AST LARGE-CAP VALUE PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 98.5% | ||||||
| Common Stocks — 95.6% | ||||||
| Aerospace & Defense — 3.7% | ||||||
Boeing Co. (The)* | 111,245 | $21,469,172 | ||||
General Dynamics Corp. | 138,435 | 39,106,503 | ||||
Huntington Ingalls Industries, Inc. | 22,338 | 6,510,857 | ||||
L3Harris Technologies, Inc. | 118,097 | 25,166,471 | ||||
Northrop Grumman Corp. | 40,304 | 19,291,913 | ||||
RTX Corp. | 171,001 | 16,677,727 | ||||
| 128,222,643 | ||||||
| Air Freight & Logistics — 1.0% | ||||||
FedEx Corp. | 48,229 | 13,973,870 | ||||
United Parcel Service, Inc. (Class B Stock) | 128,276 | 19,065,662 | ||||
| 33,039,532 | ||||||
| Automobile Components — 0.5% | ||||||
Adient PLC* | 73,891 | 2,432,492 | ||||
Magna International, Inc. (Canada)(a) | 257,855 | 14,047,940 | ||||
| 16,480,432 | ||||||
| Automobiles — 0.8% | ||||||
General Motors Co. | 570,990 | 25,894,397 | ||||
| Banks — 9.0% | ||||||
Bank of America Corp. | 539,270 | 20,449,118 | ||||
Citigroup, Inc. | 801,444 | 50,683,319 | ||||
Citizens Financial Group, Inc.(a) | 456,276 | 16,558,256 | ||||
Fifth Third Bancorp | 201,989 | 7,516,011 | ||||
Huntington Bancshares, Inc. | 426,404 | 5,948,336 | ||||
JPMorgan Chase & Co. | 403,154 | 80,751,746 | ||||
M&T Bank Corp. | 102,702 | 14,936,979 | ||||
PNC Financial Services Group, Inc. (The) | 66,072 | 10,677,235 | ||||
Regions Financial Corp.(a) | 736,893 | 15,504,229 | ||||
Royal Bank of Canada (Canada) | 129,071 | 13,018,109 | ||||
U.S. Bancorp(a) | 581,545 | 25,995,061 | ||||
Wells Fargo & Co. | 801,221 | 46,438,769 | ||||
| 308,477,168 | ||||||
| Beverages — 1.7% | ||||||
Coca-Cola Co. (The) | 69,857 | 4,273,851 | ||||
Diageo PLC (United Kingdom) | 324,309 | 12,000,153 | ||||
Keurig Dr. Pepper, Inc. | 435,489 | 13,356,448 | ||||
PepsiCo, Inc. | 75,230 | 13,166,002 | ||||
Pernod Ricard SA (France) | 91,396 | 14,795,565 | ||||
| 57,592,019 | ||||||
| Biotechnology — 0.9% | ||||||
AbbVie, Inc. | 69,591 | 12,672,521 | ||||
Gilead Sciences, Inc. | 230,723 | 16,900,460 | ||||
| 29,572,981 | ||||||
| Broadline Retail — 0.1% | ||||||
Kohl’s Corp.(a) | 96,251 | 2,805,717 | ||||
| Building Products — 0.8% | ||||||
Johnson Controls International PLC | 278,670 | 18,202,725 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Building Products (cont’d.) | ||||||
Trane Technologies PLC | 26,802 | $8,045,960 | ||||
| 26,248,685 | ||||||
| Capital Markets — 5.1% | ||||||
Ares Management Corp. (Class A Stock) | 104,901 | 13,949,735 | ||||
Bank of New York Mellon Corp. (The) | 244,153 | 14,068,096 | ||||
BlackRock, Inc.(a) | 12,914 | 10,766,402 | ||||
Charles Schwab Corp. (The) | 89,036 | 6,440,864 | ||||
Goldman Sachs Group, Inc. (The) | 67,647 | 28,255,476 | ||||
Intercontinental Exchange, Inc. | 95,276 | 13,093,781 | ||||
KKR & Co., Inc. | 101,523 | 10,211,183 | ||||
Morgan Stanley | 333,088 | 31,363,566 | ||||
Nasdaq, Inc. | 294,853 | 18,605,224 | ||||
Raymond James Financial, Inc. | 128,607 | 16,515,711 | ||||
State Street Corp. | 155,576 | 12,029,136 | ||||
| 175,299,174 | ||||||
| Chemicals — 2.1% | ||||||
Celanese Corp.(a) | 59,662 | 10,253,511 | ||||
CF Industries Holdings, Inc. | 71,122 | 5,918,062 | ||||
Corteva, Inc. | 95,607 | 5,513,656 | ||||
