700% | 06/10/31 | 2,470 | 2,058,967 | ||||
3.100% | 01/12/32 | 8,810 | 7,456,543 | ||||
5.000% | 04/09/27 | 8,805 | 8,742,844 | ||||
84,183,246 |
A5
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks — 8.8% | |||||||
Banco de Credito del Peru S.A. (Peru), | |||||||
Sub. Notes, EMTN | |||||||
3.250%(ff) | 09/30/31 | 300 | $276,614 | ||||
Banco do Brasil SA (Brazil), | |||||||
Sr. Unsec’d. Notes | |||||||
4.875% | 01/11/29 | 1,005 | 967,313 | ||||
Banco Mercantil del Norte SA (Mexico), | |||||||
Jr. Sub. Notes | |||||||
6.625%(ff) | 01/24/32(oo) | 270 | 244,064 | ||||
Bank Mandiri Persero Tbk PT (Indonesia), | |||||||
Sr. Unsec’d. Notes, EMTN | |||||||
3.750% | 04/11/24 | 285 | 284,259 | ||||
Bank of America Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.572%(ff) | 10/20/32 | 19,755 | 16,359,356 | ||||
2.687%(ff) | 04/22/32 | 13,055 | 11,035,634 | ||||
4.571%(ff) | 04/27/33 | 37,239 | 35,364,697 | ||||
5.288%(ff) | 04/25/34 | 32,635 | 32,545,871 | ||||
6.204%(ff) | 11/10/28 | 9,261 | 9,580,732 | ||||
Sr. Unsec’d. Notes, MTN | |||||||
1.898%(ff) | 07/23/31 | 13,140 | 10,787,511 | ||||
3.824%(ff) | 01/20/28 | 5,000 | 4,815,528 | ||||
4.078%(ff) | 04/23/40 | 2,365 | 2,044,359 | ||||
Sub. Notes, MTN | |||||||
4.200% | 08/26/24 | 9,015 | 8,957,598 | ||||
Barclays PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
3.650% | 03/16/25 | 7,060 | 6,924,704 | ||||
7.437%(ff) | 11/02/33 | 2,715 | 3,011,433 | ||||
BNP Paribas SA (France), | |||||||
Sr. Non-Preferred Notes, 144A | |||||||
1.323%(ff) | 01/13/27 | 320 | 297,307 | ||||
2.159%(ff) | 09/15/29 | 2,350 | 2,049,184 | ||||
3.375% | 01/09/25 | 992 | 975,553 | ||||
Sr. Non-Preferred Notes, 144A, MTN | |||||||
3.052%(ff) | 01/13/31 | 4,585 | 4,036,810 | ||||
Citigroup, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.520%(ff) | 11/03/32 | 1,570 | 1,287,320 | ||||
3.057%(ff) | 01/25/33 | 29,500 | 25,035,556 | ||||
3.785%(ff) | 03/17/33 | 28,099 | 25,102,133 | ||||
Sub. Notes | |||||||
4.450% | 09/29/27 | 7,330 | 7,128,388 | ||||
5.827%(ff) | 02/13/35 | 28,265 | 27,962,516 | ||||
Deutsche Bank AG (Germany), | |||||||
Sr. Non-Preferred Notes | |||||||
2.311%(ff) | 11/16/27 | 425 | 388,122 | ||||
2.552%(ff) | 01/07/28 | 1,250 | 1,146,411 | ||||
3.961%(ff) | 11/26/25 | 200 | 197,159 | ||||
Goldman Sachs Group, Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
1.542%(ff) | 09/10/27 | 3,760 | 3,435,037 | ||||
2.615%(ff) | 04/22/32 | 11,000 | 9,225,998 | ||||
2.650%(ff) | 10/21/32 | 1,975 | 1,643,780 | ||||
3.615%(ff) | 03/15/28 | 8,500 | 8,130,534 | ||||
3.814%(ff) | 04/23/29 | 16,650 | 15,780,077 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks (cont’d.) | |||||||
3.850% | 01/26/27 | 240 | $232,681 | ||||
6.484%(ff) | 10/24/29(a) | 45,165 | 47,567,877 | ||||
HSBC Holdings PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
1.645%(ff) | 04/18/26 | 1,500 | 1,436,748 | ||||
JPMorgan Chase & Co., | |||||||
Jr. Sub. Notes, Series II | |||||||
4.000%(ff) | 04/01/25(a)(oo) | 6,000 | 5,836,708 | ||||
Sr. Unsec’d. Notes | |||||||
1.040%(ff) | 02/04/27 | 760 | 702,997 | ||||
4.565%(ff) | 06/14/30 | 57,895 | 56,451,087 | ||||
5.350%(ff) | 06/01/34(a) | 13,000 | 13,055,230 | ||||
6.254%(ff) | 10/23/34 | 10,470 | 11,185,284 | ||||
Mitsubishi UFJ Financial Group, Inc. (Japan), | |||||||
Sr. Unsec’d. Notes | |||||||
2.341%(ff) | 01/19/28 | 14,500 | 13,421,328 | ||||
Morgan Stanley, | |||||||
Sr. Unsec’d. Notes | |||||||
4.210%(ff) | 04/20/28 | 31,450 | 30,559,498 | ||||
Sr. Unsec’d. Notes, GMTN | |||||||
3.772%(ff) | 01/24/29 | 5,000 | 4,757,845 | ||||
Sr. Unsec’d. Notes, MTN | |||||||
2.511%(ff) | 10/20/32 | 10,710 | 8,849,751 | ||||
2.943%(ff) | 01/21/33 | 60,212 | 51,148,186 | ||||
5.424%(ff) | 07/21/34 | 20,000 | 20,062,549 | ||||
Sub. Notes, MTN | |||||||
3.950% | 04/23/27 | 655 | 632,586 | ||||
PNC Financial Services Group, Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
6.037%(ff) | 10/28/33 | 45,000 | 46,542,478 | ||||
Societe Generale SA (France), | |||||||
Sr. Non-Preferred Notes, 144A | |||||||
3.337%(ff) | 01/21/33 | 5,000 | 4,193,953 | ||||
Sr. Preferred Notes, 144A, MTN | |||||||
4.677% | 06/15/27(a) | 13,000 | 12,779,127 | ||||
Truist Financial Corp., | |||||||
Sr. Unsec’d. Notes, MTN | |||||||
7.161%(ff) | 10/30/29 | 16,110 | 17,186,291 | ||||
