AST INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 98.3%
Common Stocks — 92.5%
Australia — 5.9%
AGL Energy Ltd.
30,800   $203,299
ANZ Group Holdings Ltd.
321,118   5,879,373
Aristocrat Leisure Ltd.
95,509   3,862,682
BHP Group Ltd.
372,504   9,038,117
BlueScope Steel Ltd.
51,624   691,449
Brambles Ltd.
340,215   4,298,013
Coles Group Ltd.
172,492   2,111,433
Commonwealth Bank of Australia
22,716   2,160,153
Computershare Ltd.
99,755   2,458,865
Fortescue Ltd.
268,779   2,601,520
Glencore PLC*
817,974   2,993,893
GPT Group (The), REIT
408,220   1,119,668
Insurance Australia Group Ltd.
217,836   1,059,673
JB Hi-Fi Ltd.
12,656   739,746
Medibank Private Ltd.
1,515,450   4,235,444
Mirvac Group, REIT
1,359,481   1,790,306
NEXTDC Ltd.*
76,073   544,871
Northern Star Resources Ltd.
205,776   2,375,720
Orica Ltd.
70,240   750,737
Pinnacle Investment Management Group Ltd.
45,193   499,944
Pro Medicus Ltd.
12,455   1,576,498
Qantas Airways Ltd.
881,829   5,027,431
QBE Insurance Group Ltd.
816,089   11,276,033
REA Group Ltd.
9,547   1,324,594
Rio Tinto Ltd.
31,475   2,283,821
Rio Tinto PLC
123,953   7,438,446
Scentre Group, REIT
423,972   897,038
Sonic Healthcare Ltd.
66,705   1,083,081
Stockland, REIT
167,394   516,504
Suncorp Group Ltd.
81,803   990,771
Technology One Ltd.
11,625   204,475
Telstra Group Ltd.
1,351,746   3,571,023
Vicinity Ltd., REIT
981,462   1,359,022
Westpac Banking Corp.
38,100   759,236
            87,722,879
Austria — 0.4%
BAWAG Group AG, 144A
2,530   261,005
Erste Group Bank AG
84,930   5,874,701
            6,135,706
Belgium — 0.5%
KBC Group NV
37,645   3,431,100
Solvay SA
43,453   1,545,699
UCB SA
11,352   1,998,687
            6,975,486
Brazil — 0.8%
Ambev SA
528,700   1,256,328
Embraer SA, ADR*
35,102   1,621,712
MercadoLibre, Inc.*
2,088   4,073,417
NU Holdings Ltd. (Class A Stock)*(a)
113,373   1,160,939
Petroleo Brasileiro SA, ADR
92,537   1,326,981
Pluxee NV
42,264   862,917
      Shares   Value
Common Stocks (continued)
Brazil (cont’d.)
Vale SA
138,600   $1,382,490
            11,684,784
Canada — 1.4%
Brookfield Corp.
38,663   2,023,356
Cargojet, Inc.
5,761   330,836
Cenovus Energy, Inc.
373,474   5,190,563
CGI, Inc.
8,353   833,878
Colliers International Group, Inc.
6,410   775,721
Constellation Software, Inc.
404   1,279,440
Dollarama, Inc.
17,406   1,861,252
Finning International, Inc.
37,314   1,049,890
iA Financial Corp., Inc.
7,029   667,512
Manulife Financial Corp.
35,380   1,102,421
Nutrien Ltd.
28,862   1,432,420
Royal Bank of Canada
5,590   629,679
Shopify, Inc. (Class A Stock)*
30,205   2,883,973
Transcontinental, Inc. (Class A Stock)
55,618   721,192
            20,782,133
China — 2.0%
Alibaba Group Holding Ltd.
56,600   936,503
Anhui Conch Cement Co. Ltd. (Class H Stock)
213,500   603,827
BOC Hong Kong Holdings Ltd.
459,000   1,858,455
BYD Co. Ltd. (Class H Stock)
104,114   5,271,972
China Construction Bank Corp. (Class H Stock)
2,042,000   1,809,548
China Pacific Insurance Group Co. Ltd. (Class H Stock)
340,800   1,073,696
Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)
196,300   1,227,849
Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock)
152,100   587,883
JD.com, Inc. (Class A Stock)
39,100   804,347
Lenovo Group Ltd.
312,000   423,996
Midea Group Co. Ltd. (Class A Stock)
43,000   464,785
NetEase, Inc., ADR
7,169   737,834
PDD Holdings, Inc., ADR*
6,126   725,012
PetroChina Co. Ltd. (Class H Stock)
1,486,000   1,204,786
Prosus NV*
19,656   913,201
SITC International Holdings Co. Ltd.
55,000   149,490
Tencent Holdings Ltd.
75,800   4,843,313
Wilmar International Ltd.
889,900   2,206,635
Xiaomi Corp. (Class B Stock), 144A*
495,665   3,136,434
Yangzijiang Shipbuilding Holdings Ltd.
262,500   460,695
            29,440,261
Denmark — 1.7%
AP Moller - Maersk A/S (Class A Stock)
88   150,745
AP Moller - Maersk A/S (Class B Stock)
583   1,014,670
