AST LARGE-CAP GROWTH PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 99.5% | ||||||
| Common Stocks — 97.1% | ||||||
| Aerospace & Defense — 0.9% | ||||||
Boeing Co. (The)* | 61,239 | $11,818,515 | ||||
Howmet Aerospace, Inc. | 362,364 | 24,796,568 | ||||
RTX Corp. | 277,875 | 27,101,149 | ||||
| 63,716,232 | ||||||
| Air Freight & Logistics — 0.2% | ||||||
United Parcel Service, Inc. (Class B Stock)(a) | 109,828 | 16,323,736 | ||||
| Automobile Components — 0.2% | ||||||
Aptiv PLC* | 172,012 | 13,700,756 | ||||
| Automobiles — 0.5% | ||||||
Tesla, Inc.* | 181,744 | 31,948,778 | ||||
| Banks — 0.1% | ||||||
NU Holdings Ltd. (Brazil) (Class A Stock)* | 496,985 | 5,929,031 | ||||
| Beverages — 0.5% | ||||||
Monster Beverage Corp.* | 534,778 | 31,701,640 | ||||
| Biotechnology — 1.2% | ||||||
Argenx SE (Netherlands), ADR* | 27,484 | 10,821,000 | ||||
Legend Biotech Corp., ADR*(a) | 108,919 | 6,109,267 | ||||
Regeneron Pharmaceuticals, Inc.* | 14,184 | 13,651,958 | ||||
Vertex Pharmaceuticals, Inc.* | 114,902 | 48,030,185 | ||||
| 78,612,410 | ||||||
| Broadline Retail — 7.1% | ||||||
Amazon.com, Inc.* | 2,437,016 | 439,588,946 | ||||
Coupang, Inc. (South Korea)* | 704,043 | 12,524,925 | ||||
MercadoLibre, Inc. (Brazil)* | 16,044 | 24,257,886 | ||||
| 476,371,757 | ||||||
| Capital Markets — 2.1% | ||||||
Ares Management Corp. (Class A Stock) | 43,055 | 5,725,454 | ||||
Charles Schwab Corp. (The) | 148,837 | 10,766,869 | ||||
CME Group, Inc. | 40,869 | 8,798,687 | ||||
Goldman Sachs Group, Inc. (The) | 33,920 | 14,168,045 | ||||
Intercontinental Exchange, Inc. | 87,700 | 12,052,611 | ||||
KKR & Co., Inc. | 179,022 | 18,006,033 | ||||
Moody’s Corp.(a) | 42,744 | 16,799,674 | ||||
MSCI, Inc. | 28,272 | 15,845,042 | ||||
S&P Global, Inc. | 69,367 | 29,512,190 | ||||
Tradeweb Markets, Inc. (Class A Stock) | 72,141 | 7,514,928 | ||||
| 139,189,533 | ||||||
| Chemicals — 1.2% | ||||||
Linde PLC | 72,324 | 33,581,480 | ||||
Sherwin-Williams Co. (The) | 131,982 | 45,841,308 | ||||
| 79,422,788 | ||||||
| Construction Materials — 0.7% | ||||||
Martin Marietta Materials, Inc.(a) | 13,302 | 8,166,630 | ||||
Vulcan Materials Co. | 144,793 | 39,516,905 | ||||
| 47,683,535 | ||||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Consumer Staples Distribution & Retail — 1.0% | ||||||
Costco Wholesale Corp. | 32,291 | $23,657,355 | ||||
Dollar General Corp. | 69,144 | 10,790,613 | ||||
Target Corp. | 184,700 | 32,730,687 | ||||
| 67,178,655 | ||||||
| Electric Utilities — 0.3% | ||||||
NextEra Energy, Inc. | 275,900 | 17,632,769 | ||||
| Electrical Equipment — 1.5% | ||||||
AMETEK, Inc. | 125,512 | 22,956,145 | ||||
Eaton Corp. PLC | 255,481 | 79,883,799 | ||||
| 102,839,944 | ||||||
| Electronic Equipment, Instruments & Components — 0.9% | ||||||
Amphenol Corp. (Class A Stock) | 424,711 | 48,990,414 | ||||
Keysight Technologies, Inc.* | 63,229 | 9,887,751 | ||||
| 58,878,165 | ||||||
| Energy Equipment & Services — 0.2% | ||||||
Schlumberger NV | 255,218 | 13,988,499 | ||||
| Entertainment — 2.8% | ||||||