DuPont de Nemours, Inc.(a) | 170,798 | 13,095,083 | ||||
Olin Corp. | 196,011 | 11,525,447 | ||||
PPG Industries, Inc. | 116,647 | 16,902,150 | ||||
RPM International, Inc. | 34,911 | 4,152,663 | ||||
Sherwin-Williams Co. (The) | 13,344 | 4,634,771 | ||||
| 71,995,343 | ||||||
| Commercial Services & Supplies — 0.0% | ||||||
Veralto Corp. | 5,679 | 503,500 | ||||
| Communications Equipment — 2.0% | ||||||
Cisco Systems, Inc. | 420,579 | 20,991,098 | ||||
F5, Inc.* | 136,073 | 25,798,080 | ||||
Telefonaktiebolaget LM Ericsson (Sweden), ADR(a) | 3,925,842 | 21,631,389 | ||||
| 68,420,567 | ||||||
| Consumer Finance — 0.8% | ||||||
American Express Co. | 85,561 | 19,481,384 | ||||
Capital One Financial Corp. | 25,004 | 3,722,846 | ||||
Discover Financial Services | 36,700 | 4,811,003 | ||||
| 28,015,233 | ||||||
| Consumer Staples Distribution & Retail — 0.8% | ||||||
Target Corp. | 86,133 | 15,263,629 | ||||
Walmart, Inc. | 183,671 | 11,051,484 | ||||
| 26,315,113 | ||||||
| Containers & Packaging — 0.2% | ||||||
International Paper Co. | 219,528 | 8,565,983 | ||||
| Distributors — 0.4% | ||||||
LKQ Corp. | 255,126 | 13,626,280 | ||||
| Diversified Telecommunication Services — 0.2% | ||||||
Verizon Communications, Inc. | 124,075 | 5,206,187 | ||||
A1
AST LARGE-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Electric Utilities — 3.6% | ||||||
American Electric Power Co., Inc. | 188,407 | $16,221,843 | ||||
Duke Energy Corp. | 167,796 | 16,227,551 | ||||
Exelon Corp. | 619,233 | 23,264,584 | ||||
NextEra Energy, Inc. | 25,554 | 1,633,156 | ||||
PG&E Corp. | 392,666 | 6,581,082 | ||||
PPL Corp. | 856,884 | 23,590,017 | ||||
Southern Co. (The) | 427,056 | 30,636,997 | ||||
Xcel Energy, Inc. | 111,507 | 5,993,501 | ||||
| 124,148,731 | ||||||
| Electrical Equipment — 0.9% | ||||||
Eaton Corp. PLC | 46,438 | 14,520,234 | ||||
Emerson Electric Co. | 137,821 | 15,631,658 | ||||
| 30,151,892 | ||||||
| Electronic Equipment, Instruments & Components — 1.1% | ||||||
Corning, Inc. | 540,177 | 17,804,234 | ||||
TE Connectivity Ltd. | 139,630 | 20,279,861 | ||||
| 38,084,095 | ||||||
| Energy Equipment & Services — 0.9% | ||||||
Baker Hughes Co. | 249,005 | 8,341,668 | ||||
Halliburton Co. | 125,826 | 4,960,061 | ||||
NOV, Inc. | 842,518 | 16,445,951 | ||||
| 29,747,680 | ||||||
| Entertainment — 0.2% | ||||||
Walt Disney Co. (The) | 20,314 | 2,485,621 | ||||
Warner Bros Discovery, Inc.* | 686,201 | 5,990,535 | ||||
| 8,476,156 | ||||||
| Financial Services — 1.8% | ||||||
Corebridge Financial, Inc.(a) | 308,689 | 8,868,635 | ||||
Equitable Holdings, Inc. | 339,868 | 12,918,383 | ||||
Euronet Worldwide, Inc.* | 78,090 | 8,584,434 | ||||
Fidelity National Information Services, Inc.(a) | 230,000 | 17,061,400 | ||||
Fiserv, Inc.*(a) | 86,797 | 13,871,896 | ||||
| 61,304,748 | ||||||
| Food Products — 1.5% | ||||||
Archer-Daniels-Midland Co. | 171,066 | 10,744,656 | ||||
Conagra Brands, Inc. | 419,547 | 12,435,373 | ||||
General Mills, Inc. | 77,400 | 5,415,678 | ||||
Mondelez International, Inc. (Class A Stock) | 99,989 | 6,999,230 | ||||
Nestle SA | 120,492 | 12,802,270 | ||||
Tyson Foods, Inc. (Class A Stock) | 76,785 | 4,509,583 | ||||
| 52,906,790 | ||||||
| Gas Utilities — 0.4% | ||||||
Atmos Energy Corp. | 129,715 | 15,419,222 | ||||