U.S. Bancorp, | |||||||
Sr. Unsec’d. Notes | |||||||
5.678%(ff) | 01/23/35 | 18,900 | 19,092,533 | ||||
5.836%(ff) | 06/12/34 | 19,300 | 19,675,268 | ||||
5.850%(ff) | 10/21/33(a) | 23,940 | 24,441,413 | ||||
UBS Group AG (Switzerland), | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 03/26/25 | 2,000 | 1,961,503 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
3.091%(ff) | 05/14/32 | 785 | 665,288 | ||||
4.125% | 09/24/25 | 5,370 | 5,258,438 | ||||
4.488%(ff) | 05/12/26 | 2,930 | 2,887,589 | ||||
Sr. Unsec’d. Notes, 144A, MTN | |||||||
2.095%(ff) | 02/11/32 | 565 | 450,907 | ||||
Wells Fargo & Co., | |||||||
Sr. Unsec’d. Notes, MTN | |||||||
2.572%(ff) | 02/11/31 | 5,000 | 4,308,364 | ||||
2.879%(ff) | 10/30/30 | 12,770 | 11,289,505 |
A6
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks (cont’d.) | |||||||
3.526%(ff) | 03/24/28 | 16,995 | $16,177,020 | ||||
5.557%(ff) | 07/25/34 | 36,880 | 37,051,396 | ||||
766,882,986 | |||||||
Building Materials — 0.0% | |||||||
Cemex SAB de CV (Mexico), | |||||||
Gtd. Notes | |||||||
5.450% | 11/19/29 | 350 | 345,078 | ||||
Johnson Controls International PLC, | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 02/14/26 | 322 | 313,726 | ||||
Martin Marietta Materials, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 07/02/24 | 640 | 637,322 | ||||
1,296,126 | |||||||
Chemicals — 0.2% | |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.125% | 04/01/25 | 7,475 | 7,441,346 | ||||
Dow Chemical Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.550% | 11/30/25 | 131 | 129,434 | ||||
MEGlobal Canada ULC (Kuwait), | |||||||
Gtd. Notes, EMTN | |||||||
5.875% | 05/18/30 | 350 | 353,281 | ||||
Nutrien Ltd. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 12/15/26 | 5,000 | 4,846,391 | ||||
12,770,452 | |||||||
Commercial Services — 0.1% | |||||||
Boost Newco Borrower LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
7.500% | 01/15/31 | 1,550 | 1,623,062 | ||||
ERAC USA Finance LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.800% | 11/01/25 | 2,445 | 2,383,430 | ||||
Massachusetts Institute of Technology, | |||||||
Unsec’d. Notes | |||||||
3.885% | 07/01/2116 | 8,500 | 6,462,196 | ||||
United Rentals North America, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 01/15/30 | 1,055 | 1,029,036 | ||||
11,497,724 | |||||||
Cosmetics/Personal Care — 0.0% | |||||||
Haleon US Capital LLC, | |||||||
Gtd. Notes | |||||||
3.625% | 03/24/32 | 1,200 | 1,081,400 | ||||
Distribution/Wholesale — 0.0% | |||||||
Ritchie Bros Holdings, Inc. (Canada), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
6.750% | 03/15/28 | 550 | 559,625 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Diversified Financial Services — 0.3% | |||||||
Capital One Financial Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.273%(ff) | 03/01/30 | 7,980 | $7,189,385 | ||||
7.624%(ff) | 10/30/31 | 15,005 | 16,574,333 | ||||
23,763,718 | |||||||
Electric — 2.9% | |||||||
AEP Texas, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.950% | 06/01/28 | 7,510 | 7,168,401 | ||||
4.700% | 05/15/32 | 11,035 | 10,546,322 | ||||
Ameren Illinois Co., | |||||||
First Mortgage | |||||||
3.850% | 09/01/32(a) | 17,000 | 15,562,558 | ||||
Berkshire Hathaway Energy Co., | |||||||
Sr. Unsec’d. Notes | |||||||
5.950% | 05/15/37 | 1,405 | 1,466,322 | ||||
Calpine Corp., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.750% | 03/01/31 | 5,125 | 4,497,670 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
4.625% | 02/01/29 | 500 | 463,095 | ||||
5.000% | 02/01/31 | 725 | 666,900 | ||||
CenterPoint Energy Houston Electric LLC, | |||||||
General Ref. Mortgage, Series ai. | |||||||
4.450% | 10/01/32 | 9,050 | 8,684,881 | ||||
CenterPoint Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 11/01/28 | 1,942 | 1,850,934 | ||||
Dominion Energy, Inc., | |||||||
Sr. Unsec’d. Notes, Series B | |||||||
3.600% | 03/15/27 | 9,910 | 9,512,188 | ||||
Sr. Unsec’d. Notes, Series D | |||||||
2.850% | 08/15/26 | 2,500 | 2,362,639 | ||||
DTE Energy Co., | |||||||
Sr. Unsec’d. Notes | |||||||
2.850% | 10/01/26 | 450 | 425,712 | ||||
Duke Energy Carolinas LLC, | |||||||
First Mortgage | |||||||
2.850% | 03/15/32 | 17,760 | 15,248,058 | ||||