Netflix, Inc.* | 226,644 | 137,647,701 | ||||
Spotify Technology SA* | 97,806 | 25,811,003 | ||||
Take-Two Interactive Software, Inc.* | 50,901 | 7,558,289 | ||||
Walt Disney Co. (The) | 125,892 | 15,404,145 | ||||
| 186,421,138 | ||||||
| Financial Services — 7.2% | ||||||
Adyen NV (Netherlands), 144A* | 3,869 | 6,535,271 | ||||
Affirm Holdings, Inc.* | 52,102 | 1,941,320 | ||||
Fiserv, Inc.*(a) | 322,682 | 51,571,037 | ||||
Global Payments, Inc. | 89,035 | 11,900,418 | ||||
Mastercard, Inc. (Class A Stock) | 344,689 | 165,991,882 | ||||
PayPal Holdings, Inc.* | 333,819 | 22,362,535 | ||||
Visa, Inc. (Class A Stock)(a) | 790,479 | 220,606,879 | ||||
| 480,909,342 | ||||||
| Ground Transportation — 1.6% | ||||||
Canadian Pacific Kansas City Ltd. (Canada)(a) | 23,279 | 2,052,510 | ||||
Uber Technologies, Inc.* | 1,016,781 | 78,281,969 | ||||
Union Pacific Corp. | 103,600 | 25,478,348 | ||||
| 105,812,827 | ||||||
| Health Care Equipment & Supplies — 3.9% | ||||||
Alcon, Inc. (Switzerland)(a) | 338,462 | 28,190,500 | ||||
Becton, Dickinson & Co. | 72,483 | 17,935,918 | ||||
Boston Scientific Corp.* | 580,078 | 39,729,542 | ||||
Intuitive Surgical, Inc.* | 241,125 | 96,230,576 | ||||
Penumbra, Inc.*(a) | 21,124 | 4,714,454 | ||||
STERIS PLC | 29,803 | 6,700,311 | ||||
Stryker Corp. | 186,466 | 66,730,588 | ||||
| 260,231,889 | ||||||
| Health Care Providers & Services — 2.6% | ||||||
Cigna Group (The) | 116,854 | 42,440,204 | ||||
Humana, Inc. | 11,682 | 4,050,383 | ||||
A1
AST LARGE-CAP GROWTH PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Health Care Providers & Services (cont’d.) | ||||||
UnitedHealth Group, Inc. | 261,867 | $129,545,605 | ||||
| 176,036,192 | ||||||
| Health Care Technology — 0.1% | ||||||
Veeva Systems, Inc. (Class A Stock)* | 30,590 | 7,087,397 | ||||
| Hotels, Restaurants & Leisure — 1.7% | ||||||
Airbnb, Inc. (Class A Stock)* | 110,749 | 18,269,155 | ||||
Booking Holdings, Inc. | 6,253 | 22,685,134 | ||||
Chipotle Mexican Grill, Inc.* | 11,793 | 34,279,539 | ||||
Hilton Worldwide Holdings, Inc. | 102,247 | 21,810,307 | ||||
Las Vegas Sands Corp. | 71,277 | 3,685,021 | ||||
Marriott International, Inc. (Class A Stock) | 53,638 | 13,533,404 | ||||
| 114,262,560 | ||||||
| Household Products — 0.1% | ||||||
Colgate-Palmolive Co. | 55,580 | 5,004,979 | ||||
| Insurance — 0.6% | ||||||
Arthur J. Gallagher & Co. | 45,291 | 11,324,562 | ||||
Marsh & McLennan Cos., Inc. | 127,900 | 26,344,842 | ||||
| 37,669,404 | ||||||
| Interactive Media & Services — 8.5% | ||||||
Alphabet, Inc. (Class A Stock)* | 1,342,410 | 202,609,941 | ||||
Alphabet, Inc. (Class C Stock)* | 185,970 | 28,315,792 | ||||
Meta Platforms, Inc. (Class A Stock) | 687,711 | 333,938,708 | ||||
| 564,864,441 | ||||||
| IT Services — 0.9% | ||||||
Gartner, Inc.* | 34,803 | 16,589,546 | ||||
MongoDB, Inc.*(a) | 54,677 | 19,609,359 | ||||
Shopify, Inc. (Canada) (Class A Stock)* | 87,600 | 6,760,092 | ||||
Snowflake, Inc. (Class A Stock)* | 96,411 | 15,580,018 | ||||
| 58,539,015 | ||||||
| Leisure Products — 0.0% | ||||||