| Ground Transportation — 1.4% | ||||||
Canadian National Railway Co. (Canada) (NYSE) | 42,553 | 5,604,656 | ||||
Canadian National Railway Co. (Canada) (TSX) | 74,207 | 9,771,734 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Ground Transportation (cont’d.) | ||||||
Norfolk Southern Corp. | 27,928 | $7,118,009 | ||||
Union Pacific Corp. | 102,417 | 25,187,413 | ||||
| 47,681,812 | ||||||
| Health Care Equipment & Supplies — 2.9% | ||||||
Abbott Laboratories | 85,773 | 9,748,959 | ||||
Baxter International, Inc. | 199,047 | 8,507,269 | ||||
Becton, Dickinson & Co. | 74,541 | 18,445,171 | ||||
Boston Scientific Corp.* | 64,268 | 4,401,715 | ||||
GE HealthCare Technologies, Inc. | 145,742 | 13,249,405 | ||||
Medtronic PLC(a) | 357,466 | 31,153,162 | ||||
Zimmer Biomet Holdings, Inc. | 105,488 | 13,922,306 | ||||
| 99,427,987 | ||||||
| Health Care Providers & Services — 5.6% | ||||||
Cigna Group (The)(a) | 127,692 | 46,376,458 | ||||
CVS Health Corp. | 297,143 | 23,700,126 | ||||
Elevance Health, Inc. | 117,734 | 61,049,788 | ||||
HCA Healthcare, Inc. | 31,677 | 10,565,230 | ||||
Humana, Inc. | 15,000 | 5,200,800 | ||||
McKesson Corp. | 44,559 | 23,921,499 | ||||
UnitedHealth Group, Inc. | 40,186 | 19,880,014 | ||||
| 190,693,915 | ||||||
| Hotel & Resort REITs — 0.3% | ||||||
Host Hotels & Resorts, Inc.(a) | 469,722 | 9,713,851 | ||||
| Hotels, Restaurants & Leisure — 0.8% | ||||||
Booking Holdings, Inc. | 2,536 | 9,200,304 | ||||
Las Vegas Sands Corp. | 96,549 | 4,991,583 | ||||
Marriott International, Inc. (Class A Stock) | 52,498 | 13,245,770 | ||||
| 27,437,657 | ||||||
| Household Durables — 0.3% | ||||||
Lennar Corp. (Class A Stock) | 60,772 | 10,451,569 | ||||
| Household Products — 0.8% | ||||||
Colgate-Palmolive Co. | 99,603 | 8,969,250 | ||||
Kimberly-Clark Corp. | 99,928 | 12,925,687 | ||||
Reckitt Benckiser Group PLC (United Kingdom) | 96,349 | 5,492,379 | ||||
| 27,387,316 | ||||||
| Industrial Conglomerates — 2.2% | ||||||
3M Co. | 25,789 | 2,735,439 | ||||
General Electric Co. | 119,940 | 21,053,068 | ||||
Honeywell International, Inc. | 140,877 | 28,915,004 | ||||
Siemens AG (Germany) | 96,161 | 18,360,874 | ||||
Siemens AG (Germany), ADR | 34,896 | 3,330,125 | ||||
| 74,394,510 | ||||||
| Industrial REITs — 0.5% | ||||||
Prologis, Inc. | 128,610 | 16,747,594 | ||||
Rexford Industrial Realty, Inc.(a) | 31,600 | 1,589,480 | ||||
| 18,337,074 | ||||||
| Insurance — 6.8% | ||||||
Allstate Corp. (The) | 37,990 | 6,572,650 | ||||
A2
AST LARGE-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Insurance (cont’d.) | ||||||
American International Group, Inc. | 587,783 | $45,946,997 | ||||
Aon PLC (Class A Stock)(a) | 67,392 | 22,490,058 | ||||
Chubb Ltd. | 137,847 | 35,720,293 | ||||
Hartford Financial Services Group, Inc. (The) | 300,113 | 30,926,645 | ||||
Marsh & McLennan Cos., Inc. | 111,005 | 22,864,810 | ||||
MetLife, Inc. | 254,353 | 18,850,101 | ||||
Progressive Corp. (The) | 161,679 | 33,438,451 | ||||
Travelers Cos., Inc. (The) | 77,724 | 17,887,401 | ||||
| 234,697,406 | ||||||
| Interactive Media & Services — 0.4% | ||||||
Alphabet, Inc. (Class A Stock)* | 102,163 | 15,419,462 | ||||
| IT Services — 1.0% | ||||||
Accenture PLC (Class A Stock) | 64,184 | 22,246,816 | ||||