Carlsberg A/S (Class B Stock)
30,391   3,846,824
Danske Bank A/S
54,455   1,782,390
Demant A/S*
3,344   112,379
Genmab A/S*
3,507   683,235
Novo Nordisk A/S (Class B Stock)
188,616   12,897,248
A1
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Denmark (cont’d.)
Pandora A/S
22,311   $3,419,413
ROCKWOOL A/S (Class B Stock)
1,136   470,881
            24,377,785
Finland — 1.1%
Fortum OYJ(a)
26,001   425,779
Kesko OYJ (Class B Stock)
40,166   821,011
Kone OYJ (Class B Stock)
5,300   292,431
Konecranes OYJ
2,315   148,155
Nokia OYJ
815,931   4,297,342
Nordea Bank Abp
496,487   6,350,291
Orion OYJ (Class B Stock)
32,128   1,908,305
Wartsila OYJ Abp
107,426   1,916,852
            16,160,166
France — 9.7%
Air Liquide SA
30,876   5,864,749
Airbus SE
17,169   3,023,215
Alstom SA*
85,009   1,883,008
Amundi SA, 144A
23,309   1,826,154
Arkema SA
18,411   1,409,752
AXA SA
263,956   11,277,724
BNP Paribas SA
119,886   10,019,995
Bureau Veritas SA
7,675   232,860
Capgemini SE
11,068   1,663,056
Carrefour SA
124,533   1,781,059
Cie de Saint-Gobain SA
116,788   11,634,052
Cie Generale des Etablissements Michelin SCA
216,615   7,613,274
Covivio SA, REIT
12,927   723,612
Credit Agricole SA
128,514   2,339,861
Dassault Systemes SE
49,343   1,878,623
Eiffage SA
23,010   2,679,027
Engie SA
232,084   4,522,349
EssilorLuxottica SA
7,807   2,249,732
FDJ UNITED, 144A
18,101   569,568
Hermes International SCA
2,453   6,454,137
Ipsen SA
5,249   604,583
Klepierre SA, REIT(a)
106,327   3,558,949
Legrand SA
53,761   5,693,483
LVMH Moet Hennessy Louis Vuitton SE
8,848   5,479,377
Orange SA
81,569   1,056,657
Publicis Groupe SA
36,183   3,413,818
Safran SA
55,592   14,636,454
Societe Generale SA
3,780   170,531
Sodexo SA
28,133   1,806,961
Thales SA
21,747   5,780,820
TotalEnergies SE
162,881   10,494,909
Veolia Environnement SA
132,829   4,568,231
Vinci SA
47,582   5,998,194
            142,908,774
Germany — 9.4%
adidas AG
23,927   5,643,434
Allianz SE
25,203   9,645,437
CTS Eventim AG & Co. KGaA
2,788   279,699
      Shares   Value
Common Stocks (continued)
Germany (cont’d.)
Deutsche Bank AG
166,261   $3,963,191
Deutsche Boerse AG
13,664   4,031,697
Deutsche Post AG
58,006   2,490,389
Deutsche Telekom AG
498,462   18,403,210
E.ON SE
406,885   6,141,827
Freenet AG
5,616   214,077
Fresenius Medical Care AG
42,395   2,109,575
GEA Group AG
84,367   5,128,580
Hannover Rueck SE
1,702   507,294
Heidelberg Materials AG
32,394   5,584,001
Henkel AG & Co. KGaA
3,087   222,406
Infineon Technologies AG
85,745   2,858,301
LANXESS AG
48,013   1,460,506
LEG Immobilien SE
12,145   858,477
MTU Aero Engines AG
2,762   959,719
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
20,053   12,667,901
Rational AG
647   539,052
Rheinmetall AG
4,811   6,884,170
SAP SE
74,506   19,963,859
Scout24 SE, 144A
13,962   1,462,136
Siemens AG
86,010   19,863,692
Siemens Energy AG*
33,998   2,015,470
Talanx AG
9,314   979,612
Vonovia SE
42,966   1,156,229
Zalando SE, 144A*
63,732   2,210,564
            138,244,505
Greece — 0.1%
Hellenic Telecommunications Organization SA
49,781   809,871
National Bank of Greece SA
131,009   1,346,506
            2,156,377
Hong Kong — 1.3%
AIA Group Ltd.
966,224   7,314,193
CLP Holdings Ltd.
169,500   1,379,862
Hang Seng Bank Ltd.
8,800   119,845
Hong Kong Exchanges & Clearing Ltd.
66,100   2,940,406
Prudential PLC
272,113   2,936,379
Swire Pacific Ltd. (Class A Stock)
29,500   260,364
Techtronic Industries Co. Ltd.
62,500   749,017
WH Group Ltd., 144A
3,182,529   2,922,212
            18,622,278
India — 0.5%
Infosys Ltd.
30,569   560,133
Mahindra & Mahindra Ltd.
17,556   544,925
MakeMyTrip Ltd.*(a)
13,547   1,327,471
Maruti Suzuki India Ltd.
3,431   460,908
Sun Pharmaceutical Industries Ltd.
87,620   1,775,596
Tata Consultancy Services Ltd.
53,384   2,245,682
Zomato Ltd.*
428,526   1,006,646
            7,921,361
 