Peloton Interactive, Inc. (Class A Stock)*(a) | 392,829 | 1,683,272 | ||||
| Life Sciences Tools & Services — 1.6% | ||||||
Agilent Technologies, Inc. | 53,330 | 7,760,048 | ||||
Danaher Corp. | 66,243 | 16,542,202 | ||||
ICON PLC* | 25,693 | 8,631,564 | ||||
Thermo Fisher Scientific, Inc. | 123,082 | 71,536,489 | ||||
| 104,470,303 | ||||||
| Machinery — 0.4% | ||||||
Ingersoll Rand, Inc. | 259,755 | 24,663,737 | ||||
| Media — 0.2% | ||||||
Trade Desk, Inc. (The) (Class A Stock)* | 138,889 | 12,141,676 | ||||
| Personal Care Products — 0.7% | ||||||
Estee Lauder Cos., Inc. (The) (Class A Stock)(a) | 234,111 | 36,088,211 | ||||
L’Oreal SA (France) | 29,196 | 13,826,398 | ||||
| 49,914,609 | ||||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Pharmaceuticals — 3.9% | ||||||
AstraZeneca PLC (United Kingdom), ADR | 223,538 | $15,144,699 | ||||
Eli Lilly & Co. | 242,581 | 188,718,315 | ||||
Novo Nordisk A/S (Denmark), ADR | 265,577 | 34,100,087 | ||||
Zoetis, Inc.(a) | 156,021 | 26,400,313 | ||||
| 264,363,414 | ||||||
| Professional Services — 0.7% | ||||||
Equifax, Inc. | 19,000 | 5,082,880 | ||||
Paylocity Holding Corp.*(a) | 70,702 | 12,150,846 | ||||
TransUnion | 105,180 | 8,393,364 | ||||
Verisk Analytics, Inc. | 85,956 | 20,262,408 | ||||
| 45,889,498 | ||||||
| Real Estate Management & Development — 0.3% | ||||||
CoStar Group, Inc.* | 231,417 | 22,354,882 | ||||
| Semiconductors & Semiconductor Equipment — 13.3% | ||||||
Advanced Micro Devices, Inc.* | 450,804 | 81,365,614 | ||||
Applied Materials, Inc. | 57,020 | 11,759,235 | ||||
ASML Holding NV (Netherlands) | 122,212 | 118,603,080 | ||||
Broadcom, Inc. | 46,130 | 61,141,163 | ||||
Intel Corp. | 420,237 | 18,561,868 | ||||
KLA Corp. | 22,869 | 15,975,597 | ||||
Lam Research Corp. | 24,389 | 23,695,621 | ||||
Marvell Technology, Inc. | 35,435 | 2,511,633 | ||||
NVIDIA Corp. | 602,431 | 544,332,554 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 78,213 | 10,640,879 | ||||
| 888,587,244 | ||||||
| Software — 19.3% | ||||||
Adobe, Inc.* | 155,263 | 78,345,709 | ||||
Atlassian Corp. (Class A Stock)*(a) | 195,271 | 38,099,325 | ||||
Aurora Innovation, Inc.*(a) | 485,364 | 1,368,726 | ||||
Cadence Design Systems, Inc.* | 241,299 | 75,111,553 | ||||
Crowdstrike Holdings, Inc. (Class A Stock)* | 57,023 | 18,281,004 | ||||
Datadog, Inc. (Class A Stock)* | 46,131 | 5,701,792 | ||||
Dynatrace, Inc.* | 205,783 | 9,556,562 | ||||
Fair Isaac Corp.* | 10,108 | 12,631,058 | ||||
Fortinet, Inc.* | 130,643 | 8,924,223 | ||||
HubSpot, Inc.* | 19,900 | 12,468,544 | ||||
Intuit, Inc. | 160,546 | 104,354,900 | ||||
Microsoft Corp. | 1,480,031 | 622,678,642 | ||||
Palo Alto Networks, Inc.*(a) | 142,912 | 40,605,587 | ||||
Salesforce, Inc. | 342,814 | 103,248,720 | ||||
ServiceNow, Inc.* | 121,242 | 92,434,901 | ||||
Synopsys, Inc.* | 55,214 | 31,554,801 | ||||
Workday, Inc. (Class A Stock)* | 113,463 | 30,947,033 | ||||
| 1,286,313,080 | ||||||
| Specialized REITs — 0.6% | ||||||
American Tower Corp. | 61,817 | 12,214,421 | ||||
Equinix, Inc.(a) | 31,985 | 26,398,180 | ||||
