NPORT-EX 2 PI30A01PRU033124.htm
AST SMALL-CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Long-Term Investments — 98.3%
Common Stocks — 94.8%
Aerospace & Defense — 1.0%
AAR Corp.*
16,337   $978,096
AerSale Corp.*(a)
54,400   390,592
Archer Aviation, Inc. (Class A Stock)*(a)
24,447   112,945
Ducommun, Inc.*
7,599   389,829
Kratos Defense & Security Solutions, Inc.*(a)
64,562   1,186,650
Leonardo DRS, Inc.*
79,456   1,755,183
Moog, Inc. (Class A Stock)
20,482   3,269,951
National Presto Industries, Inc.
5,400   452,520
V2X, Inc.*
61,494   2,872,385
            11,408,151
Air Freight & Logistics — 0.2%
Hub Group, Inc. (Class A Stock)
42,427   1,833,695
Radiant Logistics, Inc.*
51,204   277,526
            2,111,221
Automobile Components — 1.2%
Adient PLC*
128,093   4,216,822
Fox Factory Holding Corp.*
3,400   177,038
Goodyear Tire & Rubber Co. (The)*
284,547   3,906,830
Modine Manufacturing Co.*(a)
18,922   1,801,185
Patrick Industries, Inc.(a)
5,822   695,554
Phinia, Inc.
56,580   2,174,370
            12,971,799
Automobiles — 0.1%
Thor Industries, Inc.(a)
9,244   1,084,691
Banks — 13.6%
1st Source Corp.
8,858   464,336
Amalgamated Financial Corp.
28,231   677,544
Ameris Bancorp
92,291   4,465,039
Arrow Financial Corp.
8,100   202,662
Associated Banc-Corp.
48,228   1,037,384
Atlantic Union Bankshares Corp.(a)
52,431   1,851,339
Axos Financial, Inc.*
5,464   295,275
Banc of California, Inc.
184,917   2,812,588
Bank of Marin Bancorp(a)
20,700   347,139
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
62,930   2,013,131
BankUnited, Inc.
55,187   1,545,236
Banner Corp.
51,351   2,464,848
BayCom Corp.
11,500   237,015
BCB Bancorp, Inc.
16,800   175,560
Berkshire Hills Bancorp, Inc.
17,500   401,100
BOK Financial Corp.
5,100   469,200
Bridgewater Bancshares, Inc.*
20,569   239,423
Brookline Bancorp, Inc.
104,519   1,041,009
Business First Bancshares, Inc.
24,277   540,892
Byline Bancorp, Inc.
28,195   612,395
Cambridge Bancorp
8,100   552,096
Camden National Corp.
14,200   475,984
Capitol Federal Financial, Inc.
119,552   712,530
Cathay General Bancorp
9,700   366,951
Central Pacific Financial Corp.
47,567   939,448
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
Civista Bancshares, Inc.
12,200   $187,636
CNB Financial Corp.
19,018   387,777
Columbia Banking System, Inc.
22,500   435,375
Community Bank System, Inc.
34,689   1,666,113
Community Trust Bancorp, Inc.
15,900   678,135
ConnectOne Bancorp, Inc.
184,876   3,605,082
CrossFirst Bankshares, Inc.*
34,884   482,795
Customers Bancorp, Inc.*
40,578   2,153,069
CVB Financial Corp.(a)
89,183   1,591,025
Dime Community Bancshares, Inc.
60,884   1,172,626
Eagle Bancorp, Inc.
30,700   721,143
Eastern Bankshares, Inc.
240,721   3,317,135
Enterprise Financial Services Corp.
37,426   1,517,998
Equity Bancshares, Inc. (Class A Stock)
16,860   579,478
FB Financial Corp.
45,018   1,695,378
Financial Institutions, Inc.
19,308   363,377
First BanCorp. (Puerto Rico)
128,505   2,253,978
First Bancshares, Inc. (The)
18,176   471,667
First Busey Corp.
8,800   211,640
First Business Financial Services, Inc.
7,800   292,500
First Citizens BancShares, Inc. (Class A Stock)
896   1,464,960
First Commonwealth Financial Corp.
24,175   336,516
First Financial Bankshares, Inc.(a)
41,471   1,360,663
First Financial Corp.
34,076   1,306,133
First Foundation, Inc.
51,800   391,090
First Hawaiian, Inc.
33,200   729,072
First Internet Bancorp
15,600   541,944
First Interstate BancSystem, Inc. (Class A Stock)
7,300   198,633
First Merchants Corp.
124,755   4,353,949
First Mid Bancshares, Inc.
10,982   358,892
First of Long Island Corp. (The)
34,300   380,387
Flushing Financial Corp.
43,729   551,423
FNB Corp.
12,453   175,587
FS Bancorp, Inc.
7,800   270,738
German American Bancorp, Inc.
26,726   925,789
Glacier Bancorp, Inc.(a)
45,688   1,840,313
Great Southern Bancorp, Inc.
5,200   285,064
Hancock Whitney Corp.
55,289   2,545,505
Hanmi Financial Corp.
62,314   992,039
Heartland Financial USA, Inc.
17,295   607,919
Heritage Commerce Corp.
182,142   1,562,778
Heritage Financial Corp.
57,285   1,110,756
Hilltop Holdings, Inc.
21,300   667,116
Home Bancorp, Inc.
5,700   218,367
Home BancShares, Inc.(a)
153,107   3,761,839
HomeTrust Bancshares, Inc.
9,046   247,318
Hope Bancorp, Inc.
192,459   2,215,203
Horizon Bancorp, Inc.
45,300   581,199
Independent Bank Corp.
17,400   441,090
Independent Bank Group, Inc.
4,200   191,730
Investar Holding Corp.
17,500   286,300
Kearny Financial Corp.
56,400   363,216
Lakeland Bancorp, Inc.
44,700   540,870
Lakeland Financial Corp.
8,081   535,932
Live Oak Bancshares, Inc.(a)
18,767   779,018
A1
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
Macatawa Bank Corp.
5,532   $54,158
Mercantile Bank Corp.
8,861   341,060
Mid Penn Bancorp, Inc.
3,644   72,916
Midland States Bancorp, Inc.
6,051   152,062
MidWestOne Financial Group, Inc.
10,300   241,432
MVB Financial Corp.
2,683   59,858
National Bank Holdings Corp. (Class A Stock)
12,322   444,454
NBT Bancorp, Inc.
36,215   1,328,366
Northeast Bank
3,700   204,758
Northeast Community Bancorp, Inc.
14,094   221,699
Northfield Bancorp, Inc.
61,200   594,864
Northrim BanCorp, Inc.
8,100   409,131
OceanFirst Financial Corp.
303,350   4,977,973
OFG Bancorp (Puerto Rico)
58,338   2,147,422
Old National Bancorp(a)
238,024   4,143,998
Old Second Bancorp, Inc.
77,206   1,068,531
Origin Bancorp, Inc.
41,540   1,297,710
Orrstown Financial Services, Inc.
4,517   120,920
Pacific Premier Bancorp, Inc.
97,769   2,346,456
Parke Bancorp, Inc.
5,200   89,570
Pathward Financial, Inc.
31,328   1,581,437
PCB Bancorp
16,300   266,179
Peapack-Gladstone Financial Corp.
57,741   1,404,838
Pinnacle Financial Partners, Inc.(a)
34,167   2,934,262
Popular, Inc. (Puerto Rico)
30,247   2,664,458
Preferred Bank(a)
39,660   3,044,698
Premier Financial Corp.
54,383   1,103,975
Primis Financial Corp.
25,400   309,118
Provident Financial Services, Inc.(a)
43,100   627,967
QCR Holdings, Inc.
23,167   1,407,164
RBB Bancorp
16,700   300,767
S&T Bancorp, Inc.
28,596   917,360
Sandy Spring Bancorp, Inc.
37,300   864,614
Seacoast Banking Corp. of Florida
7,408   188,089
Shore Bancshares, Inc.
19,092   219,558
Sierra Bancorp
15,291   308,878
Simmons First National Corp. (Class A Stock)
36,200   704,452
SmartFinancial, Inc.
3,524   74,251
South Plains Financial, Inc.
2,191   58,631
Southern First Bancshares, Inc.*
8,483   269,420
Southside Bancshares, Inc.(a)
7,161   209,316
SouthState Corp.(a)
55,038   4,679,881
Stock Yards Bancorp, Inc.
24,693   1,207,735
Synovus Financial Corp.
22,100   885,326
Territorial Bancorp, Inc.
17,000   137,020
Texas Capital Bancshares, Inc.*
7,452   458,671
Tompkins Financial Corp.
7,700   387,233
Towne Bank
65,008   1,824,124
TriCo Bancshares
54,188   1,993,035
TrustCo Bank Corp.
18,800   529,408
UMB Financial Corp.
4,831   420,249
United Bankshares, Inc.
17,598   629,832
Unity Bancorp, Inc.
4,261   117,604
Univest Financial Corp.
30,700   639,174
Valley National Bancorp(a)
262,389   2,088,616
Veritex Holdings, Inc.
53,693   1,100,170
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
WaFd, Inc.
37,177   $1,079,248
Washington Trust Bancorp, Inc.(a)
22,600   607,488
WesBanco, Inc.
8,980   267,694
Western Alliance Bancorp
40,961   2,629,287
Wintrust Financial Corp.
49,382   5,154,987
WSFS Financial Corp.
7,682   346,765
Zions Bancorp NA
19,400   841,960
            149,645,676
Beverages — 0.3%
Duckhorn Portfolio, Inc. (The)*
99,700   928,207
Primo Water Corp.
148,853   2,710,613
            3,638,820
Biotechnology — 2.5%
2seventy bio, Inc.*(a)
38,523   206,098
Agios Pharmaceuticals, Inc.*
80,690   2,359,376
Alkermes PLC*(a)
24,895   673,908
Allogene Therapeutics, Inc.*
88,805   396,958
Arcellx, Inc.*(a)
29,077   2,022,305
Avidity Biosciences, Inc.*
47,532   1,213,017
Biohaven Ltd.*(a)
16,442   899,213
Bluebird Bio, Inc.*(a)
104,536   133,806
Catalyst Pharmaceuticals, Inc.*(a)
63,237   1,007,998
Crinetics Pharmaceuticals, Inc.*
31,067   1,454,246
Cytokinetics, Inc.*
15,717   1,101,919
Dynavax Technologies Corp.*(a)
58,405   724,806
Fate Therapeutics, Inc.*(a)
128,471   942,977
Geron Corp.*(a)
137,100   452,430
Halozyme Therapeutics, Inc.*
22,238   904,642
Intellia Therapeutics, Inc.*
17,480   480,875
Iovance Biotherapeutics, Inc.*(a)
138,731   2,055,993
Kymera Therapeutics, Inc.*
47,309   1,901,822
MacroGenics, Inc.*(a)
116,216   1,710,699
Myriad Genetics, Inc.*(a)
44,791   954,944
Prothena Corp. PLC (Ireland)*
17,602   436,001
Relay Therapeutics, Inc.*
24,766   205,558
REVOLUTION Medicines, Inc.*
15,613   503,207
SpringWorks Therapeutics, Inc.*(a)
31,703   1,560,422
Syndax Pharmaceuticals, Inc.*
39,202   933,008
Twist Bioscience Corp.*(a)
37,498   1,286,556
Veracyte, Inc.*
36,613   811,344
            27,334,128
Broadline Retail — 0.1%
Ollie’s Bargain Outlet Holdings, Inc.*
6,633   527,788
Savers Value Village, Inc.*(a)
23,693   456,801
            984,589
Building Products — 2.0%
Armstrong World Industries, Inc.
5,100   633,522
AZZ, Inc.
11,700   904,527
Gibraltar Industries, Inc.*
9,949   801,193
Griffon Corp.(a)
62,630   4,593,284
Insteel Industries, Inc.
20,900   798,798
Janus International Group, Inc.*
176,813   2,675,181
JELD-WEN Holding, Inc.*
22,500   477,675
 