Duke Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.150% | 08/15/27 | 435 | 409,743 | ||||
Energuate Trust (Guatemala), | |||||||
Gtd. Notes | |||||||
5.875% | 05/03/27 | 390 | 372,816 | ||||
Entergy Louisiana LLC, | |||||||
Collateral Trust | |||||||
3.250% | 04/01/28 | 445 | 419,432 | ||||
Entergy Texas, Inc., | |||||||
First Mortgage | |||||||
4.000% | 03/30/29 | 10,900 | 10,444,244 | ||||
FirstEnergy Pennsylvania Electric Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.300% | 01/15/29 | 12,210 | 11,791,920 |
A7
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
FirstEnergy Transmission LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.350% | 01/15/25 | 1,250 | $1,234,591 | ||||
Florida Power & Light Co., | |||||||
Sr. Unsec’d. Notes, Series A | |||||||
3.300% | 05/30/27 | 795 | 754,806 | ||||
Georgia Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.700% | 05/15/32 | 10,580 | 10,341,088 | ||||
Interstate Power & Light Co., | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 12/01/24 | 925 | 910,528 | ||||
Kentucky Utilities Co., | |||||||
First Mortgage | |||||||
3.300% | 10/01/25 | 2,150 | 2,087,239 | ||||
Light Servicos de Eletricidade SA/Light Energia SA (Brazil), | |||||||
Gtd. Notes | |||||||
4.375% | 06/18/26(d) | 200 | 94,935 | ||||
Gtd. Notes, 144A | |||||||
4.375% | 06/18/26(d) | 200 | 94,935 | ||||
Monongahela Power Co., | |||||||
First Mortgage, 144A | |||||||
4.100% | 04/15/24 | 5,310 | 5,304,489 | ||||
Pacific Gas & Electric Co., | |||||||
First Mortgage | |||||||
6.400% | 06/15/33 | 45,880 | 48,350,334 | ||||
PacifiCorp, | |||||||
First Mortgage | |||||||
3.350% | 07/01/25 | 2,270 | 2,212,650 | ||||
Puget Energy, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
3.650% | 05/15/25 | 530 | 517,412 | ||||
Southern California Edison Co., | |||||||
First Mortgage | |||||||
5.850% | 11/01/27 | 10,790 | 11,072,114 | ||||
5.950% | 11/01/32(a) | 37,960 | 39,800,798 | ||||
Tierra Mojada Luxembourg II Sarl (Mexico), | |||||||
Sr. Sec’d. Notes | |||||||
5.750% | 12/01/40 | 452 | 414,452 | ||||
Virginia Electric & Power Co., | |||||||
Sr. Unsec’d. Notes, Series B | |||||||
3.750% | 05/15/27 | 19,420 | 18,730,985 | ||||
Vistra Operations Co. LLC, | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 07/31/27 | 2,245 | 2,175,340 | ||||
5.625% | 02/15/27 | 3,000 | 2,953,783 | ||||
Sr. Sec’d. Notes, 144A | |||||||
3.550% | 07/15/24 | 2,580 | 2,559,628 | ||||
Xcel Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.600% | 06/01/32 | 1,530 | 1,439,938 | ||||
252,943,880 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Energy-Alternate Sources — 0.0% | |||||||
Aydem Yenilenebilir Enerji A/S (Turkey), | |||||||
Sr. Sec’d. Notes | |||||||
7.750% | 02/02/27 | 200 | $192,000 | ||||
Azure Power Solar Energy Pvt. Ltd. (India), | |||||||
Sr. Sec’d. Notes, 144A, MTN | |||||||
5.650% | 12/24/24 | 351 | 341,128 | ||||
533,128 | |||||||
Engineering & Construction — 0.2% | |||||||
Mexico City Airport Trust (Mexico), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.875% | 04/30/28 | 2,513 | 2,356,723 | ||||
4.250% | 10/31/26 | 7,622 | 7,361,175 | ||||
5.500% | 07/31/47 | 4,220 | 3,561,944 | ||||
13,279,842 | |||||||
Entertainment — 0.4% | |||||||
Warnermedia Holdings, Inc., | |||||||
Gtd. Notes | |||||||
4.279% | 03/15/32(a) | 40,995 | 36,640,910 | ||||
Foods — 0.3% | |||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||||
Gtd. Notes | |||||||
5.125% | 02/01/28 | 21,645 | 21,321,883 | ||||
Gas — 0.1% | |||||||
Southern California Gas Co., | |||||||
Sr. Unsec’d. Notes | |||||||
2.950% | 04/15/27 | 10,820 | 10,206,386 | ||||
Healthcare-Services — 0.6% | |||||||
Aetna, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 11/15/24 | 1,000 | 986,427 | ||||
Nationwide Children’s Hospital, Inc., | |||||||
Unsec’d. Notes | |||||||
4.556% | 11/01/52 | 3,360 | 3,118,583 | ||||
Quest Diagnostics, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.950% | 06/30/30 | 270 | 239,696 | ||||
Stanford Health Care, | |||||||
Unsec’d. Notes, Series 2020 | |||||||
3.310% | 08/15/30 | 8,980 | 8,203,027 | ||||
Tenet Healthcare Corp., | |||||||
Sr. Sec’d. Notes | |||||||
4.375% | 01/15/30 | 2,600 | 2,404,184 | ||||
Sr. Sec’d. Notes, 144A | |||||||
6.750% | 05/15/31 | 7,225 | 7,361,668 | ||||
