AST INVESTMENT GRADE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
      Shares   Value
Long-Term Investments — 97.6%
Affiliated Mutual Funds — 29.2%
Fixed Income
AST J.P. Morgan Fixed Income Central Portfolio*
40,673,441   $474,252,325
AST PGIM Fixed Income Central Portfolio*
148,789,078   1,781,005,259
 
Total Fixed Income

(cost $1,964,897,385)(wa)
  2,255,257,584
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
Asset-Backed Securities — 15.4%
Automobiles — 6.2%
AmeriCredit Automobile Receivables Trust,
Series 2023-02, Class C
6.000%   07/18/29     16,500 16,856,682
ARI Fleet Lease Trust,
Series 2024-A, Class A2, 144A
5.300%   11/15/32     2,699 2,711,407
Series 2025-B, Class A2, 144A
4.590%   03/15/34     693 694,370
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-03A, Class A, 144A
5.440%   02/22/28     21,545 21,698,894
Series 2023-06A, Class A, 144A
5.810%   12/20/29     5,000 5,153,032
Series 2023-08A, Class A, 144A
6.020%   02/20/30     8,800 9,124,978
Series 2024-01A, Class A, 144A
5.360%   06/20/30     5,600 5,723,021
Series 2024-03A, Class A, 144A
5.230%   12/20/30     7,300 7,420,867
Bayview Opportunity Master Fund VII Trust,
Series 2024-SN01, Class B, 144A
5.670%   08/15/28     4,500 4,520,718
Chesapeake Funding II LLC,
Series 2024-01A, Class A1, 144A
5.520%   05/15/36     1,437 1,451,446
Enterprise Fleet Financing LLC,
Series 2023-03, Class A2, 144A
6.400%   03/20/30     5,185 5,231,751
Series 2024-01, Class A2, 144A
5.230%   03/20/30     7,303 7,338,346
Series 2025-01, Class A2, 144A
4.650%   10/20/27     4,320 4,332,236
Series 2025-03, Class A2, 144A
4.500%   04/20/28     7,600 7,617,966
Ford Credit Auto Owner Trust,
Series 2024-01, Class A, 144A
4.870%(cc)   08/15/36     10,060 10,205,608
Series 2025-01, Class A, 144A
4.860%(cc)   08/15/37     40,300 41,004,609
Series 2025-02, Class A, 144A
4.370%(cc)   02/15/38     36,669 36,575,278
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Ford Credit Floorplan Master Owner Trust,
Series 2025-01, Class A1
4.630%   04/15/30     22,600   $22,746,692
GM Financial Revolving Receivables Trust,
Series 2023-02, Class A, 144A
5.770%   08/11/36     20,000   20,689,378
Series 2024-01, Class A, 144A
4.980%   12/11/36     13,600   13,852,548
Series 2025-01, Class A, 144A
4.640%   12/11/37     35,000   35,340,123
OneMain Direct Auto Receivables Trust,
Series 2025-01A, Class A, 144A
5.360%   04/16/35     18,900   19,321,580
Santander Drive Auto Receivables Trust,
Series 2023-04, Class C
6.040%   12/15/31     9,300   9,494,544
Series 2023-05, Class C
6.430%   02/18/31     20,100   20,660,089
Series 2023-06, Class B
5.980%   04/16/29     11,100   11,208,747
Series 2023-06, Class C
6.400%   03/17/31     2,900   2,979,459
Series 2024-01, Class C
5.450%   03/15/30     3,500   3,531,540
Series 2024-02, Class C
5.840%   06/17/30     5,700   5,801,731
Series 2024-03, Class C
5.640%   08/15/30     25,700   26,117,191
Series 2025-01, Class C
5.040%   03/17/31     21,100   21,291,807
Series 2025-02, Class C
5.060%   05/15/31     27,400   27,636,818
SFS Auto Receivables Securitization Trust,
Series 2024-01A, Class B, 144A
5.380%   01/21/31     2,700   2,742,145
Toyota Auto Loan Extended Note Trust,
Series 2025-01A, Class A, 144A
4.650%   05/25/38     20,000   20,158,116
Westlake Automobile Receivables Trust,
Series 2025-02A, Class B, 144A
4.630%   01/15/31     2,300   2,309,520
Series 2025-P01, Class A2, 144A
4.650%   02/15/28     2,965   2,969,038
Wheels Fleet Lease Funding LLC,
Series 2024-01A, Class A1, 144A
5.490%   02/18/39     5,623   5,671,664
Series 2025-02A, Class A1, 144A
4.410%   05/18/40     16,800   16,833,239
              479,017,178
Collateralized Loan Obligations — 8.5%
AGL CLO Ltd. (Cayman Islands),
Series 2021-15A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
4.871%(c)   01/20/39     6,500   6,493,315
A1
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)
4.970%(c)   07/21/38     35,000   $35,018,519
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%)
5.231%(c)   04/28/37     56,680   56,707,592
Barings CLO Ltd.,
Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
4.988%(c)   03/31/38     50,000   50,038,225
CBAMR Ltd. (Cayman Islands),
Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.222%(c)   07/15/37     47,750   47,760,634
Elevation CLO Ltd. (Cayman Islands),
Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)
5.538%(c)   10/20/36     50,000   50,006,540
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.018%(c)   10/20/37     18,500   18,505,417
Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.198%(c)   04/17/37     15,250   15,255,452
Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)
5.188%(c)   04/20/37     45,000   45,012,883
KKR CLO Ltd. (Cayman Islands),
Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%)
5.042%(c)   01/15/38     31,000   31,021,182
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)
4.962%(c)   10/15/32     4,381   4,381,430
Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.168%(c)   04/18/37     57,000   57,024,943
Madison Park Funding Ltd.,
Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%)
5.208%(c)   04/19/37     29,000   29,012,888
Magnetite Ltd. (Cayman Islands),
Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%)
4.978%(c)   01/25/38     45,000   45,009,000
Oaktree CLO Ltd. (Cayman Islands),
Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.052%(c)   10/15/37     27,000   27,016,305
Regatta Funding Ltd. (Cayman Islands),
Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.218%(c)   04/17/37     46,680   46,701,809
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Sound Point CLO Ltd. (Cayman Islands),
Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)
5.003%(c)   10/23/31     1,355   $1,355,226
Tikehau US CLO Ltd. (Bermuda),
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)
5.622%(c)   01/15/36     27,250   27,270,612
Trinitas CLO Ltd. (Bermuda),
Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.268%(c)   04/25/37     17,500   17,501,619
Warwick Capital CLO Ltd. (United Kingdom),
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)
5.622%(c)   01/15/37     48,000   48,036,787
              659,130,378
Consumer Loans — 0.6%
Affirm Master Trust,
Series 2025-01A, Class A, 144A
4.990%   02/15/33     19,404   19,521,530
GreenSky Home Improvement Issuer Trust,
Series 2025-01A, Class A2, 144A
5.120%   03/25/60     6,416   6,432,124
GreenSky Home Improvement Trust,
Series 2024-01, Class A2, 144A
5.880%   06/25/59     293   293,368
OneMain Financial Issuance Trust,
Series 2023-02A, Class A1, 144A
5.840%   09/15/36     15,300   15,516,654
              41,763,676
Equipment — 0.1%
CCG Receivables Trust,
Series 2025-01, Class A2, 144A
4.480%   10/14/32     6,368   6,388,499
Home Equity Loans — 0.0%
ACE Securities Corp. Home Equity Loan Trust,
Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%)
4.433%(c)   05/25/34     671   639,294
Residential Mortgage-Backed Securities — 0.0%
Countrywide Asset-Backed Certificates Trust,
Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%)
4.573%(c)   11/25/34     449   439,044
Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%)
4.693%(c)   12/25/34     1,220   1,227,198
              1,666,242
 