A2
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Building Products (cont’d.)
Masterbrand, Inc.*
110,469   $2,070,189
Quanex Building Products Corp.
4,219   162,136
Resideo Technologies, Inc.*
80,525   1,805,371
UFP Industries, Inc.
36,044   4,433,772
Zurn Elkay Water Solutions Corp.(a)
80,100   2,680,947
            22,036,595
Capital Markets — 2.4%
AssetMark Financial Holdings, Inc.*
10,150   359,412
BGC Group, Inc. (Class A Stock)
364,037   2,828,568
Blue Owl Capital Corp.(a)
60,244   926,553
Diamond Hill Investment Group, Inc.
2,500   385,425
Evercore, Inc. (Class A Stock)
24,775   4,771,417
Federated Hermes, Inc.
24,200   874,104
Golub Capital BDC, Inc.
58,102   966,236
Janus Henderson Group PLC
28,900   950,521
Open Lending Corp.*
73,332   459,058
Perella Weinberg Partners
171,261   2,419,918
Piper Sandler Cos.
11,700   2,322,333
PJT Partners, Inc. (Class A Stock)(a)
10,370   977,476
Stifel Financial Corp.
17,457   1,364,614
StoneX Group, Inc.*
25,266   1,775,189
Victory Capital Holdings, Inc. (Class A Stock)
49,980   2,120,651
Virtu Financial, Inc. (Class A Stock)
45,100   925,452
Virtus Investment Partners, Inc.
6,319   1,566,986
            25,993,913
Chemicals — 1.8%
AdvanSix, Inc.
19,700   563,420
Alto Ingredients, Inc.*
184,600   402,428
Ashland, Inc.
37,287   3,630,635
Avient Corp.
64,897   2,816,530
Cabot Corp.
5,900   543,980
Core Molding Technologies, Inc.*
12,000   227,160
Ecovyst, Inc.*
311,864   3,477,284
Element Solutions, Inc.
55,439   1,384,866
HB Fuller Co.
6,484   517,034
Ingevity Corp.*
17,000   810,900
Innospec, Inc.
4,900   631,806
Methanex Corp. (Canada)(a)
18,429   822,486
Minerals Technologies, Inc.
28,874   2,173,635
Orion SA (Germany)
29,185   686,431
Tronox Holdings PLC(a)
80,994   1,405,246
            20,093,841
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.
57,634   2,571,629
ACCO Brands Corp.
24,405   136,912
Brady Corp. (Class A Stock)
29,641   1,757,118
BrightView Holdings, Inc.*
71,944   856,134
Brink’s Co. (The)
64,208   5,931,535
CoreCivic, Inc.*
139,782   2,181,997
Ennis, Inc.
20,300   416,353
Healthcare Services Group, Inc.*
56,400   703,872
Interface, Inc.
56,000   941,920
MillerKnoll, Inc.
30,583   757,235
      Shares   Value
Common Stocks (continued)
Commercial Services & Supplies (cont’d.)
Quad/Graphics, Inc.(a)
36,500   $193,815
UniFirst Corp.
1,300   225,459
Vestis Corp.
39,645   763,959
Viad Corp.*
33,110   1,307,514
            18,745,452
Communications Equipment — 0.4%
Aviat Networks, Inc.*
39,577   1,517,382
Clearfield, Inc.*(a)
36,388   1,122,206
NETGEAR, Inc.*
49,575   781,798
Viavi Solutions, Inc.*
83,807   761,805
            4,183,191
Construction & Engineering — 1.6%
API Group Corp.*(a)
35,782   1,405,159
Arcosa, Inc.
33,869   2,907,992
Comfort Systems USA, Inc.
5,858   1,861,145
Granite Construction, Inc.(a)
81,654   4,664,893
MYR Group, Inc.*
9,650   1,705,638
Primoris Services Corp.
80,574   3,430,035
Tutor Perini Corp.*
75,200   1,087,392
Valmont Industries, Inc.
3,925   895,999
            17,958,253
Construction Materials — 0.3%
Knife River Corp.*
26,355   2,136,863
Summit Materials, Inc. (Class A Stock)*
21,224   945,954
            3,082,817
Consumer Finance — 1.5%
Bread Financial Holdings, Inc.
22,200   826,728
Encore Capital Group, Inc.*
34,232   1,561,322
Enova International, Inc.*
18,050   1,134,081
FirstCash Holdings, Inc.
35,097   4,476,271
LendingClub Corp.*
60,600   532,674
Navient Corp.
43,300   753,420
SLM Corp.
315,525   6,875,290
            16,159,786
Consumer Staples Distribution & Retail — 0.3%
Andersons, Inc. (The)
29,693   1,703,488
Sprouts Farmers Market, Inc.*(a)
12,861   829,277
United Natural Foods, Inc.*
18,674   214,564
            2,747,329
Containers & Packaging — 0.3%
Greif, Inc. (Class A Stock)
16,873   1,165,081
Myers Industries, Inc.
26,501   614,028
O-I Glass, Inc.*
15,873   263,333
Silgan Holdings, Inc.
9,800   475,888
TriMas Corp.
24,000   641,520
            3,159,850
Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.*
43,422   2,231,891
Chegg, Inc.*
71,480   541,104
Frontdoor, Inc.*
58,135   1,894,038
 