A2
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Indonesia — 0.1%
Astra International Tbk PT
3,028,300   $896,225
Telkom Indonesia Persero Tbk PT
4,794,100   696,246
            1,592,471
Ireland — 0.8%
AIB Group PLC
1,349,586   8,717,263
Cairn Homes PLC
1,084,251   2,239,285
Kingspan Group PLC
19,608   1,583,899
            12,540,447
Israel — 0.5%
Bank Hapoalim BM
43,400   588,549
Bank Leumi Le-Israel BM
151,411   2,038,990
Check Point Software Technologies Ltd.*(a)
5,314   1,211,167
Global-e Online Ltd.*
20,149   718,312
Mizrahi Tefahot Bank Ltd.
6,020   270,740
Nice Ltd.*
772   119,166
Wix.com Ltd.*
16,470   2,690,868
            7,637,792
Italy — 2.4%
BPER Banca SpA
83,479   655,285
Brunello Cucinelli SpA
29,738   3,416,371
Buzzi SpA
13,019   626,466
Coca-Cola HBC AG*
17,372   786,774
Enel SpA
431,891   3,503,634
Eni SpA
145,806   2,255,113
Ferrari NV
12,550   5,359,610
Intesa Sanpaolo SpA
926,013   4,772,366
Leonardo SpA
6,212   302,517
Maire SpA
99,489   952,874
Moncler SpA
34,782   2,142,470
Poste Italiane SpA, 144A
32,452   578,954
Recordati Industria Chimica e Farmaceutica SpA
3,573   202,474
Ryanair Holdings PLC, ADR
10,526   445,987
UniCredit SpA
139,826   7,848,734
Unipol Assicurazioni SpA
70,824   1,133,746
            34,983,375
Japan — 17.2%
Advantest Corp.
87,200   3,887,070
Aisin Corp.
84,600   924,077
Asahi Group Holdings Ltd.
222,100   2,837,676
Asics Corp.
196,800   4,173,651
Astellas Pharma, Inc.
12,100   117,788
Bandai Namco Holdings, Inc.
63,900   2,143,684
Bridgestone Corp.
7,200   289,244
Central Japan Railway Co.
16,200   309,001
Chubu Electric Power Co., Inc.
95,500   1,035,432
COMSYS Holdings Corp.
5,500   117,006
Dai Nippon Printing Co. Ltd.
20,800   296,139
Daifuku Co. Ltd.
38,400   943,930
Daito Trust Construction Co. Ltd.
24,800   2,537,641
Daiwa House Industry Co. Ltd.
15,600   515,963
Denso Corp.
45,900   569,462
      Shares   Value
Common Stocks (continued)
Japan (cont’d.)
Ebara Corp.
36,400   $554,029
Electric Power Development Co. Ltd.
41,500   701,432
ENEOS Holdings, Inc.
365,900   1,929,761
FANUC Corp.
41,800   1,138,873
Fast Retailing Co. Ltd.