Total Asset-Backed Securities

(cost $1,181,765,259)
  1,188,605,267
 
A2
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities — 4.8%
BANK,
Series 2018-BN13, Class A4
3.953%   08/15/61     14,093   $13,924,541
Series 2019-BN20, Class A2
2.758%   09/15/62     6,476   6,107,894
BANK5,
Series 2024-05YR10, Class A3
5.302%   10/15/57     7,535   7,677,469
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4
2.661%   08/15/52     9,585   9,150,705
Series 2022-C14, Class A4
2.692%   02/15/55     10,800   9,587,422
Series 2022-C17, Class A4
4.174%   09/15/55     9,358   9,020,258
Benchmark Mortgage Trust,
Series 2018-B04, Class A4
3.858%   07/15/51     17,350   17,076,437
Series 2018-B05, Class A3
3.944%   07/15/51     8,248   8,143,216
Series 2020-IG01, Class A3
2.687%   09/15/43     10,120   8,828,474
Series 2023-B38, Class A3
5.793%   04/15/56     10,000   10,355,103
BMO Mortgage Trust,
Series 2023-C07, Class A2
6.770%   12/15/56     29,518   30,517,845
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A4
2.624%   11/15/52     11,532   10,866,551
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3
3.283%(cc)   11/15/50     1,606   1,576,181
CD Mortgage Trust,
Series 2016-CD02, Class A4
3.526%(cc)   11/10/49     10,170   9,990,084
Series 2017-CD04, Class A3
3.248%   05/10/50     7,433   7,366,214
Series 2017-CD06, Class A4
3.190%   11/13/50     14,271   14,062,345
Series 2019-CD08, Class A3
2.657%   08/15/57     18,133   17,091,574
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2
3.585%   12/10/54     14,516   14,413,474
Citigroup Commercial Mortgage Trust,
Series 2016-C02, Class A3
2.575%   08/10/49     1,164   1,159,846
Series 2016-C03, Class A3
2.896%   11/15/49     878   871,143
Series 2016-GC36, Class A5
3.616%   02/10/49     2,611   2,586,383
Series 2016-P04, Class A3
2.646%   07/10/49     1,290   1,288,354
Series 2016-P05, Class A3
2.684%   10/10/49     775   770,848
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2017-P07, Class A3
3.442%   04/14/50     8,249   $8,190,230
Commercial Mortgage Trust,
Series 2012-CR04, Class A3
2.853%   10/15/45     710   705,503
Series 2016-COR01, Class A3
2.826%   10/10/49     5,407   5,384,594
Series 2018-COR03, Class A2
3.961%   05/10/51     4,105   4,050,701
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A1, 144A
3.304%   09/15/37     7,917   7,249,587
CSAIL Commercial Mortgage Trust,
Series 2017-CX10, Class A5
3.458%(cc)   11/15/50     10,080   9,845,753
FHLMC Multifamily Structured Pass-Through Certificates,
Series K056, Class XAM, IO
1.147%(cc)   05/25/26     38,290   35,962
Series K093, Class XAM, IO
1.194%(cc)   05/25/29     51,135   1,678,322
Series K106, Class XAM, IO
1.584%(cc)   02/25/30     54,548   2,906,214
Series K736, Class XAM, IO
1.690%(cc)   07/25/26     63,677   176,366
Series K737, Class XAM, IO
1.031%(cc)   10/25/26     46,658   236,379
GS Mortgage Securities Trust,
Series 2016-GS04, Class A3
3.178%   11/10/49     3,302   3,287,693
Series 2018-GS09, Class A3
3.727%   03/10/51     7,043   6,965,004
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A5
3.723%   03/15/50     6,750   6,710,600
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4
3.414%   03/15/50     6,873   6,812,195
Series 2017-C05, Class A5
3.694%   03/15/50     7,669   7,567,263
Series 2020-COR07, Class A5
2.180%   05/13/53     12,000   10,258,711
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A4
2.822%   08/15/49     9,181   9,151,867
Series 2016-JP03, Class A4
2.627%   08/15/49     3,242   3,224,113
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C30, Class A4
2.600%   09/15/49     1,077   1,073,087
Series 2016-C31, Class A4
2.840%   11/15/49     10,724   10,675,938
MSWF Commercial Mortgage Trust,
Series 2023-01, Class A2
6.451%   05/15/56     10,000   10,304,162
 
A3
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A4
3.563%   10/15/50     8,100   $7,950,002
Series 2018-C08, Class A3
3.720%   02/15/51     5,281   5,201,307
Series 2018-C10, Class A3
4.048%   05/15/51     1,709   1,687,989
Series 2018-C14, Class A3
4.180%   12/15/51     8,378   8,321,111
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK01, Class A2
2.399%   08/15/49     4,439   4,415,940
Series 2017-C41, Class A3
3.210%   11/15/50     15,610   15,358,198
 