A3
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Diversified Consumer Services (cont’d.)
Graham Holdings Co. (Class B Stock)
600   $460,608
Laureate Education, Inc. (Class A Stock)
186,982   2,724,328
Perdoceo Education Corp.
87,906   1,543,629
Stride, Inc.*(a)
8,205   517,325
            9,912,923
Diversified REITs — 0.4%
American Assets Trust, Inc.
18,735   410,484
Armada Hoffler Properties, Inc.
17,305   179,972
Broadstone Net Lease, Inc.(a)
55,636   871,816
Empire State Realty Trust, Inc. (Class A Stock)
150,918   1,528,799
Essential Properties Realty Trust, Inc.
51,019   1,360,167
            4,351,238
Diversified Telecommunication Services — 0.1%
ATN International, Inc.
3,463   109,102
Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)*
20,503   142,906
Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)*
123,265   861,622
            1,113,630
Electric Utilities — 1.1%
ALLETE, Inc.(a)
15,200   906,528
IDACORP, Inc.
25,382   2,357,734
MGE Energy, Inc.(a)
21,462   1,689,489
Otter Tail Corp.(a)
8,600   743,040
PNM Resources, Inc.
23,700   892,068
Portland General Electric Co.
134,245   5,638,290
            12,227,149
Electrical Equipment — 1.5%
Acuity Brands, Inc.(a)
11,580   3,111,893
Atkore, Inc.(a)
13,563   2,581,853
Encore Wire Corp.(a)
21,309   5,599,579
EnerSys
15,545   1,468,381
Powell Industries, Inc.
8,537   1,214,815
Preformed Line Products Co.
1,400   180,138
Sensata Technologies Holding PLC
33,990   1,248,792
Thermon Group Holdings, Inc.*
29,800   975,056
            16,380,507
Electronic Equipment, Instruments & Components — 3.1%
Arrow Electronics, Inc.*
7,801   1,009,917
Avnet, Inc.
72,450   3,592,071
Belden, Inc.
25,367   2,349,238
Benchmark Electronics, Inc.
67,806   2,034,858
Coherent Corp.*
6,700   406,154
Crane NXT Co.(a)
14,800   916,120
CTS Corp.
12,348   577,763
Daktronics, Inc.*
77,908   775,964
ePlus, Inc.*
11,200   879,648
Insight Enterprises, Inc.*(a)
8,992   1,668,196
IPG Photonics Corp.*
8,700   789,003
Itron, Inc.*
28,981   2,681,322
      Shares   Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components (cont’d.)
Kimball Electronics, Inc.*
22,600   $489,290
Knowles Corp.*
271,540   4,371,794
Methode Electronics, Inc.
40,600   494,508
OSI Systems, Inc.*
22,067   3,151,609
Plexus Corp.*
7,316   693,703
Rogers Corp.*
3,159   374,942
Sanmina Corp.*
15,300   951,354
ScanSource, Inc.*
34,927   1,538,185
TTM Technologies, Inc.*
141,894   2,220,641
Vishay Intertechnology, Inc.(a)
32,700   741,636
Vontier Corp.
19,300   875,448
            33,583,364
Energy Equipment & Services — 3.4%
Archrock, Inc.(a)
54,120   1,064,540
Cactus, Inc. (Class A Stock)(a)
37,566   1,881,681
ChampionX Corp.(a)
77,948   2,797,554
Core Laboratories, Inc.(a)
26,300   449,204
Dril-Quip, Inc.*(a)
29,400   662,382
Expro Group Holdings NV*(a)
148,371   2,962,969
Forum Energy Technologies, Inc.*
10,400   207,792
Helix Energy Solutions Group, Inc.*
56,889   616,677
Helmerich & Payne, Inc.(a)
18,588   781,811
Liberty Energy, Inc.(a)
183,181   3,795,510
National Energy Services Reunited Corp.*(a)
91,400   731,200
Newpark Resources, Inc.*
68,400   493,848
Noble Corp. PLC
76,247   3,697,217
Oil States International, Inc.*
55,988   344,886
Patterson-UTI Energy, Inc.
340,161   4,061,522
Precision Drilling Corp. (Canada)*
11,900   800,596
ProFrac Holding Corp. (Class A Stock)*(a)
28,400   237,424
ProPetro Holding Corp.*
79,200   639,936
Seadrill Ltd. (Norway)*
24,375   1,226,063
Select Water Solutions, Inc. (Class A Stock)
211,754   1,954,490
Solaris Oilfield Infrastructure, Inc. (Class A Stock)
83,000   719,610
Tidewater, Inc.*
36,180   3,328,560
U.S. Silica Holdings, Inc.*
87,518   1,086,098
Weatherford International PLC*
24,357   2,811,285
            37,352,855
Entertainment — 0.1%
Vivid Seats, Inc. (Class A Stock)*
150,320   900,417
Financial Services — 4.3%
Cannae Holdings, Inc.*(a)
9,915   220,510
Enact Holdings, Inc.
88,320   2,753,817
Essent Group Ltd.
113,994   6,783,783
Euronet Worldwide, Inc.*
4,400   483,692
Federal Agricultural Mortgage Corp. (Class C Stock)
28,791   5,668,372
International Money Express, Inc.*
35,170   802,931
Jackson Financial, Inc. (Class A Stock)
28,475   1,883,336
Merchants Bancorp
63,817   2,755,618
MGIC Investment Corp.
171,593   3,836,819
 