5,200   1,547,995
Food & Life Cos. Ltd.
23,200   693,509
Fujikura Ltd.
40,900   1,514,727
Hakuhodo DY Holdings, Inc.
61,700   447,699
Hazama Ando Corp.
28,800   263,146
Hitachi Ltd.
390,300   9,164,012
Hoya Corp.
73,294   8,271,851
Idemitsu Kosan Co. Ltd.
205,100   1,450,733
IHI Corp.
43,300   3,021,857
ITOCHU Corp.
197,500   9,168,533
Japan Post Holdings Co. Ltd.
126,500   1,268,468
Japan Tobacco, Inc.
20,700   568,963
Kansai Electric Power Co., Inc. (The)
147,200   1,746,974
Kao Corp.
106,300   4,601,378
Kawasaki Kisen Kaisha Ltd.(a)
236,600   3,215,962
KDDI Corp.
256,600   4,053,166
Keyence Corp.
14,881   5,851,361
Kirin Holdings Co. Ltd.
79,000   1,094,637
Konami Group Corp.
18,400   2,172,715
Konica Minolta, Inc.*
55,000   185,886
Kose Corp.
10,400   431,587
Lasertec Corp.
20,200   1,736,198
Mabuchi Motor Co. Ltd.
7,700   117,944
Makita Corp.
66,100   2,190,123
MatsukiyoCocokara & Co.
154,500   2,416,997
Medipal Holdings Corp.
22,800   355,739
MINEBEA MITSUMI, Inc.
130,300   1,904,531
Mitsubishi Chemical Group Corp.
112,200   554,435
Mitsubishi Corp.
296,300   5,231,106
Mitsubishi Electric Corp.
163,600   3,017,158
Mitsubishi Heavy Industries Ltd.
238,100   4,089,033
Mitsubishi UFJ Financial Group, Inc.
1,277,827   17,421,661
Mitsui Fudosan Co. Ltd.
522,700   4,680,818
Mitsui Mining & Smelting Co. Ltd.
27,400   802,643
Mizuho Financial Group, Inc.
36,200   993,463
MonotaRO Co. Ltd.
35,600   665,035
Morinaga & Co. Ltd.
9,000   150,487
MS&AD Insurance Group Holdings, Inc.
89,000   1,935,558
NEC Corp.
92,500   1,970,317
Nintendo Co. Ltd.
14,200   965,283
Nippon Building Fund, Inc., REIT
715   607,314
Nippon Paper Industries Co. Ltd.
24,000   161,302
Nippon Steel Corp.
33,800   723,356
Nippon Telegraph & Telephone Corp.
3,742,400   3,616,924
Nitto Denko Corp.
69,700   1,289,211
Nomura Holdings, Inc.
612,300   3,772,946
Obayashi Corp.
130,400   1,739,581
ORIX Corp.
125,400   2,618,215
Otsuka Holdings Co. Ltd.
7,600   396,036
Pan Pacific International Holdings Corp.
41,700   1,145,430
Recruit Holdings Co. Ltd.
70,476   3,651,451
Resona Holdings, Inc.
277,100   2,419,585
 