Total Commercial Mortgage-Backed Securities

(cost $367,171,844)
  371,857,152
Corporate Bonds — 28.2%
Aerospace & Defense — 0.7%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.125%   03/26/29     2,330   2,375,618
Boeing Co. (The),
Sr. Unsec’d. Notes
2.950%   02/01/30     2,650   2,492,689
3.250%   02/01/35     7,840   6,713,450
3.625%   02/01/31     9,738   9,256,309
5.150%   05/01/30     2,677   2,717,893
6.528%   05/01/34     17,421   18,976,670
Honeywell Aerospace, Inc.,
Gtd. Notes, 144A
4.600%   03/16/33     13,838   13,671,655
4.950%   03/16/36     2,295   2,276,896
              58,481,180
Agriculture — 1.0%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%   03/25/28     6,500   6,236,203
3.557%   08/15/27     1,509   1,492,536
5.625%   08/15/35(a)     29,260   30,112,888
BAT International Finance PLC (United Kingdom),
Gtd. Notes
4.448%   03/16/28(a)     1,628   1,627,879
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
4.375%   04/30/30     20,335   20,237,294
4.750%   11/01/31     5,470   5,492,725
5.500%   09/07/30     9,005   9,344,573
              74,544,098
Airlines — 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A
4.750%   10/20/28     2,750   2,744,850
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Airlines (cont’d.)
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%   06/15/27     2,815   $2,824,700
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.625%   04/15/29     240   235,272
              5,804,822
Auto Manufacturers — 0.8%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
4.000%   11/13/30     18,920   17,627,201
4.950%   05/28/27     8,875   8,871,782
5.850%   05/17/27     4,000   4,029,373
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes
3.100%   01/12/32(a)     8,810   7,905,319
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A, MTN
5.000%   04/07/31     4,370   4,371,398
5.300%   01/08/30     4,756   4,832,123
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
5.650%   03/25/32     11,575   11,750,654
              59,387,850
Auto Parts & Equipment — 0.0%
Clarios Global LP/Clarios US Finance Co.,
Sr. Sec’d. Notes, 144A
6.750%   02/15/30     650   664,625
Banks — 9.7%
Banco de Credito del Peru S.A. (Peru),
Sub. Notes, EMTN
3.250%(ff)   09/30/31     300   295,790
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes
4.875%   01/11/29(a)     405   399,626
Bank of America Corp.,
Jr. Sub. Notes
6.250%(ff)   07/26/30(oo)     14,690   14,720,237
Sr. Unsec’d. Notes
2.572%(ff)   10/20/32     19,755   17,586,191
2.687%(ff)   04/22/32     13,055   11,841,956
5.288%(ff)   04/25/34     3,345   3,384,447
5.872%(ff)   09/15/34     17,425   18,238,957
Sr. Unsec’d. Notes, MTN
1.898%(ff)   07/23/31     13,140   11,709,930
2.087%(ff)   06/14/29     8,760   8,331,077
2.676%(ff)   06/19/41     1,550   1,110,724
2.972%(ff)   02/04/33     13,337   12,071,654
3.824%(ff)   01/20/28     5,000   4,974,727
4.078%(ff)   04/23/40     905   786,424
Sub. Notes
5.744%(ff)   02/12/36     12,265   12,477,957
 
A4
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
7.437%(ff)   11/02/33     2,715   $3,028,429
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
5.283%(ff)   11/19/30     2,350   2,385,492
Sr. Preferred Notes, 144A
5.894%(ff)   12/05/34     11,265   11,777,711
BPCE SA (France),
Sr. Non-Preferred Notes, 144A
5.876%(ff)   01/14/31     8,870   9,123,797
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
4.375%   10/01/30     2,600   2,581,254
5.875%   04/30/29     4,490   4,686,162
Citigroup, Inc.,
Sr. Unsec’d. Notes
3.057%(ff)   01/25/33     14,510   13,100,695
3.785%(ff)   03/17/33     13,099   12,283,425
Sub. Notes
4.450%   09/29/27     7,330   7,328,634
6.020%(ff)   01/24/36(a)     35,390   36,165,691
Credit Agricole SA (France),
Sr. Non-Preferred Notes, 144A
4.656%(ff)   01/12/32     4,585   4,510,295
5.261%(ff)   01/12/37     9,790   9,592,931
Sr. Non-Preferred Notes, 144A, MTN
4.818%(ff)   09/25/33     5,645   5,514,494
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.311%(ff)   11/16/27     425   418,878
2.552%(ff)   01/07/28     1,250   1,229,557
5.373%(ff)   01/10/29     11,290   11,409,231
Fifth Third Financial Corp.,
Sr. Unsec’d. Notes
5.982%(ff)   01/30/30     4,025   4,156,851
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.992%(ff)   01/27/32     4,085   3,587,408
2.615%(ff)   04/22/32     11,000   9,882,352
2.650%(ff)   10/21/32     1,975   1,752,792
3.814%(ff)   04/23/29     16,650   16,420,462
3.850%   01/26/27     240   239,205
4.153%(ff)   10/21/29     10,430   10,333,012
5.727%(ff)   04/25/30     6,812   7,027,487
6.484%(ff)   10/24/29(a)     27,670   28,956,057
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
5.279%(ff)   03/10/37     10,555   10,342,780
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745%
6.437%(c)   07/01/26(oo)     6,000   6,002,614
Sr. Unsec’d. Notes
1.953%(ff)   02/04/32     19,095   16,826,061
2.739%(ff)   10/15/30     32,795   30,889,837
4.565%(ff)   06/14/30     11,100   11,110,114
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
4.995%(ff)   07/22/30     5,000   $5,071,596
5.140%(ff)   01/24/31     7,930   8,070,512
5.294%(ff)   07/22/35     10,470   10,583,814
5.502%(ff)   01/24/36     20,100   20,569,372
5.572%(ff)   04/22/36     10,840   11,151,125
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
2.341%(ff)   01/19/28     14,500   14,248,074
5.615%(ff)   04/24/36(a)     30,000   30,600,543
Morgan Stanley,
Sr. Unsec’d. Notes
4.210%(ff)   04/20/28(a)     31,450   31,361,407
5.587%(ff)   01/18/36(a)     18,045   18,405,983
5.664%(ff)   04/17/36     8,520   8,721,567
Sr. Unsec’d. Notes, GMTN
3.772%(ff)   01/24/29     5,000   4,936,221
Sr. Unsec’d. Notes, MTN
2.511%(ff)   10/20/32     10,710   9,458,189
2.943%(ff)   01/21/33     35,212   31,648,469
Sr. Unsec’d. Notes, MTN, Series I
4.892%(ff)   10/22/36     10,000   9,663,995
Sub. Notes, MTN
3.950%   04/23/27     655   651,004
Societe Generale SA (France),
Sr. Non-Preferred Notes, 144A
3.337%(ff)   01/21/33     17,500   15,781,944
Sr. Non-Preferred Notes, 144A, MTN
5.250%   02/19/27     13,000   13,078,820
6.691%(ff)   01/10/34(a)     12,500   13,338,687
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
7.161%(ff)   10/30/29     6,110   6,491,498
U.S. Bancorp,
Sr. Unsec’d. Notes
5.678%(ff)   01/23/35     8,900   9,189,841
5.836%(ff)   06/12/34     9,300   9,708,063
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
2.746%(ff)   02/11/33(a)     11,165   9,845,343
3.091%(ff)   05/14/32     785   719,433
Sr. Unsec’d. Notes, 144A, MTN
2.095%(ff)   02/11/32     565   497,064
Wells Fargo & Co.,
Sr. Unsec’d. Notes
5.605%(ff)   04/23/36     15,720   16,086,168
Sr. Unsec’d. Notes, MTN
2.572%(ff)   02/11/31     5,000   4,626,479
3.526%(ff)   03/24/28     16,995   16,855,943
5.557%(ff)   07/25/34     6,880   7,045,365
              748,999,924
Building Materials — 0.2%
CRH SMW Finance DAC,
Gtd. Notes
5.125%   01/09/30     9,350   9,510,338
 