A4
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Financial Services (cont’d.)
Mr. Cooper Group, Inc.*
77,713   $6,057,728
NCR Atleos Corp.*
13,900   274,525
NMI Holdings, Inc. (Class A Stock)*
117,093   3,786,788
PennyMac Financial Services, Inc.
41,363   3,767,756
Radian Group, Inc.(a)
90,908   3,042,691
Repay Holdings Corp.*
83,028   913,308
StoneCo Ltd. (Brazil) (Class A Stock)*
26,524   440,564
Voya Financial, Inc.(a)
21,328   1,576,566
Walker & Dunlop, Inc.(a)
26,284   2,656,261
            47,705,065
Food Products — 0.8%
B&G Foods, Inc.(a)
64,500   737,880
Cal-Maine Foods, Inc.
7,786   458,206
Dole PLC
71,368   851,420
Fresh Del Monte Produce, Inc.
15,693   406,606
Hain Celestial Group, Inc. (The)*
35,100   275,886
John B. Sanfilippo & Son, Inc.
7,226   765,378
Nomad Foods Ltd. (United Kingdom)
82,166   1,607,167
Simply Good Foods Co. (The)*
62,480   2,126,195
Utz Brands, Inc.(a)
45,478   838,614
WK Kellogg Co.
32,200   605,360
            8,672,712
Gas Utilities — 1.1%
Chesapeake Utilities Corp.
21,982   2,358,669
New Jersey Resources Corp.(a)
34,320   1,472,671
Northwest Natural Holding Co.
37,063   1,379,485
ONE Gas, Inc.(a)
66,592   4,297,182
Southwest Gas Holdings, Inc.(a)
20,926   1,593,096
Spire, Inc.
23,301   1,429,982
            12,531,085
Ground Transportation — 0.4%
ArcBest Corp.
23,955   3,413,588
Heartland Express, Inc.(a)
41,100   490,734
Marten Transport Ltd.
19,900   367,752
PAM Transportation Services, Inc.*
7,987   129,469
            4,401,543
Health Care Equipment & Supplies — 1.7%
Alphatec Holdings, Inc.*
81,571   1,124,864
CONMED Corp.
12,133   971,610
Enovis Corp.*(a)
27,236   1,700,888
Haemonetics Corp.*
23,042   1,966,635
Inari Medical, Inc.*
9,716   466,174
Inmode Ltd.*
84,998   1,836,807
Integer Holdings Corp.*
4,572   533,461
Integra LifeSciences Holdings Corp.*
25,637   908,832
Lantheus Holdings, Inc.*
30,016   1,868,196
LivaNova PLC*
50,095   2,802,314
Neogen Corp.*(a)
66,956   1,056,566
Nevro Corp.*
42,376   611,909
QuidelOrtho Corp.*
14,670   703,280
RxSight, Inc.*
26,602   1,372,131
Sight Sciences, Inc.*(a)
110,357   582,685
Utah Medical Products, Inc.
2,600   184,886
      Shares   Value
Common Stocks (continued)
Health Care Equipment & Supplies (cont’d.)
Zynex, Inc.*(a)
31,400   $388,418
            19,079,656
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc.*
14,124   1,118,903
Addus HomeCare Corp.*
15,472   1,598,876
Amedisys, Inc.*
10,304   949,617
AMN Healthcare Services, Inc.*
21,772   1,360,968
NeoGenomics, Inc.*
201,465   3,167,030
Pediatrix Medical Group, Inc.*
192,192   1,927,686
PetIQ, Inc.*
70,380   1,286,546
R1 RCM, Inc.*
109,023   1,404,216
Select Medical Holdings Corp.
24,800   747,720
            13,561,562
Health Care REITs — 0.3%
CareTrust REIT, Inc.(a)
22,334   544,280
Community Healthcare Trust, Inc.
17,788   472,272
Global Medical REIT, Inc.
12,967   113,461
Sabra Health Care REIT, Inc.
106,816   1,577,672
            2,707,685
Health Care Technology — 0.2%
Evolent Health, Inc. (Class A Stock)*(a)
39,782   1,304,452
Health Catalyst, Inc.*
77,435   583,085
TruBridge, Inc.*
34,200   315,324
            2,202,861
Hotel & Resort REITs — 1.2%
Apple Hospitality REIT, Inc.
164,206   2,689,694
DiamondRock Hospitality Co.(a)
48,226   463,452
Park Hotels & Resorts, Inc.
54,400   951,456
Pebblebrook Hotel Trust(a)
148,349   2,286,058
RLJ Lodging Trust
283,260   3,348,133
Ryman Hospitality Properties, Inc.
25,271   2,921,581
Xenia Hotels & Resorts, Inc.(a)
56,013   840,755
            13,501,129
Hotels, Restaurants & Leisure — 2.5%
Accel Entertainment, Inc.*
62,000   730,980
Bloomin’ Brands, Inc.(a)
58,405   1,675,055
Bowlero Corp. (Class A Stock)(a)
160,390   2,197,343
Boyd Gaming Corp.
47,891   3,224,022
Brinker International, Inc.*
35,362   1,756,784
Dave & Buster’s Entertainment, Inc.*(a)
24,529   1,535,515
Denny’s Corp.*
47,800   428,288
Dine Brands Global, Inc.
12,000   557,760
El Pollo Loco Holdings, Inc.*
43,500   423,690
Everi Holdings, Inc.*
165,734   1,665,627
Hilton Grand Vacations, Inc.*
15,300   722,313
International Game Technology PLC
50,622   1,143,551
Light & Wonder, Inc.*(a)
24,644   2,515,906
Marriott Vacations Worldwide Corp.
8,500   915,705
Monarch Casino & Resort, Inc.
9,300   697,407
Six Flags Entertainment Corp.*
9,700   255,304
Sweetgreen, Inc. (Class A Stock)*(a)
12,771   322,595
Travel + Leisure Co.
36,156   1,770,198
 
