AST CLEARBRIDGE DIVIDEND GROWTH PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 98.8% | ||||||
| Common Stocks | ||||||
| Aerospace & Defense — 3.1% | ||||||
Northrop Grumman Corp. | 11,558 | $5,532,352 | ||||
RTX Corp. | 80,230 | 7,824,832 | ||||
| 13,357,184 | ||||||
| Air Freight & Logistics — 1.0% | ||||||
United Parcel Service, Inc. (Class B Stock) | 28,302 | 4,206,526 | ||||
| Automobiles — 0.8% | ||||||
General Motors Co. | 80,583 | 3,654,439 | ||||
| Banks — 4.6% | ||||||
JPMorgan Chase & Co. | 74,034 | 14,829,010 | ||||
PNC Financial Services Group, Inc. (The) | 30,952 | 5,001,843 | ||||
| 19,830,853 | ||||||
| Beverages — 3.5% | ||||||
Coca-Cola Co. (The) | 138,589 | 8,478,875 | ||||
Diageo PLC (United Kingdom) | 177,000 | 6,549,393 | ||||
| 15,028,268 | ||||||
| Biotechnology — 1.0% | ||||||
Gilead Sciences, Inc. | 58,800 | 4,307,100 | ||||
| Chemicals — 5.3% | ||||||
Air Products & Chemicals, Inc. | 17,900 | 4,336,633 | ||||
Linde PLC | 25,610 | 11,891,235 | ||||
PPG Industries, Inc. | 45,629 | 6,611,642 | ||||
| 22,839,510 | ||||||
| Commercial Services & Supplies — 1.7% | ||||||
Waste Management, Inc. | 35,383 | 7,541,886 | ||||
| Construction Materials — 2.5% | ||||||
Vulcan Materials Co. | 39,241 | 10,709,654 | ||||
| Consumer Finance — 1.6% | ||||||
Capital One Financial Corp. | 45,500 | 6,774,495 | ||||
| Electric Utilities — 1.0% | ||||||
Edison International | 62,194 | 4,398,982 | ||||
| Entertainment — 1.2% | ||||||
Walt Disney Co. (The) | 43,735 | 5,351,415 | ||||
| Financial Services — 5.9% | ||||||
Apollo Global Management, Inc.(a) | 135,368 | 15,222,132 | ||||
Visa, Inc. (Class A Stock)(a) | 36,915 | 10,302,238 | ||||
| 25,524,370 | ||||||
| Food Products — 4.1% | ||||||
Mondelez International, Inc. (Class A Stock) | 104,721 | 7,330,470 | ||||
Nestle SA, ADR | 99,728 | 10,591,114 | ||||
| 17,921,584 | ||||||
| Ground Transportation — 1.8% | ||||||
Union Pacific Corp. | 32,745 | 8,052,978 | ||||
| Health Care Equipment & Supplies — 2.9% | ||||||
Becton, Dickinson & Co. | 50,455 | 12,485,090 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Health Care Providers & Services — 1.5% | ||||||
UnitedHealth Group, Inc. | 12,916 | $6,389,545 | ||||
| Household Products — 1.7% | ||||||
Procter & Gamble Co. (The) | 44,530 | 7,224,992 | ||||
| Insurance — 5.2% | ||||||
American International Group, Inc. | 55,409 | 4,331,322 | ||||
MetLife, Inc. | 86,129 | 6,383,020 | ||||
Travelers Cos., Inc. (The) | 50,981 | 11,732,767 | ||||
| 22,447,109 | ||||||
| Interactive Media & Services — 1.1% | ||||||
Meta Platforms, Inc. (Class A Stock) | 10,000 | 4,855,800 | ||||
| Media — 3.2% | ||||||
Comcast Corp. (Class A Stock) | 319,114 | 13,833,592 | ||||
| Metals & Mining — 1.0% | ||||||
Freeport-McMoRan, Inc. | 94,251 | 4,431,682 | ||||
| Multi-Utilities — 3.9% | ||||||
DTE Energy Co. | 38,200 | 4,283,748 | ||||