UnitedHealth Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.300% | 05/15/31 | 2,200 | 1,861,716 | ||||
4.200% | 05/15/32 | 32,077 | 30,482,104 | ||||
54,657,405 |
A8
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Home Furnishings — 0.0% | |||||||
Panasonic Holdings Corp. (Japan), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
2.679% | 07/19/24 | 1,000 | $990,675 | ||||
Insurance — 0.1% | |||||||
Arch Capital Finance LLC, | |||||||
Gtd. Notes | |||||||
4.011% | 12/15/26 | 3,045 | 2,954,060 | ||||
Liberty Mutual Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.951% | 10/15/50 | 2,700 | 2,035,897 | ||||
4.569% | 02/01/29 | 2 | 1,950 | ||||
Markel Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 11/01/27 | 500 | 473,384 | ||||
5,465,291 | |||||||
Internet — 0.0% | |||||||
Prosus NV (China), | |||||||
Sr. Unsec’d. Notes | |||||||
4.193% | 01/19/32 | 450 | 389,812 | ||||
Leisure Time — 0.1% | |||||||
NCL Finance Ltd., | |||||||
Gtd. Notes, 144A | |||||||
6.125% | 03/15/28(a) | 4,500 | 4,443,750 | ||||
Royal Caribbean Cruises Ltd., | |||||||
Sr. Unsec’d. Notes | |||||||
3.700% | 03/15/28(a) | 2,809 | 2,614,308 | ||||
7,058,058 | |||||||
Lodging — 0.3% | |||||||
Marriott International, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 10/15/27 | 21,516 | 21,462,260 | ||||
Media — 0.3% | |||||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.375% | 06/01/29(a) | 2,600 | 2,379,992 | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||||
Sr. Sec’d. Notes | |||||||
2.800% | 04/01/31 | 13,605 | 11,141,329 | ||||
6.384% | 10/23/35 | 5,822 | 5,758,553 | ||||
Comcast Corp., | |||||||
Gtd. Notes | |||||||
3.750% | 04/01/40 | 1,510 | 1,254,607 | ||||
Cox Communications, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.350% | 09/15/26 | 7,500 | 7,177,661 | ||||
27,712,142 | |||||||
Mining — 0.1% | |||||||
Barrick PD Australia Finance Pty Ltd. (Canada), | |||||||
Gtd. Notes | |||||||
5.950% | 10/15/39 | 4,267 | 4,420,509 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Mining (cont’d.) | |||||||
Yamana Gold, Inc. (Canada), | |||||||
Gtd. Notes | |||||||
2.630% | 08/15/31 | 2,970 | $2,463,003 | ||||
6,883,512 | |||||||
Multi-National — 0.1% | |||||||
Corp. Andina de Fomento (Supranational Bank), | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 01/24/29 | 9,685 | 9,657,785 | ||||
Office/Business Equipment — 0.1% | |||||||
CDW LLC/CDW Finance Corp., | |||||||
Gtd. Notes | |||||||
2.670% | 12/01/26 | 6,600 | 6,142,917 | ||||
Oil & Gas — 1.8% | |||||||
Aker BP ASA (Norway), | |||||||
Gtd. Notes, 144A | |||||||
3.100% | 07/15/31 | 18,000 | 15,365,189 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
2.000% | 07/15/26 | 2,514 | 2,320,472 | ||||
4.000% | 01/15/31 | 5,490 | 4,970,249 | ||||
6.000% | 06/13/33 | 5,800 | 5,974,870 | ||||
BP Capital Markets America, Inc., | |||||||
Gtd. Notes | |||||||
3.796% | 09/21/25 | 2 | 1,965 | ||||
Cenovus Energy, Inc. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
2.650% | 01/15/32 | 66,942 | 55,338,006 | ||||
Civitas Resources, Inc., | |||||||
Gtd. Notes, 144A | |||||||
8.625% | 11/01/30 | 1,575 | 1,690,820 | ||||
Diamondback Energy, Inc., | |||||||
Gtd. Notes | |||||||
6.250% | 03/15/33 | 26,670 | 28,438,689 | ||||
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
8.375% | 11/01/33 | 11,334 | 12,267,411 | ||||
Occidental Petroleum Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
6.950% | 07/01/24 | 946 | 947,620 | ||||
Petroleos Mexicanos (Mexico), | |||||||
Gtd. Notes | |||||||
6.500% | 03/13/27 | 9,000 | 8,460,090 | ||||
Pioneer Natural Resources Co., | |||||||
Sr. Unsec’d. Notes | |||||||
1.900% | 08/15/30 | 2,090 | 1,757,516 | ||||
2.150% | 01/15/31 | 5,110 | 4,303,619 | ||||
Valero Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.800% | 12/01/31 | 1,750 | 1,494,917 | ||||
Var Energi ASA (Norway), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.000% | 05/18/27 | 15,970 | 15,603,885 | ||||
158,935,318 |
A9
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Packaging & Containers — 0.2% | |||||||
Ball Corp., | |||||||
Gtd. Notes | |||||||
6.000% | 06/15/29 | 4,225 | $4,264,181 | ||||
Sealed Air Corp./Sealed Air Corp. US, | |||||||
Gtd. Notes, 144A | |||||||
6.125% | 02/01/28(a) | 1,150 | 1,153,321 | ||||
WRKCo, Inc., | |||||||
Gtd. Notes | |||||||