A5
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Building Materials (cont’d.)
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.375%   03/01/32     4,790   $4,868,651
              14,378,989
Chemicals — 0.4%
CF Industries, Inc.,
Gtd. Notes
5.150%   03/15/34(a)     5,600   5,566,409
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes, 144A
4.725%   11/15/28     3,844   3,857,083
MEGlobal Canada ULC (Kuwait),
Gtd. Notes, EMTN
5.875%   05/18/30     350   352,793
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
4.000%   12/15/26(a)     5,000   4,986,641
5.250%   03/12/32     14,635   14,902,296
              29,665,222
Commercial Services — 0.1%
Massachusetts Institute of Technology,
Unsec’d. Notes
3.885%   07/01/2116(a)     8,500   5,794,853
United Rentals North America, Inc.,
Gtd. Notes
5.250%   01/15/30     630   627,221
              6,422,074
Cosmetics/Personal Care — 0.0%
Haleon US Capital LLC,
Gtd. Notes
3.625%   03/24/32     1,200   1,130,260
Diversified Financial Services — 0.5%
American Express Co.,
Sr. Unsec’d. Notes
5.442%(ff)   01/30/36(a)     11,630   11,835,474
Capital One Financial Corp.,
Sr. Unsec’d. Notes
7.624%(ff)   10/30/31     15,005   16,572,854
Citadel Securities Global Holdings LLC,
Sr. Sec’d. Notes, 144A
5.125%   01/27/32     5,160   5,119,096
Lseg US Fin Corp. (United Kingdom),
Gtd. Notes, 144A
5.250%   03/23/36     9,015   8,901,700
              42,429,124
Electric — 2.4%
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%   06/01/28     7,510   7,435,299
4.700%   05/15/32     11,035   10,905,565
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Ameren Illinois Co.,
First Mortgage
3.850%   09/01/32     11,000   $10,468,626
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%   05/15/37(a)     1,405   1,476,879
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series ai.
4.450%   10/01/32(k)     9,050   8,928,818
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes, 144A
3.750%   03/01/31     3,200   3,051,396
4.625%   02/01/29     500   493,959
5.000%   02/01/31     725   727,025
Dominion Energy, Inc.,
Sr. Unsec’d. Notes, Series B
3.600%   03/15/27     9,910   9,833,946
Sr. Unsec’d. Notes, Series D
2.850%   08/15/26     2,500   2,484,967
DTE Energy Co.,
Sr. Unsec’d. Notes
2.850%   10/01/26     450   446,508
Duke Energy Carolinas LLC,
First Mortgage
2.850%   03/15/32(a)(k)     17,760   16,154,202
Duke Energy Corp.,
Sr. Unsec’d. Notes
3.150%   08/15/27     435   428,409
Duke Energy Indiana LLC,
First Mortgage
4.950%   03/15/36     1,726   1,699,575
Entergy Texas, Inc.,
First Mortgage
4.000%   03/30/29     10,900   10,801,887
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
4.300%   01/15/29     12,210   12,130,033
Georgia Power Co.,
Sr. Unsec’d. Notes
4.700%   05/15/32     4,580   4,588,792
Light SA (Brazil),
Unsec’d. Notes
23.382%(s)   08/31/27     65   13,030
Light Servicos de Eletricidade SA (Brazil),
Sec’d. Notes
2.260%   12/19/37     65   16,150
Sr. Sec’d. Notes
4.210%   12/19/32     152   92,681
Pacific Gas & Electric Co.,
First Mortgage
5.700%   03/01/35(a)     9,392   9,512,955
5.800%   05/15/34     18,785   19,237,359
Puget Energy, Inc.,
Sr. Sec’d. Notes
5.725%   03/15/35     17,290   17,427,192
 