A3
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Japan (cont’d.)
Ryohin Keikaku Co. Ltd.
5,600   $152,984
Sankyo Co. Ltd.
96,800   1,414,544
Sankyu, Inc.
22,800   936,999
Santen Pharmaceutical Co. Ltd.
80,600   767,636
SCREEN Holdings Co. Ltd.
34,300   2,237,782
Seiko Epson Corp.
60,900   975,651
Seven & i Holdings Co. Ltd.
318,200   4,607,825
Shin-Etsu Chemical Co. Ltd.
79,580   2,270,829
Shionogi & Co. Ltd.
220,200   3,323,857
Shizuoka Financial Group, Inc.
62,700   685,471
SoftBank Corp.
544,200   759,146
SoftBank Group Corp.
11,100   567,764
Sojitz Corp.
34,700   764,797
Sompo Holdings, Inc.
75,600   2,302,111
Sony Group Corp.
772,750   19,552,898
Subaru Corp.
82,400   1,475,715
Sugi Holdings Co. Ltd.
33,900   635,481
Sumitomo Electric Industries Ltd.
97,200   1,622,260
Sumitomo Mitsui Financial Group, Inc.
296,400   7,621,811
Sumitomo Realty & Development Co. Ltd.
28,300   1,063,330
Suzuken Co. Ltd.
6,400   211,402
Suzuki Motor Corp.(a)
618,800   7,595,844
T&D Holdings, Inc.
53,500   1,145,063
Taisei Corp.
25,600   1,139,496
Takeda Pharmaceutical Co. Ltd.
112,000   3,319,543
Terumo Corp.
230,400   4,335,215
Tohoku Electric Power Co., Inc.
16,500   113,851
Tokio Marine Holdings, Inc.
216,893   8,437,752
Tokyo Electric Power Co. Holdings, Inc.*
569,200   1,638,556
Tokyo Electron Ltd.
21,700   2,975,777
Toyota Motor Corp.
145,200   2,566,744
Toyota Tsusho Corp.
97,900   1,649,406
United Urban Investment Corp., REIT
121   120,009
Yamaha Motor Co. Ltd.
296,900   2,377,077
Yamazaki Baking Co. Ltd.
131,800   2,527,697
Zensho Holdings Co. Ltd.
13,500   727,980
ZOZO, Inc.
30,600   293,081
            254,010,282
Jordan — 0.1%
Hikma Pharmaceuticals PLC
86,156   2,176,480
Macau — 0.0%
Galaxy Entertainment Group Ltd.
33,000   128,964
Mexico — 0.1%
Cemex SAB de CV, UTS
642,587   360,787
Gruma SAB de CV (Class B Stock)
33,044   594,048
Wal-Mart de Mexico SAB de CV
248,436   686,751
            1,641,586
Netherlands — 4.7%
ABN AMRO Bank NV, 144A, CVA
158,667   3,343,333
Adyen NV, 144A*
1,197   1,834,757
Argenx SE*
7,410   4,372,613
ASM International NV
4,636   2,112,594
ASML Holding NV
17,432   11,536,040
      Shares   Value
Common Stocks (continued)
Netherlands (cont’d.)
ASR Nederland NV
76,517   $4,398,781
Euronext NV, 144A
26,747   3,881,847
EXOR NV
6,612   600,456
Heineken NV
28,813   2,349,423
ING Groep NV
539,053   10,560,752
JDE Peet’s NV
41,130   899,247
Koninklijke Ahold Delhaize NV
224,361   8,381,019
Koninklijke KPN NV
1,935,821   8,199,479
Koninklijke Philips NV*
30,214   769,192
NN Group NV
20,807   1,157,822
Wolters Kluwer NV
28,433   4,426,913
            68,824,268
New Zealand — 0.4%
Fisher & Paykel Healthcare Corp. Ltd.
112,284   2,142,873
Xero Ltd.*
36,650   3,582,300
            5,725,173
Norway — 0.5%
Aker BP ASA
34,790   824,838
DNB Bank ASA
158,148   4,161,299
Equinor ASA
16,472   435,005
Kongsberg Gruppen ASA
15,031   2,203,772
            7,624,914
Peru — 0.1%
Credicorp Ltd.
5,739   1,068,372
Singapore — 1.7%
DBS Group Holdings Ltd.
370,484   12,722,913
Oversea-Chinese Banking Corp. Ltd.
26,600   340,906
Sea Ltd., ADR*
52,190   6,810,273
Singapore Exchange Ltd.
86,300   854,373
Singapore Technologies Engineering Ltd.
129,400   649,867
STMicroelectronics NV
56,770   1,244,827
United Overseas Bank Ltd.
68,000   1,918,723
            24,541,882
South Africa — 0.1%
Anglo American PLC
43,712   1,225,176
AVI Ltd.
101,182   490,196
            1,715,372
South Korea — 0.6%
Amorepacific Corp.
5,656   391,838
DB Insurance Co. Ltd.
12,278   741,685
Doosan Bobcat, Inc.
22,676   774,311
Hugel, Inc.*
2,762   630,251
KB Financial Group, Inc.
16,940   918,211
Kia Corp.
5,481   346,666
Samsung Electronics Co. Ltd.
52,161   2,067,948
Samsung Fire & Marine Insurance Co. Ltd.
2,480   605,242
SK Hynix, Inc.
7,423   989,531
Woori Financial Group, Inc.
87,300   985,852
            8,451,535
 