| 38,612,601 | ||||||
A2
AST LARGE-CAP GROWTH PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Specialty Retail — 1.4% | ||||||
Home Depot, Inc. (The) | 56,750 | $21,769,300 | ||||
O’Reilly Automotive, Inc.*(a) | 28,827 | 32,542,224 | ||||
Ross Stores, Inc. | 159,155 | 23,357,588 | ||||
TJX Cos., Inc. (The) | 145,136 | 14,719,693 | ||||
| 92,388,805 | ||||||
| Technology Hardware, Storage & Peripherals — 4.0% | ||||||
Apple, Inc. | 1,556,350 | 266,882,898 | ||||
| Textiles, Apparel & Luxury Goods — 1.2% | ||||||
Lululemon Athletica, Inc.*(a) | 49,264 | 19,244,981 | ||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 35,784 | 32,198,327 | ||||
NIKE, Inc. (Class B Stock) | 336,064 | 31,583,295 | ||||
| 83,026,603 | ||||||
| Trading Companies & Distributors — 0.7% | ||||||
W.W. Grainger, Inc. | 47,453 | 48,273,937 | ||||
| Wireless Telecommunication Services — 0.2% | ||||||
T-Mobile US, Inc. | 68,119 | 11,118,383 | ||||
Total Common Stocks (cost $3,964,417,605) | 6,482,642,354 | |||||
| Unaffiliated Exchange-Traded Funds — 2.4% | ||||||
SPDR Portfolio S&P 500 Growth ETF | 909,735 | 66,547,115 | ||||
Vanguard Russell 1000 Growth ETF | 1,121,776 | 97,224,326 | ||||
Total Unaffiliated Exchange-Traded Funds (cost $135,352,636) | 163,771,441 | |||||
Total Long-Term Investments (cost $4,099,770,241) | 6,646,413,795 | |||||
| Short-Term Investments — 6.6% | ||||||
| Affiliated Mutual Funds — 6.0% | ||||||
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)(wb) | 6,340,715 | 6,340,715 | ||||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $391,410,893; includes $389,684,484 of cash collateral for securities on loan)(b)(wb) | 391,558,538 | 391,362,759 | ||||
Total Affiliated Mutual Funds (cost $397,751,608) | 397,703,474 | |||||
| Interest Rate | Maturity Date | Principal Amount (000)# | ||||
| U.S. Government Agency Obligation(n) — 0.1% | ||||||
| Federal Home Loan Bank | ||||||
| 5.153% | 04/01/24 | 8,943 | 8,937,660 | |||
| (cost $8,943,000) | ||||||
| Shares | Value | |||||
| Unaffiliated Fund — 0.5% | ||||||
Fidelity Investments Money Market Funds - Treasury Only Portfolio (7-day effective yield 5.200%) (Institutional Shares) | 33,100,404 | $33,100,404 | ||||
| (cost $33,100,404) | ||||||
Total Short-Term Investments (cost $439,795,012) | 439,741,538 | |||||
TOTAL INVESTMENTS—106.1% (cost $4,539,565,253) | 7,086,155,333 | |||||
Liabilities in excess of other assets — (6.1)% | (410,054,587) | |||||
Net Assets — 100.0% | $6,676,100,746 | |||||
| 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. |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| REITs | Real Estate Investment Trust |
| S&P | Standard & Poor’s |
| SPDR | Standard & Poor’s Depositary Receipts |
| * | Non-income producing security. |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $382,939,230; cash collateral of $389,684,484 (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. |
| (n) | Rate shown reflects yield to maturity at purchased date. |
| (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).
A3