Sempra | 176,292 | 12,663,054 | ||||
| 16,946,802 | ||||||
| Oil, Gas & Consumable Fuels — 8.8% | ||||||
Enbridge, Inc. (Canada) | 312,031 | 11,289,282 | ||||
EQT Corp. | 47,277 | 1,752,558 | ||||
Exxon Mobil Corp. | 39,500 | 4,591,480 | ||||
Pioneer Natural Resources Co. | 28,232 | 7,410,900 | ||||
Williams Cos., Inc. (The) | 333,903 | 13,012,200 | ||||
| 38,056,420 | ||||||
| Personal Care Products — 1.8% | ||||||
Haleon PLC | 788,300 | 3,303,592 | ||||
Kenvue, Inc. | 220,600 | 4,734,076 | ||||
| 8,037,668 | ||||||
| Pharmaceuticals — 4.9% | ||||||
AstraZeneca PLC (United Kingdom) | 35,500 | 4,769,206 | ||||
Johnson & Johnson | 39,252 | 6,209,274 | ||||
Merck & Co., Inc. | 77,883 | 10,276,662 | ||||
| 21,255,142 | ||||||
| Residential REITs — 1.7% | ||||||
AvalonBay Communities, Inc. | 39,934 | 7,410,153 | ||||
| Semiconductors & Semiconductor Equipment — 4.1% | ||||||
Broadcom, Inc. | 7,356 | 9,749,716 | ||||
Intel Corp. | 124,428 | 5,495,985 | ||||
Texas Instruments, Inc. | 16,016 | 2,790,147 | ||||
| 18,035,848 | ||||||
| Software — 9.4% | ||||||
Microsoft Corp. | 58,356 | 24,551,536 | ||||
Oracle Corp. | 67,938 | 8,533,692 | ||||
SAP SE (Germany), ADR(a) | 39,032 | 7,612,411 | ||||
| 40,697,639 | ||||||
| Specialized REITs — 2.9% | ||||||
American Tower Corp. | 36,961 | 7,303,124 | ||||
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AST CLEARBRIDGE DIVIDEND GROWTH PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Specialized REITs (cont’d.) | ||||||
Public Storage | 18,700 | $5,424,122 | ||||
| 12,727,246 | ||||||
| Specialty Retail — 1.7% | ||||||
Home Depot, Inc. (The) | 19,758 | 7,579,169 | ||||
| Technology Hardware, Storage & Peripherals — 1.7% | ||||||
Apple, Inc. | 43,469 | 7,454,064 | ||||
| Wireless Telecommunication Services — 2.2% | ||||||
T-Mobile US, Inc. | 58,000 | 9,466,760 | ||||
Total Long-Term Investments (cost $348,044,770) | 428,833,965 | |||||
| Short-Term Investments — 7.5% | ||||||
| Affiliated Mutual Fund — 6.8% | ||||||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $29,455,478; includes $29,308,416 of cash collateral for securities on loan)(b)(wb) | 29,467,378 | 29,452,645 | ||||
| Unaffiliated Fund — 0.7% | ||||||
Fidelity Investments Money Market Government Portfolio (7-day effective yield 5.210%) (Institutional Shares) | 2,980,078 | 2,980,078 | ||||
| (cost $2,980,078) | ||||||
Total Short-Term Investments (cost $32,435,556) | 32,432,723 | |||||
TOTAL INVESTMENTS—106.3% (cost $380,480,326) | 461,266,688 | |||||
Liabilities in excess of other assets — (6.3)% | (27,405,654) | |||||
Net Assets — 100.0% | $433,861,034 | |||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
| ADR | American Depositary Receipt |
| REITs | Real Estate Investment Trust |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $28,489,462; cash collateral of $29,308,416 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A2