A5
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Hotels, Restaurants & Leisure (cont’d.)
United Parks & Resorts, Inc.*
54,809   $3,080,814
Wyndham Hotels & Resorts, Inc.
17,350   1,331,613
            26,950,470
Household Durables — 2.5%
Beazer Homes USA, Inc.*
30,580   1,003,024
Century Communities, Inc.
44,289   4,273,889
Green Brick Partners, Inc.*
14,949   900,378
Helen of Troy Ltd.*
14,693   1,693,221
Installed Building Products, Inc.(a)
5,396   1,396,107
KB Home(a)
25,716   1,822,750
La-Z-Boy, Inc.(a)
38,075   1,432,382
Leggett & Platt, Inc.
27,600   528,540
M/I Homes, Inc.*
17,810   2,427,325
Meritage Homes Corp.
43,696   7,666,900
Taylor Morrison Home Corp.*
37,664   2,341,571
Tri Pointe Homes, Inc.*
42,246   1,633,230
Worthington Enterprises, Inc.
4,500   280,035
            27,399,352
Household Products — 0.1%
Central Garden & Pet Co.*
10,000   428,300
Central Garden & Pet Co. (Class A Stock)*
14,953   552,065
Energizer Holdings, Inc.(a)
19,600   577,024
            1,557,389
Independent Power & Renewable Electricity Producers — 0.1%
Clearway Energy, Inc. (Class A Stock)
21,757   467,993
Clearway Energy, Inc. (Class C Stock)(a)
17,638   406,556
            874,549
Industrial REITs — 0.8%
First Industrial Realty Trust, Inc.
6,372   334,785
Innovative Industrial Properties, Inc.(a)
9,733   1,007,755
Plymouth Industrial REIT, Inc.
27,837   626,332
STAG Industrial, Inc.(a)
71,763   2,758,570
Terreno Realty Corp.(a)
59,107   3,924,705
            8,652,147
Insurance — 3.2%
Ambac Financial Group, Inc.*
31,900   498,597
Assured Guaranty Ltd.
46,310   4,040,547
Axis Capital Holdings Ltd.
71,911   4,675,653
Brighthouse Financial, Inc.*
12,400   639,096
BRP Group, Inc. (Class A Stock)*
34,563   1,000,253
CNO Financial Group, Inc.
93,999   2,583,093
Employers Holdings, Inc.
39,583   1,796,672
Enstar Group Ltd.*(a)
10,131   3,148,310
First American Financial Corp.
7,873   480,647
Hanover Insurance Group, Inc. (The)
15,974   2,175,180
Horace Mann Educators Corp.
23,300   861,867
Kemper Corp.
44,791   2,773,459
Lincoln National Corp.
16,300   520,459
Mercury General Corp.
8,600   443,760
Oscar Health, Inc. (Class A Stock)*
123,474   1,836,058
      Shares   Value
Common Stocks (continued)
Insurance (cont’d.)
ProAssurance Corp.
21,100   $271,346
RLI Corp.
5,210   773,529
Safety Insurance Group, Inc.
5,700   468,483
SiriusPoint Ltd. (Bermuda)*
34,700   441,037
Skyward Specialty Insurance Group, Inc.*(a)
44,491   1,664,408
Stewart Information Services Corp.
15,300   995,418
White Mountains Insurance Group Ltd.(a)
1,981   3,554,508
            35,642,380
Interactive Media & Services — 0.3%
Bumble, Inc. (Class A Stock)*(a)
51,147   580,519
Cars.com, Inc.*
80,640   1,385,395
QuinStreet, Inc.*
30,384   536,581
TripAdvisor, Inc.*
43,670   1,213,589
            3,716,084
IT Services — 0.3%
DXC Technology Co.*
28,200   598,122
Fastly, Inc. (Class A Stock)*
38,895   504,468
Hackett Group, Inc. (The)
33,484   813,662
Information Services Group, Inc.
128,705   519,968
Unisys Corp.*
153,711   754,721
            3,190,941
Leisure Products — 0.3%
JAKKS Pacific, Inc.*
24,587   607,299
Johnson Outdoors, Inc. (Class A Stock)
9,300   428,823
Solo Brands, Inc. (Class A Stock)*(a)
136,816   296,891
Topgolf Callaway Brands Corp.*
78,925   1,276,217
Vista Outdoor, Inc.*
29,800   976,844
            3,586,074
Life Sciences Tools & Services — 0.3%
Fortrea Holdings, Inc.*
69,910   2,806,187
Machinery — 3.8%
AGCO Corp.
10,150   1,248,653
Albany International Corp. (Class A Stock)
4,600   430,146
Allison Transmission Holdings, Inc.
36,408   2,954,873
Atmus Filtration Technologies, Inc.*
73,406   2,367,343
Barnes Group, Inc.
22,800   847,020
Blue Bird Corp.*
42,819   1,641,680
Chart Industries, Inc.*(a)
14,107   2,323,705
Columbus McKinnon Corp.
40,897   1,825,233
Crane Co.
10,257   1,386,028
Douglas Dynamics, Inc.
7,700   185,724
Enerpac Tool Group Corp.
15,100   538,466
Enpro, Inc.(a)
12,076   2,038,067
ESCO Technologies, Inc.
18,363   1,965,759
Federal Signal Corp.
10,334   877,047
Flowserve Corp.
18,500   845,080
Gates Industrial Corp. PLC*(a)
219,477   3,886,938
Greenbrier Cos., Inc. (The)
16,500   859,650
Hillenbrand, Inc.
19,100   960,539
Kennametal, Inc.
7,300   182,062
 
