# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0000940400-26-021403
**Filing Date:** 2026-5
**Character Count:** 151262
**Document Hash:** 10dd439e4ab5ad43a5f1c5467a7b4777
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021403.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000940400-26-021403

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED SERIES TRUST
- **CENTRAL INDEX KEY:** 0000814679

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 261024891

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN SKANDIA TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON INTERNATIONAL GROWTH FUND
- **DATE OF NAME CHANGE:** 19920506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GLOBAL ASSET TRUST
- **DATE OF NAME CHANGE:** 19900302

## Series and Classes Contracts Data

### AST J.P. Morgan Conservative Multi-Asset Portfolio (Series ID: S000002009)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000005219 | AST J.P. Morgan Conservative Multi-Asset Portfolio |  |

## Nport-Ex

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments — 98.4%** | **Long-Term Investments — 98.4%** | **Long-Term Investments — 98.4%** |
| **Affiliated Mutual Fund — 60.9%** | **Affiliated Mutual Fund — 60.9%** | **Affiliated Mutual Fund — 60.9%** |
| **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio\* | 184679237 | &nbsp;&nbsp;&nbsp;$2153359904 |
| &nbsp;&nbsp;&nbsp;(cost $1,933,708,051)(wa) |  |  |
| **Common Stocks — 8.0%** | **Common Stocks — 8.0%** | **Common Stocks — 8.0%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734630 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796097 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354794 |
| &nbsp;&nbsp;&nbsp;Safran SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042277 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10215208 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483213 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949238 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kia Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137079 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358446 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851040 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156938 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370114 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433993 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893052 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694454 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183770 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. (Class A Stock)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915060 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. (India), ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151724 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Brazil), ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110645 |
| &nbsp;&nbsp;&nbsp;KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291855 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959949 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063436 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266684 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239112 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912123 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033678 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805972 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309232 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43974012 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038832 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812036 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350864 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$762955 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;123103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647118 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | &nbsp;&nbsp;&nbsp;134280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691542 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566814 |
| &nbsp;&nbsp;&nbsp;SAL TopCo LLC\*^ | 1709579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461999 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;45083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469300 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428967 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249394 |
| &nbsp;&nbsp;&nbsp;Miami International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;25513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992966 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;16073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916161 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249280 |
| &nbsp;&nbsp;&nbsp;Ridgepost Capital, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;39942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289979 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;27574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315831 |
| &nbsp;&nbsp;&nbsp;Wealthfront Corp.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;64816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9511426 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;18789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883658 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087214 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690715 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes B (Denmark) | &nbsp;&nbsp;&nbsp;&nbsp;30927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837410 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;38517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940585 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617920 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069669 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;15653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241909 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758283 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723000 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;Legence Corp. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558107 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. (Japan) | &nbsp;&nbsp;&nbsp;140600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405398 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;71862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247524 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;11887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061030 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933988 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. (India) | &nbsp;&nbsp;&nbsp;204101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746428 |
| &nbsp;&nbsp;&nbsp;Figure Technology Solutions, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;15451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270989 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249593 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;14799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879801 |

---

A1

------

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO (continued)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$935835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065229 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541130 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153686 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379455 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;30021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758020 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Germany) | &nbsp;&nbsp;&nbsp;89452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338641 |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. (Australia) | 872659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560157 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;16590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875454 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Forgent Power Solutions, Inc.\*(a) | &nbsp;&nbsp;&nbsp;27941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817833 |
| &nbsp;&nbsp;&nbsp;Legrand SA (France) | &nbsp;&nbsp;&nbsp;23112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408389 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383186 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. (Class B Stock) | &nbsp;&nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894671 |
| &nbsp;&nbsp;&nbsp;Fabrinet (Thailand)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481117 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\*(a) | &nbsp;&nbsp;&nbsp;11430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108971 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;18264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865166 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;32811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675906 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139939 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | &nbsp;&nbsp;&nbsp;11974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705987 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;40604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982889 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;86050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370392 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718670 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580008 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp;&nbsp;51601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309118 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;8041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347613 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882023 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;44261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949398 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;11579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1120037 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;14182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185190 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181154 |
| &nbsp;&nbsp;&nbsp;NMC Health PLC (United Arab Emirates)\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317802 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;19507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454513 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;14515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339299 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;93098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597521 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801224 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;16915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258138 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;9230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816578 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;14933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686468 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. (China) (Class H Stock) | 175700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890907 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. (Japan) | 199315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045177 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;Siemens AG (Germany) | &nbsp;&nbsp;&nbsp;19599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774985 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729440 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;Accelerant Holdings (Cayman Islands) (Class A Stock)\* | &nbsp;&nbsp;&nbsp;35318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471849 |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. (Hong Kong) | 266600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962280 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762802 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253209 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;6982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409421 |
| &nbsp;&nbsp;&nbsp;Neptune Insurance Holdings, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;29944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724345 |
| &nbsp;&nbsp;&nbsp;RLI Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12145864 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963796 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414746 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;8349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780465 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535412 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alliance Laundry Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;34538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716318 |