4.650% | 03/15/26 | 12,590 | 12,427,948 | ||||
17,845,450 | |||||||
Pharmaceuticals — 0.4% | |||||||
CVS Health Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.780% | 03/25/38 | 515 | 475,851 | ||||
4.875% | 07/20/35 | 1,260 | 1,213,736 | ||||
5.000% | 12/01/24 | 700 | 695,936 | ||||
5.250% | 02/21/33 | 29,000 | 29,013,394 | ||||
Mylan, Inc., | |||||||
Gtd. Notes | |||||||
5.200% | 04/15/48 | 4,773 | 3,956,653 | ||||
35,355,570 | |||||||
Pipelines — 3.2% | |||||||
Columbia Pipelines Operating Co. LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.036% | 11/15/33 | 44,321 | 45,942,018 | ||||
Energy Transfer LP, | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 05/15/30 | 21,711 | 20,028,811 | ||||
4.200% | 04/15/27 | 1,510 | 1,468,854 | ||||
4.950% | 06/15/28 | 15,325 | 15,191,600 | ||||
5.500% | 06/01/27 | 5,000 | 5,032,657 | ||||
5.550% | 05/15/34 | 5,000 | 5,014,510 | ||||
5.750% | 02/15/33 | 15,551 | 15,802,931 | ||||
6.400% | 12/01/30 | 3,395 | 3,581,330 | ||||
6.550% | 12/01/33 | 1,875 | 2,009,281 | ||||
Enterprise Products Operating LLC, | |||||||
Gtd. Notes | |||||||
2.800% | 01/31/30 | 1 | 896 | ||||
EQM Midstream Partners LP, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
7.500% | 06/01/27 | 225 | 230,675 | ||||
7.500% | 06/01/30(a) | 225 | 240,536 | ||||
MPLX LP, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 03/15/28 | 8,455 | 8,141,204 | ||||
4.950% | 09/01/32 | 40,226 | 39,111,500 | ||||
ONEOK, Inc., | |||||||
Gtd. Notes | |||||||
4.000% | 07/13/27 | 1,535 | 1,483,862 | ||||
4.500% | 03/15/50 | 3,135 | 2,552,781 | ||||
6.100% | 11/15/32 | 14,258 | 14,927,934 | ||||
Plains All American Pipeline LP/PAA Finance Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.550% | 12/15/29 | 10,000 | 9,174,750 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pipelines (cont’d.) | |||||||
4.650% | 10/15/25 | 2,185 | $2,156,358 | ||||
Targa Resources Corp., | |||||||
Gtd. Notes | |||||||
4.200% | 02/01/33 | 18,585 | 16,963,524 | ||||
5.200% | 07/01/27 | 33,620 | 33,561,544 | ||||
6.500% | 03/30/34 | 13,655 | 14,686,647 | ||||
Transcontinental Gas Pipe Line Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 03/15/28 | 3,610 | 3,477,785 | ||||
Williams Cos., Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
2.600% | 03/15/31 | 16,997 | 14,474,350 | ||||
4.650% | 08/15/32 | 2,170 | 2,093,212 | ||||
277,349,550 | |||||||
Real Estate Investment Trusts (REITs) — 0.6% | |||||||
Brixmor Operating Partnership LP, | |||||||
Sr. Unsec’d. Notes | |||||||
3.650% | 06/15/24 | 3,750 | 3,729,969 | ||||
3.850% | 02/01/25 | 5,575 | 5,479,635 | ||||
3.900% | 03/15/27 | 3,499 | 3,357,465 | ||||
Kimco Realty OP LLC, | |||||||
Gtd. Notes | |||||||
6.400% | 03/01/34 | 7,200 | 7,707,407 | ||||
Realty Income Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.850% | 12/15/32 | 150 | 124,825 | ||||
Sun Communities Operating LP, | |||||||
Gtd. Notes | |||||||
4.200% | 04/15/32 | 24,093 | 21,650,445 | ||||
VICI Properties LP, | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 02/15/28 | 8,970 | 8,754,491 | ||||
Welltower OP LLC, | |||||||
Gtd. Notes | |||||||
3.100% | 01/15/30 | 1,500 | 1,350,665 | ||||
52,154,902 | |||||||
Retail — 0.2% | |||||||
AutoNation, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.850% | 03/01/32(a) | 6,700 | 5,958,076 | ||||
Genuine Parts Co., | |||||||
Sr. Unsec’d. Notes | |||||||
6.500% | 11/01/28 | 10,000 | 10,570,520 | ||||
16,528,596 | |||||||
Semiconductors — 0.7% | |||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., | |||||||
Gtd. Notes | |||||||
3.500% | 01/15/28 | 1,555 | 1,472,122 | ||||
Broadcom, Inc., | |||||||
Gtd. Notes | |||||||
3.459% | 09/15/26 | 13,058 | 12,564,298 | ||||
Gtd. Notes, 144A | |||||||
2.450% | 02/15/31(a) | 5,390 | 4,540,837 |
A10
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Semiconductors (cont’d.) | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.137% | 11/15/35 | 1,153 | $932,027 | ||||
3.187% | 11/15/36 | 4,513 | 3,587,523 | ||||
3.419% | 04/15/33 | 47,900 | 41,467,270 | ||||
64,564,077 | |||||||
Software — 0.0% | |||||||
Microsoft Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.525% | 06/01/50 | 143 | 94,165 | ||||
Oracle Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.850% | 07/15/36 | 3,300 | 2,821,092 | ||||