A6
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Southern California Edison Co.,
First Mortgage
5.950%   11/01/32(a)     31,960   $33,521,960
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%   07/31/27     2,245   2,239,451
5.625%   02/15/27     2,800   2,799,822
              186,916,486
Electrical Components & Equipment — 0.0%
WESCO Distribution, Inc.,
Gtd. Notes, 144A
5.250%   04/15/31     475   472,001
5.500%   04/15/34     505   497,748
              969,749
Engineering & Construction — 0.2%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
3.875%   04/30/28     2,513   2,451,557
4.250%   10/31/26     7,622   7,597,991
5.500%   07/31/47     4,220   3,506,398
              13,555,946
Foods — 0.4%
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings,
Sr. Unsec’d. Notes
5.950%   04/20/35     4,760   4,918,175
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
5.200%   03/01/35     7,415   7,482,432
Smithfield Foods, Inc.,
Gtd. Notes, 144A
3.000%   10/15/30     23,570   21,560,002
              33,960,609
Healthcare-Products — 0.0%
Augusta SpinCo Corp.,
Gtd. Notes
5.245%   03/23/36     4,755   4,755,498
Healthcare-Services — 0.5%
Nationwide Children’s Hospital, Inc.,
Unsec’d. Notes
4.556%   11/01/52     3,360   2,854,217
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
2.950%   06/30/30     270   252,966
Stanford Health Care,
Unsec’d. Notes, Series 2020
3.310%   08/15/30     8,980   8,566,114
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.375%   01/15/30     2,600   2,517,248
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
4.950%   01/15/32     22,077   $22,315,030
              36,505,575
Holding Companies-Diversified — 0.0%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/15/31     3,480   3,382,939
Insurance — 0.5%
Arch Capital Finance LLC,
Gtd. Notes
4.011%   12/15/26     3,045   3,035,217
Arthur J Gallagher & Co.,
Sr. Unsec’d. Notes
5.150%   02/15/35     5,840   5,795,687
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
4.569%   02/01/29     2   1,990
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes
5.000%   03/15/35     25,000   24,902,814
Progressive Corp. (The),
Sr. Unsec’d. Notes
5.150%   03/26/36     7,360   7,378,091
              41,113,799
Internet — 0.6%
Alphabet, Inc.,
Sr. Unsec’d. Notes
4.800%   02/15/36     17,390   17,307,829
Amazon.com, Inc.,
Sr. Unsec’d. Notes
4.550%   03/13/33     5,655   5,600,306
4.875%   03/13/36     8,100   8,024,533
Beignet Investor LLC,
Sr. Sec’d. Notes, 144A
6.581%   05/30/49     15,887   16,361,598
Prosus NV (China),
Sr. Unsec’d. Notes
4.193%   01/19/32     450   422,046
              47,716,312
Leisure Time — 0.1%
NCL Corp. Ltd.,
Sr. Unsec’d. Notes, 144A
6.250%   03/01/30     425   419,284
NCL Finance Ltd.,
Gtd. Notes, 144A
6.125%   03/15/28     4,075   4,089,833
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes
3.700%   03/15/28(a)     2,809   2,759,563
              7,268,680
 
A7
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Lodging — 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes
5.100%   05/01/38     5,000   $4,751,826
5.500%   04/15/37     940   936,545
              5,688,371
Machinery-Diversified — 0.2%
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes
5.700%   08/14/33     12,045   12,510,084
Media — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Gtd. Notes, 144A
5.375%   06/01/29     2,600   2,564,909
Comcast Corp.,
Gtd. Notes
3.750%   04/01/40(k)     1,510   1,223,027
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
3.350%   09/15/26     7,500   7,463,057
Time Warner Cable LLC,
Sr. Sec’d. Notes
7.300%   07/01/38     4,790   5,009,367
              16,260,360
Mining — 0.6%
Anglo American Capital PLC (South Africa),
Gtd. Notes, 144A
5.250%   03/19/36     9,290   9,107,836
Barrick PD Australia Finance Pty Ltd. (Canada),
Gtd. Notes
5.950%   10/15/39     4,267   4,366,984
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
5.125%   02/21/32(k)     25,603   26,121,973
Novelis Corp.,
Gtd. Notes, 144A
6.875%   01/30/30     1,600   1,614,075
Rio Tinto Finance USA PLC (Australia),
Gtd. Notes
5.250%   03/14/35(a)     1,170   1,185,479
Yamana Gold, Inc. (Canada),
Gtd. Notes
2.630%   08/15/31     2,970   2,627,144
              45,023,491
Multi-National — 0.1%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%   01/24/29     7,520   7,690,704
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%   12/01/26     6,600   6,522,532
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Office/Business Equipment (cont’d.)
5.100%   03/01/30     2,000   $1,996,939
              8,519,471
Oil & Gas — 2.2%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%   07/15/31     18,000   16,415,885
Sr. Unsec’d. Notes, 144A
4.000%   01/15/31     5,490   5,266,260
6.000%   06/13/33     13,966   14,512,238
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
5.000%   12/15/29     10,160   10,299,576
5.400%   12/15/34(a)     11,100   11,232,036
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
2.650%   01/15/32(a)     40,334   35,798,547
Diamondback Energy, Inc.,
Gtd. Notes
6.250%   03/15/33     26,670   28,477,433
EQT Corp.,
Sr. Unsec’d. Notes
7.500%   06/01/30     225   244,962
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
8.375%   11/01/33     8,834   9,203,585
Ovintiv, Inc.,
Gtd. Notes
6.250%   07/15/33(a)     7,981   8,423,057
Petroleos Mexicanos (Mexico),
Gtd. Notes
6.625%   06/15/38     368   331,200
6.700%   02/16/32     6,632   6,491,070
6.840%   01/23/30     1,600   1,605,440
10.000%   02/07/33     1,710   1,948,117
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.900%   08/15/30     2,090   1,881,483
SM Energy Co.,
Gtd. Notes, 144A
8.625%   11/01/30     1,575   1,658,982
Valero Energy Corp.,
Sr. Unsec’d. Notes
2.800%   12/01/31     1,750   1,578,406
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A
5.000%   05/18/27     15,970   16,039,019
              171,407,296
Packaging & Containers — 0.1%
Ball Corp.,
Gtd. Notes
6.000%   06/15/29(a)     4,225   4,293,600
 