---

A2

------

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO (continued)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB (Sweden) (Class A Stock) | 199033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3512301 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 112679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937489 |
| &nbsp;&nbsp;&nbsp;IHI Corp. (Japan) | &nbsp;&nbsp;&nbsp;81600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683653 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671022 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049636 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452846 |
| &nbsp;&nbsp;&nbsp;Volvo AB (Sweden) (Class B Stock)(a) | &nbsp;&nbsp;&nbsp;90405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972455 |
| &nbsp;&nbsp;&nbsp;XCMG Construction Machinery Co. Ltd. (China) (Class A Stock) | 869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278924 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC (Australia) | &nbsp;&nbsp;&nbsp;44156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096516 |
| &nbsp;&nbsp;&nbsp;Severstal PAO (Russia), GDR\*^ | &nbsp;&nbsp;&nbsp;17534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. (China) (Class H Stock) | 558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606680 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;Engie SA (France) | 181693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855503 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. (Canada) | &nbsp;&nbsp;&nbsp;37822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845015 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;6692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901212 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 181544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8408218 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;37265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12316368 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\*(a) | &nbsp;&nbsp;&nbsp;10964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664528 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;21732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335741 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479673 |
| &nbsp;&nbsp;&nbsp;UCB SA (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;4654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217649 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Andersen Group, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;21444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583277 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*(a) | &nbsp;&nbsp;&nbsp;64812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762189 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;7755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837850 |
| &nbsp;&nbsp;&nbsp;RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;57314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908755 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | &nbsp;&nbsp;&nbsp;54227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866975 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc. (Canada) | &nbsp;&nbsp;&nbsp;13360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428050 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd.\* | &nbsp;&nbsp;&nbsp;99939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653302 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (Japan)\*(a) | &nbsp;&nbsp;&nbsp;31905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005965 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;3272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350964 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG (Germany) | &nbsp;&nbsp;&nbsp;57609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613498 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1361733 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;20770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063424 |
| &nbsp;&nbsp;&nbsp;SK hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082759 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130460 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | &nbsp;&nbsp;&nbsp;&nbsp;16613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26223166 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;92740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556440 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636314 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;31892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477742 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617410 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771004 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411036 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;25549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949353 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| &nbsp;&nbsp;&nbsp;Asics Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562025 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;58338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387036 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347295 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;26375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302925 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;219100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787060 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;11744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916905 |
| **Total Common Stocks<br>(cost $247,937,620)<br>** | **Total Common Stocks<br>(cost $247,937,620)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280821990 |
| **Unaffiliated Exchange-Traded Funds — 27.8%** | **Unaffiliated Exchange-Traded Funds — 27.8%** | **Unaffiliated Exchange-Traded Funds — 27.8%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Growth ETF | 2327616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196730105 |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Value ETF(a) | 2801435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201002961 |
| &nbsp;&nbsp;&nbsp;JPMorgan Global Select Equity ETF(a) | 6078632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396752311 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | 3730574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188804350 |
| **Total Unaffiliated Exchange-Traded Funds<br>(cost $956,026,835)<br>** | **Total Unaffiliated Exchange-Traded Funds<br>(cost $956,026,835)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983289727 |

---

---

| | | |
|:---|:---|:---|
| **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<br> (000)#** |
| **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| High Ridge Brands Co., | High Ridge Brands Co., | High Ridge Brands Co., |
| &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/27^(d) | &nbsp;&nbsp;22 |

---

A3

------

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO (continued)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<br> (000)#** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Chesapeake Energy Corp., | Chesapeake Energy Corp., | Chesapeake Energy Corp., | Chesapeake Energy Corp., |
| &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes |
| &nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/26^(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/09/27^(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Corporate Bonds<br>(cost $0)<br>** | **Total Corporate Bonds<br>(cost $0)<br>** | **Total Corporate Bonds<br>(cost $0)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** |
| **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
| Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan |
| &nbsp;&nbsp;&nbsp;—%(p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120330 |
| &nbsp;&nbsp;&nbsp;First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;First Lien A R 2023 FLSO PIK Term Loan |
| &nbsp;&nbsp;&nbsp;—%(p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;16.909%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133064 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;8.672%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77406 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan |
| &nbsp;&nbsp;&nbsp;12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/16/23^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
| **Total Floating Rate and Other Loans<br>(cost $959,384)<br>** | **Total Floating Rate and Other Loans<br>(cost $959,384)<br>** | **Total Floating Rate and Other Loans<br>(cost $959,384)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211388 |
| **U.S. Treasury Obligation(k) — 1.7%** | **U.S. Treasury Obligation(k) — 1.7%** | **U.S. Treasury Obligation(k) — 1.7%** | **U.S. Treasury Obligation(k) — 1.7%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;01/31/27 | &nbsp;&nbsp;60781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60965891 |
| &nbsp;&nbsp;&nbsp;(cost $61,055,380) | &nbsp;&nbsp;&nbsp;(cost $61,055,380) |  |  |
| **Total Long-Term Investments—98.4%<br>(cost $3,199,687,270)<br>** | **Total Long-Term Investments—98.4%<br>(cost $3,199,687,270)<br>** | **Total Long-Term Investments—98.4%<br>(cost $3,199,687,270)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;3478648900 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** |  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Affiliated Mutual Funds** | **Affiliated Mutual Funds** | **Affiliated Mutual Funds** |
| &nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund(wa) | 41575572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41575572 |
| &nbsp;&nbsp;&nbsp;PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<br>(cost $23,619,538; includes $23,531,857 of cash collateral for securities on loan)(b)(wa) | 23636805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23620260 |
| **Total Short-Term Investments<br>(cost $65,195,110)<br>** | **Total Short-Term Investments<br>(cost $65,195,110)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65195832 |
| **TOTAL INVESTMENTS—100.3%<br>(cost $3,264,882,380)<br>** | **TOTAL INVESTMENTS—100.3%<br>(cost $3,264,882,380)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;3543844732 |
| **Liabilities in excess of other assets(z) — (0.3)%<br>** | **Liabilities in excess of other assets(z) — (0.3)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9115467) |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | &nbsp;&nbsp;&nbsp;$3534729265 |