2,915,257 | |||||||
Telecommunications — 0.8% | |||||||
AT&T, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
5.400% | 02/15/34 | 11,790 | 11,942,138 | ||||
CT Trust (Guatemala), | |||||||
Sr. Sec’d. Notes | |||||||
5.125% | 02/03/32 | 200 | 176,130 | ||||
Sprint LLC, | |||||||
Gtd. Notes | |||||||
7.125% | 06/15/24(a) | 5,000 | 5,011,580 | ||||
Telefonica Moviles Chile SA (Chile), | |||||||
Sr. Unsec’d. Notes | |||||||
3.537% | 11/18/31 | 430 | 323,441 | ||||
T-Mobile USA, Inc., | |||||||
Gtd. Notes | |||||||
2.250% | 11/15/31 | 10,715 | 8,796,024 | ||||
2.550% | 02/15/31 | 13,265 | 11,295,763 | ||||
3.875% | 04/15/30 | 25,000 | 23,434,555 | ||||
4.375% | 04/15/40 | 525 | 467,649 | ||||
Verizon Communications, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.355% | 03/15/32 | 13,585 | 11,163,146 | ||||
72,610,426 | |||||||
Transportation — 0.0% | |||||||
GN Bondco LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
9.500% | 10/15/31 | 3,775 | 3,770,314 | ||||
Total Corporate Bonds (cost $2,186,430,742) | 2,186,482,493 | ||||||
Municipal Bonds — 0.5% | |||||||
Arizona — 0.2% | |||||||
Salt River Project Agricultural Improvement & Power District, | |||||||
Revenue Bonds, BABs | |||||||
4.839% | 01/01/41 | 20,800 | 20,234,378 | ||||
California — 0.0% | |||||||
Regents of the University of California Medical Center Pooled Revenue, | |||||||
Taxable, Revenue Bonds, Series Q | |||||||
4.132% | 05/15/32 | 2,305 | 2,202,745 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Municipal Bonds (continued) | |||||||
Colorado — 0.1% | |||||||
Regional Transportation District Sales Tax Revenue, | |||||||
Revenue Bonds, BABs, Series B | |||||||
5.844% | 11/01/50 | 2,895 | $3,123,826 | ||||
Massachusetts — 0.0% | |||||||
Massachusetts Clean Water Trust (The), | |||||||
Revenue Bonds, BABs | |||||||
5.192% | 08/01/40 | 1,140 | 1,134,338 | ||||
New York — 0.1% | |||||||
New York City Municipal Water Finance Authority, | |||||||
Revenue Bonds, BABs | |||||||
5.440% | 06/15/43 | 7,000 | 7,022,992 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||||||
Taxable, Revenue Bonds, BABs | |||||||
5.767% | 08/01/36 | 1,815 | 1,874,858 | ||||
8,897,850 | |||||||
Ohio — 0.0% | |||||||
Ohio State University (The), | |||||||
Taxable, Revenue Bonds, BABs, Series C | |||||||
4.910% | 06/01/40 | 1,300 | 1,286,735 | ||||
Oregon — 0.0% | |||||||
State of Oregon Department of Transportation, | |||||||
Taxable, Revenue Bonds, BABs, Series A | |||||||
5.834% | 11/15/34 | 500 | 521,249 | ||||
Pennsylvania — 0.1% | |||||||
Pennsylvania Turnpike Commission, | |||||||
Revenue Bonds, BABs, Series B | |||||||
5.511% | 12/01/45 | 4,000 | 4,129,130 | ||||
Texas — 0.0% | |||||||
City of San Antonio Electric & Gas Systems Revenue, | |||||||
Taxable, Revenue Bonds | |||||||
4.427% | 02/01/42 | 1,750 | 1,654,680 | ||||
Washington — 0.0% | |||||||
Central Puget Sound Regional Transit Authority, | |||||||
Revenue Bonds, BABs | |||||||
5.491% | 11/01/39 | 2,330 | 2,392,598 | ||||
Total Municipal Bonds (cost $52,647,402) | 45,577,529 | ||||||
Residential Mortgage-Backed Securities — 0.6% | |||||||
Alternative Loan Trust, | |||||||
Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | |||||||
6.144%(c) | 09/25/35 | 1,299 | 1,143,168 | ||||
BRAVO Residential Funding Trust, | |||||||
Series 2023-RPL01, Class A1, 144A | |||||||
5.000%(cc) | 05/25/63 | 36,821 | 36,200,901 | ||||
Connecticut Avenue Securities Trust, | |||||||
Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | |||||||
6.870%(c) | 10/25/41 | 2,380 | 2,390,258 | ||||
Credit Suisse Mortgage Trust, | |||||||
Series 2018-RPL09, Class A, 144A | |||||||
3.850%(cc) | 09/25/57 | 1,138 | 1,073,093 |
A11
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Residential Mortgage-Backed Securities (continued) | |||||||
GS Mortgage-Backed Securities Trust, | |||||||
Series 2018-RPL01, Class A1A, 144A | |||||||
3.750% | 10/25/57 | 2,924 | $2,804,854 | ||||
Home Re Ltd., | |||||||
Series 2019-01, Class M1, 144A, 30 Day Average SOFR + 1.764% (Cap N/A, Floor 0.000%) | |||||||
7.085%(c) | 05/25/29 | 455 | 455,273 | ||||
Mill City Mortgage Loan Trust, | |||||||
Series 2018-01, Class A1, 144A | |||||||
3.250%(cc) | 05/25/62 | 791 | 771,562 | ||||
New Residential Mortgage Loan Trust, | |||||||