A4
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Spain — 2.7%
ACS Actividades de Construccion y Servicios SA
29,310   $1,677,508
Amadeus IT Group SA
16,905   1,294,636
Banco Bilbao Vizcaya Argentaria SA
279,336   3,812,262
Banco Santander SA
1,218,803   8,210,970
CaixaBank SA
935,447   7,286,885
Iberdrola SA
695,599   11,232,592
Industria de Diseno Textil SA
141,302   7,035,692
            40,550,545
Sweden — 1.6%
Alfa Laval AB
39,264   1,683,449
Atlas Copco AB (Class A Stock)
238,860   3,815,414
Atlas Copco AB (Class B Stock)
53,543   752,928
Boliden AB
69,341   2,275,261
Epiroc AB (Class B Stock)
11,020   194,098
Essity AB (Class B Stock)(a)
131,128   3,725,508
Hexagon AB (Class B Stock)
24,825   265,373
Industrivarden AB (Class A Stock)
3,575   131,353
Investor AB (Class B Stock)
87,606   2,612,771
Sandvik AB
12,675   266,574
Skanska AB (Class B Stock)
12,550   276,992
Tele2 AB (Class B Stock)
15,862   213,712
Telefonaktiebolaget LM Ericsson (Class B Stock)(a)
187,414   1,458,223
Volvo AB (Class B Stock)(a)
218,911   6,422,490
            24,094,146
Switzerland — 2.5%
ABB Ltd.
81,561   4,208,381
Avolta AG
12,975   568,364
Cie Financiere Richemont SA (Class A Stock)
45,535   7,948,860
Galderma Group AG*
13,097   1,385,200
Geberit AG
951   595,789
Givaudan SA
120   516,311
Logitech International SA
34,458   2,919,806
Lonza Group AG
6,619   4,089,019
On Holding AG (Class A Stock)*(a)
35,040   1,538,957
Schindler Holding AG
656   198,802
Schindler Holding AG (Part. Cert.)
4,135   1,295,957
UBS Group AG
378,281   11,618,748
Zurich Insurance Group AG
208   145,186
            37,029,380
Taiwan — 1.1%
Hon Hai Precision Industry Co. Ltd.
175,000   789,388
MediaTek, Inc.
61,000   2,629,128
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
73,817   12,253,622
            15,672,138
Thailand — 0.1%
Kasikornbank PCL
189,000   903,032
United Arab Emirates — 0.1%
Emaar Properties PJSC
267,839   969,987
      Shares   Value
Common Stocks (continued)
United Arab Emirates (cont’d.)
Emirates NBD Bank PJSC
89,854   $494,160
            1,464,147
United Kingdom — 10.8%
3i Group PLC
237,465   11,165,753
Admiral Group PLC
15,200   561,186
Ashtead Group PLC
25,989   1,405,141
Associated British Foods PLC
58,812   1,458,031
AstraZeneca PLC
102,386   15,034,856
Barclays PLC
2,684,769   10,094,822
Beazley PLC
76,288   918,793
British American Tobacco PLC
134,882   5,533,450
Centrica PLC
1,853,010   3,587,894
Coca-Cola Europacific Partners PLC
49,561   4,313,294
Compass Group PLC
257,146   8,505,439
ConvaTec Group PLC, 144A
144,220   481,775
Diageo PLC
69,877   1,826,071
Halma PLC
25,934   870,127
Harbour Energy PLC
261,043   709,871
HSBC Holdings PLC
1,376,288   15,602,268
IG Group Holdings PLC
49,852   615,082
Imperial Brands PLC
203,791   7,540,649
InterContinental Hotels Group PLC
25,590   2,755,281
Intertek Group PLC
4,735   307,890
J D Wetherspoon PLC
50,050   360,171
JD Sports Fashion PLC
1,226,594   1,084,598
Lloyds Banking Group PLC
356,238   334,122
London Stock Exchange Group PLC
30,697   4,559,342
Marks & Spencer Group PLC
123,091   568,293
NatWest Group PLC
1,795,747   10,602,791
Next PLC
54,413   7,839,569
Reckitt Benckiser Group PLC
30,517   2,063,576
RELX PLC
115,237   5,791,964
Rolls-Royce Holdings PLC*
666,123   6,474,294
Sage Group PLC (The)
143,216   2,248,538
Smiths Group PLC
82,779   2,077,173
SSE PLC
144,036   2,966,908
Standard Chartered PLC
40,279   597,715
Tesco PLC
1,943,934   8,363,360
Unilever PLC (XAMS)
73,758   4,400,924
Unilever PLC (XLON)
61,539   3,666,613
Vodafone Group PLC
2,217,324   2,083,445
            159,371,069
United States — 9.5%
CRH PLC
58,570   5,133,231
CyberArk Software Ltd.*
9,338   3,156,244
Ferguson Enterprises, Inc.
13,307   2,111,831
GSK PLC
286,253   5,470,354
Haleon PLC
41,463   209,397
Holcim AG*
31,514   3,391,323
Linde PLC
4,174   1,943,581
Nestle SA
162,759   16,447,876
Novartis AG
141,692   15,737,702
Roche Holding AG
48,179   15,857,040
Sanofi SA
178,888   19,806,818
Schneider Electric SE
38,258   8,831,683
Shell PLC
787,846   28,677,853
 