---

---

| | |
|:---|:---|
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |

---

---

| | |
|:---|:---|
| 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 |
| BARC | Barclays Bank PLC |
| BOA | Bank of America, N.A. |
| BTP | Buoni del Tesoro Poliennali |
| CITI | Citibank, N.A. |
| DJ | Dow Jones |
| EAFE | Europe, Australasia, Far East |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| GSI | Goldman Sachs International |
| M | Monthly payment frequency for swaps |
| ML | Merrill Lynch International |
| MSCI | Morgan Stanley Capital International |
| OTC | Over-the-counter |
| PIK | Payment-in-Kind |
| Q | Quarterly payment frequency for swaps |
| REITs | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| TOPIX | Tokyo Stock Price Index |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $134,155 and 0.0% of net assets. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $23,909,902; cash collateral of $23,531,857 (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. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
| (wa) | Represents investments in Funds affiliated with the Manager. |

---

A4

------

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO (continued)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

(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, 2026:** | **Futures contracts outstanding at March 31, 2026:** | **Futures contracts outstanding at March 31, 2026:** | **Futures contracts outstanding at March 31, 2026:** | **Futures contracts outstanding at March 31, 2026:** |
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |
| 1414 | &nbsp;&nbsp;10 Year U.K. Gilt | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;$164305165 | &nbsp;&nbsp;$(8978398) |
| 719 | &nbsp;&nbsp;10 Year U.S. Treasury Notes | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79842707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1266790) |
| 919 | &nbsp;&nbsp;Euro-BTP Italian Government Bond | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;123515657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3878135) |
| 1124 | &nbsp;&nbsp;Mini MSCI EAFE Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;163041820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446807) |
| 1052 | &nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;345621450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6077344) |
| 185 | &nbsp;&nbsp;S&P 500 E-Mini Communication Services Sector Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27012313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839811) |
| 239 | &nbsp;&nbsp;TOPIX Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52768092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1958092) |
| 175 | &nbsp;&nbsp;S&P 500 E-Mini Financials Sector Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26818750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80584 |
| 98 | &nbsp;&nbsp;S&P 500 E-Mini Technology Sector Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26458040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274198) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(25638991) |
| **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 1104 | &nbsp;&nbsp;10 Year Euro-Bund | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;160004963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852200 |
| 224 | &nbsp;&nbsp;10 Year Japanese Bonds | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;183922624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147761 |
| 591 | &nbsp;&nbsp;30 Year U.S. Ultra Treasury Bonds | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68888438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443681 |
| 560 | &nbsp;&nbsp;10 Year Australian Treasury Bonds | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41633043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310676 |
| 827 | &nbsp;&nbsp;DJ US Real Estate Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29755460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891258 |
| 720 | &nbsp;&nbsp;Mini MSCI Emerging Markets Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52365600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206057 |
| 844 | &nbsp;&nbsp;Russell 2000 E-Mini Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;106014840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656003) |
| 711 | &nbsp;&nbsp;S&P 500 E-Mini Consumer Staples Sector Index | &nbsp;&nbsp;Jun. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59155200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776064 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971694 |
|  |  |  |  | &nbsp;&nbsp;$(16667297) |

---

#### Forward foreign currency exchange contracts outstanding at March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;62038 | &nbsp;&nbsp;$43661254 | &nbsp;&nbsp;$42791548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(869706) |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;62977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72274961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72873022 | &nbsp;&nbsp;&nbsp;&nbsp;598061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;154874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90229896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89066165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1163731) |
| Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;GSI | &nbsp;&nbsp;SEK | &nbsp;&nbsp;278877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29707179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29494552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212627) |
|  |  |  |  | &nbsp;&nbsp;$235873290 | &nbsp;&nbsp;$234225287 | &nbsp;&nbsp;&nbsp;&nbsp;598061 | &nbsp;&nbsp;&nbsp;&nbsp;(2246064) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40024 | &nbsp;&nbsp;$53082550 | &nbsp;&nbsp;$52974236 | &nbsp;&nbsp;&nbsp;$108314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;ML | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72703346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72873022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169676) |
| Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;JPY | &nbsp;&nbsp;2341810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14743987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14787507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43520) |

---

A5

------

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO (continued)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of March 31, 2026 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at March 31, 2026 (continued):<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
| New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;GSI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13002 | &nbsp;&nbsp;&nbsp;&nbsp;$7598627 | &nbsp;&nbsp;&nbsp;&nbsp;$7477033 | &nbsp;&nbsp;&nbsp;$121594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;276552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28356267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28558442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202175) |
| Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;ML | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;279851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29667552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29597592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, |
| &nbsp;&nbsp;&nbsp;Expiring 04/22/26 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57888899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56963717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | &nbsp;&nbsp;$264041228 | &nbsp;&nbsp;$263231549 | &nbsp;&nbsp;&nbsp;&nbsp;1225050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415371) |
|  |  |  |  |  |  | &nbsp;&nbsp;$1823111 | &nbsp;&nbsp;$(2661435) |

---

#### Credit default swap agreements outstanding at March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br> Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional<br> Amount<br> (000)#(3)** | **Fair<br> Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Counterparty** |
| **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** |
| ABX.HE.AAA | 05/25/46 | 0.110%(Q) | 150 | $2150 | $— | $2150 | BOA |
| ABX.HE.AAA | 05/25/46 | 0.110%(M) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1003 | BOA |
|  |  |  |  | $3153 | $— | $3153 |  |

---

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.