A8
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Packaging & Containers (cont’d.)
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%   02/01/28     1,150   $1,167,610
              5,461,210
Pharmaceuticals — 0.3%
CVS Health Corp.,
Sr. Unsec’d. Notes
4.780%   03/25/38     22,945   21,135,686
Utah Acquisition Sub, Inc.,
Gtd. Notes
5.250%   06/15/46     4,773   3,834,929
              24,970,615
Pipelines — 3.0%
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
6.036%   11/15/33     21,821   23,003,060
Energy Transfer LP,
Sr. Unsec’d. Notes
4.200%   04/15/27     1,510   1,506,951
5.500%   06/01/27     5,000   5,047,253
5.600%   09/01/34     5,000   5,100,990
6.400%   12/01/30     390   416,779
6.550%   12/01/33     5,290   5,712,493
MPLX LP,
Sr. Unsec’d. Notes
4.000%   03/15/28     8,455   8,388,496
4.950%   09/01/32(a)     4,226   4,215,103
5.400%   04/01/35     37,655   37,562,685
5.400%   09/15/35     4,000   3,982,770
ONEOK, Inc.,
Gtd. Notes
5.800%   11/01/30     14,595   15,182,579
6.050%   09/01/33     4,181   4,381,651
6.100%   11/15/32     9,788   10,317,388
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes
3.550%   12/15/29     4,340   4,198,470
Targa Resources Corp.,
Gtd. Notes
4.200%   02/01/33     18,585   17,616,817
4.350%   04/15/31     370   362,270
4.900%   09/15/30     1,155   1,165,221
5.200%   07/01/27     2,721   2,743,512
5.400%   07/30/36(a)     6,500   6,452,871
5.550%   08/15/35     5,000   5,043,403
6.150%   03/01/29     7,049   7,347,998
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes
4.000%   03/15/28     3,610   3,586,664
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
2.600%   03/15/31     16,997   15,383,845
4.650%   08/15/32     2,170   2,145,255
4.800%   11/15/29(a)     15,720   15,877,128
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
5.600%   03/15/35     21,825   $22,320,564
              229,062,216
Real Estate Investment Trusts (REITs) — 0.9%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
5.500%   10/01/35(a)     18,955   18,883,605
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
3.900%   03/15/27     3,499   3,479,763
5.200%   04/01/32     7,876   7,930,523
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes
5.700%   07/01/34     5,540   5,600,886
Kimco Realty OP LLC,
Gtd. Notes
6.400%   03/01/34     7,200   7,792,632
Sun Communities Operating LP,
Gtd. Notes
4.200%   04/15/32     24,093   22,945,418
Welltower OP LLC,
Gtd. Notes
3.100%   01/15/30     1,500   1,427,264
              68,060,091
Retail — 0.2%
AutoNation, Inc.,
Sr. Unsec’d. Notes
3.850%   03/01/32(a)     6,700   6,226,216
Genuine Parts Co.,
Sr. Unsec’d. Notes
6.500%   11/01/28     9,015   9,344,453
              15,570,669
Semiconductors — 0.7%
Broadcom, Inc.,
Gtd. Notes
2.450%   02/15/31     5,390   4,897,670
Sr. Unsec’d. Notes
3.419%   04/15/33(k)     47,900   43,813,543
Sr. Unsec’d. Notes, 144A
3.137%   11/15/35     1,153   979,641
3.187%   11/15/36     4,513   3,771,882
              53,462,736
Software — 0.6%
Oracle Corp.,
Sr. Unsec’d. Notes
3.850%   07/15/36(a)     3,300   2,732,741
5.200%   09/26/35(a)     14,300   13,402,404
5.700%   02/04/36     7,240   6,960,645
Salesforce, Inc.,
Sr. Unsec’d. Notes
4.900%   09/15/31     22,540   22,509,416
              45,605,206
 
A9
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications — 0.7%
CT Trust (Guatemala),
Sr. Sec’d. Notes
5.125%   02/03/32     200   $186,660
Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, 144A
8.625%   08/01/32(x)     2,585   2,623,252
SV RNO Property Owner 1 LLC,
Sr. Sec’d. Notes, 144A
5.875%   03/01/31     3,185   3,156,240
Telefonica Moviles Chile SA (Chile),
Sr. Unsec’d. Notes
3.537%   11/18/31     430   326,338
T-Mobile USA, Inc.,
Gtd. Notes
2.550%   02/15/31     24,650   22,399,488
3.000%   02/15/41     525   383,879
3.875%   04/15/30     25,000   24,338,223
              53,414,080
 
Total Corporate Bonds

(cost $2,158,078,542)
  2,180,760,361
Municipal Bonds — 0.5%
Arizona — 0.3%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs
4.839%   01/01/41     20,800   20,023,823
California — 0.0%
Regents of the University of California Medical Center Pooled Revenue,
Taxable, Revenue Bonds, Series Q
4.132%   05/15/32     2,305   2,270,303
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%   11/01/50     2,895   2,926,995
Massachusetts — 0.0%
Massachusetts Clean Water Trust (The),
Revenue Bonds, BABs
5.192%   08/01/40     885   897,415
New York — 0.1%
New York City Municipal Water Finance Authority,
Revenue Bonds, BABs
5.440%   06/15/43     7,000   6,769,140
Pennsylvania — 0.1%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%   12/01/45     4,000   3,972,442
Texas — 0.0%
City of San Antonio Electric & Gas Systems Revenue,
Taxable, Revenue Bonds
4.427%   02/01/42     1,750   1,689,342
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Washington — 0.0%
Central Puget Sound Regional Transit Authority,
Revenue Bonds, BABs
5.491%   11/01/39     2,330   $2,365,761
 
Total Municipal Bonds

(cost $47,979,991)
  40,915,221
Residential Mortgage-Backed Securities — 0.4%
Alternative Loan Trust,
Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%)
4.493%(c)   09/25/35     943   882,509
BRAVO Residential Funding Trust,
Series 2023-RPL01, Class A1, 144A
5.000%(cc)   05/25/63     26,388   26,191,860
Connecticut Avenue Securities Trust,
Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%)
5.212%(c)   10/25/41     595   595,251
Credit Suisse Mortgage Trust,
Series 2018-RPL04, Class PT, 144A
4.671%(cc)   04/25/58     1,874   1,759,196
Series 2018-RPL09, Class A, 144A
3.850%(cc)   09/25/57     881   846,808
GS Mortgage-Backed Securities Trust,
Series 2018-RPL01, Class A1A, 144A
3.750%   10/25/57     1,884   1,848,522
Mill City Mortgage Loan Trust,
Series 2018-01, Class A1, 144A
3.250%(cc)   05/25/62     69   69,231
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)
4.543%(c)   01/25/48     99   97,506
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%)
4.443%(c)   06/25/57     313   309,131
Towd Point Mortgage Trust,
Series 2019-04, Class A1, 144A
2.900%(cc)   10/25/59     825   793,383
Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%)
4.793%(c)   10/25/59     224   223,740
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2006-AR10, Class 1A1
4.445%(cc)   09/25/36     625   552,088
 