A5
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
United States (cont’d.)
Signify NV, 144A
22,844   $495,991
Spotify Technology SA*
14,517   7,984,785
Stellantis NV
144,999   1,626,321
Swiss Re AG
15,220   2,590,122
            139,472,152
 
Total Common Stocks

(cost $1,195,914,309)
  1,364,352,017
Preferred Stocks — 0.3%
Brazil — 0.0%
Gerdau SA (PRFC)
143,792   409,218
Germany — 0.3%
Bayerische Motoren Werke AG (PRFC)
1,602   120,852
Henkel AG & Co. KGaA (PRFC)
40,506   3,222,948
Sartorius AG (PRFC)
6,185   1,441,848
            4,785,648
 
Total Preferred Stocks

(cost $5,632,877)
  5,194,866
Unaffiliated Exchange-Traded Funds — 5.5%
United States
iShares Core MSCI EAFE ETF
543,174   41,091,113
iShares MSCI EAFE ETF(a)
139,986   11,441,056
iShares MSCI EAFE Growth ETF
126,070   12,607,000
iShares MSCI EAFE Value ETF
260,744   15,368,251
 
Total Unaffiliated Exchange-Traded Funds

(cost $73,879,296)
  80,507,420
 
Total Long-Term Investments

(cost $1,275,426,482)
  1,450,054,303
Short-Term Investments — 4.2%
Affiliated Mutual Funds — 4.2%
PGIM Core Government Money Market Fund (7-day effective yield 4.488%)(wb)
21,027,034   21,027,034
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $40,196,166; includes $40,109,941 of cash collateral for securities on loan)(b)(wb)
40,221,423   40,197,290
 
Total Affiliated Mutual Funds

(cost $61,223,200)
  61,224,324
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Government Agency Obligation(n) — 0.0%
Federal Home Loan Bank
4.031%   04/01/25     123 122,985
(cost $123,000)      
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
U.S. Treasury Obligation(k)(n) — 0.0%
U.S. Treasury Bills
4.225%   06/17/25     535   $530,229
(cost $530,216)        
 
Total Short-Term Investments

(cost $61,876,416)
  61,877,538
 
TOTAL INVESTMENTS—102.5%
(cost $1,337,302,898) 		  1,511,931,841
 
Liabilities in excess of other assets(z) — (2.5)%   (36,950,725)
 
Net Assets — 100.0%   $1,474,981,116
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNH Chinese Renminbi
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
ILS Israeli Shekel
JPY Japanese Yen
KRW South Korean Won
NOK Norwegian Krone
SEK Swedish Krona
SGD Singapore Dollar
    
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
CITI Citibank, N.A.
CVA Certificate Van Aandelen (Bearer)
EAFE Europe, Australasia, Far East
ETF Exchange-Traded Fund
GSI Goldman Sachs International
MSCI Morgan Stanley Capital International
MSI Morgan Stanley & Co International PLC
PJSC Public Joint-Stock Company
PRFC Preference Shares
UTS Unit Trust Security
WBC Westpac Banking Corp.
XAMS Amsterdam Stock Exchange
XLON London Stock Exchange
    