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | |||||||
6.194%(c) | 01/25/48 | 154 | 149,421 | ||||
OBX Trust, | |||||||
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | |||||||
6.094%(c) | 06/25/57 | 518 | 497,806 | ||||
Towd Point Mortgage Trust, | |||||||
Series 2019-04, Class A1, 144A | |||||||
2.900%(cc) | 10/25/59 | 1,229 | 1,148,999 | ||||
Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | |||||||
6.444%(c) | 10/25/59 | 465 | 468,614 | ||||
Washington Mutual Mortgage Pass-Through Certificates Trust, | |||||||
Series 2006-AR10, Class 1A1 | |||||||
4.442%(cc) | 09/25/36 | 729 | 596,057 | ||||
Total Residential Mortgage-Backed Securities (cost $47,313,082) | 47,700,006 | ||||||
Sovereign Bonds — 0.6% | |||||||
Bermuda Government International Bond (Bermuda), | |||||||
Sr. Unsec’d. Notes | |||||||
2.375% | 08/20/30 | 490 | 410,681 | ||||
Dominican Republic International Bond (Dominican Republic), | |||||||
Sr. Unsec’d. Notes | |||||||
5.500% | 02/22/29 | 600 | 580,800 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
5.950% | 01/25/27 | 700 | 695,800 | ||||
Japan Finance Organization for Municipalities (Japan), | |||||||
Sr. Unsec’d. Notes, EMTN | |||||||
0.625% | 09/02/25 | 10,000 | 9,360,935 | ||||
Philippine Government International Bond (Philippines), | |||||||
Sr. Unsec’d. Notes | |||||||
6.375% | 10/23/34 | 2,000 | 2,208,750 | ||||
Republic of Italy Government International Bond (Italy), | |||||||
Sr. Unsec’d. Notes | |||||||
2.375% | 10/17/24 | 26,379 | 25,954,208 | ||||
2.875% | 10/17/29 | 15,600 | 13,753,160 | ||||
Serbia International Bond (Serbia), | |||||||
Sr. Unsec’d. Notes | |||||||
2.125% | 12/01/30 | 900 | 712,969 | ||||
Total Sovereign Bonds (cost $56,273,832) | 53,677,303 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Government Agency Obligations — 6.4% | |||||||
Federal Home Loan Bank | |||||||
4.250% | 09/10/32 | 595 | $581,974 | ||||
Federal Home Loan Mortgage Corp. | |||||||
4.000% | 06/01/26 | 8 | 7,566 | ||||
4.000% | 02/01/34 | 21 | 20,328 | ||||
4.000% | 10/01/37 | 204 | 197,217 | ||||
4.000% | 11/01/37 | 337 | 326,565 | ||||
4.000% | 12/01/37 | 92 | 88,751 | ||||
4.000% | 01/01/38 | 762 | 738,381 | ||||
4.000% | 02/01/38 | 293 | 284,157 | ||||
4.000% | 03/01/38 | 30 | 29,388 | ||||
4.000% | 04/01/38 | 10,131 | 9,808,417 | ||||
4.000% | 05/01/38 | 184 | 177,712 | ||||
4.000% | 05/01/38 | 4,330 | 4,191,838 | ||||
4.000% | 05/01/38 | 6,717 | 6,503,766 | ||||
4.000% | 06/01/38 | 3,173 | 3,071,634 | ||||
4.000% | 08/01/38 | 38,471 | 37,247,646 | ||||
5.000% | 09/01/38 | 53,303 | 53,221,410 | ||||
5.000% | 10/01/38 | 16,926 | 16,900,006 | ||||
6.250% | 07/15/32 | 8,600 | 9,778,203 | ||||
6.750% | 03/15/31 | 11,042 | 12,644,945 | ||||
Federal National Mortgage Assoc. | |||||||
2.500% | 08/01/36(k) | 157,391 | 143,439,207 | ||||
3.500% | TBA | 500 | 447,751 | ||||
4.000% | 11/01/25 | 14 | 14,172 | ||||
4.000% | 11/01/29 | 8 | 7,919 | ||||
4.000% | 04/01/33 | 7,501 | 7,285,521 | ||||
4.000% | 07/01/33 | 20 | 19,557 | ||||
4.000% | 08/01/33 | 17 | 16,651 | ||||
4.000% | 11/01/37 | 298 | 288,266 | ||||
4.000% | 12/01/37 | 183 | 177,268 | ||||
4.000% | 01/01/38 | 947 | 917,021 | ||||
4.000% | 02/01/38 | 1,201 | 1,162,762 | ||||
4.000% | 03/01/38 | 149 | 144,252 | ||||
4.000% | 03/01/38 | 2,161 | 2,091,944 | ||||
4.000% | 03/01/38 | 3,005 | 2,909,266 | ||||
4.000% | 04/01/38 | 1,414 | 1,368,703 | ||||
4.000% | 04/01/38 | 68,255 | 66,084,061 | ||||
4.000% | 05/01/38 | 18,300 | 17,718,249 | ||||
4.000% | 07/01/38 | 41,286 | 39,972,341 | ||||
4.000% | 08/01/38 | 8,762 | 8,483,504 | ||||
5.000% | TBA(tt) | 34,500 | 33,660,380 | ||||
5.000% | 08/01/52 | 1,760 | 1,718,507 | ||||
6.625% | 11/15/30(k) | 28,570 | 32,294,851 | ||||
Freddie Mac Strips | |||||||
5.389%(s) | 07/15/32 | 3,000 | 2,049,559 | ||||
Government National Mortgage Assoc. | |||||||
4.000% | 08/20/52 | 31,109 | 29,103,742 | ||||
Resolution Funding Corp. Principal Strips | |||||||
4.545%(s) | 01/15/30 | 9,000 | 6,910,318 | ||||
5.167%(s) | 04/15/30 | 3,000 | 2,275,901 | ||||
Tennessee Valley Authority, Sr. Unsec’d. Notes | |||||||
1.500% | 09/15/31 | 220 | 178,515 | ||||
Total U.S. Government Agency Obligations (cost $558,011,751) | 556,560,092 |
A12
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