A6
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Machinery (cont’d.)
Lindsay Corp.
3,300   $388,278
Miller Industries, Inc.
7,600   380,760
Mueller Industries, Inc.
58,605   3,160,568
Mueller Water Products, Inc. (Class A Stock)
38,800   624,292
REV Group, Inc.
93,621   2,068,088
SPX Technologies, Inc.*
29,325   3,610,787
Standex International Corp.
9,987   1,819,831
Tennant Co.
2,400   291,864
Terex Corp.
13,124   845,186
Titan International, Inc.*
43,531   542,396
Wabash National Corp.(a)
26,900   805,386
            41,901,449
Marine Transportation — 0.2%
Matson, Inc.
15,382   1,728,937
Safe Bulkers, Inc. (Greece)
43,799   217,243
            1,946,180
Media — 1.2%
AMC Networks, Inc. (Class A Stock)*(a)
26,517   321,651
Emerald Holding, Inc.*
35,178   239,562
Gray Television, Inc.(a)
115,001   726,806
John Wiley & Sons, Inc. (Class A Stock)
9,039   344,657
Magnite, Inc.*
69,830   750,673
Nexstar Media Group, Inc.
22,472   3,871,701
Stagwell, Inc.*(a)
258,956   1,610,706
TEGNA, Inc.
285,820   4,270,151
Thryv Holdings, Inc.*
22,337   496,552
            12,632,459
Metals & Mining — 2.1%
Alpha Metallurgical Resources, Inc.(a)
5,675   1,879,390
Arch Resources, Inc.(a)
13,699   2,202,662
Carpenter Technology Corp.(a)
30,281   2,162,669
Commercial Metals Co.
93,682   5,505,691
Compass Minerals International, Inc.
29,700   467,478
Constellium SE*
131,053   2,897,582
Eldorado Gold Corp. (Turkey)*
91,303   1,284,633
Haynes International, Inc.
4,000   240,480
Hecla Mining Co.(a)
154,434   742,828
Kaiser Aluminum Corp.
13,000   1,161,680
Olympic Steel, Inc.
2,839   201,228
Radius Recycling, Inc.
5,369   113,447
Ryerson Holding Corp.
16,478   552,013
SunCoke Energy, Inc.
26,624   300,052
Tredegar Corp.
111,302   725,689
Warrior Met Coal, Inc.
26,756   1,624,089
Worthington Steel, Inc.(a)
19,389   695,096
            22,756,707
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
Apollo Commercial Real Estate Finance, Inc.(a)
38,400   427,776
Ares Commercial Real Estate Corp.(a)
39,100   291,295
      Shares   Value
Common Stocks (continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
BrightSpire Capital, Inc.
202,017   $1,391,897
Dynex Capital, Inc.
14,729   183,376
Ellington Financial, Inc.(a)
5,641   66,620
Granite Point Mortgage Trust, Inc.(a)
79,279   378,161
Great Ajax Corp.
30,200   114,760
KKR Real Estate Finance Trust, Inc.(a)
25,136   252,868
Ladder Capital Corp.
278,254   3,096,967
MFA Financial, Inc.
65,459   746,887
PennyMac Mortgage Investment Trust
87,461   1,283,928
Redwood Trust, Inc.(a)
148,898   948,480
TPG RE Finance Trust, Inc.(a)
129,288   998,104
            10,181,119
Multi-Utilities — 0.5%
Avista Corp.
24,000   840,480
Black Hills Corp.
24,999   1,364,945
Northwestern Energy Group, Inc.(a)
30,801   1,568,695
Unitil Corp.
30,525   1,597,984
            5,372,104
Office REITs — 0.4%
City Office REIT, Inc.
19,471   101,444
COPT Defense Properties
65,863   1,591,909
Cousins Properties, Inc.
47,595   1,144,184
Easterly Government Properties, Inc.(a)
11,066   127,369
Hudson Pacific Properties, Inc.(a)
30,983   199,840
Piedmont Office Realty Trust, Inc. (Class A Stock)
28,967   203,638
SL Green Realty Corp.(a)
25,313   1,395,506
            4,763,890
Oil, Gas & Consumable Fuels — 6.0%
Baytex Energy Corp. (Canada)(a)
237,189   860,996
Berry Corp.
126,300   1,016,715
California Resources Corp.
61,777   3,403,913
Callon Petroleum Co.*(a)
23,200   829,632
Chord Energy Corp.(a)
28,158   5,018,882
Civitas Resources, Inc.(a)
44,032   3,342,469
CNX Resources Corp.*
40,743   966,424
CONSOL Energy, Inc.
4,301   360,252
Crescent Energy Co. (Class A Stock)(a)
64,800   771,120
CVR Energy, Inc.(a)
23,823   849,528
Delek US Holdings, Inc.
3,492   107,344
DHT Holdings, Inc.
97,219   1,118,018
Dorian LPG Ltd.(a)
37,047   1,424,828
Equitrans Midstream Corp.
177,439   2,216,213
Gulfport Energy Corp.*
11,994   1,920,479
International Seaways, Inc.(a)
20,144   1,071,661
Kinetik Holdings, Inc.
12,500   498,375
Kosmos Energy Ltd. (Ghana)*
313,079   1,865,951
Magnolia Oil & Gas Corp. (Class A Stock)(a)
6,351   164,808
Matador Resources Co.
36,865   2,461,476
Murphy Oil Corp.
99,780   4,559,946
Northern Oil & Gas, Inc.(a)
25,200   999,936
 