Amdocs Ltd. | 141,709 | 12,806,243 | ||||
| 35,053,059 | ||||||
| Machinery — 2.2% | ||||||
CNH Industrial NV(a) | 646,499 | 8,378,627 | ||||
Cummins, Inc. | 75,860 | 22,352,149 | ||||
Illinois Tool Works, Inc. | 39,819 | 10,684,632 | ||||
Otis Worldwide Corp.(a) | 33,268 | 3,302,514 | ||||
PACCAR, Inc. | 109,451 | 13,559,885 | ||||
Stanley Black & Decker, Inc. | 167,062 | 16,360,382 | ||||
| 74,638,189 | ||||||
| Media — 1.8% | ||||||
Comcast Corp. (Class A Stock) | 944,013 | 40,922,963 | ||||
News Corp. (Class A Stock) | 467,088 | 12,228,364 | ||||
Omnicom Group, Inc. | 62,770 | 6,073,625 | ||||
Paramount Global (Class B Stock)(a) | 192,632 | 2,267,279 | ||||
| 61,492,231 | ||||||
| Metals & Mining — 0.8% | ||||||
Barrick Gold Corp. (Canada) | 643,043 | 10,700,235 | ||||
Rio Tinto PLC (Australia), ADR | 280,282 | 17,865,175 | ||||
| 28,565,410 | ||||||
| Multi-Utilities — 1.6% | ||||||
Ameren Corp. | 71,607 | 5,296,054 | ||||
Dominion Energy, Inc. | 608,797 | 29,946,724 | ||||
Sempra | 251,505 | 18,065,604 | ||||
| 53,308,382 | ||||||
| Oil, Gas & Consumable Fuels — 8.3% | ||||||
APA Corp. | 754,126 | 25,926,852 | ||||
Chevron Corp. | 55,864 | 8,811,987 | ||||
ConocoPhillips | 463,761 | 59,027,500 | ||||
Coterra Energy, Inc. | 480,570 | 13,398,292 | ||||
EOG Resources, Inc. | 295,650 | 37,795,896 | ||||
EQT Corp. | 430,174 | 15,946,550 | ||||
Exxon Mobil Corp. | 89,621 | 10,417,545 | ||||
Marathon Oil Corp. | 729,920 | 20,685,933 | ||||
Murphy Oil Corp. | 87,607 | 4,003,640 | ||||
Ovintiv, Inc. | 147,467 | 7,653,537 | ||||
Phillips 66 | 81,446 | 13,303,390 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Oil, Gas & Consumable Fuels (cont’d.) | ||||||
Pioneer Natural Resources Co. | 60,156 | $15,790,950 | ||||
Shell PLC (Netherlands), ADR(a) | 216,083 | 14,486,204 | ||||
Suncor Energy, Inc. (Canada) | 317,624 | 11,723,502 | ||||
Targa Resources Corp. | 75,425 | 8,446,846 | ||||
TotalEnergies SE (France), ADR(a) | 211,432 | 14,552,864 | ||||
Williams Cos., Inc. (The) | 101,338 | 3,949,142 | ||||
| 285,920,630 | ||||||
| Passenger Airlines — 0.1% | ||||||
Southwest Airlines Co. | 137,539 | 4,014,763 | ||||
| Personal Care Products — 1.9% | ||||||
Kenvue, Inc. | 1,543,621 | 33,126,107 | ||||
Unilever PLC (United Kingdom), ADR(a) | 626,682 | 31,453,169 | ||||
| 64,579,276 | ||||||
| Pharmaceuticals — 6.0% | ||||||
AstraZeneca PLC (United Kingdom), ADR | 186,816 | 12,656,784 | ||||
Bristol-Myers Squibb Co. | 76,003 | 4,121,643 | ||||
Elanco Animal Health, Inc.* | 289,238 | 4,708,795 | ||||
GSK PLC, ADR | 82,142 | 3,521,427 | ||||
Johnson & Johnson | 365,258 | 57,780,163 | ||||
Merck & Co., Inc. | 434,023 | 57,269,335 | ||||
Pfizer, Inc. | 1,687,666 | 46,832,731 | ||||
Roche Holding AG | 52,970 | 13,524,250 | ||||
Sanofi SA, ADR | 72,052 | 3,501,727 | ||||
Viatris, Inc.(a) | 214,804 | 2,564,760 | ||||
| 206,481,615 | ||||||
| Professional Services — 0.2% | ||||||
Equifax, Inc. | 30,549 | 8,172,468 | ||||
| Residential REITs — 0.3% | ||||||
AvalonBay Communities, Inc. | 53,477 | 9,923,192 | ||||
| Semiconductors & Semiconductor Equipment — 3.7% | ||||||
Analog Devices, Inc. | 91,909 | 18,178,681 | ||||
Applied Materials, Inc. | 15,253 | 3,145,626 | ||||
Broadcom, Inc. | 5,578 | 7,393,137 | ||||
Intel Corp. | 186,326 | 8,230,019 | ||||