*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).*

A6

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advanced Series Trust

- **b. Investment Company Act file number:** 811-05186

- **c. CIK number of Registrant:** 0000814679

- **d. LEI of Registrant:** 549300VWSUPW8FKG9V43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 655 Broad Street

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07102-4077

  - **Telephone number:** 1-888-778-2888

**Item A.2. Information about the Series.**

- **a. Name of Series:** AST J.P. Morgan Conservative Multi-Asset Portfolio

- **b. EDGAR series identifier (if any):** S000002009

- **c. LEI of Series:** EG1KX9XDP80JV1VJPK17

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3578369613.26

**Total Liabilities:** $45900169.78

**Net Assets:** $3532469443.48

**Cash Not Reported:** $1436029.67

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.30959000 | **1-Year:** 8.33962000 | **5-Year:** 0.22921000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005219 | 1.03%                | 0.98%                | -4.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3016930.22              | $40707100.90                               |
| Month 2  | $13263360.10             | $29016835.31                               |
| Month 3  | $14040103.16             | $-129563186.30                             |

**Designated Index Information**

- **Index Name:** Blended Custom Benchmark

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FLOWCO HOLDINGS INC                                | Flowco Holdings Inc. COM CL A                                     | CUSIP: 342909108<br>LEI: 529900837MXVPIR9FZ68 | Long             | EC               | CORP              | US        |     32811 | NS      | $675906.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                   | Mercadolibre Inc COM                                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       890 | NS      | $1538827.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                          | First Horizon Corporation COM                                     | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     52011 | NS      | $1183770.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS LLC               | Bright Horizons Family Solutions Inc Del COM                      | CUSIP: 109194100<br>LEI: 254900BHOU40CFNXWQ75 | Long             | EC               | CORP              | US        |     16796 | NS      | $1379455.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                    | Aptargroup Inc. COM                                               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      4294 | NS      | $541129.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.       | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    106000 | NS      | $6130459.64    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Reinsurance AG                              | Munich Reinsurance AG NPV(REGD)                                   | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      6982 | NS      | $4409421.36    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| First Hawaiian Inc.                                | First Hawaiian Inc. COM                                           | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     28184 | NS      | $694453.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                             | MSCI EAFE Index Futures - ICUS, Jun26                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |      1124 | NC      | $-1446806.78   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                                | StepStone Group Inc COM CL A                                      | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27574 | NS      | $1315831.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal Public Joint Stock Company               | Severstal Public Joint Stock Company SP GDR S OCT 06              | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     17534 | NS      | $1.75          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FIGURE TECHNOLOGY SOLUTIONS INC                    | Figure Technology Solutions Inc. COM CL A                         | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15451 | NS      | $524561.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Healthequity Inc                                   | Healthequity Inc COM                                              | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     14182 | NS      | $1185189.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SAL TopCo LLC Equity Units                         | SAL TopCo LLC Equity Units                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1709579 | NS      | $170.96        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DigitalOcean Holdings Inc                          | DigitalOcean Holdings Inc COM                                     | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      4835 | NS      | $414746.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                        | Novanta Inc COM                                                   | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | CA        |     11430 | NS      | $1349997.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Manhattan Associates Inc                           | Manhattan Associates Inc COM                                      | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      4780 | NS      | $636313.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                       | Wyndham Hotels & Resorts Inc COM                                  | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     14933 | NS      | $1213007.59    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Series Trust                              | AST J.P. Morgan Fixed Income Central Portfolio                    | CUSIP: 000000000<br>LEI: 549300GMPRFOKDNCEZ38 | Long             | EC               | RF                | US        | 184679237 | NS      | $2153359904.14 | 60.96%            |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                                    | BankUnited Inc. COM                                               | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     18845 | NS      | $851040.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                                           | Volvo AB SER'B'NPV                                                | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     90405 | NS      | $2972454.74    | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Accelerant Holdings                                | Accelerant Holdings CL A                                          | CUSIP: 000000000<br>LEI: 529900G48AUHCKJ6EU64 | Long             | EC               | CORP              | KY        |     35318 | NS      | $471848.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                     | HDFC Bank Ltd. SPONSORED ADS                                      | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    126677 | NS      | $3151723.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                                    | MSA Safety Inc. COM                                               | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      9249 | NS      | $1516373.55    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| NatWest Group PLC                                  | NatWest Group PLC ORD GBP1.0769                                   | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    305980 | NS      | $2266683.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryman Hospitality Properties Inc                   | Ryman Hospitality Properties Inc COM                              | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     14515 | NS      | $1339299.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NMC Health PLC                                     | NMC Health PLC ORD GBP0.10                                        | CUSIP: 000000000<br>LEI: 2138008YQEVWBE1V2M52 | Long             | EC               | CORP              | GB        |       411 | NS      | $0.05          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TENCENT HOLDINGS LTD                               | Tencent Holdings Ltd. HKD0.00002                                  | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     78700 | NS      | $4963796.40    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                            | DBS Group Holdings Ltd. NPV                                       | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     99640 | NS      | $4433992.79    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Wintrust Financial Corporation                     | Wintrust Financial Corporation COM                                | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      9423 | NS      | $1309231.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                  | JPY/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-43519.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | 10-Year T-Note Futures, Jun-2026,ETH                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       719 | NC      | $-1266789.78   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                            | Hanwha Aerospace Co Ltd KRW5000                                   | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      3207 | NS      | $2734630.35    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SM Energy Co.                                      | SM Energy Co. COM                                                 | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     37265 | NS      | $1161922.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                                  | Loar Holdings Inc COM SHS                                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23648 | NS      | $1354793.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Simpson Manufacturing Co Inc.                      | Simpson Manufacturing Co Inc. COM                                 | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4623 | NS      | $793399.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                       | 3i Group PLC ORD GBP0.738636                                      | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     45083 | NS      | $1469300.