A7
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Ovintiv, Inc.
21,395   $1,110,400
Par Pacific Holdings, Inc.*
78,723   2,917,474
PBF Energy, Inc. (Class A Stock)
52,052   2,996,634
Peabody Energy Corp.
74,815   1,815,012
Permian Resources Corp.
149,595   2,641,848
REX American Resources Corp.*
9,004   528,625
Scorpio Tankers, Inc. (Monaco)
16,592   1,187,158
SilverBow Resources, Inc.*
23,600   805,704
SM Energy Co.(a)
105,181   5,243,273
Talos Energy, Inc.*
65,600   913,808
Teekay Tankers Ltd. (Canada) (Class A Stock)
13,815   806,934
Uranium Energy Corp.*(a)
114,344   771,822
VAALCO Energy, Inc.
126,500   881,705
Vertex Energy, Inc.*(a)
132,600   185,640
Viper Energy, Inc.
97,387   3,745,504
Vital Energy, Inc.*(a)
17,000   893,180
World Kinect Corp.
105,040   2,778,308
            66,051,995
Paper & Forest Products — 0.1%
Mercer International, Inc. (Germany)
49,700   494,515
Sylvamo Corp.
9,100   561,834
            1,056,349
Passenger Airlines — 0.4%
Alaska Air Group, Inc.*
17,900   769,521
Blade Air Mobility, Inc.*
27,893   79,495
JetBlue Airways Corp.*
177,304   1,315,596
Joby Aviation, Inc.*(a)
40,264   215,815
SkyWest, Inc.*
31,258   2,159,303
Spirit Airlines, Inc.(a)
13,486   65,272
            4,605,002
Personal Care Products — 0.6%
BellRing Brands, Inc.*
59,323   3,501,837
Edgewell Personal Care Co.
26,435   1,021,448
Herbalife Ltd.*(a)
96,000   964,800
Medifast, Inc.(a)
20,400   781,728
Nu Skin Enterprises, Inc. (Class A Stock)
33,200   459,156
            6,728,969
Pharmaceuticals — 0.5%
ANI Pharmaceuticals, Inc.*
15,924   1,100,826
Intra-Cellular Therapies, Inc.*
11,559   799,883
Organon & Co.
45,317   851,960
Perrigo Co. PLC
32,953   1,060,757
Phibro Animal Health Corp. (Class A Stock)
30,500   394,365
Prestige Consumer Healthcare, Inc.*
8,660   628,370
SIGA Technologies, Inc.(a)
71,824   614,813
            5,450,974
Professional Services — 2.6%
Alight, Inc. (Class A Stock)*
272,913   2,688,193
ASGN, Inc.*
49,524   5,188,134
      Shares   Value
Common Stocks (continued)
Professional Services (cont’d.)
Barrett Business Services, Inc.
9,180   $1,163,289
Concentrix Corp.(a)
21,322   1,411,943
Dun & Bradstreet Holdings, Inc.
88,771   891,261
First Advantage Corp.
73,327   1,189,364
FTI Consulting, Inc.*
7,296   1,534,276
Heidrick & Struggles International, Inc.
21,906   737,356
Huron Consulting Group, Inc.*
12,212   1,179,923
ICF International, Inc.
5,954   896,851
Kelly Services, Inc. (Class A Stock)
32,267   807,966
Kforce, Inc.(a)
9,500   669,940
Korn Ferry
13,800   907,488
Legalzoom.com, Inc.*
140,349   1,872,256
ManpowerGroup, Inc.
11,400   885,096
Maximus, Inc.
10,400   872,560
Parsons Corp.*
17,806   1,477,008
Resources Connection, Inc.
55,500   730,380
Science Applications International Corp.(a)
16,915   2,205,547
TrueBlue, Inc.*
69,570   871,016
TTEC Holdings, Inc.
30,700   318,359
Verra Mobility Corp.*
19,000   474,430
            28,972,636
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.*
40,509   250,346
Cushman & Wakefield PLC*
163,056   1,705,566
Forestar Group, Inc.*
27,813   1,117,804
Newmark Group, Inc. (Class A Stock)
130,570   1,448,021
Opendoor Technologies, Inc.*
154,340   467,650
Seritage Growth Properties (Class A Stock), REIT*(a)
85,400   824,110
            5,813,497
Residential REITs — 0.1%
Independence Realty Trust, Inc.(a)
54,939   886,166
UMH Properties, Inc.
21,706   352,506
Veris Residential, Inc.
19,882   302,405
            1,541,077
Retail REITs — 1.4%
Acadia Realty Trust
166,807   2,837,387
Agree Realty Corp.
13,559   774,490
Alexander’s, Inc.
3,100   673,134
InvenTrust Properties Corp.
27,321   702,423
Kimco Realty Corp.
12,839   251,773
Kite Realty Group Trust
76,044   1,648,634
Macerich Co. (The)(a)
61,707   1,063,212
Phillips Edison & Co., Inc.(a)
15,539   557,384
Regency Centers Corp.
2,242   135,775
Retail Opportunity Investments Corp.
141,444   1,813,312
SITE Centers Corp.
300,723   4,405,592
            14,863,116
Semiconductors & Semiconductor Equipment — 1.9%
ACM Research, Inc. (Class A Stock)*(a)
44,742   1,303,782
Amkor Technology, Inc.
87,000   2,804,880
 