KLA Corp. | 21,158 | 14,780,344 | ||||
NXP Semiconductors NV (China) | 105,754 | 26,202,669 | ||||
QUALCOMM, Inc. | 186,685 | 31,605,771 | ||||
Texas Instruments, Inc. | 100,894 | 17,576,744 | ||||
| 127,112,991 | ||||||
| Software — 0.4% | ||||||
Microsoft Corp. | 24,309 | 10,227,282 | ||||
Oracle Corp. | 40,808 | 5,125,893 | ||||
| 15,353,175 | ||||||
| Specialized REITs — 1.8% | ||||||
Crown Castle, Inc. | 153,101 | 16,202,679 | ||||
Gaming & Leisure Properties, Inc. | 348,245 | 16,043,647 | ||||
Public Storage | 10,998 | 3,190,080 | ||||
Weyerhaeuser Co. | 705,246 | 25,325,384 | ||||
| 60,761,790 | ||||||
A3
AST LARGE-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Specialty Retail — 0.9% | ||||||
Lowe’s Cos., Inc. | 85,967 | $21,898,374 | ||||
Tractor Supply Co.(a) | 37,705 | 9,868,153 | ||||
| 31,766,527 | ||||||
| Technology Hardware, Storage & Peripherals — 0.8% | ||||||
Samsung Electronics Co. Ltd. (South Korea) | 168,273 | 10,112,788 | ||||
Western Digital Corp.* | 230,149 | 15,705,368 | ||||
| 25,818,156 | ||||||
| Tobacco — 0.9% | ||||||
Philip Morris International, Inc. | 321,471 | 29,453,173 | ||||
| Wireless Telecommunication Services — 0.4% | ||||||
T-Mobile US, Inc. | 47,103 | 7,688,151 | ||||
Vodafone Group PLC (United Kingdom), ADR(a) | 609,653 | 5,425,912 | ||||
| 13,114,063 | ||||||
Total Common Stocks (cost $2,827,973,074) | 3,277,691,917 | |||||
| Unaffiliated Exchange-Traded Funds — 2.9% | ||||||
iShares Russell 1000 Value ETF | 362,404 | 64,910,180 | ||||
SPDR Portfolio S&P 500 Value ETF | 645,940 | 32,361,594 | ||||
Total Unaffiliated Exchange-Traded Funds (cost $86,458,831) | 97,271,774 | |||||
Total Long-Term Investments (cost $2,914,431,905) | 3,374,963,691 | |||||
| Short-Term Investments — 8.4% | ||||||
| Affiliated Mutual Funds — 7.4% | ||||||
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)(wb) | 22,803,917 | 22,803,917 | ||||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $230,579,708; includes $229,423,050 of cash collateral for securities on loan)(b)(wb) | 230,674,662 | 230,559,324 | ||||
Total Affiliated Mutual Funds (cost $253,383,625) | 253,363,241 | |||||
| Interest Rate | Maturity Date | Principal Amount (000)# | ||||
| U.S. Government Agency Obligation(n) — 0.3% | ||||||
| Federal Home Loan Bank | ||||||
| 5.153% | 04/01/24 | 9,338 | 9,332,425 | |||
| (cost $9,338,000) | ||||||
| Shares | Value | |||||
| Unaffiliated Fund — 0.7% | ||||||
Dreyfus Government Cash Management (7-day effective yield 5.200%) (Institutional Shares) | 26,130,214 | $26,130,214 | ||||
| (cost $26,130,214) | ||||||
Total Short-Term Investments (cost $288,851,839) | 288,825,880 | |||||
TOTAL INVESTMENTS—106.9% (cost $3,203,283,744) | 3,663,789,571 | |||||
Liabilities in excess of other assets — (6.9)% | (236,471,848) | |||||
Net Assets — 100.0% | $3,427,317,723 | |||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| NYSE | New York Stock Exchange |
| REITs | Real Estate Investment Trust |
| S&P | Standard & Poor’s |
| SPDR | Standard & Poor’s Depositary Receipts |
| TSX | Toronto Stock Exchange |
| * | 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 $225,263,278; cash collateral of $229,423,050 (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).
A4