Total Residential Mortgage-Backed Securities

(cost $33,649,842)
  34,169,225
Sovereign Bonds — 0.3%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes
2.375%   08/20/30     490   442,991
 
A10
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
5.950%   01/25/27     700   $703,500
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes
6.375%   10/23/34(a)     2,000   2,154,000
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A
5.750%   09/16/30     14,850   14,786,887
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
2.125%   12/01/30     900   775,512
 
Total Sovereign Bonds

(cost $19,169,596)
  18,862,890
U.S. Government Agency Obligations — 1.2%
Federal Home Loan Mortgage Corp.
2.500%   10/01/35     449   424,811
4.000%   02/01/34     15   14,816
4.000%   10/01/37     145   141,421
5.500%   02/01/53     4,700   4,739,635
6.250%   07/15/32     8,600   9,598,074
6.750%   03/15/31     11,042   12,399,194
Federal National Mortgage Assoc.
3.500%   05/01/48     437   405,559
4.000%   11/01/29     —(r)   381
4.000%   04/01/33     4,114   4,088,721
4.000%   07/01/33     13   12,751
4.000%   08/01/33     11   11,155
5.000%   08/01/52     1,393   1,380,674
6.625%   11/15/30     28,570   31,744,683
Resolution Funding Corp. Principal Strips, Bonds
4.545%(s)   01/15/30     4,927   4,212,403
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%   09/15/31     220   191,794
5.250%   02/01/55     21,232   20,939,025
Tennessee Valley Authority Generic Strips, Bonds
4.724%(s)   07/15/34     445   300,173
 
Total U.S. Government Agency Obligations

(cost $92,350,067)
  90,605,270
U.S. Treasury Obligations — 17.6%
U.S. Treasury Bonds
3.375%   11/15/48     1,000   783,594
4.625%   11/15/55     3,330   3,180,670
4.750%   08/15/55     5,985   5,830,699
4.750%   02/15/56     2,310   2,252,250
U.S. Treasury Notes
3.500%   01/15/29     485   480,908
3.500%   02/15/29     380   376,734
3.625%   08/31/30     35,655   35,220,455
3.625%   10/31/30     119,435   117,895,408
3.625%   12/31/30     1,130   1,114,727
3.750%   01/31/31     815   808,123
3.750%   10/31/32     31,435   30,781,741
3.750%   11/30/32     87,790   85,924,462
3.750%   02/28/33     117,430   114,769,477
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
3.875%   03/31/31     39,480   $39,353,541
3.875%   09/30/32     55,405   54,686,466
3.875%   12/31/32     142,550   140,500,843
3.875%   08/15/34     64,500   62,857,266
4.000%   01/31/33     20,135   19,983,988
4.125%   10/31/31(k)     62,500   62,832,031
4.125%   03/31/32     4,500   4,515,820
4.125%   02/15/36     92,250   90,808,594
4.250%   03/31/33     120,035   120,860,240
4.250%   08/15/35     57,009   56,804,124
4.625%   02/15/35     91,725   94,104,117
U.S. Treasury Strips Coupon
2.544%(s)   11/15/45     4,405   1,607,146
4.510%(s)   05/15/41     66,575   31,544,447
4.559%(s)   08/15/41     67,600   31,557,886
4.609%(s)   11/15/41     52,865   24,311,453
4.760%(s)   05/15/43     10,150   4,265,860
4.791%(s)   08/15/46     7,800   2,733,420
4.917%(s)   02/15/41     90,475   43,502,599
4.938%(s)   02/15/42     3,015   1,366,301
5.020%(s)   05/15/44     705   279,646
5.038%(s)   08/15/43     4,725   1,955,036
5.185%(s)   11/15/43     100,000   40,800,472
5.250%(s)   05/15/45     25,000   9,368,054
5.511%(s)   08/15/40     33,435   16,584,290
 
Total U.S. Treasury Obligations

(cost $1,365,103,754)
  1,356,602,888
 
Total Long-Term Investments

(cost $7,230,166,280)
  7,537,635,858
    
      Shares  
Short-Term Investments — 4.1%
Affiliated Mutual Funds — 4.1%
PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wa)
214,616,435 214,616,435
PGIM Institutional Money Market Fund (7-day effective yield 3.829%)

(cost $101,125,329; includes $100,683,156 of cash collateral for securities on loan)(b)(wa)
101,216,298 101,145,447
 
Total Affiliated Mutual Funds

(cost $315,741,764)
315,761,882
Options Purchased*~ — 0.0%
(cost $125,468)
227,295
 
Total Short-Term Investments

(cost $315,867,232)
315,989,177
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.7%

(cost $7,546,033,512)
7,853,625,035
 
A11
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
        Value
Options Written*~ — (0.0)%
(premiums received $443,900)
$(532,223)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.7%

(cost $7,545,589,612)
7,853,092,812
 
Liabilities in excess of other assets(z) — (1.7)%
(127,835,704)
 
Net Assets — 100.0%
$7,725,257,108
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
EUR Euro
    
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.
A Annual payment frequency for swaps
BABs Build America Bonds
BARC Barclays Bank PLC
BNP BNP Paribas S.A.
BOA Bank of America, N.A.
CDX Credit Derivative Index
CITI Citibank, N.A.
CLO Collateralized Loan Obligation
CME Chicago Mercantile Exchange
CMS Constant Maturity Swap
DAC Designated Activity Company
EMTN Euro Medium Term Note
FHLMC Federal Home Loan Mortgage Corporation
GMTN Global Medium Term Note
GSI Goldman Sachs International
IO Interest Only (Principal amount represents notional)
JPM JPMorgan Chase Bank N.A.
LP Limited Partnership
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
Q Quarterly payment frequency for swaps
RBC Royal Bank of Canada
REITs Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
STRIPs Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail.  
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $98,337,466; cash collateral of $100,683,156 (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.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2026.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wa) Represents investments in Funds affiliated with the Manager.
(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.
 