A8
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Axcelis Technologies, Inc.*
8,148   $908,665
Cirrus Logic, Inc.*
6,700   620,152
Cohu, Inc.*
39,999   1,333,167
Diodes, Inc.*
12,200   860,100
MACOM Technology Solutions Holdings, Inc.*
7,785   744,557
NVE Corp.
5,400   486,972
Onto Innovation, Inc.*
5,091   921,878
Photronics, Inc.*
54,101   1,532,140
Semtech Corp.*(a)
86,734   2,384,318
Synaptics, Inc.*
35,899   3,502,307
Ultra Clean Holdings, Inc.*
48,780   2,240,953
Veeco Instruments, Inc.*
23,111   812,814
            20,456,685
Software — 1.4%
ACI Worldwide, Inc.*
29,200   969,732
Adeia, Inc.
197,178   2,153,184
Aurora Innovation, Inc.*(a)
31,055   87,575
InterDigital, Inc.(a)
33,385   3,554,167
LiveRamp Holdings, Inc.*
114,147   3,938,071
NCR Voyix Corp.*
59,271   748,593
ON24, Inc.
70,919   506,362
Pegasystems, Inc.
12,051   778,976
Tenable Holdings, Inc.*(a)
28,798   1,423,485
Verint Systems, Inc.*
25,273   837,800
Xperi, Inc.*
50,197   605,376
            15,603,321
Specialized REITs — 0.2%
PotlatchDeltic Corp.(a)
32,939   1,548,792
Uniti Group, Inc.(a)
59,745   352,495
            1,901,287
Specialty Retail — 3.0%
Aaron’s Co., Inc. (The)
57,900   434,250
Abercrombie & Fitch Co. (Class A Stock)*
14,744   1,847,866
Academy Sports & Outdoors, Inc.
20,301   1,371,130
Advance Auto Parts, Inc.
7,100   604,139
Asbury Automotive Group, Inc.*(a)
18,263   4,306,050
Beyond, Inc.*
11,986   430,417
Caleres, Inc.(a)
60,338   2,475,668
Carvana Co.*(a)
10,851   953,911
Designer Brands, Inc. (Class A Stock)
51,400   561,802
EVgo, Inc.*(a)
44,394   111,429
Foot Locker, Inc.(a)
36,004   1,026,114
Genesco, Inc.*
13,700   385,518
Group 1 Automotive, Inc.
19,992   5,842,262
Haverty Furniture Cos., Inc.
30,433   1,038,374
Hibbett, Inc.
8,100   622,161
Leslie’s, Inc.*(a)
73,700   479,050
LL Flooring Holdings, Inc.*
83,781   153,319
MarineMax, Inc.*(a)
16,700   555,442
ODP Corp. (The)*
15,695   832,620
OneWater Marine, Inc. (Class A Stock)*(a)
23,100   650,265
      Shares   Value
Common Stocks (continued)
Specialty Retail (cont’d.)
PetMed Express, Inc.(a)
62,900   $301,291
Revolve Group, Inc.*
15,700   332,369
Signet Jewelers Ltd.(a)
33,540   3,356,348
Sonic Automotive, Inc. (Class A Stock)(a)
13,800   785,772
Upbound Group, Inc.
12,700   447,167
Urban Outfitters, Inc.*
24,052   1,044,338
Valvoline, Inc.*(a)
28,457   1,268,328
Zumiez, Inc.*
12,600   191,394
            32,408,794
Technology Hardware, Storage & Peripherals — 0.0%
CPI Card Group, Inc.*
11,600   207,176
Turtle Beach Corp.*
5,920   102,061
            309,237
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.(a)
5,900   499,612
Crocs, Inc.*(a)
11,134   1,601,069
G-III Apparel Group Ltd.*
42,758   1,240,409
Hanesbrands, Inc.*
101,700   589,860
Kontoor Brands, Inc.(a)
24,868   1,498,297
Oxford Industries, Inc.(a)
2,100   236,040
Steven Madden Ltd.(a)
69,585   2,942,054
Under Armour, Inc. (Class A Stock)*
29,852   220,308
            8,827,649
Tobacco — 0.2%
Universal Corp.
18,990   982,163
Vector Group Ltd.
100,252   1,098,762
            2,080,925
Trading Companies & Distributors — 2.3%
Beacon Roofing Supply, Inc.*
81,347   7,973,633
BlueLinx Holdings, Inc.*
5,167   672,950
Boise Cascade Co.
19,005   2,914,797
DNOW, Inc.*
196,328   2,984,186
Global Industrial Co.
6,479   290,130
GMS, Inc.*
13,934   1,356,335
Herc Holdings, Inc.
16,308   2,744,636
Hudson Technologies, Inc.*
19,689   216,776
MRC Global, Inc.*
19,600   246,372
Rush Enterprises, Inc. (Class A Stock)
61,927   3,314,333
Titan Machinery, Inc.*
35,790   887,950
WESCO International, Inc.
8,130   1,392,506
            24,994,604
Water Utilities — 0.1%
American States Water Co.(a)
9,435   681,584
Wireless Telecommunication Services — 0.1%
Gogo, Inc.*(a)
46,993   412,598
Telephone & Data Systems, Inc.
39,735   636,555
            1,049,153
 
Total Common Stocks

(cost $923,725,425)
  1,040,851,818
 
A9
AST SMALL-CAP VALUE PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2024 (unaudited)
      Shares   Value
 
Unaffiliated Exchange-Traded Funds — 3.5%
iShares Russell 2000 Value ETF(a)
133,427   $21,189,542
Vanguard Small-Cap Value ETF
92,012   17,655,263
 
Total Unaffiliated Exchange-Traded Funds

(cost $35,897,263)
  38,844,805
 
Total Long-Term Investments

(cost $959,622,688)
  1,079,696,623
Short-Term Investments — 17.2%
Affiliated Mutual Funds
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)(wb)
17,192,884   17,192,884
PGIM Institutional Money Market Fund (7-day effective yield 5.664%)

(cost $171,756,128; includes $170,879,849 of cash collateral for securities on loan)(b)(wb)
171,820,203   171,734,293
 
Total Short-Term Investments

(cost $188,949,012)
  188,927,177
 
TOTAL INVESTMENTS—115.5%

(cost $1,148,571,700)
  1,268,623,800
 
Liabilities in excess of other assets(z) — (15.5)%
  (170,267,773)
 
Net Assets — 100.0%
  $1,098,356,027
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
ETF Exchange-Traded Fund
REITs Real Estate Investment Trust
    
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $168,571,230; cash collateral of $170,879,849 (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.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
 
Futures contracts outstanding at March 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Position:
25   Russell 2000 E-Mini Index   Jun. 2024   $2,682,375   $49,047
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).
A10