U.S. Treasury Obligations — 7.8% | |||||||
U.S. Treasury Bonds | |||||||
2.250% | 05/15/41 | 13,570 | $10,029,078 | ||||
4.125% | 08/15/53 | 3,410 | 3,279,994 | ||||
4.750% | 11/15/43 | 960 | 996,450 | ||||
U.S. Treasury Notes | |||||||
4.000% | 02/15/34(a) | 14,410 | 14,175,838 | ||||
4.375% | 11/30/28 | 157,040 | 157,923,350 | ||||
4.625% | 09/30/30(k) | 59,220 | 60,533,944 | ||||
U.S. Treasury Strips Coupon | |||||||
2.377%(s) | 08/15/45 | 1,705 | 634,713 | ||||
2.544%(s) | 11/15/45 | 4,405 | 1,621,591 | ||||
3.849%(s) | 11/15/41 | 75,000 | 33,149,414 | ||||
4.038%(s) | 08/15/41 | 92,600 | 41,478,289 | ||||
4.323%(s) | 05/15/41 | 156,300 | 70,982,180 | ||||
4.509%(s) | 02/15/41 | 215,000 | 98,925,196 | ||||
4.819%(s) | 08/15/40 | 297,180 | 140,289,855 | ||||
5.338%(s) | 02/15/42 | 16,730 | 7,304,344 | ||||
5.391%(s) | 05/15/40 | 83,500 | 40,053,906 | ||||
Total U.S. Treasury Obligations (cost $689,523,408) | 681,378,142 | ||||||
Total Long-Term Investments (cost $8,301,536,315) | 8,564,941,773 |
Shares | |||||
Short-Term Investments — 2.7% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)(wa) | 166,735,708 | 166,735,708 | |||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $72,294,399; includes $71,648,526 of cash collateral for securities on loan)(b)(wa) | 72,354,957 | 72,318,779 | |||
Total Short-Term Investments (cost $239,030,107) | 239,054,487 | ||||
TOTAL INVESTMENTS—101.0% (cost $8,540,566,422) | 8,803,996,260 | ||||
Liabilities in excess of other assets(z) — (1.0)% | (90,169,112) | ||||
Net Assets — 100.0% | $8,713,827,148 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
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. |
ABS | Asset-Backed Security |
BABs | Build America Bonds |
CDX | Credit Derivative Index |
CLO | Collateralized Loan Obligation |
CME | Chicago Mercantile Exchange |
EMTN | Euro Medium Term Note |
FHLMC | Federal Home Loan Mortgage Corporation |
GMTN | Global Medium Term Note |
IO | Interest Only (Principal amount represents notional) |
LP | Limited Partnership |
MASTR | Morgan Stanley Structured Asset Security |
MTN | Medium Term Note |
Q | Quarterly payment frequency for swaps |
REITs | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
STRIPs | Separate Trading of Registered Interest and Principal of Securities |
TBA | To Be Announced |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $70,193,234; cash collateral of $71,648,526 (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, 2024. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $250,914. The aggregate value of $242,015 is 0.0% of net assets. |
(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. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(tt) | All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $34,500,000 is 0.4% of net assets. |
(wa) | Represents investments in Funds affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
A13
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Futures contracts outstanding at March 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
480 | 3 Month CME SOFR | Jun. 2024 | $113,607,000 | $25,534 | ||||
480 | 3 Month CME SOFR | Sep. 2024 | 113,838,000 | 36,118 | ||||
1,495 | 5 Year U.S. Treasury Notes | Jun. 2024 | 159,988,367 | (694,205) | ||||
29,374 | 10 Year U.S. Treasury Notes | Jun. 2024 | 3,254,547,553 | 13,329,203 | ||||
10,728 | 10 Year U.S. Ultra Treasury Notes | Jun. 2024 | 1,229,529,429 | 10,604,479 | ||||
23,301,129 | ||||||||
Short Positions: | ||||||||
5,326 | 2 Year U.S. Treasury Notes | Jun. 2024 | 1,089,083,787 | 1,109,840 | ||||
10,417 | 20 Year U.S. Treasury Bonds | Jun. 2024 | 1,254,597,438 | (25,478,950) | ||||
2,129 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2024 | 274,641,000 | (3,370,339) | ||||
(27,739,449) | ||||||||
$(4,438,320) |
Credit default swap agreement outstanding at March 31, 2024:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at March 31, 2024 | Unrealized Appreciation (Depreciation) | |||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | |||||||||||||||
CDX.NA.IG.42.V1 | 06/20/29 | 1.000%(Q) | 594,620 | $(12,887,814) | $(13,629,976) | $(742,162) |
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. |
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).
A14