 
A6
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
* 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 $38,912,971; cash collateral of $40,109,941 (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.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown reflects yield to maturity at purchased date.
(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, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Position:
86   Mini MSCI EAFE Index   Jun. 2025   $10,390,090   $(364,173)
Forward foreign currency exchange contracts outstanding at March 31, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/16/25   GSI   AUD 803   $504,565   $501,632   $—   $(2,933)
Expiring 04/16/25   MSI   AUD 2,296   1,414,976   1,435,028   20,052   —
British Pound,
Expiring 06/18/25   MSI   GBP 1,371   1,779,034   1,771,247   —   (7,787)
Canadian Dollar,
Expiring 04/16/25   MSI   CAD 1,374   955,304   955,470   166   —
Expiring 04/16/25   WBC   CAD 181   126,414   125,737   —   (677)
Chinese Renminbi,
Expiring 05/21/25   CITI   CNH 5,175   713,946   714,775   829   —
Czech Koruna,
Expiring 06/18/25   MSI   CZK 15,000   651,297   650,955   —   (342)
Danish Krone,
Expiring 06/18/25   MSI   DKK 10,369   1,500,729   1,510,546   9,817   —
Euro,
Expiring 06/18/25   MSI   EUR 3,001   3,282,204   3,259,274   —   (22,930)
Expiring 06/18/25   MSI   EUR 841   911,777   913,084   1,307   —
Hong Kong Dollar,
Expiring 05/21/25   CITI   HKD 35,720   4,596,516   4,596,535   19   —
Israeli Shekel,
Expiring 04/16/25   MSI   ILS 8,981   2,481,217   2,416,314   —   (64,903)
Japanese Yen,
Expiring 05/21/25   MSI   JPY 264,092   1,785,098   1,770,824   —   (14,274)
Expiring 05/21/25   MSI   JPY 141,572   944,050   949,284   5,234   —
Expiring 05/21/25   MSI   JPY 55,540   363,345   372,416   9,071   —
Expiring 05/21/25   MSI   JPY 43,605   288,368   292,385   4,017   —
Expiring 05/21/25   MSI   JPY 36,943   245,363   247,716   2,353   —
Expiring 05/21/25   MSI   JPY 1,377   8,970   9,234   264   —
Expiring 05/21/25   WBC   JPY 178,597   1,180,780   1,197,547   16,767   —
Expiring 05/21/25   WBC   JPY 97,471   654,456   653,578   —   (878)
Norwegian Krone,
Expiring 06/18/25   MSI   NOK 818   77,257   77,731   474   —
Singapore Dollar,
Expiring 05/21/25   MSI   SGD 5,673   4,220,215   4,233,914   13,699   —
A7
AST INTERNATIONAL EQUITY PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2025 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swedish Krona,
Expiring 06/18/25   MSI   SEK 68,698   $6,839,197   $6,866,387   $27,190   $—
Swiss Franc,
Expiring 06/18/25   MSI   CHF 16,569   18,911,938   18,903,950   —   (7,988)
Expiring 06/18/25   MSI   CHF 164   188,469   187,227   —   (1,242)
Expiring 06/18/25   WBC   CHF 682   783,766   777,885   —   (5,881)
              $55,409,251   $55,390,675   111,259   (129,835)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/16/25   GSI   AUD 1,059   $661,684   $661,989   $—   $(305)
Expiring 04/16/25   MSI   AUD 1,517   969,496   948,083   21,413   —
Expiring 04/16/25   WBC   AUD 1,717   1,072,758   1,072,756   2   —
British Pound,
Expiring 06/18/25   CITI   GBP 50   63,529   63,937   —   (408)
Expiring 06/18/25   MSI   GBP 8,518   10,938,875   11,002,326   —   (63,451)
Expiring 06/18/25   MSI   GBP 563   730,299   726,685   3,614   —
Expiring 06/18/25   MSI   GBP 496   640,637   641,178   —   (541)
Canadian Dollar,
Expiring 04/16/25   MSI   CAD 6,708   4,670,260   4,664,765   5,495   —
Euro,
Expiring 06/18/25   CITI   EUR 1,272   1,392,376   1,381,192   11,184   —
Expiring 06/18/25   GSI   EUR 1,081   1,170,566   1,174,399   —   (3,833)
Expiring 06/18/25   GSI   EUR 987   1,063,150   1,072,197   —   (9,047)
Expiring 06/18/25   MSI   EUR 5,933   6,399,510   6,444,260   —   (44,750)
Expiring 06/18/25   WBC   EUR 2,357   2,537,812   2,560,044   —   (22,232)
Expiring 06/18/25   WBC   EUR 1,501   1,640,586   1,630,451   10,135   —
Japanese Yen,
Expiring 05/21/25   MSI   JPY 105,787   706,459   709,335   —   (2,876)
Expiring 05/21/25   MSI   JPY 36,445   238,623   244,375   —   (5,752)
Expiring 05/21/25   MSI   JPY 28,705   190,881   192,478   —   (1,597)
Expiring 05/21/25   MSI   JPY 24,731   162,437   165,830   —   (3,393)
Expiring 05/21/25   MSI   JPY 23,839   158,381   159,849   —   (1,468)
Expiring 05/21/25   WBC   JPY 151,930   1,034,418   1,018,742   15,676   —
Expiring 05/21/25   WBC   JPY 149,248   1,008,079   1,000,756   7,323   —
Expiring 05/21/25   WBC   JPY 63,759   423,480   427,521   —   (4,041)
South Korean Won,
Expiring 05/21/25   GSI   KRW 1,069,942   741,728   727,799   13,929   —
              $38,616,024   $38,690,947   88,771   (163,694)
                      $200,030   $(293,529)
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).
A8