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Core & Main Inc                                    | Core & Main Inc CL A                                              | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26375 | NS      | $1302925.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                           | Fabrinet COM USD0.01                                              | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      2840 | NS      | $1481116.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini Technology Select Sector Futures, Jun-2026,ETH             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        98 | NC      | $-1274197.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Altice International                               | Altice International Term Loan B 500 2027-10-01                   | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | LON              | CORP              | US        |    107043 | PA      | $77406.02      | 0.00%             | 2027-10-29      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Warby Parker Inc                                   | Warby Parker Inc CL A COM                                         | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25549 | NS      | $538317.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                         | Eastgroup Properties, Inc. COM                                    | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      3941 | NS      | $729439.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc.                                    | Utz Brands Inc. COM CL A                                          | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |     86050 | NS      | $681516.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                         | National Bank of Greece SA EUR1.00 (POST CONS)                    | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    133574 | NS      | $2063435.71    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                 | Long Gilt Future - ICEU                                           | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |      1414 | NC      | $-8978398.38   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| IHI Corp.                                          | IHI Corp. NPV                                                     | CUSIP: 000000000<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |     81600 | NS      | $1683653.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                       | KBC Group NV NPV                                                  | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     26896 | NS      | $3291855.19    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Colliers International Group Inc                   | Colliers International Group Inc SUB VTG SHS                      | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |     13360 | NS      | $1428050.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                         | Cullen/Frost Bankers, Inc. COM                                    | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      9995 | NS      | $1370114.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                                           | Aaon Inc COM PAR $0.004                                           | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |      9220 | NS      | $762955.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| WSP Global Inc                                     | WSP Global Inc COM NPV                                            | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |     11887 | NS      | $1850000.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                          | Alibaba Group Holding Ltd. USD0.000003125                         | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    243200 | NS      | $3812035.81    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Medpace Holdings Inc.                              | Medpace Holdings Inc. COM                                         | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1115 | NS      | $535411.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Advantage Corp New                           | First Advantage Corp New COM                                      | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |     64812 | NS      | $762189.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Hayward Holdings Inc                               | Hayward Holdings Inc COM                                          | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123103 | NS      | $1647118.14    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                          | Safran SA EUR0.20                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     15409 | NS      | $5042276.55    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                     | CDS ABX.HE.AAA. 06-2                                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $1003.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WillScot Holdings Corporation                      | WillScot Holdings Corporation COM CL A                            | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     71862 | NS      | $1247524.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | Dow Jones US Real Estate Index Futures, Jun-2026,ETH              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               | CORP              | US        |      -827 | NC      | $891257.90     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FGI OPERATING CO LLC                               | FGI Operating Co LLC                                              | CUSIP: 30252KAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91844 | PA      | $918.44        | 0.00%             | 2022-05-15      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Chemed Corporation                                 | Chemed Corporation COM                                            | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      2335 | NS      | $882022.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis (Novozymes) B                            | Novonesis (Novozymes) B SER'B'DKK2                                | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     30927 | NS      | $1837409.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential Investment Portfolios 2                 | Prudential Investment Portfolios 2 PGIM CRE ULT SHR               | CUSIP: 74440E201<br>LEI: 54930073VH97GP26HU49 | Long             | EC               | RF                | US        |  59274866 | NS      | $59274866.24   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                    | Shake Shack Inc CL A                                              | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      9230 | NS      | $816578.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                        | Novartis AG CHF0.49 (REGD)                                        | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     21732 | NS      | $3335741.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                     | CDS ABX.HE.AAA. 06-2                                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $2150.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                          | Kia Corp. KRW5000                                                 | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     31774 | NS      | $3137078.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| High Ridge Brands Co ESCROW                        | High Ridge Brands Co ESCROW 8.875% SNR PERP NTS USD (144A)        | CUSIP: 429ESCAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $0.02          | 0.00%             | 2500-12-31      | Fixed         | 8.88%                 | No            |                  3 | On Loan: No      |
| Kinsale Capital Group Inc                          | Kinsale Capital Group Inc COM                                     | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      3668 | NS      | $1253208.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Encompass Health Corporation                       | Encompass Health Corporation COM                                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     11579 | NS      | $1120036.67    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCE BANCSHARES INC (MO)                       | Commerce Bancshares Inc COM                                       | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23515 | NS      | $1156938.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                  | ASML Holding N.V. EUR0.09                                         | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3272 | NS      | $4350963.76    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                   | Roche Holding AG CHF0.001                                         | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      8719 | NS      | $3479673.06    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Envista Holdings Corporation                       | Envista Holdings Corporation COM                                  | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     51601 | NS      | $1309117.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini Russell 2000 Index Futures, Jun-2026,ETH                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -844 | NC      | $-656003.22    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                       | Doximity Inc CL A                                                 | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19507 | NS      | $454513.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company                  | Portland General Electric Company COM NEW                         | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     16590 | NS      | $875454.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                   | RBC Bearings Inc COM                                              | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2675 | NS      | $1452846.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                   | DT Midstream Inc COMMON STOCK                                     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6692 | NS      | $901211.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Mitsubishi UFJ Financial Group Inc.                | Mitsubishi UFJ Financial Group Inc. NPV                           | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    292900 | NS      | $4959949.54    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | EUR/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-169675.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First Interstate Bancsystem Inc.                   | First Interstate Bancsystem Inc. COM                              | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     27397 | NS      | $915059.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Shell PLC                                          | Shell PLC ORD EUR0.07                                             | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    181544 | NS      | $8408217.97    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| WEALTHFRONT CORP                                   | Wealthfront Corp. COM                                             | CUSIP: 947002101<br>LEI: 254900H4LJLUHGFJYM32 | Long             | EC               | CORP              | US        |     64816 | NS      | $599548.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Performance Food Group Co.                         | Performance Food Group Co. COM                                    | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     10925 | NS      | $935835.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Insurance Holdings Inc.                    | Neptune Insurance Holdings Inc. CL A                              | CUSIP: 64073B103<br>LEI: 529900I3QTHC0Q1C2D65 | Long             | EC               | CORP              | US        |     29944 | NS      | $724345.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp.                                       | ITOCHU Corp. NPV                                                  | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |    219100 | NS      | $2787059.69    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Cactus Inc                                         | Cactus Inc CL A                                                   | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     18264 | NS      | $865165.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVISFIRST BANCSHARES INC                         | ServisFirst Bancshares Inc. COM                                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12524 | NS      | $912122.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| ASX CLEARING CORPORATION LIMITED                   | ASX 10 Year Treasury Bond Futures                                 | CUSIP: 000000000<br>LEI: 549300USWUR0S7VMM868 | N/A              | DIR              | CORP              | AU        |      -560 | NC      | $310676.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                           | Saia Inc COM                                                      | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      2452 | NS      | $861338.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NESTLE' CAPITAL MARKETS SA                         | Nestle SA CHF0.10 (REGD)                                          | CUSIP: 000000000<br>LEI: 549300PZN3NFSOUXLC42 | Long             | EC               | CORP              | CH        |     40604 | NS      | $3982889.12    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | AUD/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-869706.77    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Janus International Group Inc                      | Janus International Group Inc COMMON STOCK                        | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134280 | NS      | $691542.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                 | Canadian Natural Resources Limited COM NPV                        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     37822 | NS      | $1845015.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                | Deutsche Telekom AG NPV(REGD)                                     | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     89452 | NS      | $3338640.87    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| WSFS Financial Corporation                         | WSFS Financial Corporation COM                                    | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     14860 | NS      | $972735.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PERIMETER SOLUTIONS INC                            | Perimeter Solutions Inc. COMMON STOCK                             | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38517 | NS      | $940585.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                     | USD/NZD FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1163731.13   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                                | Planet Fitness Inc. CL A                                          | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     16915 | NS      | $1258137.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                                       | Moelis & Co. CL A                                                 | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     16073 | NS      | $916161.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs Warehouse Inc.                               | Chefs Warehouse Inc. COM                                          | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     14799 | NS      | $879800.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Acushnet Holdings Corp                             | Acushnet Holdings Corp COM                                        | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |      8349 | NS      | $780464.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Morningstar Inc                                    | Morningstar Inc COM                                               | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      7390 | NS      | $1249279.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                  | USD/NOK FORWARD                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-202175.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                  | Compass Group PLC ORD GBP0.1105                                   | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     93098 | NS      | $2597520.61    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro MicroSystems Inc                           | Allegro MicroSystems Inc COM                                      | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31905 | NS      | $1005964.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Concentra Group Holdings Parent Inc                | Concentra Group Holdings Parent Inc COMMON STOCK                  | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44261 | NS      | $949398.45     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                           | Engie SA EUR1                                                     | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    181693 | NS      | $5855503.15    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                             | MSCI Emerging Markets Index Futures - ICUS, Jun26                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |      -720 | NC      | $206056.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                        | Gentex Corp COM                                                   | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     22115 | NS      | $483212.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AL Rajhi Bank                                      | AL Rajhi Bank SAR10                                               | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     82733 | NS      | $2358445.71    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Landstar System Inc.                               | Landstar System Inc. COM                                          | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      4483 | NS      | $718669.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                                   | Pool Corporation COM                                              | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      5702 | NS      | $1153685.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                      | Paylocity Holding Corporation COM                                 | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      7755 | NS      | $837850.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                            | USD/SEK FORWARD                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-212626.52    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Verra Mobility Corporation                         | Verra Mobility Corporation CL A COM STK                           | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     54227 | NS      | $774903.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp.                           | First Financial Bancorp. COM                                      | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     32032 | NS      | $893052.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                           | Infineon Technologies AG ORD NPV (REGD)                           | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     57609 | NS      | $2613497.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                | Expand Energy Corp. 8% SNR PERP NTS USD (SEC REGD)                | CUSIP: 165ESCAK0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    315000 | PA      | $0.32          | 0.00%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| RIDGEPOST CAPITAL INC                              | Ridgepost Capital Inc. CL A COM                                   | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39942 | NS      | $289978.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS LLC                                    | MORAN FOODS LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    484226 | PA      | $120330.21     | 0.00%             | 2026-12-31      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada COM NPV                                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     26223 | NS      | $4239111.67    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                         | Siemens AG NPV(REGD)                                              | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     19599 | NS      | $4774984.55    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Digi International Inc.                            | Digi International Inc. COM                                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     15000 | NS      | $723000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -591 | NC      | $1443681.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                         | Legrand SA EUR4                                                   | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     23112 | NS      | $3590556.03    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ANDERSEN GROUP INC                                 | Andersen Group Inc. CL A                                          | CUSIP: 033853102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21758 | NS      | $591817.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MORAN FOODS LLC                                    | MORAN FOODS LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    305898 | PA      | $0.31          | 0.00%             | 2026-12-31      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Primo Brands Corp.                                 | Primo Brands Corp. CLASS A COM SHS                                | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     55169 | NS      | $1038832.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                         | Zijin Mining Group Co Ltd. 'H'CNY0.1                              | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    558000 | NS      | $2510162.35    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc.                     | Lincoln Electric Holdings Inc. COM                                | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      2694 | NS      | $671021.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                      | Rio Tinto PLC ORD GBP0.10                                         | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     44156 | NS      | $4096516.19    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| RLI Corp                                           | RLI Corp COM                                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      9852 | NS      | $561958.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Intact Financial Corp.                             | Intact Financial Corp. COM NPV                                    | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |      9728 | NS      | $1762802.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                                       | Freshpet Inc COM                                                  | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     11974 | NS      | $705987.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp                             | Hillman Solutions Corp COM                                        | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112679 | NS      | $937489.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc             | CCC Intelligent Solutions Holdings Inc COM                        | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92740 | NS      | $556440.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury Notes                       | T 4.125 01/31/27                                                  | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60780700 | PA      | $60965891.20   | 1.73%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| XCMG                                               | XCMG Construction Machinery Co Ltd                                | CUSIP: 000000000<br>LEI: 300300QGG1VFJ0WTJE78 | Long             | EC               | CORP              | CN        |    869000 | NS      | $1283203.76    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BJ Wholesale Club Holdings Inc                     | BJ Wholesale Club Holdings Inc COM                                | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      2536 | NS      | $249593.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ncino Inc.                                         | Ncino Inc. COM                                                    | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     31892 | NS      | $477742.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| E L F Beauty Inc                                   | E L F Beauty Inc COM                                              | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     10964 | NS      | $664528.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Driven Brands Holdings Inc                         | Driven Brands Holdings Inc COM                                    | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30021 | NS      | $378564.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Evercore Inc.                                      | Evercore Inc. CLASS A                                             | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      4787 | NS      | $1428967.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                             | UCB SA NPV                                                        | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |      4654 | NS      | $1402235.03    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                            | Molina Healthcare, Inc. COM                                       | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      1359 | NS      | $181154.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL Fuse Inc                                       | BEL Fuse Inc CL B                                                 | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      4318 | NS      | $854877.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                                   | Sony Group Corp. NPV                                              | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    199315 | NS      | $4154270.04    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                 | TOPIX TRADE FUTURE, JUN 2026                                      | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |       239 | NC      | $-1958092.27   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                                    | ICU Medical Inc COM                                               | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |      8041 | NS      | $1038495.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini S&P 500 Futures, Jun-2026,ETH                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      1052 | NC      | $-6077344.30   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd.                                 | Telstra Group Ltd. NPV                                            | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    872659 | NS      | $3221516.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL INVESTMENT PORTFOLIOS 9                 | Prudential Investment Portfolios 2 PGIM INSTL MONEY               | CUSIP: 74440E300<br>LEI: 5493006TC8ECBK1GPV34 | Long             | EC               | RF                | US        |  24014952 | NS      | $23998141.98   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN EXCHANGE-TRADED FUND TRUST             | J P Morgan Exchange Traded Fund Trust ACTIVE GROWTH ETF           | CUSIP: 46654Q609<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |   2327616 | NS      | $196730104.32  | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | SEK/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | N/A              | DFE              | CORP              | US        |         1 | NC      | $69960.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN EXCHANGE-TRADED FUND TRUST             | J P Morgan Exchange Traded Fund Trust ACTIVE VALUE ETF            | CUSIP: 46641Q167<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |   2801435 | NS      | $201002961.25  | 5.69%             |  |  |  | No            |                  1 | On Loan: —       |
| CUSHMAN & WAKEFIELD LTD                            | Cushman And Wakefield Ltd. COMMON SHARES                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     99939 | NS      | $1225252.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings Inc.                  | Miami International Holdings Inc. COM                             | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     25513 | NS      | $992965.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                     | Middleby Corp. COM                                                | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |      7917 | NS      | $1049635.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                                | Expand Energy Corp. 5.5% SNR CONV PERP NTS USD (SEC REGD)         | CUSIP: 165ESCAC8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     70000 | PA      | $0.07          | 0.00%             | 2026-09-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Modine Manufacturing Co.                           | Modine Manufacturing Co. COM                                      | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      7230 | NS      | $1566813.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Obayashi Corp.                                     | Obayashi Corp. NPV                                                | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |    140600 | NS      | $3405397.96    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Qualys Inc                                         | Qualys Inc COM                                                    | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      7028 | NS      | $617409.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| CITIBANK, NATIONAL ASSOCIATION                     | USD/EUR FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $598060.93     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                   | UniCredit S.p.A. NPV                                              | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     39111 | NS      | $2805972.04    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Xometry Inc                                        | Xometry Inc CLASS A COM                                           | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     11744 | NS      | $479624.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                          | MarketAxess Holdings Inc. COM                                     | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      7573 | NS      | $1249393.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Relx PLC                                           | Relx PLC ORD GBP0.1444                                            | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     57314 | NS      | $1908754.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MORAN FOODS                                        | MORAN FOODS                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13403 | PA      | $12733.19      | 0.00%             | 2026-06-30      | Floating      | 16.91%                | No            |                  3 | On Loan: No      |