(x) Restricted Securities:
Issuer   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, 144A, 8.625%, 08/01/32   07/30/25   $2,585,000   $2,623,252   0.0%
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Options Purchased:
OTC Traded  
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		Value
2-Year 30 CMS Curve CAP   Call   BOA   05/13/26     1.30%   —     5,512 $—  
A12
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Options Purchased (continued):
OTC Traded  
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		Value
2-Year 30 CMS Curve CAP   Call   CITI   05/13/26     1.30%   —     11,025 $—  
Total OTC Traded (cost $12,265)                     $—  
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
5-Year Interest Rate Swap, 08/13/31   Call   CITI   08/11/26   3.29%   3.29%(A)   1 Day SOFR(A)/ 3.680%     2,250   $11,399
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   2.80%   3 Month EURIBOR(Q)/ 2.079%   2.80%(A)   EUR 9,250   27,999
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   10.29%   3 Month EURIBOR(Q)/ 2.079%   10.29%(A)   EUR 9,250   51
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   3.82%   1 Day SOFR(T)/ 3.680%   3.82%(T)     13,655   37,895
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   11.07%   1 Day SOFR(T)/ 3.680%   11.07%(T)     13,655   31
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.21%   1 Day SOFR(A)/ 3.680%   3.21%(A)     13,350   135,950
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   8.19%   1 Day SOFR(A)/ 3.680%   8.19%(A)     13,350   120
5-Year Interest Rate Swap, 08/13/31   Put   CITI   08/11/26   3.89%   1 Day SOFR(A)/ 3.680%   3.89%(A)     2,250   13,850
Total OTC Swaptions (cost $113,203)       $227,295
Total Options Purchased (cost $125,468)       $227,295
Options Written:
OTC Swaption
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
5-Year Interest Rate Swap, 08/13/31   Call   CITI   08/11/26   3.09%   1 Day SOFR(A)/ 3.680%   3.09%(A)     2,250   $(6,981)
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   3.24%   3.24%(A)   3 Month EURIBOR(Q)/ 2.079%   EUR 18,500   (28,153)
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   4.27%   4.27%(T)   1 Day SOFR(T)/ 3.680%     27,310   (40,921)
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.49%   3.49%(A)   1 Day SOFR(A)/ 3.680%     13,350   (91,600)
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.69%   3.69%(A)   1 Day SOFR(A)/ 3.680%     13,350   (67,328)
5-Year Interest Rate Swap, 08/13/31   Put   CITI   08/11/26   3.69%   3.69%(A)   1 Day SOFR(A)/ 3.680%     2,250   (21,591)
CDX.NA.IG.45.V1, 12/20/30   Put   GSI   05/20/26   0.70%   1.00%(Q)   CDX.NA.IG.45.V1(Q)     86,025   (125,841)
A13
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Options Written (continued):
OTC Swaption
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
CDX.NA.IG.46.V1, 06/20/31   Put   RBC   04/15/26   0.70%   1.00%(Q)   CDX.NA.IG.46.V1(Q)     50,000   $(43,860)
CDX.NA.IG.46.V1, 06/20/31   Put   BOA   04/15/26   0.75%   1.00%(Q)   CDX.NA.IG.46.V1(Q)     50,000   (28,356)
CDX.NA.IG.46.V1, 06/20/31   Put   BARC   04/15/26   0.80%   1.00%(Q)   CDX.NA.IG.46.V1(Q)     50,000   (19,358)
CDX.NA.IG.46.V1, 06/20/31   Put   GSI   04/15/26   0.85%   1.00%(Q)   CDX.NA.IG.46.V1(Q)     50,000   (13,841)
CDX.NA.IG.46.V1, 06/20/31   Put   GSI   05/20/26   0.90%   1.00%(Q)   CDX.NA.IG.46.V1(Q)     50,000   (44,393)
Total Options Written (premiums received $443,900)       $(532,223)
Futures contracts outstanding at March 31, 2026:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
664   3 Month CME SOFR   Jun. 2026   $159,899,500   $(5,325)
2,646   5 Year U.S. Treasury Notes   Jun. 2026   286,243,460   (550,978)
18,750   10 Year U.S. Treasury Notes   Jun. 2026   2,082,129,000   (33,789,406)
8,943   10 Year U.S. Ultra Treasury Notes   Jun. 2026   1,015,170,279   (19,948,208)
                (54,293,917)
Short Positions:
4,436   2 Year U.S. Treasury Notes   Jun. 2026   920,227,404   5,906,893
174   3 Year U.S. Treasury Notes   Jun. 2026   36,781,969   356,943
5,017   20 Year U.S. Treasury Bonds   Jun. 2026   571,310,875   14,505,495
1,529   30 Year U.S. Ultra Treasury Bonds   Jun. 2026   178,224,063   4,791,025
                25,560,356
                $(28,733,561)
Credit default swap agreements outstanding at March 31, 2026:
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2026(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Slovak Republic   12/20/27   1.000%(Q)     2,185   0.183%   $30,773   $30,229   $544   BARC
State of Qatar   12/20/26   1.000%(Q)     3,110   0.244%   17,942   19,351   (1,409)   BARC
                      $48,715   $49,580   $(865)    
    
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		Implied Credit
Spread at
March 31,
2026(4) 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):  
CDX.NA.IG.46.V1 06/20/31   1.000%(Q)     402,010   0.631%   $6,535,423   $7,073,068   $537,645  
A14
AST INVESTMENT GRADE BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Credit default swap agreements outstanding at March 31, 2026 (continued):
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Interest rate swap agreements outstanding at March 31, 2026:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  34,710   12/16/49   3.805%(A)   1 Day SOFR(2)(A)/ 3.680%   $(237,909)   $(1,820,635)   $(1,582,726)
  12,915   12/14/54   3.136%(A)   1 Day SOFR(1)(A)/ 3.680%   188,878   454,361   265,483
  30,735   12/16/54   3.719%(A)   1 Day SOFR(1)(A)/ 3.680%   238,256   2,090,607   1,852,351
                    $189,225   $724,333   $535,108
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
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).
A15