| QUAKER CHEMICAL CORP                               | Quaker Houghton COM                                               | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      4974 | NS      | $617920.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini Financial Select Sector Futures, Jun-2026,ETH              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       175 | NC      | $80584.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc.                                      | Woodward Inc. COM                                                 | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |       803 | NS      | $287409.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                           | Itau Unibanco Holding SA SPON ADR REP PFD                         | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    251867 | NS      | $2110645.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                     | USD/GBP FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $108313.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN EXCHANGE-TRADED FUND TRUST             | J P Morgan Exchange Traded Fund Trust GLOBAL SELECT EQUITY ETF    | CUSIP: 46654Q740<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |   6078632 | NS      | $396752310.64  | 11.23%            |  |  |  | No            |                  1 | On Loan: —       |
| Power Integrations Inc.                            | Power Integrations Inc. COM                                       | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     20770 | NS      | $1063424.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Asics Corp                                         | Asics Corp NPV                                                    | CUSIP: 000000000<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     58100 | NS      | $1562025.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Energy Inc                                 | Liberty Energy Inc COM CL A                                       | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Long             | EC               | CORP              | US        |     20794 | NS      | $598867.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc.                   | Solstice Advanced Materials Inc. COM SHS                          | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |     13290 | NS      | $1012166.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                            | Tyler Technologies Inc. COM                                       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1411 | NS      | $483098.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                        | Monarch Casino & Resort Inc COM                                   | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      8381 | NS      | $801223.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA EXCHANGE,INC                                 | 10-YEAR JGB TRADE FUTURE, JUN 2026                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |      -224 | NC      | $2147760.94    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FORGENT POWER SOLUTIONS INC                        | Forgent Power Solutions Inc. COM SHS CL A                         | CUSIP: 34631F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27941 | NS      | $817833.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini Communication Services Select Sector Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       185 | NC      | $-839811.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc.               | Applied Industrial Technologies Inc. COM                          | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      5078 | NS      | $1347294.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                             | Standard Chartered PLC ORD USD0.50                                | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     97586 | NS      | $2033677.77    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                       | British American Tobacco PLC ORD GBP0.25                          | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     58338 | NS      | $3387035.94    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Solutions Inc                              | Element Solutions Inc COM                                         | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     49523 | NS      | $1690715.22    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                                   | Badger Meter Inc COM                                              | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      9079 | NS      | $1383185.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                  | Euro(FGBL) Bund Futures                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |     -1104 | NC      | $2852200.31    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd.                                | Midea Group Co Ltd. CNY1 H                                        | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    175700 | NS      | $1890907.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                                 | Bajaj Finance Ltd. INR1(POST SUBD)                                | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    204101 | NS      | $1746427.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                      | SK Hynix Inc. KRW5000                                             | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      7196 | NS      | $4082759.45    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.                  | Sumitomo Electric Industries Ltd. NPV                             | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |     61000 | NS      | $3466025.54    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC            | MACOM Technology Solutions Holdings Inc. COM                      | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6132 | NS      | $1361733.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.       | Taiwan Semiconductor Manufacturing Co., Ltd. SPONSORED ADS        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     16613 | NS      | $5614363.35    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                               | Eagle Materials Inc. COM                                          | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      4930 | NS      | $933988.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlas Copco AB                                     | Atlas Copco AB SER'A'NPV                                          | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    199033 | NS      | $3512300.88    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Balchem Corp                                       | Balchem Corp COM                                                  | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      6415 | NS      | $1087214.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGENCE CORP                                       | Legence Corp. CL A                                                | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9885 | NS      | $558107.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-mini Consumer Staples Select Sector Futures, Jun-2026,ETH       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -711 | NC      | $1776063.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                        | Casella Waste Systems, Inc. CL A                                  | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     15653 | NS      | $1241909.02    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| EUREX CLEARING AKTIENGESELLSCHAFT                  | Long(FBTP) Term Euro                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       919 | NC      | $-3878134.56   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                           | AIA Group Ltd, Hong Kong NPV                                      | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    266600 | NS      | $2962280.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANCE LAUNDRY HOLDINGS INC                      | Alliance Laundry Holdings Inc. COM                                | CUSIP: 01862Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34538 | NS      | $716318.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                  | USD/CHF FORWARD                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $925181.78     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC                                | Karman Holdings Inc. COMMON STOCK                                 | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9945 | NS      | $796097.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS & CO. LLC                            | NZD/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $121593.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Five Below Inc                                     | Five Below Inc COM                                                | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      1799 | NS      | $411035.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN EXCHANGE-TRADED FUND TRUST             | J P Morgan Exchange Traded Fund Trust ULTRA-SHORT INCOME ETF      | CUSIP: 46641Q837<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |   3730574 | NS      | $188804350.14  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')                               | Air Liquide S.A.(L') EUR5.50                                      | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     18789 | NS      | $3883658.20    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Advanced Series Trust

**Signature:** Christian J. Kelly

**Name of Signer:** Christian J. Kelly

**Title:** Chief Financial Officer